ZILLOW GROUP INC

For the period ended Dec 31, 2023. Filed Feb 15, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 15, 2024

ZG$29.51-5.7%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

	Year Ended December 31,
	2023	2022	2021
Operating activities
Net loss	$(158)	$(101)	$(528)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	187	157	130
Share-based compensation	451	451	312
Amortization of right of use assets	35	23	23
Amortization of contract cost assets	21	30	42
Amortization of debt discount and debt issuance costs	5	26	104
Loss (gain) on extinguishment of debt	(1)	21	17
Impairment and restructuring costs	16	—	57
Amortization (accretion) of bond premium (discount)	(35)	(18)	9
Inventory valuation adjustment	—	9	408
Other adjustments to reconcile net loss to net cash provided by (used in) operating activities	(2)	15	3
Changes in operating assets and liabilities:
Accounts receivable	(24)	82	(82)
Mortgage loans held for sale	(59)	66	224
Inventory	—	3,904	(3,827)
Prepaid expenses and other assets	(17)	6	(82)
Contract cost assets	(21)	(18)	(26)
Lease liabilities	(30)	(21)	(29)
Accounts payable	6	3	5
Accrued expenses and other current liabilities	(18)	(71)	61
Accrued compensation and benefits	(1)	(60)	13
Deferred revenue	1	(7)	1
Other long-term liabilities	(2)	7	(12)
Net cash provided by (used in) operating activities	354	4,504	(3,177)
Investing activities
Proceeds from maturities of investments	1,287	802	2,206
Purchases of investments	(664)	(2,191)	(516)
Purchases of property and equipment	(135)	(115)	(74)
Purchases of intangible assets	(30)	(25)	(31)
Cash paid for acquisitions, net	(433)	(4)	(497)
Net cash provided by (used in) investing activities	25	(1,533)	1,088
Financing activities
Proceeds from issuance of Class C capital stock, net of issuance costs	—	—	545
Proceeds from issuance of term loan, net of issuance costs	—	—	1,138
Proceeds from borrowings on credit facilities	—	—	3,618
Repayments of borrowings on credit facilities	—	(2,206)	(1,780)
Net borrowings (repayments) on warehouse line of credit and repurchase agreements	56	(76)	(197)
Repurchases of Class A common stock and Class C capital stock	(424)	(947)	(302)
Settlement of long-term debt	(56)	(1,158)	(1)
Proceeds from exercise of stock options	72	46	127
Net cash provided by (used in) financing activities	(352)	(4,341)	3,148
Net increase (decrease) in cash, cash equivalents and restricted cash during period	27	(1,370)	1,059
Cash, cash equivalents and restricted cash at beginning of period	1,468	2,838	1,779
Cash, cash equivalents and restricted cash at end of period	$1,495	$1,468	$2,838
Supplemental disclosures of cash flow information
Cash paid for interest	$28	$50	$109
Cash paid for taxes	6	6	—
Noncash transactions:
Initial fair value of contingent consideration recognized in connection with an acquisition	$81	$—	$—
Capitalized share-based compensation	73	51	30
Write-off of fully depreciated property and equipment	63	53	49
Value of Class C capital stock issued in connection with an acquisition	20	—	—
Write-off of fully amortized intangible assets	5	203	58
Issuance (settlement) of beneficial interests in securitizations	—	(79)	63

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