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Share-Based Awards
 3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Share-Based Awards Share-Based Awards
In addition to the option awards and restricted stock units typically granted under the Zillow Group, Inc. 2020 Incentive Plan (the “2020 Plan”) which vest quarterly over four years, during the three months ended March 31, 2023, the Compensation Committee of the Board approved option and restricted stock unit awards granted under the 2020 Plan in connection with the 2022 annual review cycle that vest quarterly over three years. The exercisability terms of these equity awards are otherwise consistent with the terms of the option awards and restricted stock units typically granted under the 2020 Plan. For additional information regarding our share-based awards, see Note 16 in the Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.
Option Awards
The following table summarizes all option award activity for the three months ended March 31, 2023:
Number
of Shares
Subject to
Existing
Options (in thousands)		Weighted-
Average
Exercise
Price Per
Share		Weighted-
Average
Remaining
Contractual
Life (Years)		Aggregate
Intrinsic
Value
(in millions)
Outstanding at January 1, 202328,598 $44.90 7.08$15 
Granted5,837 41.88 
Exercised(373)36.71 
Forfeited or cancelled(360)48.03 
Outstanding at March 31, 202333,702 44.43 7.38145 
Vested and exercisable at March 31, 202317,813 44.90 5.9187 
The following assumptions were used to determine the fair value of all option awards granted for the periods presented:
 Three Months Ended
March 31,
 20232022
Expected volatility
55% - 61%
55% - 60%
Risk-free interest rate
3.80% - 4.04%
1.94% - 2.54%
Weighted-average expected life
5.25 - 6.50 years
4.50 - 6.00 years
Weighted-average fair value of options granted$23.60$25.08
As of March 31, 2023, there was a total of $485 million in unrecognized compensation cost related to unvested option awards.
Restricted Stock Units
The following table summarizes activity for all restricted stock units for the three months ended March 31, 2023:
Restricted
Stock Units (in thousands)		Weighted-Average Grant Date Fair Value
Unvested outstanding at January 1, 202310,930 $46.85 
Granted6,649 42.11 
Vested(1,365)48.84 
Forfeited(287)47.78 
Unvested outstanding at March 31, 202315,927 44.68 
As of March 31, 2023, there was a total of $667 million in unrecognized compensation cost related to unvested restricted stock units.
Share-Based Compensation Expense
The following table presents the effects of share-based compensation expense in our condensed consolidated statements of operations during the periods presented (in millions):
 Three Months Ended
March 31,
 20232022
Cost of revenue$4 $3 
Sales and marketing16 11 
Technology and development39 28 
General and administrative44 35 
Share-based compensation - continuing operations103 77 
Share-based compensation - discontinued operations— 14 
Total share-based compensation$103 $91