XML 46 R36.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Segment Information and Revenue (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2022
Segment Reporting [Abstract] |
Revenue Categories | This information is included in the following tables for the periods presented (in millions):
| Three Months Ended September 30, 2022 |  | Three Months Ended September 30, 2021
| IMT |  | Mortgages |  | Homes |  | IMT |  | Mortgages |  | Homes
Revenue: |  |  |  |  |  |  |  |  |  |  |
Premier Agent | $ | 312 |  |  | $ | — |  |  | $ | — |  |  | $ | 359 |  |  | $ | — |  |  | $ | — |
Rentals | 74 |  |  | — |  |  | — |  |  | 67 |  |  | — |  |  | — |
Other | 71 |  |  | — |  |  | — |  |  | 54 |  |  | — |  |  | — |
Mortgages | — |  |  | 26 |  |  | — |  |  | — |  |  | 70 |  |  | — |
Total revenue | 457 |  |  | 26 |  |  | — |  |  | 480 |  |  | 70 |  |  | — |
Cost of revenue (1) | 67 |  |  | 17 |  |  | 5 |  |  | 51 |  |  | 22 |  |  | 9 |
Gross profit | 390 |  |  | 9 |  |  | (5) |  |  | 429 |  |  | 48 |  |  | (9) |
Operating expenses (1): |  |  |  |  |  |  |  |  |  |  |
Sales and marketing | 145 |  |  | 20 |  |  | — |  |  | 159 |  |  | 29 |  |  | 17 |
Technology and development | 126 |  |  | 16 |  |  | — |  |  | 75 |  |  | 7 |  |  | 19 |
General and administrative | 110 |  |  | 25 |  |  | 3 |  |  | 62 |  |  | 18 |  |  | 24 |
Acquisition-related costs | — |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | — |
Total operating expenses | 381 |  |  | 61 |  |  | 3 |  |  | 299 |  |  | 54 |  |  | 60 |
Income (loss) from continuing operations | 9 |  |  | (52) |  |  | (8) |  |  | 130 |  |  | (6) |  |  | (69) |
Segment other income (expense) | (4) |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | — |
Segment interest expense | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |
Income (loss) from continuing operations before income taxes (2) | $ | 5 |  |  | $ | (51) |  |  | $ | (8) |  |  | $ | 130 |  |  | $ | (6) |  |  | $ | (69) |
| Nine Months Ended September 30, 2022 |  | Nine Months Ended September 30, 2021
| IMT |  | Mortgages |  | Homes |  | IMT |  | Mortgages |  | Homes
Revenue: |  |  |  |  |  |  |  |  |  |  |
Premier Agent | $ | 1,008 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,042 |  |  | $ | — |  |  | $ | — |
Rentals | 206 |  |  | — |  |  | — |  |  | 204 |  |  | — |  |  | — |
Other | 208 |  |  | — |  |  | — |  |  | 156 |  |  | — |  |  | — |
Mortgages | — |  |  | 101 |  |  | — |  |  | — |  |  | 195 |  |  | — |
Total revenue | 1,422 |  |  | 101 |  |  | — |  |  | 1,402 |  |  | 195 |  |  | — |
Cost of revenue (1) | 203 |  |  | 54 |  |  | 21 |  |  | 141 |  |  | 62 |  |  | 25 |
Gross profit | 1,219 |  |  | 47 |  |  | (21) |  |  | 1,261 |  |  | 133 |  |  | (25) |
Operating expenses (1): |  |  |  |  |  |  |  |  |  |  |
Sales and marketing | 430 |  |  | 61 |  |  | 11 |  |  | 413 |  |  | 81 |  |  | 38 |
Technology and development | 323 |  |  | 37 |  |  | 9 |  |  | 244 |  |  | 24 |  |  | 51 |
General and administrative | 274 |  |  | 63 |  |  | 33 |  |  | 189 |  |  | 53 |  |  | 61 |
Restructuring costs | 6 |  |  | 2 |  |  | 6 |  |  | — |  |  | — |  |  | — |
Acquisition-related costs | — |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  | — |
Total operating expenses | 1,033 |  |  | 163 |  |  | 59 |  |  | 854 |  |  | 158 |  |  | 150 |
Income (loss) from continuing operations | 186 |  |  | (116) |  |  | (80) |  |  | 407 |  |  | (25) |  |  | (175) |
Segment other income (expense) | (4) |  |  | 2 |  |  | — |  |  | — |  |  | 3 |  |  | — |
Segment interest expense | — |  |  | (2) |  |  | — |  |  | — |  |  | (4) |  |  | — |
Income (loss) from continuing operations before income taxes (2) | $ | 182 |  |  | $ | (116) |  |  | $ | (80) |  |  | $ | 407 |  |  | $ | (26) |  |  | $ | (175) |
(1) The following tables present depreciation and amortization expense and share-based compensation expense for each of our segments for the periods presented (in millions):
| Three Months Ended September 30, 2022 |  | Three Months Ended September 30, 2021
| IMT |  | Mortgages |  | Homes |  | IMT |  | Mortgages |  | Homes
Depreciation and amortization expense | $ | 32 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 23 |  |  | $ | 2 |  |  | $ | 3 |
Share-based compensation expense | $ | 123 |  |  | $ | 23 |  |  | $ | 1 |  |  | $ | 50 |  |  | $ | 9 |  |  | $ | 11 |
| Nine Months Ended September 30, 2022 |  | Nine Months Ended September 30, 2021
| IMT |  | Mortgages |  | Homes |  | IMT |  | Mortgages |  | Homes
Depreciation and amortization expense | $ | 104 |  |  | $ | 8 |  |  | $ | 2 |  |  | $ | 68 |  |  | $ | 5 |  |  | $ | 8 |
Share-based compensation expense | $ | 263 |  |  | $ | 46 |  |  | $ | 14 |  |  | $ | 150 |  |  | $ | 25 |  |  | $ | 29 |
(2) The following table presents the reconciliation of total segment income (loss) from continuing operations before income taxes to consolidated income (loss) from continuing operations before income taxes for the periods presented (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Total segment income (loss) from continuing operations before income taxes | $ | (54) |  |  | $ | 55 |  |  | $ | (14) |  |  | $ | 206 |
Corporate interest expense | (9) |  |  | (28) |  |  | (24) |  |  | (95) |
Corporate other income | 15 |  |  | 1 |  |  | 21 |  |  | 2 |
Loss on extinguishment of debt | — |  |  | (15) |  |  | — |  |  | (17) |
Consolidated income (loss) from continuing operations before income taxes | $ | (48) |  |  | $ | 13 |  |  | $ | (17) |  |  | $ | 96 |
Reconciliation of Segment Gross Profit and Loss | The following table presents the reconciliation of total segment income (loss) from continuing operations before income taxes to consolidated income (loss) from continuing operations before income taxes for the periods presented (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Total segment income (loss) from continuing operations before income taxes | $ | (54) |  |  | $ | 55 |  |  | $ | (14) |  |  | $ | 206 |
Corporate interest expense | (9) |  |  | (28) |  |  | (24) |  |  | (95) |
Corporate other income | 15 |  |  | 1 |  |  | 21 |  |  | 2 |
Loss on extinguishment of debt | — |  |  | (15) |  |  | — |  |  | (17) |
Consolidated income (loss) from continuing operations before income taxes | $ | (48) |  |  | $ | 13 |  |  | $ | (17) |  |  | $ | 96 |

X
- 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration