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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Segment Information
Note 18. Segment Information
Beginning in 2023, our CODM, who is our CEO, began managing our business, making operating decisions and evaluating operating performance on the basis of the company as a whole, instead of on a segment basis. Accordingly, this change resulted in revisions to the nature and substance of information regularly provided to and used by the CODM. This aligned our reported results with our ongoing growth strategy and our intent to provide integrated customer solutions for all tasks and services related to facilitating residential real estate transactions in the United States. As a result, we have determined that we have a single reportable segment.
Our CODM assesses performance and decides how to allocate resources based on net income (loss) as reported in our consolidated statements of operations. The measure of segment assets is reported on the consolidated balance sheets as total assets. The CODM uses net income (loss) to evaluate return on total assets in deciding whether to invest in the development and expansion of our consolidated operations or into strategic transactions, such as acquisitions and capital repurchases. Net income (loss) is also used to monitor budget versus actual results, perform competitive benchmarking analyses, and is considered in evaluating our executives’ compensation.
Significant Segment Expenses
The following table presents our significant expense categories included in our reported measure of segment profitability for the periods presented (in millions):
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Revenue | $2,236 | $1,945 | $1,958 |
| Less: | |||
| Headcount-related expenses, excluding share-based compensation | 1,110 | 993 | 906 |
| Share-based compensation | 448 | 451 | 433 |
| Depreciation and amortization | 240 | 187 | 150 |
| Marketing and advertising costs | 194 | 155 | 165 |
| Direct product and service costs | 184 | 144 | 133 |
| Third-party professional service fees | 70 | 75 | 75 |
| Facility expenses | 28 | 59 | 47 |
| Impairment and restructuring costs | 6 | 19 | 24 |
| Acquisition-related costs | 1 | 4 | — |
| Other items (1) | 152 | 128 | 118 |
| Loss from continuing operations | (197) | (270) | (93) |
| Gain (loss) on extinguishment of debt | (1) | 1 | — |
| Other income, net | 127 | 151 | 43 |
| Interest expense | (36) | (36) | (35) |
| Income tax expense | (5) | (4) | (3) |
| Loss from discontinued operations, net of income taxes | — | — | (13) |
| Net loss | $(112) | $(158) | $(101) |
(1) Other items include software and hardware costs, taxes and insurance costs, and data acquisition costs.
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