QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of | (I.R.S. Employer | |||||||
incorporation or organization) | Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | |||||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||||||||||||||
Emerging growth company |
Page | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 6. | ||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Short-term investments | |||||||||||
Accounts receivable, net of allowance for doubtful accounts of $ | |||||||||||
Mortgage loans held for sale | |||||||||||
Inventory | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Restricted cash | |||||||||||
Total current assets | |||||||||||
Contract cost assets | |||||||||||
Property and equipment, net | |||||||||||
Right of use assets | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and shareholders’ equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued expenses and other current liabilities | |||||||||||
Accrued compensation and benefits | |||||||||||
Borrowings under credit facilities | |||||||||||
Deferred revenue | |||||||||||
Lease liabilities, current portion | |||||||||||
Total current liabilities | |||||||||||
Lease liabilities, net of current portion | |||||||||||
Convertible senior notes | |||||||||||
Other long-term liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 16) | |||||||||||
Shareholders’ equity: | |||||||||||
Preferred stock, $ | |||||||||||
Class A common stock, $ | |||||||||||
Class B common stock, $ | |||||||||||
Class C capital stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive income | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Total shareholders’ equity | |||||||||||
Total liabilities and shareholders’ equity | $ | $ |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Revenue: | |||||||||||
Homes | $ | $ | |||||||||
IMT | |||||||||||
Mortgages | |||||||||||
Total revenue | |||||||||||
Cost of revenue (exclusive of amortization) (1): | |||||||||||
Homes | |||||||||||
IMT | |||||||||||
Mortgages | |||||||||||
Total cost of revenue | |||||||||||
Sales and marketing | |||||||||||
Technology and development | |||||||||||
General and administrative | |||||||||||
Impairment costs | |||||||||||
Acquisition-related costs | |||||||||||
Total costs and expenses | |||||||||||
Income (loss) from operations | ( | ||||||||||
Loss on extinguishment of debt | ( | ||||||||||
Other income | |||||||||||
Interest expense | ( | ( | |||||||||
Income (loss) before income taxes | ( | ||||||||||
Income tax benefit | |||||||||||
Net income (loss) | $ | $ | ( | ||||||||
Net income (loss) per share: | |||||||||||
Basic | $ | $ | ( | ||||||||
Diluted | $ | $ | ( | ||||||||
Weighted-average shares outstanding: | |||||||||||
Basic | |||||||||||
Diluted | |||||||||||
(1) Amortization of website development costs and intangible assets included in technology and development | $ | $ |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Net income (loss) | $ | $ | ( | ||||||||
Other comprehensive income: | |||||||||||
Unrealized gains on investments | |||||||||||
Reclassification adjustment for net investment gains included in net income (loss) | |||||||||||
Net unrealized gains on investments | |||||||||||
Currency translation adjustments | ( | ||||||||||
Total other comprehensive income | |||||||||||
Comprehensive income (loss) | $ | $ | ( |
Class A Common Stock, Class B Common Stock and Class C Capital Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income | Total Shareholders’ Equity | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Issuance of common and capital stock upon exercise of stock options | — | — | |||||||||||||||||||||||||||||||||
Vesting of restricted stock units | — | — | — | — | — | ||||||||||||||||||||||||||||||
Restricted stock units withheld for tax liability | ( | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
Issuance of Class C capital stock in connection with equity offering, net of issuance costs of $ | — | — | |||||||||||||||||||||||||||||||||
Conversion of convertible senior notes | — | — | — | ||||||||||||||||||||||||||||||||
Unwind of capped call transactions | ( | — | — | — | — | — | |||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | ( | $ | $ |
Class A Common Stock, Class B Common Stock and Class C Capital Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income | Total Shareholders’ Equity | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Issuance of common and capital stock upon exercise of stock options | — | — | |||||||||||||||||||||||||||||||||
Vesting of restricted stock units | — | — | — | — | — | ||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | |||||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | ( | $ | $ |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Operating activities | |||||||||||
Net income (loss) | $ | $ | ( | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Share-based compensation expense | |||||||||||
Amortization of right of use assets | |||||||||||
Amortization of contract cost assets | |||||||||||
Amortization of debt discount and debt issuance costs | |||||||||||
Loss on extinguishment of debt | |||||||||||
Impairment costs | |||||||||||
Deferred income taxes | ( | ( | |||||||||
Loss on disposal of property and equipment and other assets | |||||||||||
Credit loss expense | |||||||||||
Net loss on investment securities | |||||||||||
Amortization (accretion) of bond premium (discount) | ( | ||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | ( | ( | |||||||||
Mortgage loans held for sale | ( | ||||||||||
Inventory | |||||||||||
Prepaid expenses and other assets | ( | ( | |||||||||
Contract cost assets | ( | ( | |||||||||
Lease liabilities | ( | ( | |||||||||
Accounts payable | ( | ||||||||||
Accrued expenses and other current liabilities | |||||||||||
Accrued compensation and benefits | ( | ||||||||||
Deferred revenue | ( | ||||||||||
Other long-term liabilities | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Investing activities | |||||||||||
Proceeds from maturities of investments | |||||||||||
Proceeds from sales of investments | |||||||||||
Purchases of investments | ( | ||||||||||
Purchases of property and equipment | ( | ( | |||||||||
Purchases of intangible assets | ( | ( | |||||||||
Net cash provided by investing activities | |||||||||||
Financing activities | |||||||||||
Proceeds from issuance of Class C capital stock, net of issuance costs | |||||||||||
Proceeds from borrowings on credit facilities | |||||||||||
Repayments of borrowings on credit facilities | ( | ( | |||||||||
Net borrowings (repayments) on warehouse line of credit and repurchase agreements | ( | ||||||||||
Proceeds from exercise of stock options | |||||||||||
Value of equity awards withheld for tax liability | ( | ||||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Net increase in cash, cash equivalents and restricted cash during period | |||||||||||
Cash, cash equivalents and restricted cash at beginning of period | |||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | |||||||||
Supplemental disclosures of cash flow information | |||||||||||
Cash paid for interest | $ | $ | |||||||||
Noncash transactions: | |||||||||||
Capitalized share-based compensation | $ | $ | |||||||||
Write-off of fully depreciated property and equipment | $ | $ | |||||||||
Write-off of fully amortized intangible assets | $ | $ | |||||||||
Property and equipment purchased on account | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
Range | |||||||||||
Weighted-average |
March 31, 2021 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||
U. S. government agency securities | |||||||||||||||||||||||
Treasury bills | |||||||||||||||||||||||
Municipal securities | |||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||
Restricted cash | |||||||||||||||||||||||
Mortgage origination-related: | |||||||||||||||||||||||
Mortgage loans held for sale | |||||||||||||||||||||||
IRLCs | |||||||||||||||||||||||
Forward contracts - other current assets | |||||||||||||||||||||||
Forward contracts - other current liabilities | ( | ( | |||||||||||||||||||||
Total | $ | $ | $ | $ |
December 31, 2020 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
Municipal securities | |||||||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||
Treasury bills | |||||||||||||||||||||||
U. S. government agency securities | |||||||||||||||||||||||
Municipal securities | |||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||
Restricted cash | |||||||||||||||||||||||
Mortgage origination-related: | |||||||||||||||||||||||
Mortgage loans held for sale | |||||||||||||||||||||||
IRLCs | |||||||||||||||||||||||
Forward contracts - other current liabilities | ( | ( | |||||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | ||||||||||
Balance, beginning of the period | $ | $ | |||||||||
Issuances | |||||||||||
Transfers | ( | ( | |||||||||
Fair value changes recognized in earnings | ( | ||||||||||
Balance, end of period | $ | $ |
March 31, 2021 | |||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Market Value | ||||||||||||||||||||
Cash | $ | $ | — | $ | — | $ | |||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market funds | — | — | |||||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||
U. S. government agency securities | ( | ||||||||||||||||||||||
Treasury bills | |||||||||||||||||||||||
Municipal securities | ( | ||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||
Restricted cash | — | — | |||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
December 31, 2020 | |||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Market Value | ||||||||||||||||||||
Cash | $ | $ | — | $ | — | $ | |||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market funds | — | — | |||||||||||||||||||||
Municipal securities | — | ( | |||||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||
Treasury bills | |||||||||||||||||||||||
U.S. government agency securities | ( | ||||||||||||||||||||||
Municipal securities | ( | ||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||
Restricted cash | — | — | |||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
Finished goods | $ | $ | |||||||||
Work-in-process | |||||||||||
Inventory | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
Website development costs | $ | $ | |||||||||
Leasehold improvements | |||||||||||
Office equipment, furniture and fixtures | |||||||||||
Construction-in-progress | |||||||||||
Computer equipment | |||||||||||
Property and equipment | |||||||||||
Less: accumulated amortization and depreciation | ( | ( | |||||||||
Property and equipment, net | $ | $ |
March 31, 2021 | |||||||||||||||||
Cost | Accumulated Amortization | Net | |||||||||||||||
Trade names and trademarks | $ | $ | ( | $ | |||||||||||||
Software | ( | ||||||||||||||||
Developed technology | ( | ||||||||||||||||
Customer relationships | ( | ||||||||||||||||
Intangibles-in-progress | |||||||||||||||||
Purchased content | ( | ||||||||||||||||
Total | $ | $ | ( | $ |
December 31, 2020 | |||||||||||||||||
Cost | Accumulated Amortization | Net | |||||||||||||||
Trade names and trademarks | $ | $ | ( | $ | |||||||||||||
Software | ( | ||||||||||||||||
Developed technology | ( | ||||||||||||||||
Customer relationships | ( | ||||||||||||||||
Intangibles-in-progress | |||||||||||||||||
Purchased content | ( | ||||||||||||||||
Total | $ | $ | ( | $ |
March 31, 2021 | December 31, 2020 | |||||||||||||
Homes segment | ||||||||||||||
Credit facilities: | ||||||||||||||
Goldman Sachs Bank USA | $ | $ | ||||||||||||
Citibank, N.A. | ||||||||||||||
Credit Suisse AG, Cayman Islands | ||||||||||||||
Total Homes segment debt | ||||||||||||||
Mortgages segment | ||||||||||||||
Repurchase agreements: | ||||||||||||||
Credit Suisse AG, Cayman Islands | ||||||||||||||
Citibank, N.A. | ||||||||||||||
Warehouse line of credit: | ||||||||||||||
Comerica Bank | ||||||||||||||
Total Mortgages segment debt | ||||||||||||||
Convertible senior notes | ||||||||||||||
Total convertible senior notes | ||||||||||||||
Total debt | $ | $ |
Lender | Final Maturity Date | Maximum Borrowing Capacity | Weighted-Average Interest Rate | |||||||||||||||||
Goldman Sachs Bank USA | April 20, 2022 | $ | % | |||||||||||||||||
Citibank, N.A. | November 30, 2021 | % | ||||||||||||||||||
Credit Suisse AG, Cayman Islands | December 31, 2022 | % | ||||||||||||||||||
Total | $ |
Lender | Maturity Date | Maximum Borrowing Capacity | Weighted-Average Interest Rate | |||||||||||||||||
Credit Suisse AG, Cayman Islands | March 18, 2022 | $ | % | |||||||||||||||||
Citibank, N.A. | October 26, 2021 | % | ||||||||||||||||||
Comerica Bank | June 26, 2021 | % | ||||||||||||||||||
Total | $ |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity Date | Aggregate Principal Amount | Stated Interest Rate | Effective Interest Rate | First Interest Payment Date | Semi-Annual Interest Payment Dates | Unamortized Debt Discount and Debt Issuance Costs | Fair Value | Unamortized Debt Discount and Debt Issuance Costs | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||
September 1, 2026 | $ | % | % | March 1, 2020 | March 1; September 1 | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
May 15, 2025 | % | % | November 15, 2020 | May 15; November 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
September 1, 2024 | % | % | March 1, 2020 | March 1; September 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
July 1, 2023 | % | % | January 1, 2019 | January 1; July 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
Maturity Date | Contractual Coupon Interest | Amortization of Debt Discount | Amortization of Debt Issuance Costs | Interest Expense | Contractual Coupon Interest | Amortization of Debt Discount | Amortization of Debt Issuance Costs | Interest Expense | ||||||||||||||||||||||||||||||||||||||||||
September 1, 2026 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
May 15, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||
September 1, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||
July 1, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 1, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 15, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ |
Maturity Date | Early Conversion Date | Conversion Rate | Conversion Price | Optional Redemption Date | ||||||||||||||||||||||
September 1, 2026 | March 1, 2026 | 22.9830 | $ | September 5, 2023 | ||||||||||||||||||||||
May 15, 2025 | November 15, 2024 | 14.8810 | May 22, 2023 | |||||||||||||||||||||||
September 1, 2024 | March 1, 2024 | 22.9830 | September 5, 2022 | |||||||||||||||||||||||
July 1, 2023 | April 1, 2023 | 12.7592 | July 6, 2021 |
Maturity Date | Initial Cap Price | Cap Price Premium | ||||||||||||
September 1, 2026 | $ | % | ||||||||||||
September 1, 2024 | % | |||||||||||||
July 1, 2023 | % | |||||||||||||
December 1, 2021 | % |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||
2023 Notes | 2024 Notes | 2026 Notes | Total | ||||||||||||||||||||
Aggregate principal amount converted | $ | $ | $ | $ | |||||||||||||||||||
Shares of Class C capital stock issued upon conversion | |||||||||||||||||||||||
Total fair value of consideration transferred (1) | $ | $ | $ | $ | |||||||||||||||||||
Loss on extinguishment of debt: | |||||||||||||||||||||||
Consideration allocated to the liability component (2) | $ | $ | $ | $ | |||||||||||||||||||
Carrying value of the liability component, net of unamortized debt discount and debt issuance costs | |||||||||||||||||||||||
Loss on extinguishment of debt | $ | $ | $ | $ | |||||||||||||||||||
Consideration allocated to the equity component | $ | $ | $ | $ | |||||||||||||||||||
(1) 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. | |||||||||||||||||||||||
(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. |
Three Months Ended March 31, 2021 | |||||
Shares of Class C capital stock issued | |||||
Weighted-average issuance price per share | $ | ||||
Gross proceeds (1) | $ |
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, 2021 | $ | $ | |||||||||||||||||||||
Granted | |||||||||||||||||||||||
Exercised | ( | ||||||||||||||||||||||
Forfeited or cancelled | ( | ||||||||||||||||||||||
Outstanding at March 31, 2021 | |||||||||||||||||||||||
Vested and exercisable at March 31, 2021 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Expected volatility | |||||||||||
Expected dividend yield | |||||||||||
Risk-free interest rate | |||||||||||
Weighted-average expected life | |||||||||||
Weighted-average fair value of options granted | $ | $ |
Restricted Stock Units | Weighted- Average Grant- Date Fair Value | ||||||||||
Unvested outstanding at January 1, 2021 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeited | ( | ||||||||||
Unvested outstanding at March 31, 2021 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cost of revenue | $ | $ | |||||||||
Sales and marketing | |||||||||||
Technology and development | |||||||||||
General and administrative | |||||||||||
Total | $ | $ |
Maturity Date | Shares | Conversion Price per Share | ||||||||||||
September 1, 2026 | $ | |||||||||||||
May 15, 2025 | ||||||||||||||
September 1, 2024 | ||||||||||||||
July 1, 2023 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Denominator for basic calculation | |||||||||||
Effect of dilutive securities: | |||||||||||
Option awards | |||||||||||
Unvested restricted stock units | |||||||||||
Denominator for dilutive calculation |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Weighted-average Class A common stock and Class C capital stock option awards outstanding | |||||||||||
Weighted-average Class C capital stock restricted stock units outstanding | |||||||||||
Class A common stock issuable upon conversion of the convertible notes maturing in 2020 | |||||||||||
Class C capital stock issuable upon conversion of the 2023 Notes, 2024 Notes, 2025 Notes and 2026 Notes | |||||||||||
Total Class A common stock and Class C capital stock equivalents |
Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | ||||||||||||||||||||||||||||||||||
Homes | IMT | Mortgages | Homes | IMT | Mortgages | ||||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||||
Zillow Offers | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Premier Agent | |||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Mortgages | |||||||||||||||||||||||||||||||||||
Total revenue | |||||||||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||
Cost of revenue | |||||||||||||||||||||||||||||||||||
Sales and marketing | |||||||||||||||||||||||||||||||||||
Technology and development | |||||||||||||||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||||||||||||||
Impairment costs | |||||||||||||||||||||||||||||||||||
Acquisition-related costs | |||||||||||||||||||||||||||||||||||
Total costs and expenses (1) | |||||||||||||||||||||||||||||||||||
Income (loss) from operations | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Segment other income | |||||||||||||||||||||||||||||||||||
Segment interest expense | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Income (loss) before income taxes (2) | $ | ( | $ | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | ||||||||||||||||||||||||||||||||||
Homes | IMT | Mortgages | Homes | IMT | Mortgages | ||||||||||||||||||||||||||||||
Depreciation and amortization expense | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Share-based compensation expense | $ | $ | $ | $ | $ | $ |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Total segment income (loss) before income taxes | $ | $ | ( | ||||||||
Corporate interest expense | ( | ( | |||||||||
Corporate other income | |||||||||||
Loss on extinguishment of debt | ( | ||||||||||
Consolidated income (loss) before income taxes | $ | $ | ( |
Three Months Ended March 31, | 2020 to 2021 % Change | ||||||||||||||||
2021 | 2020 | ||||||||||||||||
Visits | 2,511.2 | 2,117.6 | 19 | % |
Three Months Ended March 31, | 2020 to 2021 % Change | ||||||||||||||||
2021 | 2020 | ||||||||||||||||
Average monthly unique users | 220.5 | 192.5 | 15 | % |
Three Months Ended March 31, | 2020 to 2021 % Change | ||||||||||||||||
2021 | 2020 | ||||||||||||||||
Number of homes sold | 1,965 | 2,394 | (18) | % |
Three Months Ended March 31, | 2020 to 2021 % Change | ||||||||||||||||
2021 | 2020 | ||||||||||||||||
Purchase loan origination volume | $ | 115,238 | $ | 112,221 | 3 | % | |||||||||||
Refinance loan origination volume | 1,051,807 | 24,809 | 4,140 | % | |||||||||||||
Total loan origination volume | $ | 1,167,045 | $ | 137,030 | 752 | % |
Three Months Ended | |||||||||||||||||
December 31, 2020 | September 30, 2020 | June 30, 2020 | |||||||||||||||
Purchase loan origination volume | $ | 143,549 | $ | 163,728 | $ | 120,831 | |||||||||||
Refinance loan origination volume | 687,104 | 353,360 | 147,475 | ||||||||||||||
Total loan origination volume | $ | 830,653 | $ | 517,088 | $ | 268,306 |
% of Total Revenue | |||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | 2020 to 2021 | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | 2021 | 2020 | ||||||||||||||||||||||||||||||
(in thousands, unaudited) | |||||||||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||||
Homes segment: | |||||||||||||||||||||||||||||||||||
Zillow Offers | $ | 700,974 | $ | 769,112 | $ | (68,138) | (9) | % | 58 | % | 68 | % | |||||||||||||||||||||||
Other | 3,178 | 761 | 2,417 | 318 | — | — | |||||||||||||||||||||||||||||
Total Homes segment revenue | 704,152 | 769,873 | (65,721) | (9) | 58 | 68 | |||||||||||||||||||||||||||||
IMT segment: | |||||||||||||||||||||||||||||||||||
Premier Agent | 334,318 | 242,106 | 92,212 | 38 | 27 | 22 | |||||||||||||||||||||||||||||
Other | 112,010 | 88,560 | 23,450 | 26 | 9 | 8 | |||||||||||||||||||||||||||||
Total IMT segment revenue | 446,328 | 330,666 | 115,662 | 35 | 37 | 29 | |||||||||||||||||||||||||||||
Mortgages segment | 67,960 | 25,282 | 42,678 | 169 | 6 | 2 | |||||||||||||||||||||||||||||
Total revenue | $ | 1,218,440 | $ | 1,125,821 | $ | 92,619 | 8 | % | 100 | % | 100 | % |
% of Revenue | |||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | 2020 to 2021 | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | 2021 | 2020 | ||||||||||||||||||||||||||||||
(in thousands, unaudited) | |||||||||||||||||||||||||||||||||||
Income (loss) before income taxes: | |||||||||||||||||||||||||||||||||||
Homes segment | $ | (58,474) | $ | (97,958) | $ | 39,484 | 40 | % | (8) | % | (13) | % | |||||||||||||||||||||||
IMT segment | 143,575 | (41,507) | 185,082 | 446 | 32 | (13) | |||||||||||||||||||||||||||||
Mortgages segment | (1,820) | (13,145) | 11,325 | 86 | (3) | (52) | |||||||||||||||||||||||||||||
Corporate items (1) | (34,207) | (19,891) | (14,316) | (72) | N/A | N/A | |||||||||||||||||||||||||||||
Total income (loss) before income taxes | $ | 49,074 | $ | (172,501) | $ | 221,575 | 128 | % | 4 | % | (15) | % |
% of Revenue | |||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | 2020 to 2021 | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | 2021 | 2020 | ||||||||||||||||||||||||||||||
(in thousands, unaudited) | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 51,964 | $ | (163,273) | $ | 215,237 | 132 | % | 4 | % | (15) | % | |||||||||||||||||||||||
Adjusted EBITDA: | |||||||||||||||||||||||||||||||||||
Homes segment | $ | (33,948) | $ | (74,995) | $ | 41,047 | 55 | % | (5) | % | (10) | % | |||||||||||||||||||||||
IMT segment | 208,583 | 85,717 | 122,866 | 143 | 47 | 26 | |||||||||||||||||||||||||||||
Mortgages segment | 6,347 | (5,603) | 11,950 | 213 | 9 | (22) | |||||||||||||||||||||||||||||
Total Adjusted EBITDA | $ | 180,982 | $ | 5,119 | $ | 175,863 | 3435 | % | 15 | % | — | % |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||
Homes | IMT | Mortgages | Corporate Items (2) | Consolidated | |||||||||||||||||||||||||
Reconciliation of Adjusted EBITDA to Net Income and Income (Loss) Before Income Taxes: | |||||||||||||||||||||||||||||
Net income (1) | N/A | N/A | N/A | N/A | $ | 51,964 | |||||||||||||||||||||||
Income tax benefit | N/A | N/A | N/A | N/A | (2,890) | ||||||||||||||||||||||||
Income (loss) before income taxes | $ | (58,474) | $ | 143,575 | $ | (1,820) | $ | (34,207) | $ | 49,074 | |||||||||||||||||||
Other income | — | — | (1,732) | (707) | (2,439) | ||||||||||||||||||||||||
Depreciation and amortization expense | 4,293 | 22,799 | 1,807 | — | 28,899 | ||||||||||||||||||||||||
Share-based compensation expense | 15,921 | 41,392 | 6,360 | — | 63,673 | ||||||||||||||||||||||||
Acquisition-related costs | — | 817 | — | — | 817 | ||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | 1,403 | 1,403 | ||||||||||||||||||||||||
Interest expense | 4,312 | — | 1,732 | 33,511 | 39,555 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | (33,948) | $ | 208,583 | $ | 6,347 | $ | — | $ | 180,982 |
Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||
Homes | IMT | Mortgages | Corporate Items (2) | Consolidated | |||||||||||||||||||||||||
Reconciliation of Adjusted EBITDA to Net Loss and Loss Before Income Taxes: | |||||||||||||||||||||||||||||
Net loss (1) | N/A | N/A | N/A | N/A | $ | (163,273) | |||||||||||||||||||||||
Income tax benefit | N/A | N/A | N/A | N/A | (9,228) | ||||||||||||||||||||||||
Loss before income taxes | $ | (97,958) | $ | (41,507) | $ | (13,145) | $ | (19,891) | $ | (172,501) | |||||||||||||||||||
Other income | — | — | (202) | (9,391) | (9,593) | ||||||||||||||||||||||||
Depreciation and amortization expense | 3,575 | 23,777 | 1,674 | — | 29,026 | ||||||||||||||||||||||||
Share-based compensation expense | 11,304 | 29,547 | 2,944 | — | 43,795 | ||||||||||||||||||||||||
Impairment costs | — | 73,900 | 2,900 | — | 76,800 | ||||||||||||||||||||||||
Interest expense | 8,084 | — | 226 | 29,282 | 37,592 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | (74,995) | $ | 85,717 | $ | (5,603) | $ | — | $ | 5,119 | |||||||||||||||||||
(1) We use income (loss) before income taxes as our profitability measure in making operating decisions and assessing the performance of our segments, therefore, net income (loss) and income tax benefit are calculated and presented only on a consolidated basis within our financial statements. | |||||||||||||||||||||||||||||
(2) Certain corporate items are not directly attributable to any of our segments, including the 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. |
% of Total Revenue | |||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | 2020 to 2021 | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | 2021 | 2020 | ||||||||||||||||||||||||||||||
(in thousands, unaudited) | |||||||||||||||||||||||||||||||||||
Cost of revenue (exclusive of amortization) (1) | $ | 687,030 | $ | 761,672 | $ | (74,642) | (10) | % | 56 | % | 68 | % | |||||||||||||||||||||||
Sales and marketing | 193,593 | 204,648 | (11,055) | (5) | 16 | 18 | |||||||||||||||||||||||||||||
Technology and development | 148,856 | 134,918 | 13,938 | 10 | 12 | 12 | |||||||||||||||||||||||||||||
General and administrative | 100,551 | 92,285 | 8,266 | 9 | 8 | 8 | |||||||||||||||||||||||||||||
Impairment costs | — | 76,800 | (76,800) | (100) | 0 | 7 | |||||||||||||||||||||||||||||
Acquisition-related costs | 817 | — | 817 | N/A | — | 0 | |||||||||||||||||||||||||||||
Total costs and expenses | 1,130,847 | 1,270,323 | (139,476) | (11) | 93 | 113 | |||||||||||||||||||||||||||||
Loss on extinguishment of debt | (1,403) | — | (1,403) | N/A | — | 0 | |||||||||||||||||||||||||||||
Other income | 2,439 | 9,593 | (7,154) | (75) | — | 1 | |||||||||||||||||||||||||||||
Interest expense | (39,555) | (37,592) | (1,963) | (5) | (3) | (3) | |||||||||||||||||||||||||||||
Income tax benefit | 2,890 | 9,228 | (6,338) | (69) | — | 1 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash Flow Data: | |||||||||||
Net cash provided by operating activities | $ | 241,658 | $ | 301,990 | |||||||
Net cash provided by investing activities | 904,334 | 254,341 | |||||||||
Net cash provided by (used in) financing activities | 597,548 | (163,102) |
Payments Due By Period | |||||||||||||||||||||||||||||
Total | Less Than 1 Year | 1-3 Years | 3-5 Years | More Than 5 Years | |||||||||||||||||||||||||
2024 Notes (1) | $ | 622,382 | $ | — | $ | — | $ | 622,382 | $ | — | |||||||||||||||||||
Interest on 2024 Notes (2) | 15,949 | 4,668 | 9,336 | 1,945 | — | ||||||||||||||||||||||||
Homes segment credit facilities (3) | 398,836 | 398,836 | — | — | — | ||||||||||||||||||||||||
Mortgages segment credit facilities (4) | 263,339 | 263,339 | — | — | — | ||||||||||||||||||||||||
Homes under contract (5) | 511,253 | 511,253 | — | — | — | ||||||||||||||||||||||||
Total contractual obligations | $ | 1,811,759 | $ | 1,178,096 | $ | 9,336 | $ | 624,327 | $ | — | |||||||||||||||||||
____________________ (1) The aggregate principal amount of the 2024 Notes is due on September 1, 2024 if not earlier converted or redeemed. (2) The stated interest rate on the 2024 Notes is 0.75%. (3) Includes principal amounts due for amounts borrowed under the credit facilities used to provide capital for our Zillow Offers business. Amounts exclude an immaterial amount of estimated interest payments. (4) Includes principal amounts due for amounts borrowed under the warehouse line of credit and master repurchase agreements to finance mortgages originated through Zillow Home Loans. Amounts exclude an immaterial amount of estimated interest payments. (5) We have obligations to purchase homes under contract through our Zillow Offers business. |
Maturity Date | Aggregate Principal Amount | Stated Interest Rate | ||||||||||||
September 1, 2026 | $ | 498,800 | 1.375 | % | ||||||||||
May 15, 2025 | 565,000 | 2.75 | % | |||||||||||
September 1, 2024 | 622,382 | 0.75 | % | |||||||||||
July 1, 2023 | 372,825 | 1.50 | % | |||||||||||
$ | 2,059,007 |
Exhibit Number | Description | |||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document). | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
104 | Cover Page Interactive Data File (embedded within the inline XBRL document). |
Dated: May 4, 2021 | ZILLOW GROUP, INC. | ||||||||||
By: | /s/ JENNIFER ROCK | ||||||||||
Name: | Jennifer Rock | ||||||||||
Title: | Chief Accounting Officer |
By: | /s/ RICHARD BARTON | |||||||
Name: | Richard Barton | |||||||
Title: | Chief Executive Officer | |||||||
Date: | May 4, 2021 |
By: | /s/ ALLEN PARKER | |||||||
Name: | Allen Parker | |||||||
Title: | Chief Financial Officer | |||||||
Date: | May 4, 2021 |
By: | /s/ RICHARD BARTON | |||||||
Name: | Richard Barton | |||||||
Title: | Chief Executive Officer | |||||||
Date: | May 4, 2021 |
By: | /s/ ALLEN PARKER | |||||||
Name: | Allen Parker | |||||||
Title: | Chief Financial Officer | |||||||
Date: | May 4, 2021 |
Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Amortization of website development costs and intangible assets included in technology and development | $ 12,900 | $ 11,800 |
Technology and Development | ||
Amortization of website development costs and intangible assets included in technology and development | $ 20,838 | $ 17,184 |
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 51,964 | $ (163,273) |
Other comprehensive income: | ||
Unrealized gains on investments | 261 | 3,602 |
Reclassification adjustment for net investment gains included in net income (loss) | 0 | 434 |
Net unrealized gains on investments | 261 | 4,036 |
Currency translation adjustments | 29 | (90) |
Total other comprehensive income | 290 | 3,946 |
Comprehensive income (loss) | $ 52,254 | $ (159,327) |
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 | 209,066,855,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of common and capital stock upon exercise of stock options | 92,202 | $ 1 | 92,201 | |||||
Issuance of common and capital stock upon exercise of stock options (in shares) | 3,207,375,000 | |||||||
Vesting of restricted stock units (in shares) | 638,909,000 | |||||||
Share-based compensation expense | 47,465 | 47,465 | ||||||
Net income (loss) | (163,273) | (163,273) | ||||||
Other comprehensive income | 3,946 | 3,946 | ||||||
Ending Balance at Mar. 31, 2020 | 3,415,761 | $ 22 | 4,551,866 | (1,140,413) | 4,286 | |||
Ending Balance (in shares) at Mar. 31, 2020 | 212,913,139,000 | |||||||
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 | $ 61,149 | $ 0 | 61,149 | |||||
Issuance of common and capital stock upon exercise of stock options (in shares) | 1,602,896 | 1,602,896 | ||||||
Vesting of restricted stock units (in shares) | 813,471 | |||||||
Restricted stock units withheld for tax liability (in shares) | (622) | |||||||
Restricted stock units withheld for tax liability | $ (124) | (124) | ||||||
Share-based compensation expense | 67,386 | 67,386 | ||||||
Issuance of Class C capital stock in connection with equity offering, net of issuance costs of $6,054 | 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 | |||||||
Conversion of convertible senior notes | $ 42,999 | $ 42,999 | ||||||
Conversion of convertible senior notes (in shares) | 1,202,720 | |||||||
Unwind capped call transactions (in shares) | (25) | |||||||
Net income (loss) | 51,964 | 51,964 | ||||||
Other comprehensive income | 290 | 290 | ||||||
Ending Balance at Mar. 31, 2021 | $ 5,510,038 | $ 25 | $ 6,596,850 | $ (1,087,291) | $ 454 | |||
Ending Balance (in shares) at Mar. 31, 2021 | 247,307,862 |
Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
| |
Statement of Stockholders' Equity [Abstract] | |
Capital stock, issuance costs | $ 6,054 |
Condensed Consolidated Statements of Cash Flows - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Operating activities | ||
Net income (loss) | $ 51,964,000 | $ (163,273,000) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization expense | 28,899,000 | 29,026,000 |
Share-based compensation expense | 63,673,000 | 43,795,000 |
Amortization of right of use assets | 7,350,000 | 6,465,000 |
Amortization of contract cost assets | 10,130,000 | 8,415,000 |
Amortization of debt discount and debt issuance costs | 25,271,000 | 22,547,000 |
Loss on extinguishment of debt | 1,403,000 | 0 |
Impairment costs | 0 | 76,800,000 |
Deferred income taxes | (2,890,000) | (9,228,000) |
Loss on disposal of property and equipment and other assets | 4,418,000 | 1,952,000 |
Credit loss expense | 128,000 | 558,000 |
Net loss on investment securities | 0 | 434,000 |
Amortization (accretion) of bond premium (discount) | 4,014,000 | (473,000) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (12,649,000) | (5,335,000) |
Mortgage loans held for sale | 56,439,000 | (341,000) |
Inventory | 18,893,000 | 302,593,000 |
Prepaid expenses and other assets | (28,643,000) | (2,916,000) |
Contract cost assets | (9,593,000) | (9,771,000) |
Lease liabilities | (6,806,000) | (1,625,000) |
Accounts payable | (2,235,000) | 7,673,000 |
Accrued expenses and other current liabilities | 24,889,000 | 4,588,000 |
Accrued compensation and benefits | 2,178,000 | (4,967,000) |
Deferred revenue | 5,197,000 | (4,400,000) |
Other long-term liabilities | (372,000) | (527,000) |
Net cash provided by operating activities | 241,658,000 | 301,990,000 |
Investing activities | ||
Proceeds from maturities of investments | 920,304,000 | 296,272,000 |
Proceeds from sales of investments | 0 | 53,997,000 |
Purchases of investments | 0 | (58,459,000) |
Purchases of property and equipment | (11,485,000) | (32,966,000) |
Purchases of intangible assets | (4,485,000) | (4,503,000) |
Net cash provided by investing activities | 904,334,000 | 254,341,000 |
Financing activities | ||
Proceeds from issuance of Class C capital stock, net of issuance costs | 544,557,000 | 0 |
Proceeds from borrowings on credit facilities | 126,010,000 | 34,460,000 |
Repayments of borrowings on credit facilities | (88,340,000) | (294,150,000) |
Net borrowings (repayments) on warehouse line of credit and repurchase agreements | (45,704,000) | 4,386,000 |
Proceeds from exercise of stock options | 61,149,000 | 92,202,000 |
Value of equity awards withheld for tax liability | (124,000) | 0 |
Net cash provided by (used in) financing activities | 597,548,000 | (163,102,000) |
Net increase in cash, cash equivalents and restricted cash during period | 1,743,540,000 | 393,229,000 |
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 | 3,522,475,000 | 1,624,138,000 |
Supplemental disclosures of cash flow information | ||
Cash paid for interest | 14,191,000 | 17,038,000 |
Noncash transactions: | ||
Capitalized share-based compensation | 3,713,000 | 3,670,000 |
Write-off of fully depreciated property and equipment | 11,603,000 | 4,143,000 |
Write-off of fully amortized intangible assets | 1,300,000 | 0 |
Property and equipment purchased on account | $ 905,000 | $ 9,445,000 |
Organization and Description of Business |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Organization and Description of Business | Organization and Description of Business Zillow Group, Inc. is reimagining real estate to make it easier to unlock life’s next chapter. As the most visited real estate website in the United States, Zillow and its affiliates 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 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 the applicable waiting period under the Hart-Scott-Rodino Act; 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 market; 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.
|
Summary of Significant Accounting Policies |
3 Months Ended |
---|---|
Mar. 31, 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 March 31, 2021 and our results of operations, comprehensive income (loss), shareholders’ equity and cash flows for the three months ended March 31, 2021 and 2020. The results for the three months ended March 31, 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. 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 significant additional uncertainty with respect to estimates, judgments and assumptions, which may materially impact the estimates previously listed, among others. Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued guidance which is intended to simplify the accounting for income taxes. It removes certain exceptions to the general principles and clarifies and amends existing guidance to improve consistent application. This guidance is effective for interim and annual periods beginning after December 15, 2020, and early adoption is permitted. We adopted this guidance on January 1, 2021. The method of adoption for this guidance varies based on the amendment, however the relevant amendments have been applied on a prospective basis. The adoption of this guidance did not have a material impact on our financial position, results of operations or cash flows. Recently Issued Accounting Standards Not Yet Adopted In August 2020, the FASB issued guidance which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. Among other changes, the guidance removes the liability and equity separation models for convertible instruments. Instead, entities will account for convertible debt instruments wholly as debt unless convertible instruments contain features that require bifurcation as a derivative or that result in substantial premiums accounted for as paid-in capital. The guidance also requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share. The guidance is effective for fiscal years beginning after December 15, 2021, with early adoption permitted for fiscal years beginning after December 15, 2020, and can be adopted on either a retrospective or modified retrospective basis. We 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, results of operations and cash flows, 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 |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements We applied 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 borrowed on the credit facilities are outstanding 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:
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 are 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):
The following table presents the changes in our IRLCs during the three months ended March 31, 2021 (in thousands):
At March 31, 2021, the notional amounts of the hedging instruments related to our mortgage loans held for sale were $336.2 million and $560.0 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.
|
Cash and Cash Equivalents, Short-term Investments and Restricted Cash |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 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 Cash 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):
All short-term investments as of March 31, 2021 have a contractual maturity date of one year or less.
|
Inventory |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory | Inventory The following table presents the components of inventory, net of applicable lower of cost or net realizable value adjustments, as of the dates presented (in thousands):
|
Contract Balances |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Contract Balances | Contract Balances Contract assets were $34.3 million and $20.8 million as of March 31, 2021 and December 31, 2020, respectively. Contract assets are recorded within prepaids and other current assets in our condensed consolidated balance sheets. For the three months ended March 31, 2021 and 2020, we recognized revenue of $46.5 million and $36.0 million, respectively, that was included in the deferred revenue balance at the beginning of the related period. Contract Cost AssetsAs of March 31, 2021 and December 31, 2020, we had $50.2 million and $50.7 million, respectively, of contract cost assets. During the three months ended March 31, 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 $8.4 million during the three months ended March 31, 2021 and 2020, respectively.
|
Contract Cost Assets |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Contract Cost Assets | Contract Balances Contract assets were $34.3 million and $20.8 million as of March 31, 2021 and December 31, 2020, respectively. Contract assets are recorded within prepaids and other current assets in our condensed consolidated balance sheets. For the three months ended March 31, 2021 and 2020, we recognized revenue of $46.5 million and $36.0 million, respectively, that was included in the deferred revenue balance at the beginning of the related period. Contract Cost AssetsAs of March 31, 2021 and December 31, 2020, we had $50.2 million and $50.7 million, respectively, of contract cost assets. During the three months ended March 31, 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 $8.4 million during the three months ended March 31, 2021 and 2020, respectively.
|
Property and Equipment, net |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment, net | Property and Equipment, net The following table presents the detail of property and equipment as of the dates presented (in thousands):
We recorded depreciation expense related to property and equipment (other than website development costs) of $7.9 million and $11.8 million during the three months ended March 31, 2021 and 2020, respectively. We capitalized $12.4 million and $12.5 million in website development costs during the three months ended March 31, 2021 and 2020, respectively. Amortization expense for website development costs included in technology and development expenses was $8.0 million and $5.4 million during the three months ended March 31, 2021 and 2020, respectively.
|
Equity Investment |
3 Months Ended |
---|---|
Mar. 31, 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 three months ended March 31, 2020. We sold our 10% equity interest in June 2020. |
Intangible Assets, net |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 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):
Amortization expense recorded for intangible assets for the three months ended March 31, 2021 and 2020 was $12.9 million and $11.8 million, respectively. These amounts are included in technology and development expenses. We did not record any impairment costs related to our intangible assets for the three months ended March 31, 2021. During the three months ended March 31, 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 will be 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. The carrying value of the Trulia trade names and trademarks intangible asset was $31.4 million and $32.7 million as of March 31, 2021 and December 31, 2020, respectively. 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.
|
Debt |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt The following table presents the carrying values of Zillow Group’s debt as of the dates presented (in thousands):
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. The following table summarizes certain details related to our credit facilities (in thousands, except interest rates):
On January 6, 2021, certain wholly owned subsidiaries of Zillow Group amended the Credit Suisse AG, Cayman Islands credit agreement previously maturing on July 31, 2021 such that it now matures on December 31, 2022. 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. On February 23, 2021, certain wholly owned subsidiaries of Zillow Group amended and restated the Citibank, N.A. credit agreement 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 special purpose entities 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 March 31, 2021 and December 31, 2020, the total assets of the SPEs and titling trust were $573.6 million and $551.2 million, respectively, of which $471.9 million and $491.3 million are inventory, respectively, $83.2 million and $53.0 million are restricted cash, respectively, and $16.4 million and $3.9 million are accounts receivable, respectively. As of March 31, 2021 and December 31, 2020, the total liabilities of the SPEs and titling trust were $411.6 million and $372.5 million, respectively, of which $398.8 million and $361.2 million are credit facility borrowings, respectively, and $9.9 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 include a LIBOR floor, as defined in the respective credit agreements. Our credit facilities include customary representations and warranties, provisions regarding events of default and covenants. The terms of these credit facilities and related financing documents require Zillow Group and certain of its subsidiaries, as applicable, to comply with a number of customary financial and other covenants, such as maintaining certain levels of liquidity, tangible net worth and leverage ratios. As of March 31, 2021, Zillow Group was in compliance with all financial covenants and no event of default had occurred. Except for certain limited circumstances, the credit facilities are non-recourse to Zillow Group. Our credit facilities require that we establish, maintain and in certain circumstances that Zillow Group fund specified reserve accounts. These reserve accounts include, but are not limited to, interest reserves, insurance reserves, tax reserves, renovation cost reserves and reserves for specially permitted liens. 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):
On March 19, 2021, Zillow Home Loans amended its Credit Suisse AG, Cayman Islands (“Credit Suisse”) master repurchase agreement to increase the uncommitted total maximum borrowing capacity to $300.0 million with a maturity date of March 18, 2022. The repurchase agreement with Citibank, N.A. includes a committed amount of $25.0 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 March 31, 2021 and December 31, 2020, $189.9 million and $240.1 million, respectively, in mortgage loans held for sale were pledged as collateral under the master repurchase agreements. On February 4, 2021, Zillow Home Loans amended its Comerica Bank warehouse line of credit to increase the total maximum borrowing capacity to $100.0 million with a maturity date of June 26, 2021. The warehouse line of credit with Comerica Bank is committed. 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 March 31, 2021, Zillow Home Loans was in compliance with all financial covenants and no event of default had occurred. The repurchase agreements and warehouse line of credit are recourse to Zillow Home Loans, and have no recourse to Zillow Group or any of its other subsidiaries. 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):
The convertible notes are senior unsecured obligations and are classified as long-term debt in our condensed consolidated balance sheets based on their contractual maturity dates. Interest on the convertible notes is paid semi-annually in arrears. The estimated fair value of the convertible senior notes 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. The convertible senior notes maturing in 2026 (“2026 Notes”), 2025 (“2025 Notes”), 2024 (“2024 Notes”) and 2023 (“2023 Notes”) (together, the “Notes”) are convertible into cash, shares of Class C capital stock or a combination thereof, at our election, and may be settled as described below. The Notes will mature on their respective maturity date, unless earlier repurchased, redeemed or converted in accordance with their terms. The following table summarizes the conversion and redemption options with respect to the Notes:
The following table summarizes certain details related to the capped call confirmations with respect to certain of the convertible senior notes:
Each series of the Notes was convertible during the three months ended March 31, 2021, at the option of the holders. The following table summarizes the conversion activity for the Notes for the period presented (in thousands, except for share amounts):
For more than 20 trading days during the 30 consecutive trading days ended March 31, 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 April 1 through June 30, 2021. 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.
|
Income Taxes |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We are subject to federal and state income taxes in the U.S. and federal and provincial income taxes in Canada. As of March 31, 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. Therefore, no material current tax liability or expense has been recorded in the condensed consolidated financial statements. 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 an income tax benefit of $2.9 million for the three months ended March 31, 2021, primarily related to state income taxes. We recorded an income tax benefit of $9.2 million for the three months ended March 31, 2020 primarily as 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.
|
Shareholders' Equity |
3 Months Ended | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||
Shareholders' Equity | Shareholders’ Equity Preferred Stock Our board of directors has the authority to fix and determine and to amend the number of shares of any series of preferred stock that is wholly unissued or to be established and to fix and determine and to amend the designation, preferences, voting powers and limitations and the relative, participating, optional or other rights, of any series of shares of preferred stock that is wholly unissued or to be established, subject in each case to certain approval rights of holders of our outstanding Class B common stock. There was no preferred stock issued and outstanding as of March 31, 2021 or December 31, 2020. Common and Capital Stock Our Class A common stock has no preferences or privileges and is not redeemable. Holders of Class A common stock are entitled to one vote for each share. Our Class B common stock has no preferences or privileges and is not redeemable. At any time after the date of issuance, each share of Class B common stock, at the option of the holder, may be converted into one share of Class A common stock, or automatically converted into Class A common stock upon the affirmative vote by or written consent of holders of a majority of the shares of the Class B common stock. Holders of Class B common stock are entitled to 10 votes for each share. Our Class C capital stock has no preferences or privileges, is not redeemable and, except in limited circumstances, is non-voting. Equity Distribution Agreement On February 17, 2021, we entered into an equity distribution agreement with certain sales agents and/or principals (the “Managers”), pursuant to which we may offer and sell from time to time, through the Managers, shares of our Class C capital stock, having an aggregate gross sales price of up to $1.0 billion, in such share amounts as we may specify by notice to the Managers, in accordance with the terms and conditions set forth in the equity distribution agreement. The following table summarizes the activity pursuant to the equity distribution agreement for the period presented (in thousands, except share and per share amounts):
(1) Net proceeds were $544.6 million after deducting $6.1 million of commissions and other offering expenses incurred.
|
Share-Based Awards |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Awards | Share-Based Awards Option Awards The following table summarizes option award activity for the three months ended March 31, 2021:
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:
As of March 31, 2021, there was a total of $638.0 million in unrecognized compensation cost related to unvested stock options. Restricted Stock Units The following table summarizes activity for restricted stock units for the three months ended March 31, 2021:
As of March 31, 2021, there was a total of $411.1 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):
|
Net Income (Loss) Per Share |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 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 March 31, 2021 (in thousands, except per share amounts):
For the periods presented, the following table reconciles the denominators used in the basic and diluted net income (loss) per share calculations (in thousands):
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):
|
Commitments and Contingencies |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Interest Rate Lock Commitments We have entered into IRLCs with prospective borrowers under our mortgage origination business whereby we commit to lend a certain loan amount under specific terms and at a specific interest rate to the borrower. These commitments are treated as derivatives and are carried at fair value. For additional information regarding our IRLCs, see Note 3 of our Notes to Condensed Consolidated Financial Statements of this Quarterly Report on Form 10-Q. 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 March 31, 2021, the value of homes under contract that have not closed was $511.3 million. Letters of Credit As of March 31, 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 $10.4 million and $10.1 million, respectively, as of March 31, 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 March 31, 2021 or December 31, 2020. In July 2015, VHT, Inc. (“VHT”) filed a complaint against us in the U.S. District Court for the Western District of Washington alleging copyright infringement of VHT’s images on the Zillow Digs site. In January 2016, VHT filed an amended complaint alleging copyright infringement of VHT’s images on the Zillow Digs site as well as the Zillow listing site. In December 2016, the court granted a motion for partial summary judgment that dismissed VHT’s claims with respect to the Zillow listing site. On February 9, 2017, a jury trial returned a verdict finding that the Company had infringed VHT’s copyrights in images displayed or saved to the Digs site. The jury awarded VHT $79,875 in actual damages and approximately $8.2 million in statutory damages. On June 20, 2017, the District Court granted certain of our post-trial motions, finding that VHT failed to present sufficient evidence to prove direct copyright infringement for a portion of the images, reducing the total damages to approximately $4.1 million. On March 15, 2019, after we filed an appeal with the Ninth Circuit Court of Appeals seeking review of the final judgment and certain prior rulings entered by the District Court, the Ninth Circuit Court of Appeals issued an opinion that, among other things, (i) affirmed the District Court’s grant of summary judgment in favor of Zillow on direct infringement of images on Zillow’s listing site, (ii) affirmed the district court’s grant in favor of Zillow of judgment notwithstanding the verdict on certain images that were displayed on the Zillow Digs site, (iii) remanded consideration of the issue whether VHT’s images on the Zillow Digs site were part of a compilation or individual photos, and (iv) vacated the jury’s finding of willful infringement. On October 7, 2019, the U.S. Supreme Court denied VHT’s petition for writ of certiorari seeking review of certain rulings by the Ninth Circuit Court of Appeals. On December 6, 2019, the Company filed a motion for summary judgment with the District Court seeking a ruling that VHT’s images are a compilation, or in the alternative, seeking a dismissal of the case based on a recent U.S. Supreme Court ruling. On May 8, 2020, the District Court denied the Company’s motion for summary judgment and granted VHT’s motion for summary judgment on the issue of whether the remaining photos were a compilation. On March 10, 2021, the District Court ordered a new trial relating to 2,700 images that the jury previously found that the Company had willfully infringed, and for which the court did not enter judgment, on the question of (i) whether the Company’s infringement was innocent, and (2) statutory damages. A trial date has been scheduled during the third quarter of 2021. We do not believe there is a reasonable possibility that a material loss will be incurred related to this lawsuit. 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 defendants intend to deny the allegations of wrongdoing and 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 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. 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. 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. 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.
|
Employee Benefit Plan |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | Employee Benefit PlanWe have a defined contribution 401(k) retirement plan covering Zillow Group employees who have met certain eligibility requirements (the “Zillow Group 401(k) Plan”). Eligible employees may contribute 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 $7.7 million and $6.4 million, respectively, for the three months ended March 31, 2021 and 2020. |
Segment Information and Revenue |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information and Revenue | Segment Information and Revenue We have three operating and reportable segments, which have been identified based on the way in which our chief operating decision-maker manages our business, makes operating decisions and evaluates operating performance. The chief executive officer acts as the chief operating decision-maker and reviews financial and operational information for the Homes, 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 table for the periods presented (in thousands):
(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):
(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):
Certain corporate items are not directly attributable to any of our segments, including the 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.
|
Subsequent Events |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Acquisition of ShowingTime.com, Inc. As previously disclosed, in February 2021, we entered into a definitive agreement to acquire ShowingTime.com, Inc. (“ShowingTime”), a real estate showing software provider, for $500.0 million in cash, subject to certain adjustments, payable upon the closing of the acquisition. On April 19, 2021, each of Zillow Group and ShowingTime received a request from the U.S. Federal Trade Commission (the “FTC”) for additional information and documentary material (commonly referred to as a “Second Request”) pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”) in connection with our proposed acquisition of ShowingTime. The FTC’s Second Request extends the waiting period imposed under the HSR Act until 30 days after both Zillow Group and ShowingTime have substantially complied with the Second Request, unless the waiting period is terminated earlier by the FTC or voluntarily extended through an agreement among Zillow Group, ShowingTime and the FTC. We continue to cooperate with the FTC in its review of the proposed acquisition. Amendment of Credit Facility Agreements 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. The credit facility will continue to be classified within current liabilities in our condensed consolidated balance sheets. 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 maturity date to October 21, 2022. The credit facility will continue to be classified within current liabilities in our condensed consolidated balance sheets.
|
Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
---|---|
Mar. 31, 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 March 31, 2021 and our results of operations, comprehensive income (loss), shareholders’ equity and cash flows for the three months ended March 31, 2021 and 2020. The results for the three months ended March 31, 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.
|
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 significant additional uncertainty with respect to estimates, judgments and assumptions, which may materially impact the estimates previously listed, among others.
|
Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted | Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued guidance which is intended to simplify the accounting for income taxes. It removes certain exceptions to the general principles and clarifies and amends existing guidance to improve consistent application. This guidance is effective for interim and annual periods beginning after December 15, 2020, and early adoption is permitted. We adopted this guidance on January 1, 2021. The method of adoption for this guidance varies based on the amendment, however the relevant amendments have been applied on a prospective basis. The adoption of this guidance did not have a material impact on our financial position, results of operations or cash flows. Recently Issued Accounting Standards Not Yet Adopted In August 2020, the FASB issued guidance which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. Among other changes, the guidance removes the liability and equity separation models for convertible instruments. Instead, entities will account for convertible debt instruments wholly as debt unless convertible instruments contain features that require bifurcation as a derivative or that result in substantial premiums accounted for as paid-in capital. The guidance also requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share. The guidance is effective for fiscal years beginning after December 15, 2021, with early adoption permitted for fiscal years beginning after December 15, 2020, and can be adopted on either a retrospective or modified retrospective basis. We 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, results of operations and cash flows, 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 applied 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 borrowed on the credit facilities are outstanding 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 are 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.
|
Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement Inputs and Valuation Techniques | The following table presents the range and weighted-average pull-through rates used in determining the fair value of IRLCs as of the dates presented:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in IRLCs | The following table presents the changes in our IRLCs during the three months ended March 31, 2021 (in thousands):
|
Cash and Cash Equivalents, Short-term Investments and Restricted Cash (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Market Value of Cash and Cash Equivalents and Available-for-Sale Investments | The following tables present the amortized cost, gross unrealized gains and losses and estimated fair market value of our cash and cash equivalents, short-term investments and restricted cash as of the dates presented (in thousands):
|
Inventory (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Inventory | The following table presents the components of inventory, net of applicable lower of cost or net realizable value adjustments, as of the dates presented (in thousands):
|
Property and Equipment, net (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Detail of Property and Equipment | The following table presents the detail of property and equipment as of the dates presented (in thousands):
|
Intangible Assets, net (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 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):
|
Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Carrying Value of Debt | The following table presents the carrying values of Zillow Group’s debt as of the dates presented (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
The following table summarizes the conversion and redemption options with respect to the Notes:
The following table summarizes certain details related to the capped call confirmations with respect to certain of the convertible senior notes:
Each series of the Notes was convertible during the three months ended March 31, 2021, at the option of the holders. The following table summarizes the conversion activity for the Notes for the period presented (in thousands, except for share amounts):
|
Shareholders' Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 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):
(1) Net proceeds were $544.6 million after deducting $6.1 million of commissions and other offering expenses incurred.
|
Share-Based Awards (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Option Award Activity | The following table summarizes option award activity for the three months ended March 31, 2021:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Restricted Stock Units Activity | The following table summarizes activity for restricted stock units for the three months ended March 31, 2021:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
|
Net Income (Loss) Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table presents the maximum number of shares and conversion price per share of Class C capital stock for each of the Notes based on the aggregate principal amount outstanding as of March 31, 2021 (in thousands, except per share amounts):
For the periods presented, the following table reconciles the denominators used in the basic and diluted net income (loss) per share calculations (in thousands):
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):
|
Segment Information and Revenue (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Categories | This information is included in the following table for the periods presented (in thousands):
(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):
(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):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
|
Fair Value Measurements - Fair Value Measurement Inputs and Valuation Techniques (Details) - IRLCs - Not Designated as Hedging Instrument |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value rates, IRLCs | 0.50 | 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 | 0.81 | 0.75 |
Fair Value Measurements - Fair Value of Cash Equivalents and Investments (Detail) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash | $ 120,713 | $ 75,805 |
Mortgage loans held for sale | 274,319 | 330,758 |
Fair Value, Net Asset (Liability), Total | 4,773,190 | 4,124,017 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash | 120,713 | 75,805 |
Mortgage loans held for sale | 0 | 0 |
Fair Value, Net Asset (Liability), Total | 3,194,888 | 1,562,189 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash | 0 | 0 |
Mortgage loans held for sale | 274,319 | 330,758 |
Fair Value, Net Asset (Liability), Total | 1,573,300 | 2,549,486 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Fair Value, Net Asset (Liability), Total | 5,002 | 12,342 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 3,074,175 | 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 |
Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 3,228 | |
Short-term investments | 6,044 | 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 |
U. S. government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 988,774 | 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 | 298,984 | 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 |
Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 249 | 498 |
Certificates of deposit | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 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 | 0 |
IRLCs | Not Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 5,002 | 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 | 5,002 | 12,342 |
Forward contracts | Not Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 4,946 | |
Derivative liability | (16) | (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 | 4,946 | |
Derivative liability | (16) | (2,608) |
Forward contracts | Level 3 | Not Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | |
Derivative liability | $ 0 | $ 0 |
Fair Value Measurements - Schedule of Changes in IRLCs (Details) - IRLCs - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Derivative Asset, Rollforward [Roll Forward] | ||
Balance, beginning of the period | $ 12,342 | $ 937 |
Issuances | 18,301 | 5,208 |
Transfers | (24,398) | (5,349) |
Fair value changes recognized in earnings | (1,243) | 1,429 |
Balance, end of period | $ 5,002 | $ 2,225 |
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Mortgage Loans Held For Sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notional amount | $ 336.2 | $ 378.1 |
IRLCs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notional amount | $ 560.0 | $ 652.1 |
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 |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Cash and Cash Equivalents, at Carrying Value [Abstract] | ||
Cash and cash equivalents | $ 3,401,762 | $ 1,703,130 |
Short-term investments: | ||
Gross Unrealized Gains | 334 | 122 |
Gross Unrealized Losses | (9) | (59) |
Restricted cash | 120,713 | 75,805 |
Cash, cash equivalents, short-term investments, and restricted cash, amortized cost | 4,816,201 | 3,996,980 |
Cash, cash equivalents, short-term investments, and restricted cash, estimated fair market value | 4,816,526 | 3,997,043 |
U. S. government agency securities | ||
Short-term investments: | ||
Amortized Cost | 988,478 | |
Gross Unrealized Gains | 303 | |
Gross Unrealized Losses | (7) | |
Estimated Fair Market Value | 988,774 | 1,037,577 |
Treasury bills | ||
Short-term investments: | ||
Amortized Cost | 298,953 | 1,163,748 |
Gross Unrealized Gains | 31 | 65 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Market Value | 298,984 | 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 | 6,046 | 16,226 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (2) | (6) |
Estimated Fair Market Value | 6,044 | 16,220 |
Certificates of deposit | ||
Short-term investments: | ||
Amortized Cost | 249 | 498 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Market Value | 249 | 498 |
Cash | ||
Cash and Cash Equivalents, at Carrying Value [Abstract] | ||
Cash and cash equivalents | 327,587 | 213,518 |
Money market funds | ||
Cash and Cash Equivalents, at Carrying Value [Abstract] | ||
Cash and cash equivalents | $ 3,074,175 | 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 |
Inventory (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished goods | $ 341,887 | $ 339,372 |
Work-in-process | 130,510 | 151,921 |
Inventory | $ 472,397 | $ 491,293 |
Contract Balances (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Revenue from Contract with Customer [Abstract] | |||
Contract asset | $ 34.3 | $ 20.8 | |
Revenue recognized, recorded in deferred revenue as of prior period | $ 46.5 | $ 36.0 |
Contract Cost Assets (Details) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Revenue from Contract with Customer [Abstract] | |||
Contract cost assets | $ 50,182,000 | $ 50,719,000 | |
Impairment of contract cost assets | 0 | $ 0 | |
Capitalized contract cost, amortization | $ 10,130,000 | $ 8,415,000 |
Property and Equipment, net - Detail of Property and Equipment (Detail) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 300,926 | $ 309,937 |
Less: accumulated amortization and depreciation | (110,692) | (113,785) |
Property and equipment, net | 190,234 | 196,152 |
Website development costs | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 110,971 | 95,466 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 102,632 | 110,280 |
Office equipment, furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 34,561 | 39,607 |
Construction-in-progress | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 32,553 | 44,151 |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 20,209 | $ 20,433 |
Property and Equipment, net - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Property, Plant and Equipment [Line Items] | ||
Amortization and depreciation expense related to property and equipment other than website development costs | $ 7.9 | $ 11.8 |
Capitalization of website development costs | 12.4 | 12.5 |
Amortization of website development costs and intangible assets included in technology and development | 12.9 | 11.8 |
Technology and development | Software Development | ||
Property, Plant and Equipment [Line Items] | ||
Amortization of website development costs and intangible assets included in technology and development | $ 8.0 | $ 5.4 |
Equity Investment - Narrative (Detail) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2020 |
Mar. 31, 2020 |
Oct. 31, 2016 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Schedule of Equity Method Investments [Line Items] | |||||
Non-cash impairment charge | $ 0 | $ 76,800 | |||
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 |
Intangible Assets, net - Intangible Assets (Detail) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 303,379 | $ 298,472 |
Accumulated Amortization | (215,668) | (203,705) |
Net | 87,711 | 94,767 |
Trade names and trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 36,500 | 36,500 |
Accumulated Amortization | (5,105) | (3,822) |
Net | 31,395 | 32,678 |
Software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 33,764 | 28,515 |
Accumulated Amortization | (13,155) | (11,483) |
Net | 20,609 | 17,032 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 86,064 | 86,064 |
Accumulated Amortization | (73,507) | (70,270) |
Net | 12,557 | 15,794 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 87,600 | 87,600 |
Accumulated Amortization | (76,429) | (73,301) |
Net | 11,171 | 14,299 |
Intangibles-in-progress | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 9,886 | 11,863 |
Accumulated Amortization | 0 | 0 |
Net | 9,886 | 11,863 |
Purchased content | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 49,565 | 47,930 |
Accumulated Amortization | (47,472) | (44,829) |
Net | $ 2,093 | $ 3,101 |
Intangible Assets, net - Additional Information (Detail) - USD ($) |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Indefinite-lived Intangible Assets [Line Items] | |||
Amortization of website development costs and intangible assets included in technology and development | $ 12,900,000 | $ 11,800,000 | |
Non-cash impairment charge | 0 | 76,800,000 | |
Finite-lived intangible assets, net | 87,711,000 | $ 94,767,000 | |
Trade names and trademarks | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets, net | $ 31,395,000 | $ 32,678,000 | |
Trade names and trademarks | Trulia | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Non-cash impairment charge | 71,500,000 | ||
Indefinite-lived intangible asset | 108,000,000.0 | ||
Fair value of the intangible asset | $ 36,500,000 | ||
Useful life | 10 years |
Debt - Schedule of Carrying Value of Debt (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
Total debt | $ 2,259,380 | $ 2,283,732 |
Convertible senior notes | ||
Debt Instrument [Line Items] | ||
Total convertible senior notes | 1,597,205 | 1,613,523 |
Convertible senior notes | 2026 Notes | ||
Debt Instrument [Line Items] | ||
Total convertible senior notes | $ 352,077 | 347,566 |
Stated Interest Rate | 1.375% | |
Convertible senior notes | 2.75% convertible senior notes due 2025 | ||
Debt Instrument [Line Items] | ||
Total convertible senior notes | $ 421,770 | 414,888 |
Stated Interest Rate | 2.75% | |
Convertible senior notes | 2024 Notes | ||
Debt Instrument [Line Items] | ||
Total convertible senior notes | $ 493,044 | 524,273 |
Stated Interest Rate | 0.75% | |
Convertible senior notes | 2023 Notes | ||
Debt Instrument [Line Items] | ||
Total convertible senior notes | $ 330,314 | 326,796 |
Stated Interest Rate | 1.50% | |
Mortgages segment | ||
Debt Instrument [Line Items] | ||
Warehouse line of credit | $ 263,339 | 309,043 |
Line of Credit | Homes segment | ||
Debt Instrument [Line Items] | ||
Short-term debt | 398,836 | 361,166 |
Goldman Sachs Bank USA | Line of Credit | Homes segment | ||
Debt Instrument [Line Items] | ||
Short-term debt | 190,176 | 145,825 |
Citibank, N.A. | Mortgages segment | ||
Debt Instrument [Line Items] | ||
Short-term debt | 50,546 | 90,227 |
Citibank, N.A. | Line of Credit | Homes segment | ||
Debt Instrument [Line Items] | ||
Short-term debt | 109,732 | 87,103 |
Credit Suisse AG, Cayman Islands | Mortgages segment | ||
Debt Instrument [Line Items] | ||
Short-term debt | 132,001 | 149,913 |
Credit Suisse AG, Cayman Islands | Line of Credit | Homes segment | ||
Debt Instrument [Line Items] | ||
Short-term debt | 98,928 | 128,238 |
Comerica Bank | Line of Credit | Mortgages segment | ||
Debt Instrument [Line Items] | ||
Warehouse line of credit | $ 80,792 | $ 68,903 |
Debt - Schedule of Credit Facilities (Details) - Homes segment - Line of Credit |
Mar. 31, 2021
USD ($)
|
---|---|
Debt Instrument [Line Items] | |
Maximum Borrowing Capacity | $ 1,500,000,000 |
Goldman Sachs Bank USA | Final Maturity Date, April 20, 2022 | |
Debt Instrument [Line Items] | |
Maximum Borrowing Capacity | $ 500,000,000 |
Weighted-Average Interest Rate | 3.15% |
Citibank, N.A. | Final Maturity Date, November 30, 2021 | |
Debt Instrument [Line Items] | |
Maximum Borrowing Capacity | $ 500,000,000 |
Weighted-Average Interest Rate | 2.86% |
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 | 2.86% |
Debt - Narrative (Detail) |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2021
USD ($)
day
|
Mar. 19, 2021
USD ($)
|
Feb. 04, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
Debt Instrument [Line Items] | ||||
Assets | $ 8,255,902,000 | $ 7,486,560,000 | ||
Inventory | 472,397,000 | 491,293,000 | ||
Restricted cash | 120,713,000 | 75,805,000 | ||
Accounts receivable, net of allowance for doubtful accounts of $3,460 and $3,427 at March 31, 2021 and December 31, 2020, respectively | 82,461,000 | 69,940,000 | ||
Liabilities | 2,745,864,000 | 2,744,744,000 | ||
Borrowings under credit facilities | 662,175,000 | 670,209,000 | ||
Accrued expenses and other current liabilities | 121,692,000 | 94,487,000 | ||
Variable Interest Entity, Primary Beneficiary | ||||
Debt Instrument [Line Items] | ||||
Assets | 573,600,000 | 551,200,000 | ||
Inventory | 471,900,000 | 491,300,000 | ||
Restricted cash | 83,200,000 | 53,000,000.0 | ||
Accounts receivable, net of allowance for doubtful accounts of $3,460 and $3,427 at March 31, 2021 and December 31, 2020, respectively | 16,400,000 | 3,900,000 | ||
Liabilities | 411,600,000 | 372,500,000 | ||
Borrowings under credit facilities | 398,800,000 | 361,200,000 | ||
Accrued expenses and other current liabilities | $ 9,900,000 | 10,800,000 | ||
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% | |||
Line of Credit | Homes segment | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 1,500,000,000 | |||
Short-term debt | 398,836,000 | 361,166,000 | ||
Line of Credit | Mortgages segment | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 500,000,000 | |||
Comerica Bank | Line of Credit | Mortgages segment | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 100,000,000 | $ 100,000,000.0 | ||
Citibank, N.A. | Mortgages segment | ||||
Debt Instrument [Line Items] | ||||
Short-term debt | 50,546,000 | 90,227,000 | ||
Citibank, N.A. | Line of Credit | Homes segment | ||||
Debt Instrument [Line Items] | ||||
Short-term debt | 109,732,000 | 87,103,000 | ||
Citibank, N.A. | Line of Credit | Mortgages segment | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 100,000,000 | |||
Repurchase agreement, committed amount | $ 25,000,000.0 | |||
Credit Suisse and Citibank, N.A | Mortgages segment | ||||
Debt Instrument [Line Items] | ||||
Short-term debt | $ 189,900,000 | $ 240,100,000 |
Debt - Schedule of Warehouse Lines of Credit (Details) - Line of Credit - Mortgages segment - USD ($) |
Mar. 31, 2021 |
Mar. 19, 2021 |
Feb. 04, 2021 |
---|---|---|---|
Debt Instrument [Line Items] | |||
Maximum Borrowing Capacity | $ 500,000,000 | ||
Credit Suisse AG, Cayman Islands | |||
Debt Instrument [Line Items] | |||
Maximum Borrowing Capacity | $ 300,000,000 | $ 300,000,000.0 | |
Weighted-Average Interest Rate | 2.50% | ||
Citibank, N.A. | |||
Debt Instrument [Line Items] | |||
Maximum Borrowing Capacity | $ 100,000,000 | ||
Weighted-Average Interest Rate | 1.86% | ||
Comerica Bank | |||
Debt Instrument [Line Items] | |||
Maximum Borrowing Capacity | $ 100,000,000 | $ 100,000,000.0 | |
Weighted-Average Interest Rate | 3.01% |
Debt - Schedule of Convertible Senior Notes (Detail) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Debt Instrument [Line Items] | |||
Interest Expense | $ 39,555,000 | $ 37,592,000 | |
Convertible senior notes | |||
Debt Instrument [Line Items] | |||
Aggregate Principal Amount | 2,059,007,000 | ||
Unamortized Debt Discount and Debt Issuance Costs | 461,802,000 | $ 498,227,000 | |
Fair Value | 5,115,146,000 | 5,333,849,000 | |
Contractual Coupon Interest | 8,240,000 | 6,735,000 | |
Amortization of Debt Discount | 24,119,000 | 21,293,000 | |
Amortization of Debt Issuance Costs | 1,152,000 | 1,254,000 | |
Interest Expense | 33,511,000 | 29,282,000 | |
Convertible senior notes | 2026 Notes | |||
Debt Instrument [Line Items] | |||
Aggregate Principal Amount | $ 498,800,000 | ||
Stated Interest Rate | 1.375% | ||
Effective Interest Rate | 8.10% | ||
Unamortized Debt Discount and Debt Issuance Costs | $ 146,723,000 | 152,434,000 | |
Fair Value | 1,476,837,000 | 1,508,675,000 | |
Contractual Coupon Interest | 1,717,000 | 1,719,000 | |
Amortization of Debt Discount | 5,226,000 | 4,824,000 | |
Amortization of Debt Issuance Costs | 128,000 | 118,000 | |
Interest Expense | 7,071,000 | 6,661,000 | |
Convertible senior notes | 2.75% convertible senior notes due 2025 | |||
Debt Instrument [Line Items] | |||
Aggregate Principal Amount | $ 565,000,000 | ||
Stated Interest Rate | 2.75% | ||
Effective Interest Rate | 10.32% | ||
Unamortized Debt Discount and Debt Issuance Costs | $ 143,230,000 | 150,112,000 | |
Fair Value | 1,172,674,000 | 1,168,855,000 | |
Contractual Coupon Interest | 3,884,000 | 0 | |
Amortization of Debt Discount | 6,533,000 | 0 | |
Amortization of Debt Issuance Costs | 349,000 | 0 | |
Interest Expense | 10,766,000 | 0 | |
Convertible senior notes | 2024 Notes | |||
Debt Instrument [Line Items] | |||
Aggregate Principal Amount | $ 622,382,000 | ||
Stated Interest Rate | 0.75% | ||
Effective Interest Rate | 7.69% | ||
Unamortized Debt Discount and Debt Issuance Costs | $ 129,338,000 | 148,727,000 | |
Fair Value | 1,854,113,000 | 2,023,280,000 | |
Contractual Coupon Interest | 1,238,000 | 1,248,000 | |
Amortization of Debt Discount | 8,410,000 | 7,861,000 | |
Amortization of Debt Issuance Costs | 289,000 | 267,000 | |
Interest Expense | 9,937,000 | 9,376,000 | |
Convertible senior notes | 2023 Notes | |||
Debt Instrument [Line Items] | |||
Aggregate Principal Amount | $ 372,825,000 | ||
Stated Interest Rate | 1.50% | ||
Effective Interest Rate | 6.99% | ||
Unamortized Debt Discount and Debt Issuance Costs | $ 42,511,000 | 46,954,000 | |
Fair Value | 611,522,000 | $ 633,039,000 | |
Contractual Coupon Interest | 1,401,000 | 1,402,000 | |
Amortization of Debt Discount | 3,950,000 | 3,697,000 | |
Amortization of Debt Issuance Costs | 386,000 | 361,000 | |
Interest Expense | 5,737,000 | 5,460,000 | |
Convertible senior notes | 2.0% convertible senior notes due 2021 | |||
Debt Instrument [Line Items] | |||
Contractual Coupon Interest | 0 | 2,300,000 | |
Amortization of Debt Discount | 0 | 4,911,000 | |
Amortization of Debt Issuance Costs | 0 | 508,000 | |
Interest Expense | 0 | 7,719,000 | |
Convertible senior notes | 2.75% convertible senior notes due 2020 | |||
Debt Instrument [Line Items] | |||
Contractual Coupon Interest | 0 | 66,000 | |
Amortization of Debt Discount | 0 | 0 | |
Amortization of Debt Issuance Costs | 0 | 0 | |
Interest Expense | $ 0 | $ 66,000 |
Debt - Summary of Conversion and Redemption Options and Details Related to Capped Call Confirmations (Details) - Convertible senior notes |
3 Months Ended |
---|---|
Mar. 31, 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% |
2.75% convertible senior notes due 2025 | |
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% |
2.0% convertible senior notes due 2021 | |
Debt Instrument [Line Items] | |
Initial cap price (usd per share) | $ 69.19 |
Cap Price Premium | 85.00% |
Debt - Summary of Convertible Debt (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Debt Instrument [Line Items] | ||
Loss on extinguishment of debt | $ (1,403) | $ 0 |
Convertible senior notes | ||
Debt Instrument [Line Items] | ||
Aggregate principal amount converted | $ 52,743 | |
Shares of Class C capital stock issued upon conversion (in shares) | 1,202,720,000 | |
Total fair value of consideration transferred | $ 159,772 | |
Consideration allocated to liability component | 42,991 | |
Carrying value of the liability component, net of unamortized debt discount and debt issuance costs | 41,588 | |
Loss on extinguishment of debt | 1,403 | |
Consideration allocated to the equity component | 116,781 | |
2023 Notes | Convertible senior notes | ||
Debt Instrument [Line Items] | ||
Aggregate principal amount converted | $ 925 | |
Shares of Class C capital stock issued upon conversion (in shares) | 11,789,000 | |
Total fair value of consideration transferred | $ 1,643 | |
Consideration allocated to liability component | 841 | |
Carrying value of the liability component, net of unamortized debt discount and debt issuance costs | 818 | |
Loss on extinguishment of debt | 23 | |
Consideration allocated to the equity component | 802 | |
2024 Notes | Convertible senior notes | ||
Debt Instrument [Line Items] | ||
Aggregate principal amount converted | $ 50,618 | |
Shares of Class C capital stock issued upon conversion (in shares) | 1,163,352,000 | |
Total fair value of consideration transferred | $ 153,925 | |
Consideration allocated to liability component | 41,267 | |
Carrying value of the liability component, net of unamortized debt discount and debt issuance costs | 39,927 | |
Loss on extinguishment of debt | 1,340 | |
Consideration allocated to the equity component | 112,658 | |
2026 Notes | Convertible senior notes | ||
Debt Instrument [Line Items] | ||
Aggregate principal amount converted | $ 1,200 | |
Shares of Class C capital stock issued upon conversion (in shares) | 27,579,000 | |
Total fair value of consideration transferred | $ 4,204 | |
Consideration allocated to liability component | 883 | |
Carrying value of the liability component, net of unamortized debt discount and debt issuance costs | 843 | |
Loss on extinguishment of debt | 40 | |
Consideration allocated to the equity component | $ 3,321 |
Income Taxes - Narrative (Detail) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Schedule Of Income Tax [Line Items] | |||
Income tax benefit | $ (2,890,000) | $ (9,228,000) | |
Non-cash impairment charge | $ 0 | 76,800,000 | |
Trulia | |||
Schedule Of Income Tax [Line Items] | |||
Income tax benefit | (9,700,000) | ||
Trulia | Trade names and trademarks | |||
Schedule Of Income Tax [Line Items] | |||
Non-cash impairment charge | $ 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 |
Shareholders' Equity - Additional Information (Detail) |
3 Months Ended | ||
---|---|---|---|
Feb. 17, 2021
USD ($)
|
Mar. 31, 2021
Vote
shares
|
Dec. 31, 2020
shares
|
|
Class of Stock [Line Items] | |||
Preferred stock, issued (in shares) | shares | 0 | 0 | |
Preferred stock, outstanding (in shares) | shares | 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 |
Shareholders' Equity - Summary of Equity Distribution (Details) - Class C Capital Stock - Equity Distribution Agreement $ / shares in Units, $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
$ / shares
shares
| |
Class of Stock [Line Items] | |
Shares of Class C capital stock sold (in shares) | shares | 3,163,502 |
Weighted-average issuance price per share (usd per share) | $ / shares | $ 174.0511 |
Gross proceeds | $ 550,611 |
Net proceeds from sale of stock | 544,600 |
Payments for commissions | $ 6,100 |
Share-Based Awards - Summary of Option Award (Detail) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Number of Shares Subject to Existing Options | ||
Beginning Balance (in shares) | 20,051,051 | |
Granted (in shares) | 8,226,833 | |
Exercised (in shares) | (1,602,896) | |
Forfeited or cancelled (in shares) | (373,388) | |
Ending Balance (in shares) | 26,301,600 | 20,051,051 |
Vested and exercisable (in shares) | 9,411,270 | |
Weighted- Average Exercise Price Per Share | ||
Beginning Balance (usd per share) | $ 42.68 | |
Granted (usd per share) | 133.88 | |
Exercised (usd per share) | 38.15 | |
Forfeited or cancelled (usd per share) | 47.58 | |
Ending Balance (usd per share) | 71.41 | $ 42.68 |
Vested and exercisable (usd per share) | $ 39.23 | |
Weighted- Average Remaining Contractual Life (Years) | ||
Weighted-Average Remaining Contractual Life, Outstanding | 7 years 11 months 26 days | 7 years 2 months 19 days |
Weighted-Average Remaining Contractual Life, Vested and exercisable | 6 years 18 days | |
Aggregate Intrinsic Value | ||
Aggregate Intrinsic Value, Outstanding | $ 1,580,222 | $ 1,751,105 |
Aggregate Intrinsic Value, Vested and exercisable | $ 851,494 |
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 | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected dividend yield | 0.00% | 0.00% |
Weighted-average fair value of options granted (usd per share) | $ 59.74 | $ 20.75 |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 52.00% | 45.00% |
Risk-free interest rate | 0.57% | 0.87% |
Weighted-average expected life | 4 years 6 months | 5 years |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 55.00% | 48.00% |
Risk-free interest rate | 0.90% | 0.93% |
Weighted-average expected life | 5 years 9 months | 5 years 6 months |
Share-Based Awards - Additional Information (Details) $ in Millions |
Mar. 31, 2021
USD ($)
|
---|---|
Option awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized cost of unvested share-based compensation awards | $ 638.0 |
Unvested restricted stock units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total unrecognized compensation cost | $ 411.1 |
Share-Based Awards - Summary of Restricted Stock Units Activity (Detail) - Unvested restricted stock units |
3 Months Ended |
---|---|
Mar. 31, 2021
$ / shares
shares
| |
Restricted Stock Units | |
Beginning balance (in shares) | shares | 7,316,557 |
Granted (in shares) | shares | 930,831 |
Vested (in shares) | shares | (813,471) |
Forfeited (in shares) | shares | (162,972) |
Ending balance (in shares) | shares | 7,270,945 |
Weighted- Average Grant- Date Fair Value | |
Unvested outstanding, beginning balance (usd per share) | $ / shares | $ 48.14 |
Granted (usd per share) | $ / shares | 138.13 |
Vested (usd per share) | $ / shares | 44.96 |
Forfeited (usd per share) | $ / shares | 48.73 |
Unvested outstanding, ending balance (usd per share) | $ / shares | $ 60.01 |
Share-Based Awards - Effects of Share Based Compensation in Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation | $ 63,673 | $ 43,795 |
Cost of revenue | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation | 2,386 | 1,173 |
Sales and marketing | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation | 9,887 | 6,993 |
Technology and development | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation | 26,393 | 18,917 |
General and administrative | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation | $ 25,007 | $ 16,712 |
Net Income (Loss) Per Share - Maximum Number of Shares and Conversion Price (Details) - Convertible senior notes shares in Thousands |
3 Months Ended |
---|---|
Mar. 31, 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 | 14,304 |
Conversion Price per Share (usd per share) | $ / shares | $ 43.51 |
July 1, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Conversion Spread (in shares) | shares | 4,757 |
Conversion Price per Share (usd per share) | $ / shares | $ 78.37 |
Net Income (Loss) Per Share - Schedule of Denominators Used in Basic and Diluted Per Share Calculations (Details) - shares shares in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Denominator for basic calculation (in shares) | 243,234 | 210,674 |
Denominator for dilutive calculation (in shares) | 259,346 | 210,674 |
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) | 12,437 | 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) | 3,675 | 0 |
Net Income (Loss) Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares shares in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 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) | 42,683 | 31,693 |
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) | 2,546 | 23,663 |
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) | 303 | 7,623 |
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 | 407 |
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) | 39,834 | 0 |
Commitments and Contingencies - Additional Information (Detail) |
Mar. 10, 2021
image
|
Jun. 20, 2017
USD ($)
|
Feb. 09, 2017
USD ($)
|
Mar. 31, 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
|
Sep. 30, 2017
claim
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Other Commitments [Line Items] | |||||||||||||
Outstanding letters of credit | $ 16,900,000 | ||||||||||||
Outstanding surety bonds | 10,400,000 | $ 10,100,000 | |||||||||||
Number of infringed images found | image | 2,700 | ||||||||||||
Number of patents infringed | patent | 2 | 3 | 5 | 7 | |||||||||
Number of petitions filed | petition | 4 | ||||||||||||
VHT Vs Zillow Group Inc. | |||||||||||||
Other Commitments [Line Items] | |||||||||||||
Jury awarded damages | $ 4,100,000 | ||||||||||||
VHT Vs Zillow Group Inc. | Actual Damages | |||||||||||||
Other Commitments [Line Items] | |||||||||||||
Jury awarded damages | $ 79,875 | ||||||||||||
VHT Vs Zillow Group Inc. | Statutory Damages | |||||||||||||
Other Commitments [Line Items] | |||||||||||||
Jury awarded damages | $ 8,200,000 | ||||||||||||
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 | $ 511,300,000 |
Employee Benefit Plan - Additional Information (Detail) - Zillow Merger - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 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 | $ 7.7 | $ 6.4 |
Segment Information and Revenue - Additional Information (Detail) |
3 Months Ended |
---|---|
Mar. 31, 2021
Segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Number of operating segments | 3 |
Segment Information and Revenue - Revenue Categories (Detail) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|||
Revenue: | ||||
Total revenue | $ 1,218,440 | $ 1,125,821 | ||
Costs and expenses: | ||||
Cost of revenue | [1] | 687,030 | 761,672 | |
Sales and marketing | 193,593 | 204,648 | ||
Technology and development | 148,856 | 134,918 | ||
General and administrative | 100,551 | 92,285 | ||
Impairment costs | 0 | 76,800 | ||
Acquisition-related costs | 817 | 0 | ||
Total costs and expenses | 1,130,847 | 1,270,323 | ||
Income (loss) from operations | 87,593 | (144,502) | ||
Other income | 2,439 | 9,593 | ||
Interest expense | (39,555) | (37,592) | ||
Income (loss) before income taxes | 49,074 | (172,501) | ||
Homes segment | ||||
Revenue: | ||||
Total revenue | 704,152 | 769,873 | ||
Costs and expenses: | ||||
Cost of revenue | [1] | 640,618 | 732,199 | |
Sales and marketing | 55,025 | 71,589 | ||
Technology and development | 37,139 | 32,538 | ||
General and administrative | 25,532 | 23,421 | ||
Impairment costs | 0 | 0 | ||
Acquisition-related costs | 0 | 0 | ||
Total costs and expenses | 758,314 | 859,747 | ||
Income (loss) from operations | (54,162) | (89,874) | ||
Other income | 0 | 0 | ||
Interest expense | (4,312) | (8,084) | ||
Income (loss) before income taxes | (58,474) | (97,958) | ||
Homes segment | Zillow Offers | ||||
Revenue: | ||||
Total revenue | 700,974 | 769,112 | ||
Homes segment | Premier Agent | ||||
Revenue: | ||||
Total revenue | 0 | 0 | ||
Homes segment | Other | ||||
Revenue: | ||||
Total revenue | 3,178 | 761 | ||
Homes segment | Mortgages | ||||
Revenue: | ||||
Total revenue | 0 | 0 | ||
IMT | ||||
Revenue: | ||||
Total revenue | 446,328 | 330,666 | ||
Costs and expenses: | ||||
Cost of revenue | [1] | 28,016 | 24,318 | |
Sales and marketing | 113,298 | 120,173 | ||
Technology and development | 101,893 | 95,028 | ||
General and administrative | 58,729 | 58,754 | ||
Impairment costs | 0 | 73,900 | ||
Acquisition-related costs | 817 | 0 | ||
Total costs and expenses | 302,753 | 372,173 | ||
Income (loss) from operations | 143,575 | (41,507) | ||
Other income | 0 | 0 | ||
Interest expense | 0 | 0 | ||
Income (loss) before income taxes | 143,575 | (41,507) | ||
IMT | Zillow Offers | ||||
Revenue: | ||||
Total revenue | 0 | 0 | ||
IMT | Premier Agent | ||||
Revenue: | ||||
Total revenue | 334,318 | 242,106 | ||
IMT | Other | ||||
Revenue: | ||||
Total revenue | 112,010 | 88,560 | ||
IMT | Mortgages | ||||
Revenue: | ||||
Total revenue | 0 | 0 | ||
Mortgages segment | ||||
Revenue: | ||||
Total revenue | 67,960 | 25,282 | ||
Costs and expenses: | ||||
Cost of revenue | [1] | 18,396 | 5,155 | |
Sales and marketing | 25,270 | 12,886 | ||
Technology and development | 9,824 | 7,352 | ||
General and administrative | 16,290 | 10,110 | ||
Impairment costs | 0 | 2,900 | ||
Acquisition-related costs | 0 | 0 | ||
Total costs and expenses | 69,780 | 38,403 | ||
Income (loss) from operations | (1,820) | (13,121) | ||
Other income | 1,732 | 202 | ||
Interest expense | (1,732) | (226) | ||
Income (loss) before income taxes | (1,820) | (13,145) | ||
Mortgages segment | Zillow Offers | ||||
Revenue: | ||||
Total revenue | 0 | 0 | ||
Mortgages segment | Premier Agent | ||||
Revenue: | ||||
Total revenue | 0 | 0 | ||
Mortgages segment | Other | ||||
Revenue: | ||||
Total revenue | 0 | 0 | ||
Mortgages segment | Mortgages | ||||
Revenue: | ||||
Total revenue | $ 67,960 | $ 25,282 | ||
|
Segment Information and Revenue - Depreciation and Amortization Expense and Share-based Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Depreciation and amortization expense | $ 28,899 | $ 29,026 |
Share-based compensation expense | 63,673 | 43,795 |
Homes segment | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Depreciation and amortization expense | 4,293 | 3,575 |
Share-based compensation expense | 15,921 | 11,304 |
IMT | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Depreciation and amortization expense | 22,799 | 23,777 |
Share-based compensation expense | 41,392 | 29,547 |
Mortgages segment | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Depreciation and amortization expense | 1,807 | 1,674 |
Share-based compensation expense | $ 6,360 | $ 2,944 |
Segment Information and Revenue - Reconciliation of Segment Gross Profit and Loss (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total segment income (loss) before income taxes | $ 49,074 | $ (172,501) |
Corporate interest expense | (39,555) | (37,592) |
Corporate other income | 2,439 | 9,593 |
Loss on extinguishment of debt | (1,403) | 0 |
Consolidated income (loss) before income taxes | 49,074 | (172,501) |
Operating Segments | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total segment income (loss) before income taxes | 83,281 | (152,610) |
Consolidated income (loss) before income taxes | 83,281 | (152,610) |
Corporate | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Corporate interest expense | (33,511) | (29,282) |
Corporate other income | $ 707 | $ 9,391 |
Subsequent Events - Narrative (Details) $ in Millions |
1 Months Ended |
---|---|
Feb. 28, 2021
USD ($)
| |
ShowingTime.com, Inc. | |
Subsequent Event [Line Items] | |
Payments to Acquire Businesses, Gross | $ 500.0 |
,T52H4 9F@A&8YY4NPI%V4^J7=^]J9D5_SZW?
M<,P4!UDKIL5Q=^%8 T /']SKG;=.V[T&%$IH]M]T!6SUWCZF@QSD-]Y-A[G]-Y^S9
M8\0F:!=J:-_IVV8-29-ADIY59T35>7R5D+M/C+I.'&O#K<,-$D4&U7S<*]8&
MWO W&6[.GP9\CV//B-U$8ZA&@K[Z@C0$3X8)_G.QYAM>6^K]'T,!H "-:MUMO+$:?E5PGKU:=FT-
M-T76"7PR7:-J8>'+C85_<+>L2;I5LA1FG7R%.VZ26?+'S9?D_%_O+N86+N\&
MF5?#I3[WEZ(3EV+)]ZZU:Y/\&RY9'Y\_!]E[[?19^V<:'?"[T!\21MXG-*4$
MT;-\_>EI1 [;AY+Y\=C$>+]OI196M7=];BJKI(D,R_?# >1BFX2K%ND"SP-%PD 2O'H\R9-Q9.0?2?(IRBH)\_NRG-U-,2<>Z;O,
MJ8[%&OL*".3*Y4W%99/WZ\RSU(>&N\;\6N$44>LF)G2Y=<#D:'TTXBVM78/+
MC9@\3S66B3:Z1VZ7&(G.D&"*?1C9P[0JE'V_\%*S2K>8B&(=)<<,-SGMQ1..
M.Q\;T_&K#]+ +ITBT\FKIVB'C6.A!@YK6RJ$$F18<7:#0$7MXWZDQ<;9*FD=
MAOR?(9_.-MLRYG4'G.WEVSZ4C S9N(@=AWV"4ULNFJVS,$W.@'X>A=W4O-_!
M9#@6:Z5U;/_L3PM$9 L@Y>GUD:S7&Q%3P:%KPAD<]A=*6,)CR"
MU)RB]!KRA,^H'K.JQ\*JMU+;;3DA6K-7A
MF;E'!6#;X8!+#"A#F&\U.#\B(DCVUV9A*AN9M(.,4A-0(#E+ALP@*ND/^3XY
M9U\D;#\W16-L(-6\K%&4('29,4N$$$.*&,ZN"]]T.SLB83_:7Z#WQB8<9CN@
M49,^>S86]!V>Q(H/24/8F"@J8D\80IQ!D;!#W>P(6LJ%>
N<)[>RE2LUD=$A@R@ID#8!,9SQ,I_NT.E(*QJ?W^T;2BVAR.WP
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MJANSS-)I%K.18BQ.,;1DJ9,U8/ @A%29O69(1EEOL\$N
MC//LK"S;IE63A0>#=^06&Z5Y@FW+VCA/** R_FSF[)16E8BXL4:M(&.&5B4FZ"
MPU<%O;#X:$K;"MWR3OR\"+ 8SXMRKWW1:T]?T)[1)VM"X^D'4TGU=_T"2 8X
MTP
H7F_
MNE$TF^]0:MYBI[GL0.'B?'(9GEXE5MX)?."XT7MCL);<2_E@)W_4YY/ $D*!
ME;$(C#YKO$8A+!#1^'?$G.R.M(K[XRWZ;\YVLN6>:;R6XB.O37,^*290XX+U
MPMS*S>\XVI-:O$H*[?YA,\@F\02J7AO9CLK$H.7=\&6?QGO84RB"KRA$HT+D
M> \'.9:_,L,NSI3<@++2A&8'SE2G3>1X9YUR9Q3M