ZILLOW GROUP, INC., 10-Q filed on 8/5/2021
Quarterly Report
v3.21.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2021
Jul. 29, 2021
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2021  
Document Transition Report false  
Entity File Number 001-36853  
Entity Registrant Name ZILLOW GROUP, INC.  
Entity Incorporation, State or Country Code WA  
Entity Tax Identification Number 47-1645716  
Entity Address, Address Line One 1301 Second Avenue  
Entity Address, Address Line Two Floor 31  
Entity Address, City or Town Seattle  
Entity Address, State or Province WA  
Entity Address, Postal Zip Code 98101  
City Area Code 206  
Local Phone Number 470-7000  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0001617640  
Current Fiscal Year End Date --12-31  
Class A Common Stock    
Entity Information [Line Items]    
Title of 12(b) Security Class A Common Stock, par value $0.0001 per share  
Trading Symbol ZG  
Security Exchange Name NASDAQ  
Entity Common Stock, Shares Outstanding   61,349,554
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 $0.0001 per share  
Trading Symbol Z  
Security Exchange Name NASDAQ  
Entity Common Stock, Shares Outstanding   185,989,162
v3.21.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 3,713,156 $ 1,703,130
Short-term investments 880,875 2,218,108
Accounts receivable, net of allowance for doubtful accounts of $3,955 and $3,427 at June 30, 2021 and December 31, 2020, respectively 101,927 69,940
Mortgage loans held for sale 171,450 330,758
Inventory 1,169,601 491,293
Prepaid expenses and other current assets 107,687 75,846
Restricted cash 141,024 75,805
Total current assets 6,285,720 4,964,880
Contract cost assets 47,938 50,719
Property and equipment, net 189,950 196,152
Right of use assets 175,058 187,960
Goodwill 1,984,907 1,984,907
Intangible assets, net 81,362 94,767
Other assets 10,486 7,175
Total assets 8,775,421 7,486,560
Current liabilities:    
Accounts payable 15,640 18,974
Accrued expenses and other current liabilities 175,876 94,487
Accrued compensation and benefits 55,564 47,666
Borrowings under credit facilities 987,832 670,209
Deferred revenue 53,547 48,995
Lease liabilities, current portion 27,963 28,310
Convertible senior notes, current portion 330,095 0
Total current liabilities 1,646,517 908,641
Lease liabilities, net of current portion 193,891 207,723
Convertible senior notes, net of current portion 1,276,487 1,613,523
Other long-term liabilities 14,411 14,857
Total liabilities 3,131,306 2,744,744
Commitments and contingencies (Note 16)
Shareholders’ equity:    
Preferred stock, $0.0001 par value; 30,000,000 shares authorized; no shares issued and outstanding 0 0
Additional paid-in capital 6,721,435 5,880,883
Accumulated other comprehensive income 305 164
Accumulated deficit (1,077,650) (1,139,255)
Total shareholders’ equity 5,644,115 4,741,816
Total liabilities and shareholders’ equity 8,775,421 7,486,560
Class A Common Stock    
Shareholders’ equity:    
Common stock/capital stock 6 6
Class B Common Stock    
Shareholders’ equity:    
Common stock/capital stock 1 1
Class C Capital Stock    
Shareholders’ equity:    
Common stock/capital stock $ 18 $ 17
v3.21.2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Allowance for doubtful accounts $ 3,955 $ 3,427
Preferred stock, par value (usd per share) $ 0.0001 $ 0.0001
Preferred stock, authorized (in shares) 30,000,000 30,000,000
Preferred stock, issued (in shares) 0 0
Preferred stock, outstanding (in shares) 0 0
Class A Common Stock    
Common stock, par value (usd per share) $ 0.0001 $ 0.0001
Common stock, authorized (in shares) 1,245,000,000 1,245,000,000
Common stock, issued (in shares) 61,349,434 61,101,303
Common stock, outstanding (in shares) 61,349,434 61,101,303
Class B Common Stock    
Common stock, par value (usd per share) $ 0.0001 $ 0.0001
Common stock, authorized (in shares) 15,000,000 15,000,000
Common stock, issued (in shares) 6,217,447 6,217,447
Common stock, outstanding (in shares) 6,217,447 6,217,447
Class C Capital Stock    
Common stock, par value (usd per share) $ 0.0001 $ 0.0001
Common stock, authorized (in shares) 600,000,000 600,000,000
Common stock, issued (in shares) 181,296,050 173,207,170
Common stock, outstanding (in shares) 181,296,050 173,207,170
v3.21.2
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenue:        
Revenue $ 1,309,980 $ 768,352 $ 2,528,420 $ 1,894,173
Cost of revenue (exclusive of amortization)        
Cost of revenue 771,585 487,483 1,482,905 1,279,881
Gross profit 538,395 280,869 1,045,515 614,292
Operating expenses:        
Sales and marketing 229,434 160,667 427,389 369,111
Technology and development 128,463 97,507 248,764 197,988
General and administrative 115,102 85,380 215,556 177,580
Impairment costs 0 0 0 76,800
Acquisition-related costs 3,671 0 4,488 0
Total operating expenses 476,670 343,554 896,197 821,479
Income (loss) from operations 61,725 (62,685) 149,318 (207,187)
Gain (loss) on extinguishment of debt (931) 6,391 (2,334) 6,391
Other income 1,587 10,115 4,026 19,708
Interest expense (39,430) (37,590) (78,985) (75,182)
Income (loss) before income taxes 22,951 (83,769) 72,025 (256,270)
Income tax expense (13,310) (679) (10,420) 8,549
Net income (loss) $ 9,641 $ (84,448) $ 61,605 $ (247,721)
Net income (loss) per share:        
Basic (usd per share) $ 0.04 $ (0.38) $ 0.25 $ (1.15)
Diluted (usd per share) $ 0.04 $ (0.38) $ 0.24 $ (1.15)
Weighted-average shares outstanding:        
Basic (in shares) 248,152 219,467 245,763 215,070
Diluted (in shares) 261,496 219,467 260,484 215,070
Accumulated Deficit        
Operating expenses:        
Net income (loss) $ 9,641 $ (84,448) $ 61,605 $ (247,721)
Homes segment        
Revenue:        
Revenue 777,145 454,252 1,481,297 1,224,125
Cost of revenue (exclusive of amortization)        
Cost of revenue 707,522 434,900 1,352,125 1,170,659
Gross profit 69,623 19,352 129,172 53,466
Operating expenses:        
Sales and marketing 65,791 47,539 120,810 119,457
Technology and development 30,328 26,155 63,497 54,815
General and administrative 27,824 21,891 53,347 45,301
Impairment costs     0 0
Acquisition-related costs 0 0 0 0
Total operating expenses 123,943 95,585 237,654 219,573
Income (loss) from operations (54,320) (76,233) (108,482) (166,107)
Other income 0 0 0 0
Interest expense (5,026) (3,825) (9,338) (11,909)
Income (loss) before income taxes (59,346) (80,058) (117,820) (178,016)
IMT        
Revenue:        
Revenue 476,090 280,339 922,418 611,005
Cost of revenue (exclusive of amortization)        
Cost of revenue 43,444 45,354 90,481 95,407
Gross profit 432,646 234,985 831,937 515,598
Operating expenses:        
Sales and marketing 136,620 101,458 254,227 225,019
Technology and development 89,838 65,890 168,482 131,865
General and administrative 68,944 53,771 127,592 112,455
Impairment costs     0 73,900
Acquisition-related costs 3,671 0 4,488 0
Total operating expenses 299,073 221,119 554,789 543,239
Income (loss) from operations 133,573 13,866 277,148 (27,641)
Other income 0 5,300 0 5,300
Interest expense 0 0 0 0
Income (loss) before income taxes 133,573 19,166 277,148 (22,341)
Mortgages segment        
Revenue:        
Revenue 56,745 33,761 124,705 59,043
Cost of revenue (exclusive of amortization)        
Cost of revenue 20,619 7,229 40,299 13,815
Gross profit 36,126 26,532 84,406 45,228
Operating expenses:        
Sales and marketing 27,023 11,670 52,352 24,635
Technology and development 8,297 5,462 16,785 11,308
General and administrative 18,334 9,718 34,617 19,824
Impairment costs     0 2,900
Acquisition-related costs 0 0 0 0
Total operating expenses 53,654 26,850 103,754 58,667
Income (loss) from operations (17,528) (318) (19,348) (13,439)
Other income 1,006 385 2,738 587
Interest expense (1,163) (307) (2,895) (533)
Income (loss) before income taxes $ (17,685) $ (240) $ (19,505) $ (13,385)
v3.21.2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 9,641 $ (84,448) $ 61,605 $ (247,721)
Other comprehensive income (loss):        
Unrealized gains (losses) on investments (178) (2,806) 83 796
Reclassification adjustment for net investment (gains) losses included in net loss 0 (62) 0 372
Net unrealized gains (losses) on investments (178) (2,868) 83 1,168
Currency translation adjustments 29 107 58 17
Total other comprehensive income (loss) (149) (2,761) 141 1,185
Comprehensive income (loss) $ 9,492 $ (87,209) $ 61,746 $ (246,536)
v3.21.2
Condensed Consolidated Statements of Shareholders' Equity - USD ($)
$ in Thousands
Total
2.75% convertible senior notes due 2020
Class A Common Stock, Class B Common Stock and Class C Capital Stock
Class A Common Stock, Class B Common Stock and Class C Capital Stock
2.75% convertible senior notes due 2020
Additional Paid-In Capital
Additional Paid-In Capital
2.75% convertible senior notes due 2020
Accumulated Deficit
Accumulated Other Comprehensive Income
Beginning Balance at Dec. 31, 2019 $ 3,435,421   $ 21   $ 4,412,200   $ (977,140) $ 340
Beginning Balance (in shares) at Dec. 31, 2019     209,066,855          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common and capital stock upon exercise of stock options 184,985   $ 1   184,984      
Issuance of common and capital stock upon exercise of stock options (in shares)     6,324,858          
Vesting of restricted stock units (in shares)     1,414,158          
Restricted stock units withheld for tax liability 0              
Restricted stock units withheld for tax liability (in shares)     (6)          
Share-based compensation expense 104,636       104,636      
Issuance of Class C capital stock in connection with equity offering, net of issuance costs 411,523   $ 1   411,522      
Issuance of Class C capital stock in connection with equity offering, net of issuance costs (in shares)     8,800,000          
Equity component of issuances of Notes, net of issuance costs 154,813       154,813      
Settlement of convertible senior notes   $ (21,784)       $ (21,784)    
Settlement of convertible senior notes (in shares)       753,936        
Unwind of capped call transactions (in shares)     (317,865)          
Net income (loss) (247,721)           (247,721)  
Other comprehensive loss 1,185             1,185
Ending Balance at Jun. 30, 2020 4,023,058   $ 23   5,246,371   (1,224,861) 1,525
Ending Balance (in shares) at Jun. 30, 2020     226,041,936          
Beginning Balance at Mar. 31, 2020 3,415,761   $ 22   4,551,866   (1,140,413) 4,286
Beginning Balance (in shares) at Mar. 31, 2020     212,913,139          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common and capital stock upon exercise of stock options 92,783       92,783      
Issuance of common and capital stock upon exercise of stock options (in shares)     3,117,483          
Vesting of restricted stock units (in shares)     775,249          
Restricted stock units withheld for tax liability (in shares)     (6)          
Share-based compensation expense 57,171       57,171      
Issuance of Class C capital stock in connection with equity offering, net of issuance costs 411,523   $ 1   411,522      
Issuance of Class C capital stock in connection with equity offering, net of issuance costs (in shares)     8,800,000          
Equity component of issuances of Notes, net of issuance costs 154,813       154,813      
Settlement of convertible senior notes   (21,784)       (21,784)    
Settlement of convertible senior notes (in shares)       753,936        
Unwind of capped call transactions (in shares)     (317,865)          
Net income (loss) (84,448)           (84,448)  
Other comprehensive loss (2,761)             (2,761)
Ending Balance at Jun. 30, 2020 4,023,058   $ 23   5,246,371   (1,224,861) 1,525
Ending Balance (in shares) at Jun. 30, 2020     226,041,936          
Beginning Balance at Dec. 31, 2020 4,741,816   $ 24   5,880,883   (1,139,255) 164
Beginning Balance (in shares) at Dec. 31, 2020     240,525,920          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common and capital stock upon exercise of stock options $ 75,685       75,685      
Issuance of common and capital stock upon exercise of stock options (in shares) 1,991,460   1,991,460          
Vesting of restricted stock units (in shares)     1,592,564          
Restricted stock units withheld for tax liability $ (126)       (126)      
Restricted stock units withheld for tax liability (in shares)     (641)          
Share-based compensation expense 160,733       160,733      
Issuance of Class C capital stock in connection with equity offering, net of issuance costs 544,558   $ 1   544,557      
Issuance of Class C capital stock in connection with equity offering, net of issuance costs (in shares)     3,163,502          
Settlement of convertible senior notes   59,703     59,703      
Settlement of convertible senior notes (in shares)       1,590,151        
Unwind of capped call transactions (in shares)     (25)          
Net income (loss) 61,605           61,605  
Other comprehensive loss 141             141
Ending Balance at Jun. 30, 2021 5,644,115   $ 25   6,721,435   (1,077,650) 305
Ending Balance (in shares) at Jun. 30, 2021     248,862,931          
Beginning Balance at Mar. 31, 2021 5,510,038   $ 25   6,596,850   (1,087,291) 454
Beginning Balance (in shares) at Mar. 31, 2021     247,307,862          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common and capital stock upon exercise of stock options 14,536       14,536      
Issuance of common and capital stock upon exercise of stock options (in shares)     388,564          
Vesting of restricted stock units (in shares)     779,093          
Restricted stock units withheld for tax liability (2)       (2)      
Restricted stock units withheld for tax liability (in shares)     (19)          
Share-based compensation expense 93,347       93,347      
Settlement of convertible senior notes   $ 16,704       $ 16,704    
Settlement of convertible senior notes (in shares)       387,431        
Net income (loss) 9,641           9,641  
Other comprehensive loss (149)             (149)
Ending Balance at Jun. 30, 2021 $ 5,644,115   $ 25   $ 6,721,435   $ (1,077,650) $ 305
Ending Balance (in shares) at Jun. 30, 2021     248,862,931          
v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating activities    
Net income (loss) $ 61,605,000 $ (247,721,000)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 57,882,000 55,199,000
Share-based compensation 152,068,000 96,146,000
Amortization of right of use assets 12,902,000 12,731,000
Amortization of contract cost assets 20,188,000 17,070,000
Amortization of debt discount and debt issuance costs 50,372,000 47,746,000
Gain (loss) on extinguishment of debt 2,334,000 (6,391,000)
Impairment costs 0 76,800,000
Deferred income taxes 0 (8,549,000)
Other adjustments to reconcile net income (loss) to cash provided by (used in) operating activities 8,271,000 (975,000)
Changes in operating assets and liabilities:    
Accounts receivable (32,811,000) (1,487,000)
Mortgage loans held for sale 159,308,000 (38,514,000)
Inventory (677,746,000) 701,145,000
Prepaid expenses and other assets (35,788,000) (771,000)
Contract cost assets (17,407,000) (19,608,000)
Lease liabilities (14,179,000) (495,000)
Accounts payable 2,676,000 7,504,000
Accrued expenses and other current liabilities 80,819,000 (8,741,000)
Accrued compensation and benefits 7,898,000 (3,285,000)
Deferred revenue 4,552,000 4,767,000
Other long-term liabilities (446,000) 10,049,000
Net cash provided by (used in) operating activities (157,502,000) 692,620,000
Investing activities    
Proceeds from maturities of investments 1,329,552,000 701,266,000
Proceeds from sales of investments 0 116,394,000
Purchases of investments 0 (1,026,233,000)
Purchases of property and equipment (24,137,000) (54,653,000)
Purchases of intangible assets (10,407,000) (11,408,000)
Proceeds from sale of equity investment 0 10,000,000
Net cash provided by (used in) investing activities 1,295,008,000 (264,634,000)
Financing activities    
Proceeds from issuance of convertible senior notes, net of issuance costs 0 553,282,000
Proceeds from issuance of Class C capital stock, net of issuance costs 544,557,000 411,522,000
Proceeds from borrowings on credit facilities 610,118,000 43,200,000
Repayments of borrowings on credit facilities (146,839,000) (617,506,000)
Net borrowings (repayments) on warehouse line of credit and repurchase agreements 0 39,387,000
Repurchase of convertible senior notes (145,656,000) (194,670,000)
Proceeds from exercise of stock options 75,685,000 184,984,000
Value of equity awards withheld for tax liability (126,000) 0
Net cash provided by financing activities 937,739,000 420,199,000
Net increase in cash, cash equivalents and restricted cash during period 2,075,245,000 848,185,000
Cash, cash equivalents and restricted cash at beginning of period 1,778,935,000 1,230,909,000
Cash, cash equivalents and restricted cash at end of period 3,854,180,000 2,079,094,000
Supplemental disclosures of cash flow information    
Cash paid for interest 27,773,000 29,201,000
Noncash transactions:    
Capitalized share-based compensation 8,665,000 8,490,000
Write-off of fully depreciated property and equipment 24,345,000 6,942,000
Write-off of fully amortized intangible assets 3,782,000 0
Property and equipment purchased on account $ 1,352,000 $ 5,305,000
v3.21.2
Organization and Description of Business
 6 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]  
Organization and Description of Business Organization and Description of Business
Zillow Group, Inc. is reimagining real estate to make it easier to unlock life’s next chapter. As the most visited real estate website in the United States, Zillow and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and nearly seamless end-to-end service. Zillow Offers buys and sells homes directly in dozens of markets across the country, allowing sellers control over their timeline. Zillow Home Loans, our affiliate lender, provides our customers with an easy option to get pre-approved and secure financing for their next home purchase. In September 2020, Zillow launched Zillow Homes, Inc., a licensed brokerage entity, to streamline Zillow Offers transactions.
Other consumer brands include Trulia, StreetEasy, HotPads and Out East. In addition, Zillow Group provides a comprehensive suite of marketing software and technology solutions which include Mortech, dotloop, Bridge Interactive and New Home Feed. Zillow, Inc. was incorporated as a Washington corporation in December 2004, and we launched the initial version of our website, Zillow.com, in February 2006. Zillow Group, Inc. was incorporated as a Washington corporation in July 2014 in connection with our acquisition of Trulia, Inc. (“Trulia”), and upon the closing of the Trulia acquisition in February 2015, each of Zillow, Inc. and Trulia became wholly owned subsidiaries of Zillow Group, Inc.
Certain Significant Risks and Uncertainties
We operate in a dynamic industry and, accordingly, can be affected by a variety of factors. For example, we believe that changes in any of the following areas could have a significant negative effect on us in terms of our future financial position, results of operations or cash flows: public health crises, like the COVID-19 pandemic (including variants) and the availability and widespread distribution and use of effective vaccines; rates of revenue growth; our ability to successfully integrate and realize the benefits of our past or future strategic acquisitions or investments; the satisfaction of conditions precedent to the closing of our proposed acquisition of ShowingTime.com, Inc., including expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Act or Zillow Group’s timing agreement with ShowingTime.com, Inc. and the U.S. Federal Trade Commission; our ability to manage advertising inventory or pricing; engagement and usage of our products; our investment of resources to pursue strategies that may not prove effective; competition in our markets; the stability of the residential real estate market and the impact of interest rate changes; changes in technology, products, markets or services by us or our competitors; addition or loss of significant customers; our ability to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future businesses; actual or anticipated changes to our products and services; changes in government regulation affecting our business; outcomes of legal proceedings; natural disasters and catastrophic events; scaling and adaptation of existing technology and network infrastructure; management of our growth; our ability to attract and retain qualified employees and key personnel; protection of customers’ information and other privacy concerns; protection of our brand and intellectual property; and intellectual property infringement and other claims, among other things.
v3.21.2
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2021
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 U.S. generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and accompanying notes included in Zillow Group, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2020, which was filed with the SEC on February 12, 2021. The condensed consolidated balance sheet as of December 31, 2020, included herein, was derived from the audited financial statements of Zillow Group, Inc. as of that date.
The unaudited condensed consolidated interim financial statements, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our financial position as of June 30, 2021 and our results of operations, comprehensive income (loss) and shareholders’ equity for the three and six month periods ended June 30, 2021 and 2020, and our cash flows for the six month periods ended June 30, 2021 and 2020. The results for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any interim period or for any other future year.
Reclassifications
Certain reclassifications have been made in the condensed consolidated statements of operations to conform data for prior periods to the current format. Beginning with the three and six month periods ended June 30, 2021, we present a gross profit subtotal in our condensed consolidated statements of operations, which requires certain depreciation expense and amortization expense to be included within cost of revenue. We believe the presentation of gross profit is preferable as it facilitates investors’ ability to model across our segments and enhances comparability with our public company peers. To effect the presentation of gross profit, we present the amortization expense for certain intangible assets and data acquisition costs within cost of revenue and have reclassified certain amounts in prior periods in the condensed consolidated statements of operations from technology and development expenses to cost of revenue. Additionally, we reclassified the amortization expense for trade names and trademarks and customer relationship intangible assets from technology and development expenses to sales and marketing expenses. This change has no impact on income (loss) from operations or net income (loss).
Amounts previously reported in the condensed consolidated statements of operations for the periods presented were revised herein as shown below (in thousands):
Three Months Ended
June 30, 2020		Six Months Ended
June 30, 2020
 As ReportedAs RevisedEffect of ChangeAs ReportedAs RevisedEffect of Change
Cost of revenue:
Homes $431,788 $434,900 $3,112 $1,163,987 $1,170,659 $6,672 
IMT23,387 45,354 21,967 47,705 95,407 47,702 
Mortgages5,896 7,229 1,333 11,051 13,815 2,764 
Total cost of revenue461,071 487,483 26,412 1,222,743 1,279,881 57,138 
Operating expenses:
Sales and marketing155,598 160,667 5,069 360,246 369,111 8,865 
Technology and development128,857 97,507 (31,350)263,775 197,988 (65,787)
General and administrative85,511 85,380 (131)177,796 177,580 (216)
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the financial statements, as well as the reported amounts of revenue and expenses during the periods presented. On an ongoing basis, we evaluate our estimates, including those related to the accounting for certain revenue offerings, the net realizable value of inventory, amortization period and recoverability of contract cost assets, website and software development costs, recoverability of long-lived assets and intangible assets, share-based compensation, income taxes, business combinations and the recoverability of goodwill, among others. To the extent there are material differences between these estimates, judgments or assumptions and actual results, our financial statements will be affected. The COVID-19 pandemic has introduced additional uncertainty with respect to estimates, judgments and assumptions, which may materially impact the estimates previously listed, among others.
Recently Issued Accounting Standards Not Yet Adopted
In August 2020, the Financial Accounting Standards Board (“FASB”) issued guidance which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. Among other changes, the guidance removes the liability and equity separation models for convertible instruments. Instead, entities will account for convertible debt instruments wholly as debt unless convertible instruments contain features that require bifurcation as a derivative or that result in substantial premiums accounted for as paid-in capital. The guidance also requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share. The guidance is effective for fiscal years beginning after December 15, 2021, with early adoption permitted for fiscal years beginning after December 15, 2020, and can be adopted on either a retrospective or modified retrospective basis. We expect to adopt this guidance on January 1, 2022. Although we continue to evaluate the method of adoption and impact of this guidance on our financial position and results of operations, upon adoption we expect this guidance to result in a reclassification of conversion feature balances from additional paid-in capital to debt and to decrease reported interest expense for our convertible senior notes.
In March 2020, the FASB issued guidance which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference the London Inter-Bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. This guidance is optional for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. This guidance is effective from March 12, 2020 through December 31, 2022. Entities may elect to adopt the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. We expect to apply some of the expedients and exceptions provided in this guidance to our credit facilities, warehouse line of credit and master repurchase agreements, all of which reference the one-month LIBOR in the applicable interest rate, as publication of the one-month LIBOR is expected to cease after June 30, 2023. We expect to amend our facility agreements prior to that date. As the goal of the reference rate reform transition is for it to be economically neutral to entities, we do not believe the adoption of this guidance will have a material impact on our financial position, results of operations or cash flows.
v3.21.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
We apply the following methods and assumptions in estimating our fair value measurements:
Cash equivalents — The fair value measurement of money market funds is based on quoted market prices in active markets (Level 1). The fair value measurement of other cash equivalents is based on observable market-based inputs principally derived from or corroborated by observable market data (Level 2).
Short-term investments — The fair value measurement of our short-term investments is based on observable market-based inputs or inputs that are derived principally from or corroborated by observable market data by correlation or other means (Level 2).
Restricted cash — The carrying value of restricted cash approximates fair value due to the short period of time amounts are borrowed on our credit facilities, home sales proceeds are held in restricted accounts for repayment of our credit facilities and amounts are held in escrow (Level 1).
Mortgage loans held for sale — The fair value of mortgage loans held for sale is generally calculated by reference to quoted prices in secondary markets for commitments to sell mortgage loans with similar characteristics (Level 2).
Interest rate lock commitments — The fair value of interest rate lock commitments (“IRLCs”) is calculated by reference to quoted prices in secondary markets for commitments to sell mortgage loans with similar characteristics. Expired commitments are excluded from the fair value measurement. Since not all IRLCs will become closed loans, we adjust our fair value measurements for the estimated amount of IRLCs that will not close. This adjustment is effected through the pull-through rate, which represents the probability that an interest rate lock commitment will ultimately result in a closed loan (Level 3).
The following table presents the range and weighted-average pull-through rates used in determining the fair value of IRLCs as of the dates presented:
June 30, 2021December 31, 2020
Range
47% - 100%
47% - 100%
Weighted-average79%75%
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).
The following tables present the balances of assets and liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, as of the dates presented (in thousands):
 June 30, 2021
TotalLevel 1Level 2Level 3
Cash equivalents:
Money market funds$3,494,642 $3,494,642 $— $— 
Short-term investments:
U.S. government agency securities829,925 — 829,925 — 
Treasury bills44,988 — 44,988 — 
Municipal securities5,962 — 5,962 — 
Mortgage origination-related:
Mortgage loans held for sale171,450 — 171,450 — 
IRLCs6,413 — — 6,413 
Forward contracts - other current assets69 — 69 — 
Forward contracts - other current liabilities(686)— (686)— 
        Total$4,552,763 $3,494,642 $1,051,708 $6,413 
 December 31, 2020
 TotalLevel 1Level 2Level 3
Cash equivalents:
Money market funds$1,486,384 $1,486,384 $— $— 
Municipal securities3,228 — 3,228 — 
Short-term investments:
Treasury bills1,163,813 — 1,163,813 — 
U.S. government agency securities1,037,577 — 1,037,577 — 
Municipal securities16,220 — 16,220 — 
Certificates of deposit498 — 498 — 
Mortgage origination-related:
Mortgage loans held for sale330,758 — 330,758 — 
IRLCs12,342 — — 12,342 
Forward contracts - other current liabilities(2,608)— (2,608)— 
Total$4,048,212 $1,486,384 $2,549,486 $12,342 
The following table presents the changes in our IRLCs for the periods presented (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2021202020212020 (1)
Balance, beginning of the period$5,002 $2,225 $12,342 $937 
Issuances16,120 10,142 34,421 15,507 
Transfers(16,041)(8,586)(40,439)(13,142)
Fair value changes recognized in earnings1,332 1,310 89 1,789 
Balance, end of period$6,413 $5,091 $6,413 $5,091 
(1) Beginning balance represents transfers of IRLCs from Level 2 to Level 3 within the fair value hierarchy as of January 1, 2020.
At June 30, 2021, the notional amounts of the hedging instruments related to our mortgage loans held for sale were $355.0 million and $479.3 million for our IRLCs and forward contracts, respectively. At December 31, 2020, the notional amounts of the hedging instruments related to our mortgage loans held for sale were $378.1 million and $652.1 million for our IRLCs and forward contracts, respectively. We do not have the right to offset our derivative positions.
See Note 11 for the carrying amount and estimated fair value of our convertible senior notes.
v3.21.2
Cash and Cash Equivalents, Short-term Investments and Restricted Cash
 6 Months Ended
Jun. 30, 2021
Cash and Cash Equivalents [Abstract]  
Cash and Cash Equivalents, Short-term Investments and Restricted Cash Cash and Cash Equivalents, Short-term Investments and Restricted CashThe following tables present the amortized cost, gross unrealized gains and losses and estimated fair market value of our cash and cash equivalents, short-term investments and restricted cash as of the dates presented (in thousands):
 June 30, 2021
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Market
Value
Cash$218,514 $— $— $218,514 
Cash equivalents:
Money market funds3,494,642 — — 3,494,642 
Short-term investments:
U. S. government agency securities829,791 134 — 829,925 
Treasury bills44,975 13 — 44,988 
Municipal securities5,962 — — 5,962 
Restricted cash141,024 — — 141,024 
        Total$4,734,908 $147 $— $4,735,055 
 December 31, 2020
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Market
Value
Cash$213,518 $— $— $213,518 
Cash equivalents:
Money market funds1,486,384 — — 1,486,384 
Municipal securities3,229 — (1)3,228 
Short-term investments:
Treasury bills1,163,748 65 — 1,163,813 
U.S. government agency securities1,037,572 57 (52)1,037,577 
Municipal securities16,226 — (6)16,220 
Certificates of deposit498 — — 498 
Restricted cash75,805 — — 75,805 
Total$3,996,980 $122 $(59)$3,997,043 
All short-term investments as of June 30, 2021 have a contractual maturity date of one year or less.
v3.21.2
Inventory
 6 Months Ended
Jun. 30, 2021
Inventory Disclosure [Abstract]  
Inventory Inventory
The following table presents the components of inventory, net of applicable lower of cost or net realizable value adjustments, as of the dates presented (in thousands):
June 30, 2021December 31, 2020
Finished goods$731,555 $339,372 
Work-in-process438,046 151,921 
Inventory$1,169,601 $491,293 
v3.21.2
Contract Balances
 6 Months Ended
Jun. 30, 2021
Revenue from Contract with Customer [Abstract]  
Contract Balances Contract Balances
Contract assets were $50.0 million and $20.8 million as of June 30, 2021 and December 31, 2020, respectively. Contract assets are recorded within prepaid expenses and other current assets in our condensed consolidated balance sheets.
For the three months ended June 30, 2021 and 2020, we recognized revenue of $51.9 million and $33.8 million, respectively, that was included in the deferred revenue balance at the beginning of the related period. For the six months ended June 30, 2021 and 2020, we recognized revenue of $47.8 million and $36.6 million, respectively, that was included in the deferred revenue balance at the beginning of the related period.
Contract Cost AssetsAs of June 30, 2021 and December 31, 2020, we had $47.9 million and $50.7 million, respectively, of contract cost assets. For the three and six months ended June 30, 2021 and 2020, we did not incur any impairment losses to our contract cost assets. We recorded amortization expense related to contract cost assets of $10.1 million and $8.7 million for the three months ended June 30, 2021 and 2020, respectively, and $20.2 million and $17.1 million for the six months ended June 30, 2021 and 2020, respectively.
v3.21.2
Contract Cost Assets
 6 Months Ended
Jun. 30, 2021
Revenue from Contract with Customer [Abstract]  
Contract Cost Assets Contract Balances
Contract assets were $50.0 million and $20.8 million as of June 30, 2021 and December 31, 2020, respectively. Contract assets are recorded within prepaid expenses and other current assets in our condensed consolidated balance sheets.
For the three months ended June 30, 2021 and 2020, we recognized revenue of $51.9 million and $33.8 million, respectively, that was included in the deferred revenue balance at the beginning of the related period. For the six months ended June 30, 2021 and 2020, we recognized revenue of $47.8 million and $36.6 million, respectively, that was included in the deferred revenue balance at the beginning of the related period.
Contract Cost AssetsAs of June 30, 2021 and December 31, 2020, we had $47.9 million and $50.7 million, respectively, of contract cost assets. For the three and six months ended June 30, 2021 and 2020, we did not incur any impairment losses to our contract cost assets. We recorded amortization expense related to contract cost assets of $10.1 million and $8.7 million for the three months ended June 30, 2021 and 2020, respectively, and $20.2 million and $17.1 million for the six months ended June 30, 2021 and 2020, respectively.
v3.21.2
Property and Equipment, net
 6 Months Ended
Jun. 30, 2021
Property, Plant and Equipment [Abstract]  
Property and Equipment, net Property and Equipment, net
The following table presents the detail of property and equipment as of the dates presented (in thousands):
June 30, 2021December 31, 2020
Website development costs$115,198 $95,466 
Leasehold improvements102,204 110,280 
Office equipment, furniture and fixtures34,080 39,607 
Construction-in-progress31,939 44,151 
Computer equipment19,091 20,433 
Property and equipment302,512 309,937 
Less: accumulated amortization and depreciation(112,562)(113,785)
Property and equipment, net$189,950 $196,152 
We recorded depreciation expense related to property and equipment (other than website development costs) of $7.1 million and $7.1 million for the three months ended June 30, 2021 and 2020, respectively, and $15.0 million and $18.9 million for the six months ended June 30, 2021 and 2020, respectively.
We capitalized $14.1 million and $15.4 million in website development costs for the three months ended June 30, 2021 and 2020, respectively, and $26.5 million and $27.9 million for the six months ended June 30, 2021 and 2020, respectively. Amortization expense for website development costs included in cost of revenue was $8.4 million and $6.0 million for the three months ended June 30, 2021 and 2020, respectively, and $16.4 million and $11.4 million for the six months ended June 30, 2021 and 2020, respectively.
v3.21.2
Equity Investment
 6 Months Ended
Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]  
Equity Investment Equity InvestmentIn October 2016, we purchased a 10% equity interest in a privately held variable interest entity within the real estate industry for $10.0 million. In March 2020, we recognized a non-cash impairment charge of $5.3 million related to this investment. The impairment charge is included in impairment costs within our IMT segment for the six months ended June 30, 2020. In June 2020, we sold our 10% equity interest for $10.0 million in cash. We recorded a gain on the sale of the investment of $5.3 million for the three and six month periods ended June 30, 2020 which is classified within other income in our condensed consolidated statements of operations.
v3.21.2
Intangible Assets, net
 6 Months Ended
Jun. 30, 2021
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 thousands):
 June 30, 2021
 CostAccumulated
Amortization		Net
Trade names and trademarks$36,500 $(6,389)$30,111 
Software34,431 (13,733)20,698 
Intangibles-in-progress11,945 — 11,945 
Developed technology86,064 (76,744)9,320 
Customer relationships87,600 (79,557)8,043 
Purchased content51,360 (50,115)1,245 
Total$307,900 $(226,538)$81,362 
 December 31, 2020
 CostAccumulated
Amortization		Net
Trade names and trademarks$36,500 $(3,822)$32,678 
Software28,515 (11,483)17,032 
Developed technology86,064 (70,270)15,794 
Customer relationships87,600 (73,301)14,299 
Intangibles-in-progress11,863 — 11,863 
Purchased content47,930 (44,829)3,101 
Total$298,472 $(203,705)$94,767 
Amortization expense recorded for intangible assets for the three months ended June 30, 2021 and 2020 was $13.4 million and $13.1 million, respectively, and $26.3 million and $24.9 million for the six months ended June 30, 2021 and 2020, respectively. Amortization expense for trade names and trademarks and customer relationships intangible assets is included in sales and marketing expenses. Amortization expense for all other intangible assets is included in cost of revenue.
We did not record any impairment costs related to our intangible assets for the six months ended June 30, 2021. For the six months ended June 30, 2020, we recognized a non-cash impairment charge of $71.5 million related to our Trulia trade names and trademarks intangible asset, which historically had not been subject to amortization. The impairment charge is included in impairment costs within our IMT and Mortgages segments. In March 2020, we identified factors directly related to the COVID-19 pandemic that led us to conclude it was more likely than not that the $108.0 million carrying value of the asset exceeded its fair value. Accordingly, with the assistance of a third-party valuation specialist, we performed a quantitative analysis to determine the fair value of the intangible asset and concluded that our best estimate of its fair value was $36.5 million. The remaining carrying value of the intangible asset is amortized on an accelerated basis commensurate with the projected cash flows expected to be generated by the intangible asset over a useful life of 10 years. For additional details regarding this impairment, 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, 2020.
v3.21.2
Debt
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Debt Debt
The following table presents the carrying values of Zillow Group’s debt as of the dates presented (in thousands):
June 30, 2021December 31, 2020
Homes segment
Credit facilities:
Goldman Sachs Bank USA$183,373 $145,825 
Citibank, N.A.219,989 87,103 
Credit Suisse AG, Cayman Islands421,083 128,238 
Total Homes segment debt824,445 361,166 
Mortgages segment
Repurchase agreements:
Credit Suisse AG, Cayman Islands99,706 149,913 
Citibank, N.A.21,332 90,227 
Warehouse line of credit:
Comerica Bank42,349 68,903 
Total Mortgages segment debt163,387 309,043 
Convertible senior notes
1.375% convertible senior notes due 2026
357,531 347,566 
2.75% convertible senior notes due 2025
428,830 414,888 
0.75% convertible senior notes due 2024
490,126 524,273 
1.50% convertible senior notes due 2023
330,095 326,796 
Total convertible senior notes1,606,582 1,613,523 
Total debt$2,594,414 $2,283,732 

Homes Segment
To provide capital for Zillow Offers, we utilize credit facilities that are classified as current liabilities in our condensed consolidated balance sheets. We classify these credit facilities as current liabilities as amounts drawn to purchase homes are typically due as homes are sold, which we expect to be within one year, if not replaced by new real estate inventory of equal or greater value. The following table summarizes certain details related to our credit facilities (in thousands, except interest rates):
LenderFinal Maturity DateMaximum Borrowing CapacityWeighted-Average Interest Rate
Goldman Sachs Bank USAApril 21, 2023$500,000 2.90 %
Citibank, N.A.December 9, 2023500,000 2.84 %
Credit Suisse AG, Cayman IslandsDecember 31, 2022500,000 2.84 %
Total$1,500,000 
On April 7, 2021, certain wholly owned subsidiaries of Zillow Group amended and restated the credit agreement with Credit Suisse AG, Cayman Islands, in order to facilitate a titling trust structure.
On April 14, 2021, certain wholly owned subsidiaries of Zillow Group amended and restated the credit agreement with Goldman Sachs Bank USA previously maturing on April 20, 2022 in order to facilitate a titling trust structure and extend the final maturity date to April 21, 2023.
On June 11, 2021, certain wholly owned subsidiaries of Zillow Group amended the credit agreement with Citibank, N.A. previously maturing on November 30, 2021 such that it now has a final maturity date of December 9, 2023.
Undrawn amounts available under the credit facilities included in the table above are not committed, meaning the applicable lender is not committed to, but may in its discretion, advance loan funds in excess of the outstanding borrowings. The final maturity dates are inclusive of extensions which are subject to agreement by the respective lender.
In the first half of 2021, certain wholly owned subsidiaries of Zillow Group amended and restated the Homes segment credit agreements in order to facilitate a titling trust structure. In March 2021, Zillow Group, through Zillow Offers, began buying and selling homes through a titling trust. The titling trust facilitates the allocation of beneficial ownership of properties to special purpose entities (each, an “SPE”), which SPEs are then party to agreements to finance the properties. Zillow Group initially formed these SPEs to purchase and sell residential properties through Zillow Offers, and subsequent to the creation of the titling trust, these SPEs hold beneficial interests in homes purchased by the titling trust, which the SPEs subsequently finance. Each SPE is a wholly owned subsidiary of Zillow Group and a separate legal entity, and neither the assets nor credit of any such SPE are available to satisfy the debts and other obligations of any affiliate or other entity. The credit facilities are secured by the assets and equity of one or more SPEs. These SPEs and titling trust are variable interest entities and Zillow Group is the primary beneficiary as it has the power to control the activities that most significantly impact the SPEs’ and titling trust’s economic performance and the obligation to absorb losses of the SPEs and titling trust or the right to receive benefits that could potentially be significant to the SPEs and titling trust. The SPEs and titling trust are consolidated within Zillow Group’s condensed consolidated financial statements. As of June 30, 2021 and December 31, 2020, the total assets of the SPEs and titling trust were $1.3 billion and $551.2 million, respectively, of which $1.2 billion and $491.3 million are inventory, respectively, $77.6 million and $53.0 million are restricted cash, respectively, and $22.2 million and $3.9 million are accounts receivable, respectively. As of June 30, 2021 and December 31, 2020, the total liabilities of the SPEs and titling trust were $847.6 million and $372.5 million, respectively, of which $824.4 million and $361.2 million are credit facility borrowings, respectively, and $22.1 million and $10.8 million are accrued expenses, respectively.
Outstanding amounts drawn under each credit facility are required to be repaid on the facility maturity date or earlier if accelerated due to an event of default. Further, each SPE is required to repay any resulting shortfall if the value of the eligible properties owned by such SPE falls below a certain percentage of the principal amount outstanding under the applicable credit facility. Continued inclusion of properties in each credit facility is subject to various eligibility criteria. For example, aging criteria limit the inclusion in the borrowing base of properties owned longer than a specified number of days, and properties owned for longer than one year are generally ineligible.
The stated interest rate on our credit facilities is one-month LIBOR plus an applicable margin, and in certain cases includes a LIBOR floor, as defined in the respective credit agreements. Our credit facilities include customary representations and warranties, provisions regarding events of default and covenants. The terms of these credit facilities and related financing documents require Zillow Group and certain of its subsidiaries, as applicable, to comply with a number of customary financial and other covenants, such as maintaining certain levels of liquidity, tangible net worth and leverage ratios. As of June 30, 2021, Zillow Group was in compliance with all financial covenants and no event of default had occurred. Except for certain limited circumstances, the credit facilities are non-recourse to Zillow Group. Our credit facilities require that we establish, maintain and in certain circumstances that Zillow Group fund specified reserve accounts. These reserve accounts include, but are not limited to, interest reserves, insurance reserves, tax reserves, renovation cost reserves and reserves for specially permitted liens. Amounts funded to these reserve accounts and the collection accounts have been classified within our condensed consolidated balance sheets as restricted cash.
Mortgages Segment
To provide capital for Zillow Home Loans, we utilize master repurchase agreements and a warehouse line of credit which are classified as current liabilities in our condensed consolidated balance sheets. The repurchase agreements and warehouse line of credit provide short-term financing between the issuance of a mortgage loan and when Zillow Home Loans sells the loan to an investor or directly to an agency. The following table summarizes certain details related to our repurchase agreements and warehouse line of credit (in thousands, except interest rates):
LenderMaturity DateMaximum Borrowing CapacityWeighted-Average Interest Rate
Credit Suisse AG, Cayman Islands    March 18, 2022$300,000 2.50 %
Citibank, N.A.June 10, 2022100,000 1.85 %
Comerica BankJune 25, 202260,000 2.70 %
Total$460,000 
On June 11, 2021, Zillow Home Loans amended its Citibank, N.A. master repurchase agreement previously maturing on October 26, 2021 such that it now matures on June 10, 2022.
On June 26, 2021, Zillow Home Loans amended its Comerica Bank warehouse line of credit previously maturing on June 26, 2021 such that it now matures on June 25, 2022 and provides an uncommitted total maximum borrowing capacity of $60.0 million. The Comerica Bank warehouse line of credit previously provided a committed total maximum borrowing capacity of $100.0 million.
In accordance with the master repurchase agreements, Credit Suisse and Citibank, N.A. (together the “Lenders”) have agreed to pay Zillow Home Loans a negotiated purchase price for eligible loans, and Zillow Home Loans has simultaneously agreed to repurchase such loans from the Lenders under a specified timeframe at an agreed upon price that includes interest. The master repurchase agreements contain margin call provisions that provide the Lenders with certain rights in the event of a decline in the market value of the assets purchased under the master repurchase agreements. As of June 30, 2021 and December 31, 2020, $126.2 million and $240.1 million, respectively, in mortgage loans held for sale were pledged as collateral under the master repurchase agreements.
Borrowings on the repurchase agreements and warehouse line of credit bear interest at the one-month LIBOR plus an applicable margin, and in certain cases include a LIBOR floor, as defined in the governing agreements, and are secured by residential mortgage loans held for sale. The repurchase agreements and warehouse line of credit include customary representations and warranties, covenants and provisions regarding events of default. As of June 30, 2021, Zillow Home Loans was in compliance with all financial covenants and no event of default had occurred. The repurchase agreements and warehouse line of credit are recourse to Zillow Home Loans, and have no recourse to Zillow Group or any of its other subsidiaries.
For additional details related to our warehouse line of credit and repurchase agreements, see Note 14 in the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020.
Convertible Senior Notes
The following tables summarize certain details related to our outstanding convertible senior notes as of the dates presented or for the periods ended (in thousands, except interest rates):
June 30, 2021December 31, 2020
Maturity DateAggregate Principal AmountStated Interest RateEffective Interest RateFirst Interest Payment DateSemi-Annual Interest Payment DatesUnamortized Debt Discount and Debt Issuance CostsFair ValueUnamortized Debt Discount and Debt Issuance CostsFair Value
September 1, 2026$498,800 1.375 %8.10 %March 1, 2020March 1; September 1$141,269 $1,434,100 $152,434 $1,508,675 
May 15, 2025565,000 2.75 %10.32 %November 15, 2020May 15; November 15136,170 1,132,718 150,112 1,168,855 
September 1, 2024608,382 0.75 %7.68 %March 1, 2020March 1; September 1118,256 1,665,403 148,727 2,023,280 
July 1, 2023367,678 1.50 %6.99 %January 1, 2019January 1; July 137,583 568,397 46,954 633,039 
Total$2,039,860 $433,278 $4,800,618 $498,227 $5,333,849 
Three Months Ended
June 30, 2021		Three Months Ended
June 30, 2020
Maturity DateContractual Coupon InterestAmortization of Debt DiscountAmortization of Debt Issuance CostsInterest ExpenseContractual Coupon InterestAmortization of Debt DiscountAmortization of Debt Issuance CostsInterest Expense
September 1, 2026$1,715 $5,323 $131 $7,169 $1,719 $4,922 $120 $6,761 
May 15, 20253,884 6,702 358 10,944 2,007 3,148 168 5,323 
September 1, 20241,143 7,917 270 9,330 1,262 8,095 278 9,635 
July 1, 20231,398 4,008 392 5,798 1,402 3,749 366 5,517 
December 1, 2021— — — — 1,803 3,945 408 6,156 
December 15, 2020— — — — 66 — — 66 
Total$8,140 $23,950 $1,151 $33,241 $8,259 $23,859 $1,340 $33,458 
Six Months Ended
June 30, 2021		Six Months Ended
June 30, 2020
Maturity DateContractual Coupon InterestAmortization of Debt DiscountAmortization of Debt Issuance CostsInterest ExpenseContractual Coupon InterestAmortization of Debt DiscountAmortization of Debt Issuance CostsInterest Expense
September 1, 2026$3,432 $10,549 $259 $14,240 $3,438 $9,746 $238 $13,422 
May 15, 20257,768 13,235 707 21,710 2,007 3,148 168 5,323 
September 1, 20242,381 16,327 559 19,267 2,510 15,956 545 19,011 
July 1, 20232,799 7,958 778 11,535 2,804 7,446 727 10,977 
December 1, 2021— — — — 4,103 8,856 916 13,875 
December 15, 2020— — — — 132 — — 132 
Total$16,380 $48,069 $2,303 $66,752 $14,994 $45,152 $2,594 $62,740 
The convertible notes are senior unsecured obligations. The convertible senior notes maturing in 2026 (“2026 Notes”), 2025 (“2025 Notes”) and 2024 (“2024 Notes”) are classified as long-term debt in our condensed consolidated balance sheets based on their contractual maturity dates. The convertible senior notes maturing in 2023 (“2023 Notes”) are classified as current debt in our condensed consolidated balance sheet as of June 30, 2021, as they were redeemed by us on July 6, 2021, if not earlier converted by the holders. The 2023 Notes are classified as long-term debt in our condensed consolidated balance sheet as of December 31, 2020 based on the contractual maturity date of the 2023 Notes as of December 31, 2020. Interest on the convertible notes is paid semi-annually in arrears. The estimated fair value of the convertible senior notes was determined through consideration of quoted market prices. The fair value is classified as Level 3 due to the limited trading activity for each of the convertible senior notes.
On May 26, 2021, we submitted notice to the trustee to exercise our right to redeem the remaining $372.8 million in aggregate principal amount of the 2023 Notes on July 6, 2021 (the “Redemption Date”). Holders of the 2023 Notes had the option to convert their 2023 Notes in whole or in part into shares of Class C capital stock prior to the Redemption Date. If all holders of the 2023 Notes elected to convert their 2023 Notes into shares of Class C capital stock, the Company would be required to issue approximately 4.8 million shares of Class C capital stock and pay cash in lieu of fractional shares, in full satisfaction of the 2023 Notes. For any holder of the 2023 Notes that did not elect to convert their 2023 Notes into shares of Class C capital stock, we redeemed the 2023 Notes in cash at a redemption price equal to 100% of the principal amount of the 2023 Notes redeemed, plus accrued and unpaid interest to, but excluding, the Redemption Date. The 2026 Notes, 2025 Notes and 2024 Notes are convertible into cash, shares of Class C capital stock or a combination thereof, at our election, and may be settled as described below. They will mature on their respective maturity date, unless earlier repurchased, redeemed or converted in accordance with their terms.
The following table summarizes the conversion and redemption options with respect to the 2026 Notes, 2025 Notes, 2024 Notes and 2023 Notes (together, the “Notes”):

Maturity DateEarly Conversion DateConversion RateConversion PriceOptional Redemption Date
September 1, 2026March 1, 202622.9830$43.51 September 5, 2023
May 15, 2025November 15, 202414.881067.20 May 22, 2023
September 1, 2024March 1, 202422.983043.51 September 5, 2022
July 1, 2023April 1, 202312.759278.37 July 6, 2021
The following table summarizes certain details related to the capped call confirmations with respect to certain of the convertible senior notes:
Maturity DateInitial Cap PriceCap Price Premium
September 1, 2026$80.5750 150 %
September 1, 202472.5175 125 %
July 1, 2023105.45 85 %
December 1, 202169.19 85 %
Each series of the Notes was convertible during the three months ended June 30, 2021, at the option of the holders. During the three months ended June 30, 2021, holders of the 2023 Notes elected to convert $5.1 million aggregate principal amount of 2023 Notes. During the three months ended June 30, 2021, holders of the 2024 Notes elected to convert $14.0 million aggregate principal amount of the 2024 Notes. During the three months ended June 30, 2020, we used a portion of the net proceeds from the issuance of the 2025 Notes to repurchase $194.7 million aggregate principal of the convertible senior notes due 2021 (the “2021 Notes”) in privately negotiated transactions. The following table summarizes the activity for our convertible senior notes for the periods presented (in thousands, except for share amounts):
Three Months Ended
June 30, 2021		Three Months Ended
June 30, 2020
2023 Notes2024 NotesTotal2021 Notes
Aggregate principal amount settled$5,147 $14,000 $19,147 $194,670 
Cash paid— — — 194,670 
Shares of Class C capital stock issued65,669 321,762 387,431 753,936 
Total fair value of consideration transferred (1)$8,081 $46,553 $54,634 $230,859 
(Gain) loss on extinguishment of debt:
Consideration allocated to the liability component (2)$4,807 $11,848 $16,655 $172,886 
Carrying value of the liability component, net of unamortized debt discount and debt issuance costs4,619 11,105 15,724 179,277 
(Gain) loss on extinguishment of debt$188 $743 $931 $(6,391)
Consideration allocated to the equity component$3,274 $34,705 $37,979 $57,973 
Six Months Ended
June 30, 2021		Six Months Ended
June 30, 2020
2023 Notes2024 Notes2026 NotesTotal2021 Notes
Aggregate principal amount settled$6,072 $64,618 $1,200 $71,890 $194,670 
Cash paid— — — — 194,670 
Shares of Class C capital stock issued77,458 1,485,114 27,579 1,590,151 753,936 
Total fair value of consideration transferred (1)$9,724 $200,478 $4,204 $214,406 $230,859 
(Gain) loss on extinguishment of debt:
Consideration allocated to the liability component (2)$5,648 $53,115 $883 $59,646 $172,886 
Carrying value of the liability component, net of unamortized debt discount and debt issuance costs5,437 51,032 843 57,312 179,277 
(Gain) loss on extinguishment of debt$211 $2,083 $40 $2,334 $(6,391)
Consideration allocated to the equity component$4,076 $147,363 $3,321 $154,760 $57,973 
(1) For convertible senior notes converted by note holders, the total fair value of consideration transferred includes the value of shares transferred to note holders using the daily volume weighted-average price of our Class C capital stock on the conversion date and an immaterial amount of cash paid in lieu of fractional shares. For convertible senior notes repurchased in the three months ended June 30, 2021, the total value of consideration transferred includes the value of shares transferred to note holders using the daily volume weighted-average price of our Class C capital stock on the date of transfer as well as cash transferred to note holders to settle the related notes.
(2) Consideration allocated to the liability component is based on the fair value of the liability component immediately prior to settlement, which was calculated using a discounted cash flow analysis with a market interest rate of a similar liability that does not have an associated convertible feature.
For more than 20 trading days during the 30 consecutive trading days ended June 30, 2021, the last reported sale price of our Class C capital stock exceeded 130% of the conversion price of each series of the Notes. Accordingly, each series of the Notes is convertible at the option of the holders from July 1 through September 30, 2021, unless earlier repurchased or redeemed. The 2026 Notes and 2024 Notes were first convertible during the three months ended September 30, 2020, and the 2025 Notes and 2023 Notes were first convertible during the three months ended March 31, 2021.
For additional details related to our convertible senior notes, see Note 14 in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020.
v3.21.2
Income Taxes
 6 Months Ended
Jun. 30, 2021
Income Tax Disclosure [Abstract]  
Income Taxes Income TaxesWe are subject to federal and state income taxes in the U.S. and federal and provincial income taxes in Canada. As of June 30, 2021 and December 31, 2020, 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 $1.7 billion as of December 31, 2020, which are available to reduce future taxable income. We have accumulated state tax losses of approximately $53.2 million (tax effected) as of December 31, 2020.We recorded income tax expense of $13.3 million for the three months ended June 30, 2021 and income tax expense of $10.4 million for the six months ended June 30, 2021, primarily related to state income taxes. We recorded income tax expense of $0.7 million for the three months ended June 30, 2020 and an income tax benefit of $8.5 million for the six months ended June 30, 2020. The income tax benefit for the six months ended June 30, 2020 was primarily a result of a $9.7 million income tax benefit related to the $71.5 million non-cash impairment we recorded during the three months ended March 31, 2020 related to the Trulia trade names and trademarks intangible asset. For additional information about the non-cash impairment, see Note 10 of our condensed consolidated financial statements.
v3.21.2
Shareholders' Equity
 6 Months Ended
Jun. 30, 2021
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
Preferred Stock
Our board of directors has the authority to fix and determine and to amend the number of shares of any series of preferred stock that is wholly unissued or to be established and to fix and determine and to amend the designation, preferences, voting powers and limitations and the relative, participating, optional or other rights, of any series of shares of preferred stock that is wholly unissued or to be established, subject in each case to certain approval rights of holders of our outstanding Class B common stock. There was no preferred stock issued and outstanding as of June 30, 2021 or December 31, 2020.
Common and Capital Stock
Our Class A common stock has no preferences or privileges and is not redeemable. Holders of Class A common stock are entitled to one vote for each share.
Our Class B common stock has no preferences or privileges and is not redeemable. At any time after the date of issuance, each share of Class B common stock, at the option of the holder, may be converted into one share of Class A common stock, or automatically converted into Class A common stock upon the affirmative vote by or written consent of holders of a majority of the shares of the Class B common stock. Holders of Class B common stock are entitled to 10 votes for each share.
Our Class C capital stock has no preferences or privileges, is not redeemable and, except in limited circumstances, is non-voting.
Equity Distribution Agreement
On February 17, 2021, we entered into an equity distribution agreement with certain sales agents and/or principals (the “Managers”), pursuant to which we may offer and sell from time to time, through the Managers, shares of our Class C capital stock, having an aggregate gross sales price of up to $1.0 billion, in such share amounts as we may specify by notice to the Managers, in accordance with the terms and conditions set forth in the equity distribution agreement.
There were no shares issued under the equity distribution agreement during the three months ended June 30, 2021.
The following table summarizes the activity pursuant to the equity distribution agreement for the period presented (in thousands, except share and per share amounts):
 Six Months Ended
June 30, 2021
Shares of Class C capital stock issued3,163,502 
Weighted-average issuance price per share$174.0511 
Gross proceeds (1)$550,611 
(1) Net proceeds were $544.6 million after deducting $6.1 million of commissions and other offering expenses incurred.
v3.21.2
Share-Based Awards
 6 Months Ended
Jun. 30, 2021
Share-based Payment Arrangement [Abstract]  
Share-Based Awards Share-Based Awards
Option Awards
The following table summarizes option award activity for the six months ended June 30, 2021:
Number
of Shares
Subject to
Existing
Options		Weighted-
Average
Exercise
Price Per
Share		Weighted-
Average
Remaining
Contractual
Life (Years)		Aggregate
Intrinsic
Value
(in thousands)
Outstanding at January 1, 202120,051,051 $42.68 7.22$1,751,105 
Granted8,438,476 133.48 
Exercised(1,991,460)38.00 
Forfeited or cancelled(602,382)64.27 
Outstanding at June 30, 202125,895,685 72.12 7.761,405,360 
Vested and exercisable at June 30, 202110,615,442 44.43 6.16832,504 
The fair value of options granted is estimated at the date of grant using the Black-Scholes-Merton option-pricing model, assuming no dividends and with the following assumptions for the periods presented:
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2021202020212020
Expected volatility56%51%
52%-56%
45%-51%
Expected dividend yield————
Risk-free interest rate0.74%0.33%
0.57%-0.90%
0.33%-0.93%
Weighted-average expected life4.50 years5.00 years
4.50-5.75 years
5.00-5.50 years
Weighted-average fair value of options granted$53.16$20.21$59.58$20.69
As of June 30, 2021, there was a total of $586.9 million in unrecognized compensation cost related to unvested stock options.
Restricted Stock Units
The following table summarizes activity for restricted stock units for the six months ended June 30, 2021:
Restricted
Stock Units		Weighted-
Average Grant-
Date Fair
Value
Unvested outstanding at January 1, 20217,316,557 $48.14 
Granted1,155,375 134.02 
Vested(1,592,564)47.76 
Forfeited(404,654)55.93 
Unvested outstanding at June 30, 20216,474,714 63.08 
As of June 30, 2021, there was a total of $382.8 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 thousands):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2021202020212020
Cost of revenue$2,972 $1,364 $5,660 $2,766 
Sales and marketing13,350 9,116 23,237 16,109 
Technology and development34,951 21,421 61,042 40,109 
General and administrative37,122 20,450 62,129 37,162 
Total$88,395 $52,351 $152,068 $96,146 
v3.21.2
Net Income (Loss) Per Share
 6 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Net Income (Loss) Per Share
Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares (including Class A common stock, Class B common stock and Class C capital stock) outstanding during the period. In the calculation of basic net income (loss) per share, undistributed earnings are allocated assuming all earnings during the period were distributed.
Diluted net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares (including Class A common stock, Class B common stock and Class C capital stock) outstanding during the period and potentially dilutive Class A common stock and Class C capital stock equivalents, except in cases where the effect of the Class A common stock or Class C capital stock equivalent would be antidilutive. Potential Class A common stock and Class C capital stock equivalents consist of Class A common stock and Class C capital stock issuable upon exercise of stock options and Class A common stock and Class C capital stock underlying unvested restricted stock units using the treasury stock method. Potential Class A common stock equivalents also include Class A common stock issuable upon conversion of the convertible notes due in 2020 using the if-converted method through the date of their last conversion in December 2020.
Prior to the second half of 2020, we intended to settle the principal amount of our outstanding convertible senior notes in cash and therefore used the treasury stock method to calculate any potential dilutive effect of the conversion spread on diluted net income per share, if applicable.
Effective July 1, 2020, we can no longer assume cash settlement of the principal amount of these outstanding convertible notes, therefore share settlement is now presumed. On a prospective basis we have applied the if-converted method for calculating any potential dilutive effect of the conversion of the outstanding convertible notes on diluted net income per share, if applicable. The following table presents the maximum number of shares and conversion price per share of Class C capital stock for each of the Notes based on the aggregate principal amount outstanding as of June 30, 2021 (in thousands, except per share amounts):
Maturity DateSharesConversion Price per Share
September 1, 202611,464 $43.51 
May 15, 20258,408 67.20 
September 1, 202413,983 43.51 
July 1, 20234,692 78.37 
For the periods presented, the following table reconciles the denominators used in the basic and diluted net income (loss) per share calculations (in thousands):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2021202020212020
Denominator for basic calculation248,152 219,467 245,763 215,070 
Effect of dilutive securities:
Option awards10,472 — 11,450 — 
Unvested restricted stock units2,872 — 3,271 — 
Denominator for dilutive calculation261,496 219,467 260,484 215,070 
For the periods presented, the following Class A common stock and Class C capital stock equivalents were excluded from the calculations of diluted net income (loss) per share because their effect would have been antidilutive (in thousands):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2021202020212020
Weighted-average Class A common stock and Class C capital stock option awards outstanding245 25,202 1,389 22,649 
Weighted-average Class C capital stock restricted stock units outstanding984 9,086 645 8,354 
Class A common stock issuable upon conversion of the convertible notes maturing in 2020— 400 — 400 
Class C capital stock issuable upon conversion of the 2021 Notes, 2023 Notes, 2024 Notes, 2025 Notes and 2026 Notes38,641 7,232 38,796 7,316 
Total Class A common stock and Class C capital stock equivalents39,870 41,920 40,830 38,719 
v3.21.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Interest Rate Lock Commitments
We have entered into IRLCs with prospective borrowers under our mortgage origination business whereby we commit to lend a certain loan amount under specific terms and at a specific interest rate to the borrower. These commitments are treated as derivatives and are carried at fair value. For additional information regarding our IRLCs, see Note 3 of our notes to condensed consolidated financial statements.
Lease Commitments
We have entered into various non-cancelable operating lease agreements for certain of our office space and equipment with original lease periods expiring between 2021 and 2030. For additional information regarding our lease agreements, see Note 13 in the Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020.
Purchase Commitments
Purchase commitments primarily include various non-cancelable agreements to purchase content related to our mobile applications and websites and certain cloud computing services as well as homes we are under contract to purchase through Zillow Offers but that have not closed as of the respective date. As of June 30, 2021, the value of homes under contract that have not closed was $1.2 billion.
Letters of Credit
As of June 30, 2021, we have outstanding letters of credit of approximately $16.9 million, which secure our lease obligations in connection with certain of our office space operating leases.
Surety Bonds
In the course of business, we are required to provide financial commitments in the form of surety bonds to third parties as a guarantee of our performance on and our compliance with certain obligations. If we were to fail to perform or comply with these obligations, any draws upon surety bonds issued on our behalf would then trigger our payment obligation to the surety bond issuer. We have outstanding surety bonds issued for our benefit of approximately $10.6 million and $10.1 million, respectively, as of June 30, 2021 and December 31, 2020.
Legal Proceedings
We are involved in a number of legal proceedings concerning matters arising in connection with the conduct of our business activities, some of which are at preliminary stages and some of which seek an indeterminate amount of damages. We regularly evaluate the status of legal proceedings in which we are involved to assess whether a loss is probable or there is a reasonable possibility that a loss or additional loss may have been incurred to determine if accruals are appropriate. We further evaluate each legal proceeding to assess whether an estimate of possible loss or range of loss can be made if accruals are not appropriate. For certain cases described below, management is unable to provide a meaningful estimate of the possible loss or range of possible loss because, among other reasons, (i) the proceedings are in preliminary stages; (ii) specific damages have not been sought; (iii) damages sought are, in our view, unsupported and/or exaggerated; (iv) there is uncertainty as to the outcome of pending appeals or motions; (v) there are significant factual issues to be resolved; and/or (vi) there are novel legal issues or unsettled legal theories presented. For these cases, however, management does not believe, based on currently available information, that the outcomes of these proceedings will have a material effect on our financial position, results of operations or cash flow. For the matters discussed below, we have not recorded any material accruals as of June 30, 2021 or December 31, 2020.
In August and September 2017, two purported class action lawsuits were filed against us and certain of our executive officers, alleging, among other things, violations of federal securities laws on behalf of a class of those who purchased our common stock between February 12, 2016 and August 8, 2017. One of those purported class actions, captioned Vargosko v. Zillow Group, Inc. et al, was brought in the U.S. District Court for the Central District of California. The other purported class action lawsuit, captioned Shotwell v. Zillow Group, Inc. et al, was brought in the U.S. District Court for the Western District of Washington. The complaints allege, among other things, that during the period between February 12, 2016 and August 8, 2017, we issued materially false and misleading statements regarding our business practices. The complaints seek to recover, among other things, alleged damages sustained by the purported class members as a result of the alleged misconduct. In November 2017, an amended complaint was filed against us and certain of our executive officers in the Shotwell v. Zillow Group purported class action lawsuit, extending the beginning of the class period to November 17, 2014. In January 2018, the Vargosko v. Zillow Group purported class action lawsuit was transferred to the U.S. District Court for the Western District of Washington and consolidated with the Shotwell v. Zillow Group purported class action lawsuit. In February 2018, the plaintiffs filed a consolidated amended complaint, and in April 2018, we filed our motion to dismiss the consolidated amended complaint. In October 2018, our motion to dismiss was granted without prejudice, and in November 2018, the plaintiffs filed a second consolidated amended complaint, which we moved to dismiss in December 2018. On April 19, 2019, our motion to dismiss the second consolidated amended complaint was denied, and we filed our answer to the second amended complaint on May 3, 2019. On October 11, 2019, plaintiffs filed a motion for class certification which was granted by the District Court on October 28, 2020. On February 17, 2021, the Ninth Circuit Court of Appeals denied our petition for review of that decision. We have denied the allegations of wrongdoing and intend to vigorously defend the claims in this lawsuit. We do not believe that there is a reasonable possibility that a material loss will be incurred related to this lawsuit.
In October and November 2017 and January and February 2018, four shareholder derivative lawsuits were filed in the U.S. District Court for the Western District of Washington and the Superior Court of the State of Washington, King County, against certain of our executive officers and directors seeking unspecified damages on behalf of the Company and certain other relief, such as reform to corporate governance practices. The plaintiffs in the derivative suits (in which the Company is a nominal defendant) allege, among other things, that the defendants breached their fiduciary duties in connection with oversight of the Company’s public statements and legal compliance, and as a result of the breach of such fiduciary duties, the Company was damaged, and defendants were unjustly enriched. Certain of the plaintiffs also allege, among other things, violations of Section 14(a) of the Securities Exchange Act of 1934 and waste of corporate assets. On February 5, 2018, the U.S. District Court for the Western District of Washington consolidated the two federal shareholder derivative lawsuits pending in that court. On February 16, 2018, the Superior Court of the State of Washington, King County, consolidated the two shareholder derivative lawsuits pending in that court. All four of the shareholder derivative lawsuits were stayed until our motion to dismiss the second consolidated amended complaint in the securities class action lawsuit discussed above was denied in April 2019. On July 8, 2019, the plaintiffs in the consolidated federal derivative lawsuit filed a consolidated shareholder derivative complaint, which we moved to dismiss on August 22, 2019. On February 28, 2020, our motion to dismiss the consolidated federal shareholder derivative complaint was denied. On May 18, 2020, we filed an answer in the consolidated federal derivative lawsuit. On August 24, 2020, we filed an answer in the consolidated state derivative matter. On February 16, 2021, the court in the consolidated state derivative matter stayed the action. On March 5, 2021, a new shareholder derivative lawsuit was filed in the U.S. District Court for the Western District of Washington against certain of our executive officers and directors seeking unspecified damages on behalf of the Company and certain other relief, such as reform to corporate governance practices, alleging, among other things, violations of federal securities laws. The U.S. District Court for the Western District of Washington formally consolidated the new lawsuit with the four other federal shareholder derivative lawsuits pending in that court on June 15, 2021. The defendants intend to deny the allegations of wrongdoing and vigorously defend the claims in this consolidated lawsuit. We do not believe that there is a reasonable possibility that a material loss will be incurred related to these derivative matters.
On September 17, 2019, International Business Machines Corporation (“IBM”) filed a complaint against us in the U.S. District Court for the Central District of California, alleging, among other things, that the Company has infringed and continues to willfully infringe seven patents held by IBM and seeks unspecified damages, including a request that the amount of compensatory damages be trebled, injunctive relief and costs and reasonable attorneys’ fees. On November 8, 2019, we filed a motion to transfer venue and/or to dismiss the complaint. On December 2, 2019, IBM filed an amended complaint, and on December 16, 2019, we filed a renewed motion to transfer venue and/or to dismiss the complaint. The Company’s motion to transfer venue to the U.S. District Court for the Western District of Washington was granted on May 28, 2020. We filed our answer with counterclaims in response to the amended complaint on June 11, 2020. On July 2, 2020, IBM filed a motion to dismiss our counterclaims. In response to IBM’s motion, on July 22, 2020, we filed an amended answer with counterclaims. 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 inter partes review 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 for which we filed an IPR. On April 21, 2021, we filed a request for rehearing of the PTAB decision denying institution. Our request for a rehearing was denied by the court on May 27, 2021. 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 July 28, 2021, we filed our answer, affirmative defenses and counterclaims to IBM’s second amended complaint. We deny the allegations of any wrongdoing and intend to vigorously defend the claims in the lawsuit. There is a reasonable possibility that a loss may be incurred related to these IBM complaints; 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 for inter partes review with the United States Patent and Trademark Office with respect to a patent included in the second lawsuit. 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 these IBM complaints; however, the possible loss or range of loss is not estimable.
In addition to the matters discussed above, from time to time, we are involved in litigation and claims that arise in the ordinary course of business. Although we cannot be certain of the outcome of any such litigation or claims, nor the amount of damages and exposure that we could incur, we currently believe that the final disposition of such matters will not have a material effect on our business, financial position, results of operations or cash flow. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.
Indemnifications
In the ordinary course of business, we enter into contractual arrangements under which we agree to provide indemnification of varying scope and terms to business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of the breach of such agreements and out of intellectual property infringement claims made by third parties. In addition, we have agreements that indemnify certain issuers of surety bonds against losses that they may incur as a result of executing surety bonds on our behalf. For our indemnification arrangements, payment may be conditional on the other party making a claim pursuant to the procedures specified in the particular contract. Further, our obligations under these agreements may be limited in terms of time and/or amount, and in some instances, we may have recourse against third parties for certain payments. In addition, we have indemnification agreements with certain of our directors and executive officers that require us, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The terms of such obligations may vary.
v3.21.2
Employee Benefit Plan
 6 Months Ended
Jun. 30, 2021
Retirement Benefits [Abstract]  
Employee Benefit Plan Employee Benefit PlanWe have a defined contribution 401(k) retirement plan covering Zillow Group employees who have met certain eligibility requirements (the “Zillow Group 401(k) Plan”). Eligible employees may contribute pretax compensation up to a maximum amount allowable under the Internal Revenue Service limitations. Employee contributions and earnings thereon vest immediately. We currently match up to 4% of employee contributions under the Zillow Group 401(k) Plan. The total expense related to the Zillow Group 401(k) Plan was $8.0 million and $6.4 million, respectively, for the three months ended June 30, 2021 and 2020, and $15.7 million and $12.8 million, respectively, for the six months ended June 30, 2021 and 2020.
v3.21.2
Segment Information and Revenue
 6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Segment Information and Revenue Segment Information and Revenue
We have three operating and reportable segments, which have been identified based on the way in which our chief operating decision-maker manages our business, makes operating decisions and evaluates operating performance. The chief executive officer acts as the chief operating decision-maker and reviews financial and operational information for the Homes, Internet, Media & Technology (“IMT”) and Mortgages segments.
The Homes segment includes the financial results from Zillow Group’s purchase and sale of homes directly through Zillow Offers and the financial results from title and escrow services through Zillow Closing Services. The IMT segment includes the financial results for the Premier Agent, rentals and new construction marketplaces, dotloop and display, as well as revenue from the sale of various other marketing and business products and services to real estate professionals. The Mortgages segment primarily includes financial results for mortgage originations and the sale of mortgages on the secondary market through Zillow Home Loans and advertising sold to mortgage lenders and other mortgage professionals.
Revenue and costs are directly attributed to our segments when possible. However, due to the integrated structure of our business, certain costs incurred by one segment may benefit the other segments. These costs primarily include headcount-related expenses, general and administrative expenses including executive, finance, accounting, legal, human resources, recruiting and facilities costs, product development and data acquisition costs, costs related to operating our mobile applications and websites, and marketing and advertising costs. These costs are allocated to each segment based on the estimated benefit each segment receives from such expenditures.
The chief executive officer reviews information about our revenue categories as well as statement of operations data inclusive of income (loss) before income taxes by segment. This information is included in the following tables for the periods presented (in thousands) and prior period amounts have been recast to conform to the current format (see Note 2 for additional details regarding the reclassifications):
 Three Months Ended
June 30, 2021		Three Months Ended
June 30, 2020
HomesIMTMortgagesHomesIMTMortgages
Revenue:
Zillow Offers$772,030 $— $— $453,816 $— $— 
Premier Agent— 348,754 — — 191,962 — 
Other5,115 127,336 — 436 88,377 — 
Mortgages— — 56,745 — — 33,761 
Total revenue777,145 476,090 56,745 454,252 280,339 33,761 
Cost of revenue (1)707,522 43,444 20,619 434,900 45,354 7,229 
Gross profit69,623 432,646 36,126 19,352 234,985 26,532 
Operating expenses (1):
Sales and marketing65,791 136,620 27,023 47,539 101,458 11,670 
Technology and development30,328 89,838 8,297 26,155 65,890 5,462 
General and administrative27,824 68,944 18,334 21,891 53,771 9,718 
Acquisition-related costs— 3,671 — — — — 
Total operating expenses123,943 299,073 53,654 95,585 221,119 26,850 
Income (loss) from operations
(54,320)133,573 (17,528)(76,233)13,866 (318)
Segment other income— — 1,006 — 5,300 385 
Segment interest expense (5,026)— (1,163)(3,825)— (307)
Income (loss) before income taxes (2)
$(59,346)$133,573 $(17,685)$(80,058)$19,166 $(240)
 Six Months Ended
June 30, 2021		Six Months Ended
June 30, 2020
HomesIMTMortgagesHomesIMTMortgages
Revenue:
Zillow Offers$1,473,004 $— $— $1,222,928 $— $— 
Premier Agent— 683,072 — — 434,068 — 
Other8,293 239,346 — 1,197 176,937 — 
Mortgages— — 124,705 — — 59,043 
Total revenue1,481,297 922,418 124,705 1,224,125 611,005 59,043 
Cost of revenue (1)1,352,125 90,481 40,299 1,170,659 95,407 13,815 
Gross profit129,172 831,937 84,406 53,466 515,598 45,228 
Operating expenses (1):
Sales and marketing120,810 254,227 52,352 119,457 225,019 24,635 
Technology and development63,497 168,482 16,785 54,815 131,865 11,308 
General and administrative53,347 127,592 34,617 45,301 112,455 19,824 
Impairment costs— — — — 73,900 2,900 
Acquisition-related costs— 4,488 — — — — 
Total operating expenses237,654 554,789 103,754 219,573 543,239 58,667 
Income (loss) from operations
(108,482)277,148 (19,348)(166,107)(27,641)(13,439)
Segment other income— — 2,738 — 5,300 587 
Segment interest expense (9,338)— (2,895)(11,909)— (533)
Income (loss) before income taxes (2)
$(117,820)$277,148 $(19,505)$(178,016)$(22,341)$(13,385)
(1) The following table presents depreciation and amortization expense and share-based compensation expense for each of our segments for the periods presented (in thousands):
 Three Months Ended
June 30, 2021		Three Months Ended
June 30, 2020
HomesIMTMortgagesHomesIMTMortgages
Depreciation and amortization expense$4,733 $22,157 $2,093 $2,597 $22,038 $1,538 
Share-based compensation expense$20,495 $58,362 $9,538 $12,728 $35,958 $3,665 

 Six Months Ended
June 30, 2021		Six Months Ended
June 30, 2020
HomesIMTMortgagesHomesIMTMortgages
Depreciation and amortization expense$9,026 $44,956 $3,900 $6,172 $45,815 $3,212 
Share-based compensation expense$36,416 $99,754 $15,898 $24,032 $65,505 $6,609 

(2) The following table presents the reconciliation of total segment income (loss) before income taxes to consolidated income (loss) before income taxes for the periods presented (in thousands):

Three Months Ended
June 30,		Six Months Ended
June 30,
2021202020212020
Total segment income (loss) before income taxes
$56,542 $(61,132)$139,823 $(213,742)
Corporate interest expense(33,241)(33,458)(66,752)(62,740)
Corporate other income581 4,430 1,288 13,821 
Gain (loss) on extinguishment of debt(931)6,391 (2,334)6,391 
Consolidated income (loss) before income taxes
$22,951 $(83,769)$72,025 $(256,270)
Certain corporate items are not directly attributable to any of our segments, including the gain (loss) on extinguishment of debt, interest income earned on our short-term investments included in other income and interest costs on our convertible senior notes included in interest expense.
v3.21.2
Subsequent Events
 6 Months Ended
Jun. 30, 2021
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Redemption of 2023 Notes
On May 26, 2021, we submitted notice to the trustee to exercise our right to redeem the remaining $372.8 million in aggregate principal amount of the 2023 Notes on the Redemption Date. Holders of the 2023 Notes had the option to convert their 2023 Notes in whole or in part into shares of Class C capital stock prior to the Redemption Date. Subsequent to June 30, 2021, holders of the 2023 Notes elected to convert $366.4 million of aggregate principal amount prior to the Redemption Date. We satisfied these conversions through the issuance of approximately 4.7 million shares of Class C capital stock in July 2021 and payment of an immaterial amount of cash in lieu of fractional shares. The remaining $1.3 million of aggregate principal amount was redeemed on July 6, 2021 for $1.3 million in cash, plus accrued and unpaid interest. Settlement of the 2023 Notes will be accounted for as a debt extinguishment.
Amendment of Credit Facility Agreement
On July 29, 2021, certain wholly owned subsidiaries of Zillow Group amended the credit agreement with Goldman Sachs Bank USA to increase the total maximum borrowing capacity to $750.0 million. The credit facility will continue to be classified within current liabilities in our condensed consolidated balance sheets.
Pricing of Securitization Transaction
On August 3, 2021, the Company priced a securitization transaction for its Zillow Offers business involving the issuance and sale to third parties of revolving single-family homes notes secured by a loan to a special purpose subsidiary of the Company secured by a beneficial interest in a revolving pool of single-family homes that are owned by the titling trust established by the Company. The Company anticipates gross proceeds from the sale of the notes of approximately $450.0 million. The loan will have a term of 30 months with a scheduled reinvestment period of 24 months during which new homes may be financed. Except for certain limited circumstances, the loan is non-recourse to Zillow Group. The weighted-average interest rate for the notes is 2.43%. The transaction is expected to close on or about August 11, 2021.
The notes will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This Quarterly Report on Form 10-Q shall not constitute an offer to sell or the solicitation of any offer to buy nor shall there be any sale of the notes in any jurisdiction in which such offer, solicitation or sale would be unlawful under the laws of such jurisdiction.
v3.21.2
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2021
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 U.S. generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and accompanying notes included in Zillow Group, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2020, which was filed with the SEC on February 12, 2021. The condensed consolidated balance sheet as of December 31, 2020, included herein, was derived from the audited financial statements of Zillow Group, Inc. as of that date.
The unaudited condensed consolidated interim financial statements, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our financial position as of June 30, 2021 and our results of operations, comprehensive income (loss) and shareholders’ equity for the three and six month periods ended June 30, 2021 and 2020, and our cash flows for the six month periods ended June 30, 2021 and 2020. The results for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any interim period or for any other future year.
Reclassifications
Reclassifications
Certain reclassifications have been made in the condensed consolidated statements of operations to conform data for prior periods to the current format. Beginning with the three and six month periods ended June 30, 2021, we present a gross profit subtotal in our condensed consolidated statements of operations, which requires certain depreciation expense and amortization expense to be included within cost of revenue. We believe the presentation of gross profit is preferable as it facilitates investors’ ability to model across our segments and enhances comparability with our public company peers. To effect the presentation of gross profit, we present the amortization expense for certain intangible assets and data acquisition costs within cost of revenue and have reclassified certain amounts in prior periods in the condensed consolidated statements of operations from technology and development expenses to cost of revenue. Additionally, we reclassified the amortization expense for trade names and trademarks and customer relationship intangible assets from technology and development expenses to sales and marketing expenses. This change has no impact on income (loss) from operations or net income (loss).
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the financial statements, as well as the reported amounts of revenue and expenses during the periods presented. On an ongoing basis, we evaluate our estimates, including those related to the accounting for certain revenue offerings, the net realizable value of inventory, amortization period and recoverability of contract cost assets, website and software development costs, recoverability of long-lived assets and intangible assets, share-based compensation, income taxes, business combinations and the recoverability of goodwill, among others. To the extent there are material differences between these estimates, judgments or assumptions and actual results, our financial statements will be affected. The COVID-19 pandemic has introduced additional uncertainty with respect to estimates, judgments and assumptions, which may materially impact the estimates previously listed, among others.
Recently Issued Accounting Standards Not Yet Adopted
Recently Issued Accounting Standards Not Yet Adopted
In August 2020, the Financial Accounting Standards Board (“FASB”) issued guidance which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. Among other changes, the guidance removes the liability and equity separation models for convertible instruments. Instead, entities will account for convertible debt instruments wholly as debt unless convertible instruments contain features that require bifurcation as a derivative or that result in substantial premiums accounted for as paid-in capital. The guidance also requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share. The guidance is effective for fiscal years beginning after December 15, 2021, with early adoption permitted for fiscal years beginning after December 15, 2020, and can be adopted on either a retrospective or modified retrospective basis. We expect to adopt this guidance on January 1, 2022. Although we continue to evaluate the method of adoption and impact of this guidance on our financial position and results of operations, upon adoption we expect this guidance to result in a reclassification of conversion feature balances from additional paid-in capital to debt and to decrease reported interest expense for our convertible senior notes.
In March 2020, the FASB issued guidance which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference the London Inter-Bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. This guidance is optional for a limited period of time to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. This guidance is effective from March 12, 2020 through December 31, 2022. Entities may elect to adopt the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. We expect to apply some of the expedients and exceptions provided in this guidance to our credit facilities, warehouse line of credit and master repurchase agreements, all of which reference the one-month LIBOR in the applicable interest rate, as publication of the one-month LIBOR is expected to cease after June 30, 2023. We expect to amend our facility agreements prior to that date. As the goal of the reference rate reform transition is for it to be economically neutral to entities, we do not believe the adoption of this guidance will have a material impact on our financial position, results of operations or cash flows.
Fair Value Measurements
We apply the following methods and assumptions in estimating our fair value measurements:
Cash equivalents — The fair value measurement of money market funds is based on quoted market prices in active markets (Level 1). The fair value measurement of other cash equivalents is based on observable market-based inputs principally derived from or corroborated by observable market data (Level 2).
Short-term investments — The fair value measurement of our short-term investments is based on observable market-based inputs or inputs that are derived principally from or corroborated by observable market data by correlation or other means (Level 2).
Restricted cash — The carrying value of restricted cash approximates fair value due to the short period of time amounts are borrowed on our credit facilities, home sales proceeds are held in restricted accounts for repayment of our credit facilities and amounts are held in escrow (Level 1).
Mortgage loans held for sale — The fair value of mortgage loans held for sale is generally calculated by reference to quoted prices in secondary markets for commitments to sell mortgage loans with similar characteristics (Level 2).
Interest rate lock commitments — The fair value of interest rate lock commitments (“IRLCs”) is calculated by reference to quoted prices in secondary markets for commitments to sell mortgage loans with similar characteristics. Expired commitments are excluded from the fair value measurement. Since not all IRLCs will become closed loans, we adjust our fair value measurements for the estimated amount of IRLCs that will not close. This adjustment is effected through the pull-through rate, which represents the probability that an interest rate lock commitment will ultimately result in a closed loan (Level 3).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).
Segment Reporting
We have three operating and reportable segments, which have been identified based on the way in which our chief operating decision-maker manages our business, makes operating decisions and evaluates operating performance. The chief executive officer acts as the chief operating decision-maker and reviews financial and operational information for the Homes, Internet, Media & Technology (“IMT”) and Mortgages segments.
The Homes segment includes the financial results from Zillow Group’s purchase and sale of homes directly through Zillow Offers and the financial results from title and escrow services through Zillow Closing Services. The IMT segment includes the financial results for the Premier Agent, rentals and new construction marketplaces, dotloop and display, as well as revenue from the sale of various other marketing and business products and services to real estate professionals. The Mortgages segment primarily includes financial results for mortgage originations and the sale of mortgages on the secondary market through Zillow Home Loans and advertising sold to mortgage lenders and other mortgage professionals.
Revenue and costs are directly attributed to our segments when possible. However, due to the integrated structure of our business, certain costs incurred by one segment may benefit the other segments. These costs primarily include headcount-related expenses, general and administrative expenses including executive, finance, accounting, legal, human resources, recruiting and facilities costs, product development and data acquisition costs, costs related to operating our mobile applications and websites, and marketing and advertising costs. These costs are allocated to each segment based on the estimated benefit each segment receives from such expenditures.
The chief executive officer reviews information about our revenue categories as well as statement of operations data inclusive of income (loss) before income taxes by segment.
v3.21.2
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]  
Schedule of Error Corrections and Prior Period Adjustments
Amounts previously reported in the condensed consolidated statements of operations for the periods presented were revised herein as shown below (in thousands):
Three Months Ended
June 30, 2020		Six Months Ended
June 30, 2020
 As ReportedAs RevisedEffect of ChangeAs ReportedAs RevisedEffect of Change
Cost of revenue:
Homes $431,788 $434,900 $3,112 $1,163,987 $1,170,659 $6,672 
IMT23,387 45,354 21,967 47,705 95,407 47,702 
Mortgages5,896 7,229 1,333 11,051 13,815 2,764 
Total cost of revenue461,071 487,483 26,412 1,222,743 1,279,881 57,138 
Operating expenses:
Sales and marketing155,598 160,667 5,069 360,246 369,111 8,865 
Technology and development128,857 97,507 (31,350)263,775 197,988 (65,787)
General and administrative85,511 85,380 (131)177,796 177,580 (216)
v3.21.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurement Inputs and Valuation Techniques
The following table presents the range and weighted-average pull-through rates used in determining the fair value of IRLCs as of the dates presented:
June 30, 2021December 31, 2020
Range
47% - 100%
47% - 100%
Weighted-average79%75%
Summary of Balances of Cash Equivalents and Investments
The following tables present the balances of assets and liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, as of the dates presented (in thousands):
 June 30, 2021
TotalLevel 1Level 2Level 3
Cash equivalents:
Money market funds$3,494,642 $3,494,642 $— $— 
Short-term investments:
U.S. government agency securities829,925 — 829,925 — 
Treasury bills44,988 — 44,988 — 
Municipal securities5,962 — 5,962 — 
Mortgage origination-related:
Mortgage loans held for sale171,450 — 171,450 — 
IRLCs6,413 — — 6,413 
Forward contracts - other current assets69 — 69 — 
Forward contracts - other current liabilities(686)— (686)— 
        Total$4,552,763 $3,494,642 $1,051,708 $6,413 
 December 31, 2020
 TotalLevel 1Level 2Level 3
Cash equivalents:
Money market funds$1,486,384 $1,486,384 $— $— 
Municipal securities3,228 — 3,228 — 
Short-term investments:
Treasury bills1,163,813 — 1,163,813 — 
U.S. government agency securities1,037,577 — 1,037,577 — 
Municipal securities16,220 — 16,220 — 
Certificates of deposit498 — 498 — 
Mortgage origination-related:
Mortgage loans held for sale330,758 — 330,758 — 
IRLCs12,342 — — 12,342 
Forward contracts - other current liabilities(2,608)— (2,608)— 
Total$4,048,212 $1,486,384 $2,549,486 $12,342 
Schedule of Changes in IRLCs
The following table presents the changes in our IRLCs for the periods presented (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2021202020212020 (1)
Balance, beginning of the period$5,002 $2,225 $12,342 $937 
Issuances16,120 10,142 34,421 15,507 
Transfers(16,041)(8,586)(40,439)(13,142)
Fair value changes recognized in earnings1,332 1,310 89 1,789 
Balance, end of period$6,413 $5,091 $6,413 $5,091 
(1) Beginning balance represents transfers of IRLCs from Level 2 to Level 3 within the fair value hierarchy as of January 1, 2020.
v3.21.2
Cash and Cash Equivalents, Short-term Investments and Restricted Cash (Tables)
 6 Months Ended
Jun. 30, 2021
Cash and Cash Equivalents [Abstract]  
Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Market Value of Cash and Cash Equivalents and Available-for-Sale Investments The following tables present the amortized cost, gross unrealized gains and losses and estimated fair market value of our cash and cash equivalents, short-term investments and restricted cash as of the dates presented (in thousands):
 June 30, 2021
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Market
Value
Cash$218,514 $— $— $218,514 
Cash equivalents:
Money market funds3,494,642 — — 3,494,642 
Short-term investments:
U. S. government agency securities829,791 134 — 829,925 
Treasury bills44,975 13 — 44,988 
Municipal securities5,962 — — 5,962 
Restricted cash141,024 — — 141,024 
        Total$4,734,908 $147 $— $4,735,055 
 December 31, 2020
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Market
Value
Cash$213,518 $— $— $213,518 
Cash equivalents:
Money market funds1,486,384 — — 1,486,384 
Municipal securities3,229 — (1)3,228 
Short-term investments:
Treasury bills1,163,748 65 — 1,163,813 
U.S. government agency securities1,037,572 57 (52)1,037,577 
Municipal securities16,226 — (6)16,220 
Certificates of deposit498 — — 498 
Restricted cash75,805 — — 75,805 
Total$3,996,980 $122 $(59)$3,997,043 
v3.21.2
Inventory (Tables)
 6 Months Ended
Jun. 30, 2021
Inventory Disclosure [Abstract]  
Components of Net Inventory
The following table presents the components of inventory, net of applicable lower of cost or net realizable value adjustments, as of the dates presented (in thousands):
June 30, 2021December 31, 2020
Finished goods$731,555 $339,372 
Work-in-process438,046 151,921 
Inventory$1,169,601 $491,293 
v3.21.2
Property and Equipment, net (Tables)
 6 Months Ended
Jun. 30, 2021
Property, Plant and Equipment [Abstract]  
Detail of Property and Equipment The following table presents the detail of property and equipment as of the dates presented (in thousands):
June 30, 2021December 31, 2020
Website development costs$115,198 $95,466 
Leasehold improvements102,204 110,280 
Office equipment, furniture and fixtures34,080 39,607 
Construction-in-progress31,939 44,151 
Computer equipment19,091 20,433 
Property and equipment302,512 309,937 
Less: accumulated amortization and depreciation(112,562)(113,785)
Property and equipment, net$189,950 $196,152 
v3.21.2
Intangible Assets, net (Tables)
 6 Months Ended
Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets
The following tables present the detail of intangible assets as of the dates presented (in thousands):
 June 30, 2021
 CostAccumulated
Amortization		Net
Trade names and trademarks$36,500 $(6,389)$30,111 
Software34,431 (13,733)20,698 
Intangibles-in-progress11,945 — 11,945 
Developed technology86,064 (76,744)9,320 
Customer relationships87,600 (79,557)8,043 
Purchased content51,360 (50,115)1,245 
Total$307,900 $(226,538)$81,362 
 December 31, 2020
 CostAccumulated
Amortization		Net
Trade names and trademarks$36,500 $(3,822)$32,678 
Software28,515 (11,483)17,032 
Developed technology86,064 (70,270)15,794 
Customer relationships87,600 (73,301)14,299 
Intangibles-in-progress11,863 — 11,863 
Purchased content47,930 (44,829)3,101 
Total$298,472 $(203,705)$94,767 
v3.21.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Schedule of Carrying Value of Debt The following table presents the carrying values of Zillow Group’s debt as of the dates presented (in thousands):
June 30, 2021December 31, 2020
Homes segment
Credit facilities:
Goldman Sachs Bank USA$183,373 $145,825 
Citibank, N.A.219,989 87,103 
Credit Suisse AG, Cayman Islands421,083 128,238 
Total Homes segment debt824,445 361,166 
Mortgages segment
Repurchase agreements:
Credit Suisse AG, Cayman Islands99,706 149,913 
Citibank, N.A.21,332 90,227 
Warehouse line of credit:
Comerica Bank42,349 68,903 
Total Mortgages segment debt163,387 309,043 
Convertible senior notes
1.375% convertible senior notes due 2026
357,531 347,566 
2.75% convertible senior notes due 2025
428,830 414,888 
0.75% convertible senior notes due 2024
490,126 524,273 
1.50% convertible senior notes due 2023
330,095 326,796 
Total convertible senior notes1,606,582 1,613,523 
Total debt$2,594,414 $2,283,732 
Schedule of Revolving Credit Facilities and Lines of Credit The following table summarizes certain details related to our credit facilities (in thousands, except interest rates):
LenderFinal Maturity DateMaximum Borrowing CapacityWeighted-Average Interest Rate
Goldman Sachs Bank USAApril 21, 2023$500,000 2.90 %
Citibank, N.A.December 9, 2023500,000 2.84 %
Credit Suisse AG, Cayman IslandsDecember 31, 2022500,000 2.84 %
Total$1,500,000 
The following table summarizes certain details related to our repurchase agreements and warehouse line of credit (in thousands, except interest rates):
LenderMaturity DateMaximum Borrowing CapacityWeighted-Average Interest Rate
Credit Suisse AG, Cayman Islands    March 18, 2022$300,000 2.50 %
Citibank, N.A.June 10, 2022100,000 1.85 %
Comerica BankJune 25, 202260,000 2.70 %
Total$460,000 
Schedule of Convertible Senior Notes
The following tables summarize certain details related to our outstanding convertible senior notes as of the dates presented or for the periods ended (in thousands, except interest rates):
June 30, 2021December 31, 2020
Maturity DateAggregate Principal AmountStated Interest RateEffective Interest RateFirst Interest Payment DateSemi-Annual Interest Payment DatesUnamortized Debt Discount and Debt Issuance CostsFair ValueUnamortized Debt Discount and Debt Issuance CostsFair Value
September 1, 2026$498,800 1.375 %8.10 %March 1, 2020March 1; September 1$141,269 $1,434,100 $152,434 $1,508,675 
May 15, 2025565,000 2.75 %10.32 %November 15, 2020May 15; November 15136,170 1,132,718 150,112 1,168,855 
September 1, 2024608,382 0.75 %7.68 %March 1, 2020March 1; September 1118,256 1,665,403 148,727 2,023,280 
July 1, 2023367,678 1.50 %6.99 %January 1, 2019January 1; July 137,583 568,397 46,954 633,039 
Total$2,039,860 $433,278 $4,800,618 $498,227 $5,333,849 
Three Months Ended
June 30, 2021		Three Months Ended
June 30, 2020
Maturity DateContractual Coupon InterestAmortization of Debt DiscountAmortization of Debt Issuance CostsInterest ExpenseContractual Coupon InterestAmortization of Debt DiscountAmortization of Debt Issuance CostsInterest Expense
September 1, 2026$1,715 $5,323 $131 $7,169 $1,719 $4,922 $120 $6,761 
May 15, 20253,884 6,702 358 10,944 2,007 3,148 168 5,323 
September 1, 20241,143 7,917 270 9,330 1,262 8,095 278 9,635 
July 1, 20231,398 4,008 392 5,798 1,402 3,749 366 5,517 
December 1, 2021— — — — 1,803 3,945 408 6,156 
December 15, 2020— — — — 66 — — 66 
Total$8,140 $23,950 $1,151 $33,241 $8,259 $23,859 $1,340 $33,458 
Six Months Ended
June 30, 2021		Six Months Ended
June 30, 2020
Maturity DateContractual Coupon InterestAmortization of Debt DiscountAmortization of Debt Issuance CostsInterest ExpenseContractual Coupon InterestAmortization of Debt DiscountAmortization of Debt Issuance CostsInterest Expense
September 1, 2026$3,432 $10,549 $259 $14,240 $3,438 $9,746 $238 $13,422 
May 15, 20257,768 13,235 707 21,710 2,007 3,148 168 5,323 
September 1, 20242,381 16,327 559 19,267 2,510 15,956 545 19,011 
July 1, 20232,799 7,958 778 11,535 2,804 7,446 727 10,977 
December 1, 2021— — — — 4,103 8,856 916 13,875 
December 15, 2020— — — — 132 — — 132 
Total$16,380 $48,069 $2,303 $66,752 $14,994 $45,152 $2,594 $62,740 
The following table summarizes the conversion and redemption options with respect to the 2026 Notes, 2025 Notes, 2024 Notes and 2023 Notes (together, the “Notes”):

Maturity DateEarly Conversion DateConversion RateConversion PriceOptional Redemption Date
September 1, 2026March 1, 202622.9830$43.51 September 5, 2023
May 15, 2025November 15, 202414.881067.20 May 22, 2023
September 1, 2024March 1, 202422.983043.51 September 5, 2022
July 1, 2023April 1, 202312.759278.37 July 6, 2021
The following table summarizes certain details related to the capped call confirmations with respect to certain of the convertible senior notes:
Maturity DateInitial Cap PriceCap Price Premium
September 1, 2026$80.5750 150 %
September 1, 202472.5175 125 %
July 1, 2023105.45 85 %
December 1, 202169.19 85 %
Each series of the Notes was convertible during the three months ended June 30, 2021, at the option of the holders. During the three months ended June 30, 2021, holders of the 2023 Notes elected to convert $5.1 million aggregate principal amount of 2023 Notes. During the three months ended June 30, 2021, holders of the 2024 Notes elected to convert $14.0 million aggregate principal amount of the 2024 Notes. During the three months ended June 30, 2020, we used a portion of the net proceeds from the issuance of the 2025 Notes to repurchase $194.7 million aggregate principal of the convertible senior notes due 2021 (the “2021 Notes”) in privately negotiated transactions. The following table summarizes the activity for our convertible senior notes for the periods presented (in thousands, except for share amounts):
Three Months Ended
June 30, 2021		Three Months Ended
June 30, 2020
2023 Notes2024 NotesTotal2021 Notes
Aggregate principal amount settled$5,147 $14,000 $19,147 $194,670 
Cash paid— — — 194,670 
Shares of Class C capital stock issued65,669 321,762 387,431 753,936 
Total fair value of consideration transferred (1)$8,081 $46,553 $54,634 $230,859 
(Gain) loss on extinguishment of debt:
Consideration allocated to the liability component (2)$4,807 $11,848 $16,655 $172,886 
Carrying value of the liability component, net of unamortized debt discount and debt issuance costs4,619 11,105 15,724 179,277 
(Gain) loss on extinguishment of debt$188 $743 $931 $(6,391)
Consideration allocated to the equity component$3,274 $34,705 $37,979 $57,973 
Six Months Ended
June 30, 2021		Six Months Ended
June 30, 2020
2023 Notes2024 Notes2026 NotesTotal2021 Notes
Aggregate principal amount settled$6,072 $64,618 $1,200 $71,890 $194,670 
Cash paid— — — — 194,670 
Shares of Class C capital stock issued77,458 1,485,114 27,579 1,590,151 753,936 
Total fair value of consideration transferred (1)$9,724 $200,478 $4,204 $214,406 $230,859 
(Gain) loss on extinguishment of debt:
Consideration allocated to the liability component (2)$5,648 $53,115 $883 $59,646 $172,886 
Carrying value of the liability component, net of unamortized debt discount and debt issuance costs5,437 51,032 843 57,312 179,277 
(Gain) loss on extinguishment of debt$211 $2,083 $40 $2,334 $(6,391)
Consideration allocated to the equity component$4,076 $147,363 $3,321 $154,760 $57,973 
(1) For convertible senior notes converted by note holders, the total fair value of consideration transferred includes the value of shares transferred to note holders using the daily volume weighted-average price of our Class C capital stock on the conversion date and an immaterial amount of cash paid in lieu of fractional shares. For convertible senior notes repurchased in the three months ended June 30, 2021, the total value of consideration transferred includes the value of shares transferred to note holders using the daily volume weighted-average price of our Class C capital stock on the date of transfer as well as cash transferred to note holders to settle the related notes.
(2) Consideration allocated to the liability component is based on the fair value of the liability component immediately prior to settlement, which was calculated using a discounted cash flow analysis with a market interest rate of a similar liability that does not have an associated convertible feature.
v3.21.2
Shareholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2021
Equity [Abstract]  
Schedule of Sale of Stock
The following table summarizes the activity pursuant to the equity distribution agreement for the period presented (in thousands, except share and per share amounts):
 Six Months Ended
June 30, 2021
Shares of Class C capital stock issued3,163,502 
Weighted-average issuance price per share$174.0511 
Gross proceeds (1)$550,611 
(1) Net proceeds were $544.6 million after deducting $6.1 million of commissions and other offering expenses incurred.
v3.21.2
Share-Based Awards (Tables)
 6 Months Ended
Jun. 30, 2021
Share-based Payment Arrangement [Abstract]  
Summary of Option Award Activity The following table summarizes option award activity for the six months ended June 30, 2021:
Number
of Shares
Subject to
Existing
Options		Weighted-
Average
Exercise
Price Per
Share		Weighted-
Average
Remaining
Contractual
Life (Years)		Aggregate
Intrinsic
Value
(in thousands)
Outstanding at January 1, 202120,051,051 $42.68 7.22$1,751,105 
Granted8,438,476 133.48 
Exercised(1,991,460)38.00 
Forfeited or cancelled(602,382)64.27 
Outstanding at June 30, 202125,895,685 72.12 7.761,405,360 
Vested and exercisable at June 30, 202110,615,442 44.43 6.16832,504 
Fair Value of Options Granted, Estimated at Date of Grant Using Black Scholes Merton Option Pricing Model
The fair value of options granted is estimated at the date of grant using the Black-Scholes-Merton option-pricing model, assuming no dividends and with the following assumptions for the periods presented:
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2021202020212020
Expected volatility56%51%
52%-56%
45%-51%
Expected dividend yield————
Risk-free interest rate0.74%0.33%
0.57%-0.90%
0.33%-0.93%
Weighted-average expected life4.50 years5.00 years
4.50-5.75 years
5.00-5.50 years
Weighted-average fair value of options granted$53.16$20.21$59.58$20.69
Summary of Restricted Stock Units Activity The following table summarizes activity for restricted stock units for the six months ended June 30, 2021:
Restricted
Stock Units		Weighted-
Average Grant-
Date Fair
Value
Unvested outstanding at January 1, 20217,316,557 $48.14 
Granted1,155,375 134.02 
Vested(1,592,564)47.76 
Forfeited(404,654)55.93 
Unvested outstanding at June 30, 20216,474,714 63.08 
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 thousands):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2021202020212020
Cost of revenue$2,972 $1,364 $5,660 $2,766 
Sales and marketing13,350 9,116 23,237 16,109 
Technology and development34,951 21,421 61,042 40,109 
General and administrative37,122 20,450 62,129 37,162 
Total$88,395 $52,351 $152,068 $96,146 
v3.21.2
Net Income (Loss) Per Share (Tables)
 6 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]  
Antidilutive Securities Excluded from Computation of Earnings Per Share The following table presents the maximum number of shares and conversion price per share of Class C capital stock for each of the Notes based on the aggregate principal amount outstanding as of June 30, 2021 (in thousands, except per share amounts):
Maturity DateSharesConversion Price per Share
September 1, 202611,464 $43.51 
May 15, 20258,408 67.20 
September 1, 202413,983 43.51 
July 1, 20234,692 78.37 
For the periods presented, the following table reconciles the denominators used in the basic and diluted net income (loss) per share calculations (in thousands):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2021202020212020
Denominator for basic calculation248,152 219,467 245,763 215,070 
Effect of dilutive securities:
Option awards10,472 — 11,450 — 
Unvested restricted stock units2,872 — 3,271 — 
Denominator for dilutive calculation261,496 219,467 260,484 215,070 
For the periods presented, the following Class A common stock and Class C capital stock equivalents were excluded from the calculations of diluted net income (loss) per share because their effect would have been antidilutive (in thousands):
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2021202020212020
Weighted-average Class A common stock and Class C capital stock option awards outstanding245 25,202 1,389 22,649 
Weighted-average Class C capital stock restricted stock units outstanding984 9,086 645 8,354 
Class A common stock issuable upon conversion of the convertible notes maturing in 2020— 400 — 400 
Class C capital stock issuable upon conversion of the 2021 Notes, 2023 Notes, 2024 Notes, 2025 Notes and 2026 Notes38,641 7,232 38,796 7,316 
Total Class A common stock and Class C capital stock equivalents39,870 41,920 40,830 38,719 
v3.21.2
Segment Information and Revenue (Tables)
 6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Revenue Categories This information is included in the following tables for the periods presented (in thousands) and prior period amounts have been recast to conform to the current format (see Note 2 for additional details regarding the reclassifications):
 Three Months Ended
June 30, 2021		Three Months Ended
June 30, 2020
HomesIMTMortgagesHomesIMTMortgages
Revenue:
Zillow Offers$772,030 $— $— $453,816 $— $— 
Premier Agent— 348,754 — — 191,962 — 
Other5,115 127,336 — 436 88,377 — 
Mortgages— — 56,745 — — 33,761 
Total revenue777,145 476,090 56,745 454,252 280,339 33,761 
Cost of revenue (1)707,522 43,444 20,619 434,900 45,354 7,229 
Gross profit69,623 432,646 36,126 19,352 234,985 26,532 
Operating expenses (1):
Sales and marketing65,791 136,620 27,023 47,539 101,458 11,670 
Technology and development30,328 89,838 8,297 26,155 65,890 5,462 
General and administrative27,824 68,944 18,334 21,891 53,771 9,718 
Acquisition-related costs— 3,671 — — — — 
Total operating expenses123,943 299,073 53,654 95,585 221,119 26,850 
Income (loss) from operations
(54,320)133,573 (17,528)(76,233)13,866 (318)
Segment other income— — 1,006 — 5,300 385 
Segment interest expense (5,026)— (1,163)(3,825)— (307)
Income (loss) before income taxes (2)
$(59,346)$133,573 $(17,685)$(80,058)$19,166 $(240)
 Six Months Ended
June 30, 2021		Six Months Ended
June 30, 2020
HomesIMTMortgagesHomesIMTMortgages
Revenue:
Zillow Offers$1,473,004 $— $— $1,222,928 $— $— 
Premier Agent— 683,072 — — 434,068 — 
Other8,293 239,346 — 1,197 176,937 — 
Mortgages— — 124,705 — — 59,043 
Total revenue1,481,297 922,418 124,705 1,224,125 611,005 59,043 
Cost of revenue (1)1,352,125 90,481 40,299 1,170,659 95,407 13,815 
Gross profit129,172 831,937 84,406 53,466 515,598 45,228 
Operating expenses (1):
Sales and marketing120,810 254,227 52,352 119,457 225,019 24,635 
Technology and development63,497 168,482 16,785 54,815 131,865 11,308 
General and administrative53,347 127,592 34,617 45,301 112,455 19,824 
Impairment costs— — — — 73,900 2,900 
Acquisition-related costs— 4,488 — — — — 
Total operating expenses237,654 554,789 103,754 219,573 543,239 58,667 
Income (loss) from operations
(108,482)277,148 (19,348)(166,107)(27,641)(13,439)
Segment other income— — 2,738 — 5,300 587 
Segment interest expense (9,338)— (2,895)(11,909)— (533)
Income (loss) before income taxes (2)
$(117,820)$277,148 $(19,505)$(178,016)$(22,341)$(13,385)
(1) The following table presents depreciation and amortization expense and share-based compensation expense for each of our segments for the periods presented (in thousands):
 Three Months Ended
June 30, 2021		Three Months Ended
June 30, 2020
HomesIMTMortgagesHomesIMTMortgages
Depreciation and amortization expense$4,733 $22,157 $2,093 $2,597 $22,038 $1,538 
Share-based compensation expense$20,495 $58,362 $9,538 $12,728 $35,958 $3,665 

 Six Months Ended
June 30, 2021		Six Months Ended
June 30, 2020
HomesIMTMortgagesHomesIMTMortgages
Depreciation and amortization expense$9,026 $44,956 $3,900 $6,172 $45,815 $3,212 
Share-based compensation expense$36,416 $99,754 $15,898 $24,032 $65,505 $6,609 

(2) The following table presents the reconciliation of total segment income (loss) before income taxes to consolidated income (loss) before income taxes for the periods presented (in thousands):

Three Months Ended
June 30,		Six Months Ended
June 30,
2021202020212020
Total segment income (loss) before income taxes
$56,542 $(61,132)$139,823 $(213,742)
Corporate interest expense(33,241)(33,458)(66,752)(62,740)
Corporate other income581 4,430 1,288 13,821 
Gain (loss) on extinguishment of debt(931)6,391 (2,334)6,391 
Consolidated income (loss) before income taxes
$22,951 $(83,769)$72,025 $(256,270)
Reconciliation of Segment Gross Profit and Loss The following table presents the reconciliation of total segment income (loss) before income taxes to consolidated income (loss) before income taxes for the periods presented (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2021202020212020
Total segment income (loss) before income taxes
$56,542 $(61,132)$139,823 $(213,742)
Corporate interest expense(33,241)(33,458)(66,752)(62,740)
Corporate other income581 4,430 1,288 13,821 
Gain (loss) on extinguishment of debt(931)6,391 (2,334)6,391 
Consolidated income (loss) before income taxes
$22,951 $(83,769)$72,025 $(256,270)
v3.21.2
Summary of Significant Accounting Policies - Reclassifications (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Schedule of Error Corrections and Prior Period Adjustment Restatement [Line Items]        
Cost of revenue $ 771,585 $ 487,483 $ 1,482,905 $ 1,279,881
Operating expenses:        
Sales and marketing 229,434 160,667 427,389 369,111
Technology and development 128,463 97,507 248,764 197,988
General and administrative 115,102 85,380 215,556 177,580
As Reported        
Schedule of Error Corrections and Prior Period Adjustment Restatement [Line Items]        
Cost of revenue   461,071   1,222,743
Operating expenses:        
Sales and marketing   155,598   360,246
Technology and development   128,857   263,775
General and administrative   85,511   177,796
Effect of Change        
Schedule of Error Corrections and Prior Period Adjustment Restatement [Line Items]        
Cost of revenue   26,412   57,138
Operating expenses:        
Sales and marketing   5,069   8,865
Technology and development   (31,350)   (65,787)
General and administrative   (131)   (216)
Homes segment        
Schedule of Error Corrections and Prior Period Adjustment Restatement [Line Items]        
Cost of revenue 707,522 434,900 1,352,125 1,170,659
Operating expenses:        
Sales and marketing 65,791 47,539 120,810 119,457
Technology and development 30,328 26,155 63,497 54,815
General and administrative 27,824 21,891 53,347 45,301
Homes segment | As Reported        
Schedule of Error Corrections and Prior Period Adjustment Restatement [Line Items]        
Cost of revenue   431,788   1,163,987
Homes segment | Effect of Change        
Schedule of Error Corrections and Prior Period Adjustment Restatement [Line Items]        
Cost of revenue   3,112   6,672
IMT        
Schedule of Error Corrections and Prior Period Adjustment Restatement [Line Items]        
Cost of revenue 43,444 45,354 90,481 95,407
Operating expenses:        
Sales and marketing 136,620 101,458 254,227 225,019
Technology and development 89,838 65,890 168,482 131,865
General and administrative 68,944 53,771 127,592 112,455
IMT | As Reported        
Schedule of Error Corrections and Prior Period Adjustment Restatement [Line Items]        
Cost of revenue   23,387   47,705
IMT | Effect of Change        
Schedule of Error Corrections and Prior Period Adjustment Restatement [Line Items]        
Cost of revenue   21,967   47,702
Mortgages segment        
Schedule of Error Corrections and Prior Period Adjustment Restatement [Line Items]        
Cost of revenue 20,619 7,229 40,299 13,815
Operating expenses:        
Sales and marketing 27,023 11,670 52,352 24,635
Technology and development 8,297 5,462 16,785 11,308
General and administrative $ 18,334 9,718 $ 34,617 19,824
Mortgages segment | As Reported        
Schedule of Error Corrections and Prior Period Adjustment Restatement [Line Items]        
Cost of revenue   5,896   11,051
Mortgages segment | Effect of Change        
Schedule of Error Corrections and Prior Period Adjustment Restatement [Line Items]        
Cost of revenue   $ 1,333   $ 2,764
v3.21.2
Fair Value Measurements - Fair Value Measurement Inputs and Valuation Techniques (Details) - IRLCs - Not Designated as Hedging Instrument
Jun. 30, 2021
Dec. 31, 2020
Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair value rates, IRLCs 0.47 0.47
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 0.79 0.75
v3.21.2
Fair Value Measurements - Fair Value of Cash Equivalents and Investments (Detail) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage loans held for sale $ 171,450 $ 330,758
Fair Value, Net Asset (Liability), Total 4,552,763 4,048,212
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage loans held for sale 0 0
Fair Value, Net Asset (Liability), Total 3,494,642 1,486,384
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage loans held for sale 171,450 330,758
Fair Value, Net Asset (Liability), Total 1,051,708 2,549,486
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mortgage loans held for sale 0 0
Fair Value, Net Asset (Liability), Total 6,413 12,342
Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 3,494,642 1,486,384
Money market funds | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   1,486,384
Money market funds | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Money market funds | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
U.S. government agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 829,925 1,037,577
U.S. government agency securities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 0 0
U.S. government agency securities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments   1,037,577
U.S. government agency securities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 0 0
Treasury bills    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 44,988 1,163,813
Treasury bills | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 0 0
Treasury bills | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments   1,163,813
Treasury bills | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments 0 0
Municipal securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   3,228
Short-term investments 5,962 16,220
Municipal securities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   0
Short-term investments 0 0
Municipal securities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   3,228
Short-term investments   16,220
Municipal securities | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents   0
Short-term investments 0 0
Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments   498
Certificates of deposit | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments   0
Certificates of deposit | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments   498
Certificates of deposit | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term investments   0
IRLCs | Not Designated as Hedging Instrument    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 6,413 12,342
IRLCs | Level 1 | Not Designated as Hedging Instrument    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 0 0
IRLCs | Level 2 | Not Designated as Hedging Instrument    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 0 0
IRLCs | Level 3 | Not Designated as Hedging Instrument    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 6,413 12,342
Forward contracts | Not Designated as Hedging Instrument    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 69  
Derivative liability (686) (2,608)
Forward contracts | Level 1 | Not Designated as Hedging Instrument    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 0  
Derivative liability 0 0
Forward contracts | Level 2 | Not Designated as Hedging Instrument    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 69  
Derivative liability (686) (2,608)
Forward contracts | Level 3 | Not Designated as Hedging Instrument    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 0  
Derivative liability $ 0 $ 0
v3.21.2
Fair Value Measurements - Schedule of Changes in IRLCs (Details) - IRLCs - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Derivative Asset, Rollforward [Roll Forward]        
Balance, beginning of the period $ 5,002 $ 2,225 $ 12,342 $ 937
Issuances 16,120 10,142 34,421 15,507
Transfers (16,041) (8,586) (40,439) (13,142)
Fair value changes recognized in earnings 1,332 1,310 89 1,789
Balance, end of period $ 6,413 $ 5,091 $ 6,413 $ 5,091
v3.21.2
Fair Value Measurements - Additional Information (Detail) - USD ($)
$ in Millions
Jun. 30, 2021
Dec. 31, 2020
Mortgage Loans Held For Sale    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Notional amount $ 355.0 $ 378.1
IRLCs    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Notional amount $ 479.3 $ 652.1
v3.21.2
Cash and Cash Equivalents, Short-term Investments and Restricted Cash - Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Market Value of Cash and Cash Equivalents and Available-for-Sale Investments (Detail) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Cash and Cash Equivalents, at Carrying Value [Abstract]    
Cash and cash equivalents $ 3,713,156 $ 1,703,130
Short-term investments:    
Gross Unrealized Gains 147 122
Gross Unrealized Losses 0 (59)
Restricted cash 141,024 75,805
Cash, cash equivalents, short-term investments, and restricted cash, amortized cost 4,734,908 3,996,980
Cash, cash equivalents, short-term investments, and restricted cash, estimated fair market value 4,735,055 3,997,043
U.S. government agency securities    
Short-term investments:    
Amortized Cost 829,791  
Gross Unrealized Gains 134  
Gross Unrealized Losses 0  
Estimated Fair Market Value 829,925 1,037,577
Treasury bills    
Short-term investments:    
Amortized Cost 44,975 1,163,748
Gross Unrealized Gains 13 65
Gross Unrealized Losses 0 0
Estimated Fair Market Value 44,988 1,163,813
U.S. government agency securities    
Short-term investments:    
Amortized Cost   1,037,572
Gross Unrealized Gains   57
Gross Unrealized Losses   (52)
Estimated Fair Market Value   1,037,577
Municipal securities    
Short-term investments:    
Amortized Cost 5,962 16,226
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 (6)
Estimated Fair Market Value 5,962 16,220
Certificates of deposit    
Short-term investments:    
Amortized Cost   498
Gross Unrealized Gains   0
Gross Unrealized Losses   0
Estimated Fair Market Value   498
Cash    
Cash and Cash Equivalents, at Carrying Value [Abstract]    
Cash and cash equivalents 218,514 213,518
Money market funds    
Cash and Cash Equivalents, at Carrying Value [Abstract]    
Cash and cash equivalents $ 3,494,642 1,486,384
Municipal securities    
Cash and Cash Equivalents, at Carrying Value [Abstract]    
Cash and cash equivalents, at cost   3,229
Cash and cash equivalents, gross unrealized losses   (1)
Cash and cash equivalents   $ 3,228
v3.21.2
Inventory (Details) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Inventory Disclosure [Abstract]    
Finished goods $ 731,555 $ 339,372
Work-in-process 438,046 151,921
Inventory $ 1,169,601 $ 491,293
v3.21.2
Contract Balances (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]          
Contract asset $ 50.0   $ 50.0   $ 20.8
Revenue recognized, recorded in deferred revenue as of prior period $ 51.9 $ 33.8 $ 47.8 $ 36.6  
v3.21.2
Contract Cost Assets (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]          
Contract cost assets $ 47,938,000   $ 47,938,000   $ 50,719,000
Impairment of contract cost assets 0 $ 0 0 $ 0  
Capitalized contract cost, amortization $ 10,100,000 $ 8,700,000 $ 20,188,000 $ 17,070,000  
v3.21.2
Property and Equipment, net - Detail of Property and Equipment (Detail) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Property, Plant and Equipment [Line Items]    
Property and equipment $ 302,512 $ 309,937
Less: accumulated amortization and depreciation (112,562) (113,785)
Property and equipment, net 189,950 196,152
Website development costs    
Property, Plant and Equipment [Line Items]    
Property and equipment 115,198 95,466
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment 102,204 110,280
Office equipment, furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Property and equipment 34,080 39,607
Construction-in-progress    
Property, Plant and Equipment [Line Items]    
Property and equipment 31,939 44,151
Computer equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment $ 19,091 $ 20,433
v3.21.2
Property and Equipment, net - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Property, Plant and Equipment [Line Items]        
Amortization and depreciation expense related to property and equipment other than website development costs $ 7.1 $ 7.1 $ 15.0 $ 18.9
Capitalization of website development costs 14.1 15.4 26.5 27.9
Amortization of website development costs and intangible assets included in technology and development 13.4 13.1 26.3 24.9
Technology and development | Software Development        
Property, Plant and Equipment [Line Items]        
Amortization of website development costs and intangible assets included in technology and development $ 8.4 $ 6.0 $ 16.4 $ 11.4
v3.21.2
Equity Investment - Narrative (Detail) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2020
Mar. 31, 2020
Oct. 31, 2016
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Schedule of Equity Method Investments [Line Items]              
Non-cash impairment charge       $ 0 $ 0 $ 0 $ 76,800
Proceeds from sale of equity investment           $ 0 10,000
October 2016 Investment | Variable Interest Entity, Not Primary Beneficiary              
Schedule of Equity Method Investments [Line Items]              
Percentage of equity interest held 10.00%   10.00%        
Equity investments     $ 10,000        
Non-cash impairment charge   $ 5,300          
Proceeds from sale of equity investment $ 10,000            
Gain on sale of investment         $ 5,300   $ 5,300
v3.21.2
Intangible Assets, net - Intangible Assets (Detail) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]    
Cost $ 307,900 $ 298,472
Accumulated Amortization (226,538) (203,705)
Net 81,362 94,767
Trade names and trademarks    
Finite-Lived Intangible Assets [Line Items]    
Cost 36,500 36,500
Accumulated Amortization (6,389) (3,822)
Net 30,111 32,678
Software    
Finite-Lived Intangible Assets [Line Items]    
Cost 34,431 28,515
Accumulated Amortization (13,733) (11,483)
Net 20,698 17,032
Intangibles-in-progress    
Finite-Lived Intangible Assets [Line Items]    
Cost 11,945 11,863
Accumulated Amortization 0 0
Net 11,945 11,863
Developed technology    
Finite-Lived Intangible Assets [Line Items]    
Cost 86,064 86,064
Accumulated Amortization (76,744) (70,270)
Net 9,320 15,794
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Cost 87,600 87,600
Accumulated Amortization (79,557) (73,301)
Net 8,043 14,299
Purchased content    
Finite-Lived Intangible Assets [Line Items]    
Cost 51,360 47,930
Accumulated Amortization (50,115) (44,829)
Net $ 1,245 $ 3,101
v3.21.2
Intangible Assets, net - Additional Information (Detail) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Mar. 31, 2020
Jun. 30, 2021
Jun. 30, 2020
Indefinite-lived Intangible Assets [Line Items]          
Amortization of website development costs and intangible assets included in technology and development $ 13,400,000 $ 13,100,000   $ 26,300,000 $ 24,900,000
Non-cash impairment charge       0 76,800,000
Indefinite-lived intangible asset 108,000,000.0     108,000,000.0  
Fair value of the intangible asset $ 36,500,000     $ 36,500,000  
Trade names and trademarks | Trulia          
Indefinite-lived Intangible Assets [Line Items]          
Non-cash impairment charge     $ 71,500,000   $ 71,500,000
Useful life       10 years  
v3.21.2
Debt - Schedule of Carrying Value of Debt (Details) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Debt Instrument [Line Items]    
Total debt $ 2,594,414 $ 2,283,732
Convertible senior notes    
Debt Instrument [Line Items]    
Total convertible senior notes 1,606,582 1,613,523
Convertible senior notes | 2026 Notes    
Debt Instrument [Line Items]    
Total convertible senior notes $ 357,531 347,566
Stated Interest Rate 1.375%  
Convertible senior notes | 2025 Notes    
Debt Instrument [Line Items]    
Total convertible senior notes $ 428,830 414,888
Stated Interest Rate 2.75%  
Convertible senior notes | 2024 Notes    
Debt Instrument [Line Items]    
Total convertible senior notes $ 490,126 524,273
Stated Interest Rate 0.75%  
Convertible senior notes | 2023 Notes    
Debt Instrument [Line Items]    
Total convertible senior notes $ 330,095 326,796
Stated Interest Rate 1.50%  
Mortgages segment    
Debt Instrument [Line Items]    
Warehouse line of credit $ 163,387 309,043
Line of Credit | Homes segment    
Debt Instrument [Line Items]    
Short-term debt 824,445 361,166
Goldman Sachs Bank USA | Line of Credit | Homes segment    
Debt Instrument [Line Items]    
Short-term debt 183,373 145,825
Citibank, N.A. | Mortgages segment    
Debt Instrument [Line Items]    
Short-term debt 21,332 90,227
Citibank, N.A. | Line of Credit | Homes segment    
Debt Instrument [Line Items]    
Short-term debt 219,989 87,103
Credit Suisse AG, Cayman Islands | Mortgages segment    
Debt Instrument [Line Items]    
Short-term debt 99,706 149,913
Credit Suisse AG, Cayman Islands | Line of Credit | Homes segment    
Debt Instrument [Line Items]    
Short-term debt 421,083 128,238
Comerica Bank | Line of Credit | Mortgages segment    
Debt Instrument [Line Items]    
Warehouse line of credit $ 42,349 $ 68,903
v3.21.2
Debt - Schedule of Credit Facilities (Details) - Homes segment - Line of Credit
Jun. 30, 2021
USD ($)
Debt Instrument [Line Items]  
Maximum Borrowing Capacity $ 1,500,000,000
Goldman Sachs Bank USA | Final Maturity Date, April 21, 2023  
Debt Instrument [Line Items]  
Maximum Borrowing Capacity $ 500,000,000
Weighted-Average Interest Rate 2.90%
Citibank, N.A. | Final Maturity Date, December 9, 2023  
Debt Instrument [Line Items]  
Maximum Borrowing Capacity $ 500,000,000
Weighted-Average Interest Rate 2.84%
Credit Suisse AG, Cayman Islands | Final Maturity Date, December 31, 2022  
Debt Instrument [Line Items]  
Maximum Borrowing Capacity $ 500,000,000
Weighted-Average Interest Rate 2.84%
v3.21.2
Debt - Narrative (Detail)
 3 Months Ended 6 Months Ended
May 26, 2021
USD ($)
shares
Jun. 30, 2020
USD ($)
Jun. 30, 2021
USD ($)
day
Jun. 26, 2021
USD ($)
Jun. 25, 2021
USD ($)
Dec. 31, 2020
USD ($)
Debt Instrument [Line Items]            
Assets     $ 8,775,421,000     $ 7,486,560,000
Inventory     1,169,601,000     491,293,000
Restricted cash     141,024,000     75,805,000
Accounts receivable, net     101,927,000     69,940,000
Liabilities     3,131,306,000     2,744,744,000
Borrowings under credit facilities     987,832,000     670,209,000
Accrued expenses and other current liabilities     175,876,000     94,487,000
Variable Interest Entity, Primary Beneficiary            
Debt Instrument [Line Items]            
Assets     1,300,000,000     551,200,000
Inventory     1,200,000,000     491,300,000
Restricted cash     77,600,000     53,000,000.0
Accounts receivable, net     22,200,000     3,900,000
Liabilities     847,600,000     372,500,000
Borrowings under credit facilities     824,400,000     361,200,000
Accrued expenses and other current liabilities     $ 22,100,000     10,800,000
Class C Capital Stock            
Debt Instrument [Line Items]            
Settlement of convertible senior notes (in shares) | shares 4,800,000          
Convertible Senior Notes due 2023, 2024, 2025 and 2026 | Convertible senior notes            
Debt Instrument [Line Items]            
Debt instrument, convertible threshold trading days | day     20      
Debt instrument, threshold consecutive trading days | day     30      
Debt instrument, convertible threshold percentage     130.00%      
2023 Notes | Convertible senior notes            
Debt Instrument [Line Items]            
Debt instrument, notice for redemption of convertible debt, amount $ 372,800,000          
Repurchase price percentage of principal amount 100.00%          
Debt conversion, converted instrument, amount   $ 5,100,000        
2024 Notes | Convertible senior notes            
Debt Instrument [Line Items]            
Debt conversion, converted instrument, amount   14,000,000.0        
2021 Notes | Convertible senior notes            
Debt Instrument [Line Items]            
Repurchased amount   $ 194,700,000        
Line of Credit | Homes segment            
Debt Instrument [Line Items]            
Maximum borrowing capacity     $ 1,500,000,000      
Short-term debt     824,445,000     361,166,000
Line of Credit | Mortgages segment            
Debt Instrument [Line Items]            
Maximum borrowing capacity     460,000,000      
Comerica Bank            
Debt Instrument [Line Items]            
Maximum borrowing capacity       $ 60,000,000.0 $ 100,000,000.0  
Comerica Bank | Line of Credit | Mortgages segment            
Debt Instrument [Line Items]            
Maximum borrowing capacity     60,000,000      
Credit Suisse and Citibank, N.A | Mortgages segment            
Debt Instrument [Line Items]            
Short-term debt     $ 126,200,000     $ 240,100,000
v3.21.2
Debt - Schedule of Warehouse Lines of Credit (Details) - USD ($)
Jun. 30, 2021
Jun. 26, 2021
Jun. 25, 2021
Comerica Bank      
Debt Instrument [Line Items]      
Maximum Borrowing Capacity   $ 60,000,000.0 $ 100,000,000.0
Line of Credit | Mortgages segment      
Debt Instrument [Line Items]      
Maximum Borrowing Capacity $ 460,000,000    
Line of Credit | Credit Suisse AG, Cayman Islands | Mortgages segment      
Debt Instrument [Line Items]      
Maximum Borrowing Capacity $ 300,000,000    
Weighted-Average Interest Rate 2.50%    
Line of Credit | Citibank, N.A. | Mortgages segment      
Debt Instrument [Line Items]      
Maximum Borrowing Capacity $ 100,000,000    
Weighted-Average Interest Rate 1.85%    
Line of Credit | Comerica Bank | Mortgages segment      
Debt Instrument [Line Items]      
Maximum Borrowing Capacity $ 60,000,000    
Weighted-Average Interest Rate 2.70%    
v3.21.2
Debt - Schedule of Convertible Senior Notes (Detail) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Debt Instrument [Line Items]          
Interest Expense $ 39,430,000 $ 37,590,000 $ 78,985,000 $ 75,182,000  
Convertible senior notes          
Debt Instrument [Line Items]          
Aggregate Principal Amount 2,039,860,000   2,039,860,000    
Unamortized Debt Discount and Debt Issuance Costs 433,278,000   433,278,000   $ 498,227,000
Fair Value 4,800,618,000   4,800,618,000   5,333,849,000
Contractual Coupon Interest 8,140,000 8,259,000 16,380,000 14,994,000  
Amortization of Debt Discount 23,950,000 23,859,000 48,069,000 45,152,000  
Amortization of Debt Issuance Costs 1,151,000 1,340,000 2,303,000 2,594,000  
Interest Expense 33,241,000 33,458,000 66,752,000 62,740,000  
Convertible senior notes | 2026 Notes          
Debt Instrument [Line Items]          
Aggregate Principal Amount $ 498,800,000   $ 498,800,000    
Stated Interest Rate 1.375%   1.375%    
Effective Interest Rate 8.10%   8.10%    
Unamortized Debt Discount and Debt Issuance Costs $ 141,269,000   $ 141,269,000   152,434,000
Fair Value 1,434,100,000   1,434,100,000   1,508,675,000
Contractual Coupon Interest 1,715,000 1,719,000 3,432,000 3,438,000  
Amortization of Debt Discount 5,323,000 4,922,000 10,549,000 9,746,000  
Amortization of Debt Issuance Costs 131,000 120,000 259,000 238,000  
Interest Expense 7,169,000 6,761,000 14,240,000 13,422,000  
Convertible senior notes | 2025 Notes          
Debt Instrument [Line Items]          
Aggregate Principal Amount $ 565,000,000   $ 565,000,000    
Stated Interest Rate 2.75%   2.75%    
Effective Interest Rate 10.32%   10.32%    
Unamortized Debt Discount and Debt Issuance Costs $ 136,170,000   $ 136,170,000   150,112,000
Fair Value 1,132,718,000   1,132,718,000   1,168,855,000
Contractual Coupon Interest 3,884,000 2,007,000 7,768,000 2,007,000  
Amortization of Debt Discount 6,702,000 3,148,000 13,235,000 3,148,000  
Amortization of Debt Issuance Costs 358,000 168,000 707,000 168,000  
Interest Expense 10,944,000 5,323,000 21,710,000 5,323,000  
Convertible senior notes | 2024 Notes          
Debt Instrument [Line Items]          
Aggregate Principal Amount $ 608,382,000   $ 608,382,000    
Stated Interest Rate 0.75%   0.75%    
Effective Interest Rate 7.68%   7.68%    
Unamortized Debt Discount and Debt Issuance Costs $ 118,256,000   $ 118,256,000   148,727,000
Fair Value 1,665,403,000   1,665,403,000   2,023,280,000
Contractual Coupon Interest 1,143,000 1,262,000 2,381,000 2,510,000  
Amortization of Debt Discount 7,917,000 8,095,000 16,327,000 15,956,000  
Amortization of Debt Issuance Costs 270,000 278,000 559,000 545,000  
Interest Expense 9,330,000 9,635,000 19,267,000 19,011,000  
Convertible senior notes | 2023 Notes          
Debt Instrument [Line Items]          
Aggregate Principal Amount $ 367,678,000   $ 367,678,000    
Stated Interest Rate 1.50%   1.50%    
Effective Interest Rate 6.99%   6.99%    
Unamortized Debt Discount and Debt Issuance Costs $ 37,583,000   $ 37,583,000   46,954,000
Fair Value 568,397,000   568,397,000   $ 633,039,000
Contractual Coupon Interest 1,398,000 1,402,000 2,799,000 2,804,000  
Amortization of Debt Discount 4,008,000 3,749,000 7,958,000 7,446,000  
Amortization of Debt Issuance Costs 392,000 366,000 778,000 727,000  
Interest Expense 5,798,000 5,517,000 11,535,000 10,977,000  
Convertible senior notes | 2021 Notes          
Debt Instrument [Line Items]          
Contractual Coupon Interest 0 1,803,000 0 4,103,000  
Amortization of Debt Discount 0 3,945,000 0 8,856,000  
Amortization of Debt Issuance Costs 0 408,000 0 916,000  
Interest Expense 0 6,156,000 0 13,875,000  
Convertible senior notes | 2020 Notes          
Debt Instrument [Line Items]          
Contractual Coupon Interest 0 66,000 0 132,000  
Amortization of Debt Discount 0 0 0 0  
Amortization of Debt Issuance Costs 0 0 0 0  
Interest Expense $ 0 $ 66,000 $ 0 $ 132,000  
v3.21.2
Debt - Summary of Conversion and Redemption Options and Details Related to Capped Call Confirmations (Details) - Convertible senior notes
 6 Months Ended
Jun. 30, 2021
$ / shares
2026 Notes  
Debt Instrument [Line Items]  
Debt instrument, conversion rate shares 0.0229830
Conversion Price per Share (usd per share) $ 43.51
Initial cap price (usd per share) $ 80.5750
Cap Price Premium 150.00%
2025 Notes  
Debt Instrument [Line Items]  
Debt instrument, conversion rate shares 0.0148810
Conversion Price per Share (usd per share) $ 67.20
2024 Notes  
Debt Instrument [Line Items]  
Debt instrument, conversion rate shares 0.0229830
Conversion Price per Share (usd per share) $ 43.51
Initial cap price (usd per share) $ 72.5175
Cap Price Premium 125.00%
2023 Notes  
Debt Instrument [Line Items]  
Debt instrument, conversion rate shares 0.0127592
Conversion Price per Share (usd per share) $ 78.37
Initial cap price (usd per share) $ 105.45
Cap Price Premium 85.00%
2021 Notes  
Debt Instrument [Line Items]  
Initial cap price (usd per share) $ 69.19
Cap Price Premium 85.00%
v3.21.2
Debt - Summary of Convertible Debt (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Debt Instrument [Line Items]        
Repurchase of convertible senior notes     $ 145,656 $ 194,670
(Gain) loss on extinguishment of debt:        
Gain (loss) on extinguishment of debt $ (931) $ 6,391 (2,334) 6,391
Convertible senior notes        
Debt Instrument [Line Items]        
Aggregate principal amount settled 19,147   71,890  
Repurchase of convertible senior notes $ 0   $ 0  
Shares of Class C capital stock issued (in shares) 387,431   1,590,151  
Total fair value of consideration transferred $ 54,634   $ 214,406  
(Gain) loss on extinguishment of debt:        
Consideration allocated to liability component 16,655   59,646  
Carrying value of the liability component, net of unamortized debt discount and debt issuance costs 15,724   57,312  
Gain (loss) on extinguishment of debt 931   2,334  
Consideration allocated to the equity component 37,979   154,760  
2023 Notes | Convertible senior notes        
Debt Instrument [Line Items]        
Aggregate principal amount settled 5,147   6,072  
Repurchase of convertible senior notes $ 0   $ 0  
Shares of Class C capital stock issued (in shares) 65,669   77,458  
Total fair value of consideration transferred $ 8,081   $ 9,724  
(Gain) loss on extinguishment of debt:        
Consideration allocated to liability component 4,807   5,648  
Carrying value of the liability component, net of unamortized debt discount and debt issuance costs 4,619   5,437  
Gain (loss) on extinguishment of debt 188   211  
Consideration allocated to the equity component 3,274   4,076  
2024 Notes | Convertible senior notes        
Debt Instrument [Line Items]        
Aggregate principal amount settled 14,000   64,618  
Repurchase of convertible senior notes $ 0   $ 0  
Shares of Class C capital stock issued (in shares) 321,762   1,485,114  
Total fair value of consideration transferred $ 46,553   $ 200,478  
(Gain) loss on extinguishment of debt:        
Consideration allocated to liability component 11,848   53,115  
Carrying value of the liability component, net of unamortized debt discount and debt issuance costs 11,105   51,032  
Gain (loss) on extinguishment of debt 743   2,083  
Consideration allocated to the equity component $ 34,705   147,363  
2026 Notes | Convertible senior notes        
Debt Instrument [Line Items]        
Aggregate principal amount settled     1,200  
Repurchase of convertible senior notes     $ 0  
Shares of Class C capital stock issued (in shares)     27,579  
Total fair value of consideration transferred     $ 4,204  
(Gain) loss on extinguishment of debt:        
Consideration allocated to liability component     883  
Carrying value of the liability component, net of unamortized debt discount and debt issuance costs     843  
Gain (loss) on extinguishment of debt     40  
Consideration allocated to the equity component     $ 3,321  
2021 Notes | Convertible senior notes        
Debt Instrument [Line Items]        
Aggregate principal amount settled   194,670   194,670
Repurchase of convertible senior notes   $ 194,670   $ 194,670
Shares of Class C capital stock issued (in shares)   753,936   753,936
Total fair value of consideration transferred   $ 230,859   $ 230,859
(Gain) loss on extinguishment of debt:        
Consideration allocated to liability component   172,886   172,886
Carrying value of the liability component, net of unamortized debt discount and debt issuance costs   179,277   179,277
Gain (loss) on extinguishment of debt   (6,391)   (6,391)
Consideration allocated to the equity component   $ 57,973   $ 57,973
v3.21.2
Income Taxes - Narrative (Detail) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Mar. 31, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Schedule Of Income Tax [Line Items]            
Income tax expense (benefit) $ (13,310,000) $ (679,000)   $ (10,420,000) $ 8,549,000  
Non-cash impairment charge       $ 0 76,800,000  
Trulia            
Schedule Of Income Tax [Line Items]            
Income tax expense (benefit)         8,500,000  
Trulia | Trade names and trademarks            
Schedule Of Income Tax [Line Items]            
Income tax expense (benefit)         9,700,000  
Non-cash impairment charge     $ 71,500,000   $ 71,500,000  
Federal            
Schedule Of Income Tax [Line Items]            
Net operating loss carryforwards           $ 1,700,000,000
State            
Schedule Of Income Tax [Line Items]            
Net operating loss carryforwards           $ 53,200,000
v3.21.2
Shareholders' Equity - Additional Information (Detail)
 3 Months Ended 6 Months Ended
Feb. 17, 2021
USD ($)
Jun. 30, 2021
shares
Jun. 30, 2021
Vote
shares
Dec. 31, 2020
shares
Class of Stock [Line Items]        
Preferred stock, issued (in shares)   0 0 0
Preferred stock, outstanding (in shares)   0 0 0
Class A Common Stock        
Class of Stock [Line Items]        
Common stock holders voting right | Vote     1  
Conversion of common stock conversion ratio     1  
Class B Common Stock        
Class of Stock [Line Items]        
Common stock holders voting right | Vote     10  
Class C Capital Stock | Equity Distribution Agreement        
Class of Stock [Line Items]        
Sale of stock, maximum consideration on transaction | $ $ 1,000,000,000.0      
Shares of Class C capital stock sold (in shares)   0 3,163,502  
v3.21.2
Shareholders' Equity - Summary of Equity Distribution (Details) - Class C Capital Stock - Equity Distribution Agreement - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2021
Class of Stock [Line Items]    
Shares of Class C capital stock sold (in shares) 0 3,163,502
Weighted-average issuance price per share (usd per share)   $ 174.0511
Gross proceeds   $ 550,611
Net proceeds from sale of stock   544,600
Payments for commissions   $ 6,100
v3.21.2
Share-Based Awards - Summary of Option Award (Detail)
$ / shares in Units, $ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2021
USD ($)
$ / shares
shares
Dec. 31, 2020
USD ($)
$ / shares
shares
Number of Shares Subject to Existing Options    
Beginning Balance (in shares) | shares 20,051,051  
Granted (in shares) | shares 8,438,476  
Exercised (in shares) | shares (1,991,460)  
Forfeited or cancelled (in shares) | shares (602,382)  
Ending Balance (in shares) | shares 25,895,685 20,051,051
Vested and exercisable (in shares) | shares 10,615,442  
Weighted- Average Exercise Price Per Share    
Beginning Balance (usd per share) | $ / shares $ 42.68  
Granted (usd per share) | $ / shares 133.48  
Exercised (usd per share) | $ / shares 38.00  
Forfeited or cancelled (usd per share) | $ / shares 64.27  
Ending Balance (usd per share) | $ / shares 72.12 $ 42.68
Vested and exercisable (usd per share) | $ / shares $ 44.43  
Weighted- Average Remaining Contractual Life (Years)    
Weighted-Average Remaining Contractual Life, Outstanding 7 years 9 months 3 days 7 years 2 months 19 days
Weighted-Average Remaining Contractual Life, Vested and exercisable 6 years 1 month 28 days  
Aggregate Intrinsic Value    
Aggregate Intrinsic Value, Outstanding | $ $ 1,405,360 $ 1,751,105
Aggregate Intrinsic Value, Vested and exercisable | $ $ 832,504  
v3.21.2
Share-Based Awards - Fair Value of Options Granted, Estimated at Date of Grant Using Black Scholes Merton Option Pricing Model (Detail) - Option awards - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Expected volatility 56.00% 51.00%    
Expected dividend yield 0.00% 0.00% 0.00% 0.00%
Risk-free interest rate 0.74% 0.33%    
Weighted-average expected life 4 years 6 months 5 years    
Weighted-average fair value of options granted (usd per share) $ 53.16 $ 20.21 $ 59.58 $ 20.69
Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Expected volatility     52.00% 45.00%
Risk-free interest rate     0.57% 0.33%
Weighted-average expected life     4 years 6 months 5 years
Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Expected volatility     56.00% 51.00%
Risk-free interest rate     0.90% 0.93%
Weighted-average expected life     5 years 9 months 5 years 6 months
v3.21.2
Share-Based Awards - Additional Information (Details)
$ in Millions
Jun. 30, 2021
USD ($)
Option awards  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized cost of unvested share-based compensation awards $ 586.9
Unvested restricted stock units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Total unrecognized compensation cost $ 382.8
v3.21.2
Share-Based Awards - Summary of Restricted Stock Units Activity (Detail) - Unvested restricted stock units
 6 Months Ended
Jun. 30, 2021
$ / shares
shares
Restricted Stock Units  
Beginning balance (in shares) | shares 7,316,557
Granted (in shares) | shares 1,155,375
Vested (in shares) | shares (1,592,564)
Forfeited (in shares) | shares (404,654)
Ending balance (in shares) | shares 6,474,714
Weighted- Average Grant- Date Fair Value  
Unvested outstanding, beginning balance (usd per share) | $ / shares $ 48.14
Granted (usd per share) | $ / shares 134.02
Vested (usd per share) | $ / shares 47.76
Forfeited (usd per share) | $ / shares 55.93
Unvested outstanding, ending balance (usd per share) | $ / shares $ 63.08
v3.21.2
Share-Based Awards - Effects of Share Based Compensation in Consolidated Statements of Operations (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Share-based compensation $ 88,395 $ 52,351 $ 152,068 $ 96,146
Cost of revenue        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Share-based compensation 2,972 1,364 5,660 2,766
Sales and marketing        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Share-based compensation 13,350 9,116 23,237 16,109
Technology and development        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Share-based compensation 34,951 21,421 61,042 40,109
General and administrative        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Share-based compensation $ 37,122 $ 20,450 $ 62,129 $ 37,162
v3.21.2
Net Income (Loss) Per Share - Maximum Number of Shares and Conversion Price (Details) - Convertible senior notes
shares in Thousands
 6 Months Ended
Jun. 30, 2021
$ / shares
shares
September 1, 2026  
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]  
Conversion Spread (in shares) | shares 11,464
Conversion Price per Share (usd per share) | $ / shares $ 43.51
May 15, 2025  
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]  
Conversion Spread (in shares) | shares 8,408
Conversion Price per Share (usd per share) | $ / shares $ 67.20
September 1, 2024  
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]  
Conversion Spread (in shares) | shares 13,983
Conversion Price per Share (usd per share) | $ / shares $ 43.51
45108  
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]  
Conversion Spread (in shares) | shares 4,692
Conversion Price per Share (usd per share) | $ / shares $ 78.37
v3.21.2
Net Income (Loss) Per Share - Schedule of Denominators Used in Basic and Diluted Per Share Calculations (Details) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]        
Denominator for basic calculation (in shares) 248,152 219,467 245,763 215,070
Denominator for dilutive calculation (in shares) 261,496 219,467 260,484 215,070
Option awards        
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]        
Effect of dilutive securities, share-based payment arrangements (in shares) 10,472 0 11,450 0
Unvested restricted stock units        
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]        
Effect of dilutive securities, share-based payment arrangements (in shares) 2,872 0 3,271 0
v3.21.2
Net Income (Loss) Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Class A Common Stock and Class C Capital Stock        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Total Class A common stock and Class C capital stock equivalents (in shares) 39,870 41,920 40,830 38,719
Class A Common Stock and Class C Capital Stock | Weighted-average | Option awards        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Total Class A common stock and Class C capital stock equivalents (in shares) 245 25,202 1,389 22,649
Class A Common Stock and Class C Capital Stock | Weighted-average | Restricted stock units        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Total Class A common stock and Class C capital stock equivalents (in shares) 984 9,086 645 8,354
Class A Common Stock | Convertible notes maturing in 2020        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Total Class A common stock and Class C capital stock equivalents (in shares) 0 400 0 400
Class C Capital Stock | Convertible notes maturing in 2023, 2024, 2025 and 2026        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Total Class A common stock and Class C capital stock equivalents (in shares) 38,641 7,232 38,796 7,316
v3.21.2
Commitments and Contingencies - Additional Information (Detail)
$ in Millions
Jul. 15, 2021
petition
Jun. 30, 2021
USD ($)
Mar. 15, 2021
patent
Dec. 31, 2020
USD ($)
Sep. 18, 2020
petition
patent
Jul. 21, 2020
patent
Sep. 17, 2019
patent
Feb. 28, 2018
claim
Feb. 16, 2018
claim
Feb. 05, 2018
claim
Dec. 31, 2017
claim
Other Commitments [Line Items]                      
Outstanding letters of credit   $ 16.9                  
Outstanding surety bonds   10.6   $ 10.1              
Number of patents infringed | patent     2   3 5 7        
Number of petitions filed | petition         4            
Subsequent Event                      
Other Commitments [Line Items]                      
Loss contingency, patents found not infringed, number | petition 2                    
Class Action Lawsuits                      
Other Commitments [Line Items]                      
Number of pending claims | claim                     2
Shareholder Derivative Lawsuits                      
Other Commitments [Line Items]                      
Number of pending claims | claim               4 2 2  
Homes under contract to purchase that have not closed                      
Other Commitments [Line Items]                      
Value of homes under contract that have not closed   $ 1,200.0                  
v3.21.2
Employee Benefit Plan - Additional Information (Detail) - Zillow Merger - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Defined Contribution Plan Disclosure [Line Items]        
Company's contribution based on employee contribution (up to)     4.00%  
Company's expense related to its defined contribution 401(k) retirement plans $ 8.0 $ 6.4 $ 15.7 $ 12.8
v3.21.2
Segment Information and Revenue - Additional Information (Detail)
 6 Months Ended
Jun. 30, 2021
Segment
Segment Reporting [Abstract]  
Number of reportable segments 3
Number of operating segments 3
v3.21.2
Segment Information and Revenue - Revenue Categories (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenue:        
Total revenue $ 1,309,980 $ 768,352 $ 2,528,420 $ 1,894,173
Cost of revenue 771,585 487,483 1,482,905 1,279,881
Gross profit 538,395 280,869 1,045,515 614,292
Operating expenses:        
Sales and marketing 229,434 160,667 427,389 369,111
Technology and development 128,463 97,507 248,764 197,988
General and administrative 115,102 85,380 215,556 177,580
Impairment costs 0 0 0 76,800
Acquisition-related costs 3,671 0 4,488 0
Total operating expenses 476,670 343,554 896,197 821,479
Income (loss) from operations 61,725 (62,685) 149,318 (207,187)
Other income 1,587 10,115 4,026 19,708
Interest expense (39,430) (37,590) (78,985) (75,182)
Income (loss) before income taxes 22,951 (83,769) 72,025 (256,270)
Homes segment        
Revenue:        
Total revenue 777,145 454,252 1,481,297 1,224,125
Cost of revenue 707,522 434,900 1,352,125 1,170,659
Gross profit 69,623 19,352 129,172 53,466
Operating expenses:        
Sales and marketing 65,791 47,539 120,810 119,457
Technology and development 30,328 26,155 63,497 54,815
General and administrative 27,824 21,891 53,347 45,301
Impairment costs     0 0
Acquisition-related costs 0 0 0 0
Total operating expenses 123,943 95,585 237,654 219,573
Income (loss) from operations (54,320) (76,233) (108,482) (166,107)
Other income 0 0 0 0
Interest expense (5,026) (3,825) (9,338) (11,909)
Income (loss) before income taxes (59,346) (80,058) (117,820) (178,016)
Homes segment | Zillow Offers        
Revenue:        
Total revenue 772,030 453,816 1,473,004 1,222,928
Homes segment | Premier Agent        
Revenue:        
Total revenue 0 0 0 0
Homes segment | Other        
Revenue:        
Total revenue 5,115 436 8,293 1,197
Homes segment | Mortgages        
Revenue:        
Total revenue 0 0 0 0
IMT        
Revenue:        
Total revenue 476,090 280,339 922,418 611,005
Cost of revenue 43,444 45,354 90,481 95,407
Gross profit 432,646 234,985 831,937 515,598
Operating expenses:        
Sales and marketing 136,620 101,458 254,227 225,019
Technology and development 89,838 65,890 168,482 131,865
General and administrative 68,944 53,771 127,592 112,455
Impairment costs     0 73,900
Acquisition-related costs 3,671 0 4,488 0
Total operating expenses 299,073 221,119 554,789 543,239
Income (loss) from operations 133,573 13,866 277,148 (27,641)
Other income 0 5,300 0 5,300
Interest expense 0 0 0 0
Income (loss) before income taxes 133,573 19,166 277,148 (22,341)
IMT | Zillow Offers        
Revenue:        
Total revenue 0 0 0 0
IMT | Premier Agent        
Revenue:        
Total revenue 348,754 191,962 683,072 434,068
IMT | Other        
Revenue:        
Total revenue 127,336 88,377 239,346 176,937
IMT | Mortgages        
Revenue:        
Total revenue 0 0 0 0
Mortgages segment        
Revenue:        
Total revenue 56,745 33,761 124,705 59,043
Cost of revenue 20,619 7,229 40,299 13,815
Gross profit 36,126 26,532 84,406 45,228
Operating expenses:        
Sales and marketing 27,023 11,670 52,352 24,635
Technology and development 8,297 5,462 16,785 11,308
General and administrative 18,334 9,718 34,617 19,824
Impairment costs     0 2,900
Acquisition-related costs 0 0 0 0
Total operating expenses 53,654 26,850 103,754 58,667
Income (loss) from operations (17,528) (318) (19,348) (13,439)
Other income 1,006 385 2,738 587
Interest expense (1,163) (307) (2,895) (533)
Income (loss) before income taxes (17,685) (240) (19,505) (13,385)
Mortgages segment | Zillow Offers        
Revenue:        
Total revenue 0 0 0 0
Mortgages segment | Premier Agent        
Revenue:        
Total revenue 0 0 0 0
Mortgages segment | Other        
Revenue:        
Total revenue 0 0 0 0
Mortgages segment | Mortgages        
Revenue:        
Total revenue $ 56,745 $ 33,761 $ 124,705 $ 59,043
v3.21.2
Segment Information and Revenue - Depreciation and Amortization Expense and Share-based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Segment Reporting, Revenue Reconciling Item [Line Items]        
Depreciation and amortization     $ 57,882 $ 55,199
Share-based compensation     152,068 96,146
Homes segment        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Depreciation and amortization $ 4,733 $ 2,597 9,026 6,172
Share-based compensation 20,495 12,728 36,416 24,032
IMT        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Depreciation and amortization 22,157 22,038 44,956 45,815
Share-based compensation 58,362 35,958 99,754 65,505
Mortgages segment        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Depreciation and amortization 2,093 1,538 3,900 3,212
Share-based compensation $ 9,538 $ 3,665 $ 15,898 $ 6,609
v3.21.2
Segment Information and Revenue - Reconciliation of Segment Gross Profit and Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total segment income (loss) before income taxes $ 22,951 $ (83,769) $ 72,025 $ (256,270)
Corporate interest expense (39,430) (37,590) (78,985) (75,182)
Corporate other income 1,587 10,115 4,026 19,708
Gain (loss) on extinguishment of debt (931) 6,391 (2,334) 6,391
Consolidated income (loss) before income taxes 22,951 (83,769) 72,025 (256,270)
Operating Segments        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Total segment income (loss) before income taxes 56,542 (61,132) 139,823 (213,742)
Consolidated income (loss) before income taxes 56,542 (61,132) 139,823 (213,742)
Corporate        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Corporate interest expense (33,241) (33,458) (66,752) (62,740)
Corporate other income $ 581 $ 4,430 $ 1,288 $ 13,821
v3.21.2
Subsequent Events - Narrative (Details) - USD ($)
 1 Months Ended
Aug. 11, 2021
Jul. 06, 2021
May 26, 2021
Jul. 31, 2021
Jul. 29, 2021
Jul. 01, 2021
Class C Capital Stock            
Subsequent Event [Line Items]            
Settlement of convertible senior notes (in shares)     4,800,000      
2023 Notes | Convertible senior notes            
Subsequent Event [Line Items]            
Debt instrument, notice for redemption of convertible debt, amount     $ 372,800,000      
Subsequent Event | Goldman Sachs Bank USA            
Subsequent Event [Line Items]            
Maximum borrowing capacity         $ 750,000,000.0  
Subsequent Event | Class C Capital Stock            
Subsequent Event [Line Items]            
Settlement of convertible senior notes (in shares)       4,700,000    
Subsequent Event | Revolving Single-Family Homes Notes | Secured Debt | Forecast            
Subsequent Event [Line Items]            
Proceeds from issuance of long-term debt $ 450,000,000.0          
Long-term debt, term 30 months          
Long term debt, reinvestment period 24 months          
Weighted average interest rate 2.43%          
Subsequent Event | 2023 Notes | Convertible senior notes            
Subsequent Event [Line Items]            
Debt instrument, repurchased face amount   $ 1,300,000       $ 366,400,000
Cash paid for repurchase   $ 1,300,000