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Segment Information and Revenue (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Revenue Categories

This information is included in the following tables for the periods presented (in thousands) and prior period amounts have been recast to conform to the current format (see Note 2 for additional details regarding the reclassifications):

			Three Months Ended June 30, 2021																		Three Months Ended June 30, 2020
			Homes						IMT						Mortgages						Homes						IMT						Mortgages
Revenue:
Zillow Offers			$	772,030					$	—					$	—					$	453,816					$	—					$	—
Premier Agent			—						348,754						—						—						191,962						—
Other			5,115						127,336						—						436						88,377						—
Mortgages			—						—						56,745						—						—						33,761
Total revenue			777,145						476,090						56,745						454,252						280,339						33,761
Cost of revenue (1)			707,522						43,444						20,619						434,900						45,354						7,229
Gross profit			69,623						432,646						36,126						19,352						234,985						26,532
Operating expenses (1):
Sales and marketing			65,791						136,620						27,023						47,539						101,458						11,670
Technology and development			30,328						89,838						8,297						26,155						65,890						5,462
General and administrative			27,824						68,944						18,334						21,891						53,771						9,718
Acquisition-related costs			—						3,671						—						—						—						—
Total operating expenses			123,943						299,073						53,654						95,585						221,119						26,850
Income (loss) from operations			(54,320)						133,573						(17,528)						(76,233)						13,866						(318)
Segment other income			—						—						1,006						—						5,300						385
Segment interest expense			(5,026)						—						(1,163)						(3,825)						—						(307)
Income (loss) before income taxes (2)			$	(59,346)					$	133,573					$	(17,685)					$	(80,058)					$	19,166					$	(240)

			Six Months Ended June 30, 2021																		Six Months Ended June 30, 2020
			Homes						IMT						Mortgages						Homes						IMT						Mortgages
Revenue:
Zillow Offers			$	1,473,004					$	—					$	—					$	1,222,928					$	—					$	—
Premier Agent			—						683,072						—						—						434,068						—
Other			8,293						239,346						—						1,197						176,937						—
Mortgages			—						—						124,705						—						—						59,043
Total revenue			1,481,297						922,418						124,705						1,224,125						611,005						59,043
Cost of revenue (1)			1,352,125						90,481						40,299						1,170,659						95,407						13,815
Gross profit			129,172						831,937						84,406						53,466						515,598						45,228
Operating expenses (1):
Sales and marketing			120,810						254,227						52,352						119,457						225,019						24,635
Technology and development			63,497						168,482						16,785						54,815						131,865						11,308
General and administrative			53,347						127,592						34,617						45,301						112,455						19,824
Impairment costs			—						—						—						—						73,900						2,900
Acquisition-related costs			—						4,488						—						—						—						—
Total operating expenses			237,654						554,789						103,754						219,573						543,239						58,667
Income (loss) from operations			(108,482)						277,148						(19,348)						(166,107)						(27,641)						(13,439)
Segment other income			—						—						2,738						—						5,300						587
Segment interest expense			(9,338)						—						(2,895)						(11,909)						—						(533)
Income (loss) before income taxes (2)			$	(117,820)					$	277,148					$	(19,505)					$	(178,016)					$	(22,341)					$	(13,385)

(1) The following table presents depreciation and amortization expense and share-based compensation expense for each of our segments for the periods presented (in thousands):

			Three Months Ended June 30, 2021																		Three Months Ended June 30, 2020
			Homes						IMT						Mortgages						Homes						IMT						Mortgages
Depreciation and amortization expense			$	4,733					$	22,157					$	2,093					$	2,597					$	22,038					$	1,538
Share-based compensation expense			$	20,495					$	58,362					$	9,538					$	12,728					$	35,958					$	3,665

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

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

			Three Months Ended June 30,												Six Months Ended June 30,
			2021						2020						2021						2020
Total segment income (loss) before income taxes			$	56,542					$	(61,132)					$	139,823					$	(213,742)
Corporate interest expense			(33,241)						(33,458)						(66,752)						(62,740)
Corporate other income			581						4,430						1,288						13,821
Gain (loss) on extinguishment of debt			(931)						6,391						(2,334)						6,391
Consolidated income (loss) before income taxes			$	22,951					$	(83,769)					$	72,025					$	(256,270)

Reconciliation of Segment Gross Profit and Loss

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

			Three Months Ended June 30,												Six Months Ended June 30,
			2021						2020						2021						2020
Total segment income (loss) before income taxes			$	56,542					$	(61,132)					$	139,823					$	(213,742)
Corporate interest expense			(33,241)						(33,458)						(66,752)						(62,740)
Corporate other income			581						4,430						1,288						13,821
Gain (loss) on extinguishment of debt			(931)						6,391						(2,334)						6,391
Consolidated income (loss) before income taxes			$	22,951					$	(83,769)					$	72,025					$	(256,270)

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- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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