ZILLOW GROUP INC
For the period ended Dec 31, 2024. Filed Feb 11, 2025.
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FY2024 · Filed Feb 11, 2025
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Property and Equipment, Net
Note 5. Property and Equipment, Net
The following table presents the detail of property and equipment as of the dates presented (in millions):
| December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Website development costs | $564 | $452 |
| Leasehold improvements | 45 | 48 |
| Computer equipment | 18 | 19 |
| Office equipment, furniture and fixtures | 16 | 20 |
| Property and equipment | 643 | 539 |
| Less: accumulated amortization and depreciation | (283) | (211) |
| Property and equipment, net | $360 | $328 |
We recorded depreciation expense related to property and equipment (other than website development costs) of $15 million, $24 million and $25 million for the years ended December 31, 2024, 2023 and 2022, respectively.
We capitalized website development costs of $196 million, $191 million and $143 million for the years ended December 31, 2024, 2023 and 2022, respectively. Amortization expense for website development costs included in cost of revenue was $148 million, $110 million and $67 million for the years ended December 31, 2024, 2023 and 2022, respectively.
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