ZILLOW GROUP, INC.
For the period ended Mar 31, 2025. Filed May 7, 2025.
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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, 2025 · Filed May 7, 2025
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Intangible Assets, Net
Note 5. Intangible Assets, Net
The following tables present the detail of intangible assets as of the dates presented (in millions):
| March 31, 2025 | |||
|---|---|---|---|
| Cost | Accumulated Amortization | Net | |
| Customer relationships | $194 | $(33) | $161 |
| Software | 106 | (41) | 65 |
| Developed technology | 102 | (58) | 44 |
| Trade names and trademarks | 47 | (26) | 21 |
| Purchased content | 22 | (16) | 6 |
| Total | $471 | $(174) | $297 |
| December 31, 2024 | |||
|---|---|---|---|
| Cost | Accumulated Amortization | Net | |
| Customer relationships | $94 | $(29) | $65 |
| Software | 101 | (39) | 62 |
| Developed technology | 102 | (51) | 51 |
| Trade names and trademarks | 47 | (25) | 22 |
| Purchased content | 22 | (15) | 7 |
| Total | $366 | $(159) | $207 |
On February 6, 2025, we entered into a partnership with Redfin Corporation (“Redfin”), making Zillow the exclusive provider of multifamily rental listings on Redfin and its sites, including Rent.com and ApartmentGuide.com (together, “Redfin Rental Network”). Pursuant to this rentals partnership, Zillow made a $100 million payment to Redfin that is included in customer relationships in the table above and will be amortized over the estimated useful life ofnine years. Zillow will also pay Redfin for leads generated through the Redfin Rental Network for an initial period offive years withtwo optionaltwo-year extensions, subject to the terms of the underlying agreements.
Amortization expense recorded for intangible assets was $20 million and $19 million for the three months ended March 31, 2025 and 2024, respectively. We didnot record any impairment costs related to our intangible assets for the three months ended March 31, 2025 or 2024.
Estimated future amortization expense for intangible assets, including amortization related to future commitments (see Note 11), as of March 31, 2025 is as follows (in millions):
| Remainder of 2025 | $62 |
| 2026 | 67 |
| 2027 | 56 |
| 2028 | 32 |
| 2029 | 26 |
| Thereafter | 60 |
| Total future amortization expense | $303 |
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