ZILLOW GROUP INC
For the period ended Mar 31, 2024. Filed May 1, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 1, 2024
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Property and Equipment, net
Note 4. Property and Equipment, net
The following table presents the detail of property and equipment as of the dates presented (in millions):
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| Website development costs | $497 | $452 |
| Leasehold improvements | 47 | 48 |
| Computer equipment | 19 | 19 |
| Office equipment, furniture and fixtures | 18 | 20 |
| Property and equipment | 581 | 539 |
| Less: accumulated amortization and depreciation | (238) | (211) |
| Property and equipment, net | $343 | $328 |
We recorded depreciation expense related to property and equipment (other than website development costs) of $4 million and $6 million for the three months ended March 31, 2024 and 2023, respectively.
We capitalized website development costs of $52 million and $45 million for the three months ended March 31, 2024 and 2023, respectively. Amortization expense for website development costs included in cost of revenue was $33 million and $22 million for the three months ended March 31, 2024 and 2023, respectively.
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