ZILLOW GROUP INC
For the period ended Jun 30, 2024. Filed Aug 7, 2024.
View on SEC.govAbout this filing
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.
Jun 30, 2024 · Filed Aug 7, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Revenue and Contract Balances
Note 13. Revenue and Contract Balances
We recognize revenue when or as we satisfy our performance obligations by transferring control of the promised products or services to our customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those products or services. See Note 2 in the Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 for additional information on our revenue from contracts with customers and contract balances.
Disaggregation of Revenue
The following table presents our revenue disaggregated by category for the periods presented (in millions):
| Three Months EndedJune 30, | Six Months EndedJune 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Residential | $409 | $380 | $802 | $741 |
| Rentals | 117 | 91 | 214 | 165 |
| Mortgages | 34 | 24 | 65 | 50 |
| Other | 12 | 11 | 20 | 19 |
| Total revenue | $572 | $506 | $1,101 | $975 |
Contract Balances
Contract assets totaled $134 million and $90 million as of June 30, 2024 and December 31, 2023, respectively. As of June 30, 2024, the average remaining recognition period for our contract asset related to our Premier Agent Flex offering isfive months.
For the three months ended June 30, 2024, the opening balance of deferred revenue was $58 million, of which $49 million was recognized as revenue during the period. For the three months ended June 30, 2023, the opening balance of deferred revenue was $49 million, of which $46 million was recognized as revenue during the period.
For the six months ended June 30, 2024, the opening balance of deferred revenue was $52 million, of which $47 million was recognized as revenue during the period. For the six months ended June 30, 2023, the opening balance of deferred revenue was $44 million, of which $42 million was recognized as revenue during the period.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.