ZILLOW GROUP INC
For the period ended Sep 30, 2024. Filed Nov 6, 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.
Sep 30, 2024 · Filed Nov 6, 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):
| September 30, 2024 | December 31, 2023 | |
|---|---|---|
| Website development costs | $536 | $452 |
| Leasehold improvements | 44 | 48 |
| Computer equipment | 17 | 19 |
| Office equipment, furniture and fixtures | 16 | 20 |
| Construction-in-progress | 6 | — |
| Property and equipment | 619 | 539 |
| Less: accumulated amortization and depreciation | (263) | (211) |
| Property and equipment, net | $356 | $328 |
We recorded depreciation expense related to property and equipment (other than website development costs) of $3 million and $6 million for the three months ended September 30, 2024 and 2023, respectively, and $11 million and $18 million for the nine months ended September 30, 2024 and 2023, respectively.
We capitalized website development costs of $46 million and $49 million for the three months ended September 30, 2024 and 2023, respectively, and $152 million and $144 million for the nine months ended September 30, 2024 and 2023, respectively. Amortization expense for website development costs included in cost of revenue was $40 million and $30 million for the three months ended September 30, 2024 and 2023, respectively, and $109 million and $79 million for the nine months ended September 30, 2024 and 2023, respectively.
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