falsedesktopZ2020-09-30000161764020000085{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "Large accelerated filer\t☒\tAccelerated filer\t☐\nNon-accelerated filer\t☐\tSmaller reporting company\t☐\n\t\tEmerging growth company\t☐\n", "q10k_tbl_1": "\t\tPage\n\tPART I - FINANCIAL INFORMATION\t\nItem 1.\tFinancial Statements (unaudited)\t3\n\tCondensed Consolidated Balance Sheets\t3\n\tCondensed Consolidated Statements of Operations\t4\n\tCondensed Consolidated Statements of Comprehensive Income (Loss)\t5\n\tCondensed Consolidated Statements of Shareholders' Equity\t6\n\tCondensed Consolidated Statements of Cash Flows\t8\n\tNotes to Condensed Consolidated Financial Statements\t10\nItem 2.\tManagement's Discussion and Analysis of Financial Condition and Results of Operations\t34\nItem 3.\tQuantitative and Qualitative Disclosures About Market Risk\t58\nItem 4.\tControls and Procedures\t60\n\tPART II - OTHER INFORMATION\t\nItem 1.\tLegal Proceedings\t61\nItem 1A.\tRisk Factors\t62\nItem 2.\tUnregistered Sales of Equity Securities and Use of Proceeds\t63\nItem 6.\tExhibits\t64\n\tSignatures\t65\n", "q10k_tbl_2": "\tSeptember 30 2020\tDecember 31 2019\nAssets\t\t\nCurrent assets:\t\t\nCash and cash equivalents\t1904785\t1141263\nShort-term investments\t1885385\t1280989\nAccounts receivable net of allowance for doubtful accounts of $2739 and $4522 at September 30 2020 and December 31 2019 respectively\t79642\t67005\nMortgage loans held for sale\t125324\t36507\nInventory\t193283\t836627\nPrepaid expenses and other current assets\t73604\t58117\nRestricted cash\t44103\t89646\nTotal current assets\t4306126\t3510154\nContract cost assets\t50488\t45209\nProperty and equipment net\t198243\t170489\nRight of use assets\t193789\t212153\nGoodwill\t1984907\t1984907\nIntangible assets net\t100649\t190567\nOther assets\t9373\t18494\nTotal assets\t6843575\t6131973\nLiabilities and shareholders' equity\t\t\nCurrent liabilities:\t\t\nAccounts payable\t19352\t8343\nAccrued expenses and other current liabilities\t93901\t85442\nAccrued compensation and benefits\t35474\t37805\nBorrowings under credit facilities\t232397\t721951\nDeferred revenue\t49153\t39747\nLease liabilities current portion\t28307\t17592\nConvertible senior notes current portion\t7584\t9637\nTotal current liabilities\t466168\t920517\nLease liabilities net of current portion\t214503\t220445\nConvertible senior notes net of current portion\t1838010\t1543402\nDeferred tax liabilities and other long-term liabilities\t21539\t12188\nTotal liabilities\t2540220\t2696552\nCommitments and contingencies (Note 16)\t\t\nShareholders' equity:\t\t\nPreferred stock $0.0001 par value; 30000000 shares authorized; no shares issued and outstanding\t0\t0\nClass A common stock $0.0001 par value; 1245000000 shares authorized; 60567136 and 58739989 shares issued and outstanding as of September 30 2020 and December 31 2019 respectively\t6\t6\nClass B common stock $0.0001 par value; 15000000 shares authorized; 6217447 shares issued and outstanding\t1\t1\nClass C capital stock $0.0001 par value; 600000000 shares authorized; 165574240 and 144109419 shares issued and outstanding as of September 30 2020 and December 31 2019 respectively\t17\t14\nAdditional paid-in capital\t5488161\t4412200\nAccumulated other comprehensive income\t461\t340\nAccumulated deficit\t(1185291)\t(977140)\nTotal shareholders' equity\t4303355\t3435421\nTotal liabilities and shareholders' equity\t6843575\t6131973\n", "q10k_tbl_3": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nRevenue:\t\t\t\t\nHomes\t187105\t384626\t1411230\t762022\nIMT\t415389\t335290\t1026394\t957231\nMortgages\t54198\t25292\t113241\t79637\nTotal revenue\t656692\t745208\t2550865\t1798890\nCost of revenue (exclusive of amortization) (1):\t\t\t\t\nHomes\t179804\t370796\t1343791\t733947\nIMT\t28448\t24318\t76153\t74628\nMortgages\t7972\t4721\t19023\t13829\nTotal cost of revenue\t216224\t399835\t1438967\t822404\nSales and marketing\t150826\t181347\t511072\t530367\nTechnology and development\t127300\t123974\t391075\t352074\nGeneral and administrative\t85895\t88493\t263691\t267106\nImpairment costs\t0\t0\t76800\t0\nIntegration costs\t0\t5\t0\t650\nTotal costs and expenses\t580245\t793654\t2681605\t1972601\nIncome (loss) from operations\t76447\t(48446)\t(130740)\t(173711)\nGain on partial extinguishment of 2021 Notes\t0\t0\t6391\t0\nOther income\t3018\t8999\t22726\t27625\nInterest expense\t(39470)\t(26502)\t(114652)\t(61865)\nIncome (loss) before income taxes\t39995\t(65949)\t(216275)\t(207951)\nIncome tax benefit (expense)\t(425)\t1300\t8124\t3800\nNet income (loss)\t39570\t(64649)\t(208151)\t(204151)\nNet income (loss) per share:\t\t\t\t\nBasic\t0.17\t(0.31)\t(0.95)\t(0.99)\nDiluted\t0.16\t(0.31)\t(0.95)\t(0.99)\nWeighted-average shares outstanding:\t\t\t\t\nBasic\t229719\t207002\t219989\t205766\nDiluted\t242632\t207002\t219989\t205766\n____________________ (1) Amortization of website development costs and intangible assets included in technology and development\t19245\t15835\t55286\t44891\n", "q10k_tbl_4": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nNet income (loss)\t39570\t(64649)\t(208151)\t(204151)\nOther comprehensive income (loss):\t\t\t\t\nUnrealized gains (losses) on investments\t(1122)\t(132)\t(326)\t1763\nReclassification adjustment for net investment (gains) losses included in net loss\t0\t(11)\t372\t(11)\nNet unrealized gains (losses) on investments\t(1122)\t(143)\t46\t1752\nCurrency translation adjustments\t58\t31\t75\t(63)\nTotal other comprehensive income (loss)\t(1064)\t(112)\t121\t1689\nComprehensive income (loss)\t38506\t(64761)\t(208030)\t(202462)\n", "q10k_tbl_5": "\tClass A Common Stock Class B Common Stock and Class C Capital Stock\t\t\tAdditional Paid-In Capital\tAccumulated Deficit\tAccumulated Other Comprehensive Income\tTotal Shareholders' Equity\nShares\t\tAmount\t\nBalance at July 1 2020\t226041936\t\t23\t5246371\t(1224861)\t1525\t4023058\nIssuance of common and capital stock upon exercise of stock options\t5454246\t\t1\t186242\t0\t0\t186243\nVesting of restricted stock units\t777561\t\t0\t0\t0\t0\t0\nRestricted stock units withheld for tax liability\t(26)\t\t0\t(2)\t0\t0\t(2)\nShare-based compensation expense\t0\t\t0\t53489\t0\t0\t53489\nPartial conversion of 2020 Notes\t85106\t\t0\t2061\t0\t0\t2061\nNet income\t0\t\t0\t0\t39570\t0\t39570\nOther comprehensive loss\t0\t\t0\t0\t0\t(1064)\t(1064)\nBalance at September 30 2020\t232358823\t\t24\t5488161\t(1185291)\t461\t4303355\n", "q10k_tbl_6": "\tClass A Common Stock Class B Common Stock and Class C Capital Stock\t\t\tAdditional Paid-In Capital\tAccumulated Deficit\tAccumulated Other Comprehensive Income\tTotal Shareholders' Equity\nShares\t\tAmount\t\nBalance at July 1 2019\t206513636\t\t21\t4088470\t(811281)\t896\t3278106\nIssuance of common and capital stock upon exercise of stock options\t347261\t\t0\t8017\t0\t0\t8017\nVesting of restricted stock units\t568355\t\t0\t0\t0\t0\t0\nRestricted stock units withheld for tax liability\t(6)\t\t0\t0\t0\t0\t0\nShare-based compensation expense\t0\t\t0\t45192\t0\t0\t45192\nPremiums paid for capped call confirmations\t0\t\t0\t(150530)\t0\t0\t(150530)\nEquity component of issuance of 2024 Notes and 2026 Notes net of issuance costs of $4430\t0\t\t0\t335854\t0\t0\t335854\nNet loss\t0\t\t0\t0\t(64649)\t0\t(64649)\nOther comprehensive loss\t0\t\t0\t0\t0\t(112)\t(112)\nBalance at September 30 2019\t207429246\t\t21\t4327003\t(875930)\t784\t3451878\n", "q10k_tbl_7": "\tClass A Common Stock Class B Common Stock and Class C Capital Stock\t\t\tAdditional Paid-In Capital\tAccumulated Deficit\tAccumulated Other Comprehensive Income\tTotal Shareholders' Equity\nShares\t\tAmount\t\nBalance at January 1 2020\t209066855\t\t21\t4412200\t(977140)\t340\t3435421\nIssuance of common and capital stock upon exercise of stock options\t11779104\t\t2\t371226\t0\t0\t371228\nVesting of restricted stock units\t2191719\t\t0\t0\t0\t0\t0\nRestricted stock units withheld for tax liability\t(32)\t\t0\t(2)\t0\t0\t(2)\nShare-based compensation expense\t0\t\t0\t158125\t0\t0\t158125\nIssuance of Class C capital stock in connection with equity offering net of issuance costs of $10877\t8800000\t\t1\t411522\t0\t0\t411523\nEquity component of issuance of 2025 Notes net of issuance costs of $3279\t0\t\t0\t154813\t0\t0\t154813\nPartial repurchase of 2021 Notes\t753936\t\t0\t(21784)\t0\t0\t(21784)\nPartial unwind of capped call transactions for 2021 Notes\t(317865)\t\t0\t0\t0\t0\t0\nPartial conversion of 2020 Notes\t85106\t\t0\t2061\t0\t0\t2061\nNet loss\t0\t\t0\t0\t(208151)\t0\t(208151)\nOther comprehensive income\t0\t\t0\t0\t0\t121\t121\nBalance at September 30 2020\t232358823\t\t24\t5488161\t(1185291)\t461\t4303355\n", "q10k_tbl_8": "\tClass A Common Stock Class B Common Stock and Class C Capital Stock\t\t\tAdditional Paid-In Capital\tAccumulated Deficit\tAccumulated Other Comprehensive Income (Loss)\tTotal Shareholders' Equity\nShares\t\tAmount\t\nBalance at January 1 2019\t203904265\t\t21\t3939842\t(671779)\t(905)\t3267179\nIssuance of common and capital stock upon exercise of stock options\t1891111\t\t0\t41014\t0\t0\t41014\nVesting of restricted stock units\t1633962\t\t0\t0\t0\t0\t0\nRestricted stock units withheld for tax liability\t(92)\t\t0\t(3)\t0\t0\t(3)\nShare-based compensation expense\t0\t\t0\t160826\t0\t0\t160826\nPremiums paid for capped call confirmations\t0\t\t0\t(150530)\t0\t0\t(150530)\nEquity component of issuance of 2024 Notes and 2026 Notes net of issuance costs of $4430\t0\t\t0\t335854\t0\t0\t335854\nNet loss\t0\t\t0\t0\t(204151)\t0\t(204151)\nOther comprehensive income\t0\t\t0\t0\t0\t1689\t1689\nBalance at September 30 2019\t207429246\t\t21\t4327003\t(875930)\t784\t3451878\n", "q10k_tbl_9": "\tNine Months Ended September 30\t\n\t2020\t2019\nOperating activities\t\t\nNet loss\t(208151)\t(204151)\nAdjustments to reconcile net loss to net cash provided by (used in) operating activities:\t\t\nDepreciation and amortization\t81977\t63888\nShare-based compensation expense\t145105\t151884\nAmortization of right of use assets\t18364\t16710\nAmortization of contract cost assets\t26554\t26722\nAmortization of discount and issuance costs on convertible senior notes maturing in 2021 2023 2024 2025 and 2026\t75414\t29868\nGain on partial extinguishment of 2021 Notes\t(6391)\t0\nImpairment costs\t76800\t0\nDeferred income taxes\t(8124)\t(3800)\nLoss (gain) on disposal of property and equipment and other assets\t(1032)\t5755\nCredit loss expense\t1846\t1894\nNet loss (gain) on investment securities\t372\t(11)\nAccretion of bond discount\t(238)\t(5241)\nChanges in operating assets and liabilities:\t\t\nAccounts receivable\t(14483)\t(13485)\nMortgage loans held for sale\t(88817)\t(1353)\nInventory\t643265\t(716524)\nPrepaid expenses and other assets\t(16385)\t(5848)\nContract cost assets\t(31833)\t(26950)\nLease liabilities\t4773\t(15029)\nAccounts payable\t12239\t2999\nAccrued expenses and other current liabilities\t14499\t12241\nAccrued compensation and benefits\t(2331)\t2152\nDeferred revenue\t9406\t7875\nOther long-term liabilities\t17329\t122\nNet cash provided by (used in) operating activities\t750158\t(670282)\nInvesting activities\t\t\nProceeds from maturities of investments\t1160271\t859142\nProceeds from sales of investments\t116394\t0\nPurchases of investments\t(1881002)\t(479963)\nPurchases of property and equipment\t(72420)\t(45140)\nPurchases of intangible assets\t(17226)\t(15123)\nProceeds from sale of equity investment\t10000\t0\nNet cash provided by (used in) investing activities\t(683983)\t318916\nFinancing activities\t\t\nProceeds from issuance of convertible notes net of issuance costs\t553282\t1085686\nPremiums paid for capped call confirmations\t0\t(150530)\nProceeds from issuance of Class C capital stock net of issuance costs\t411522\t0\nPartial extinguishment of 2021 Notes\t(194670)\t0\nProceeds from borrowings on credit facilities\t97437\t581580\nRepayments of borrowings on credit facilities\t(674658)\t0\nNet borrowings (repayments) on warehouse lines of credit and repurchase agreement\t87667\t(2902)\nProceeds from exercise of stock options\t371226\t41014\nValue of equity awards withheld for tax liability\t(2)\t(3)\nNet cash provided by financing activities\t651804\t1554845\nNet increase in cash cash equivalents and restricted cash during period\t717979\t1203479\nCash cash equivalents and restricted cash at beginning of period\t1230909\t663443\nCash cash equivalents and restricted cash at end of period\t1948888\t1866922\nSupplemental disclosures of cash flow information\t\t\nCash paid for interest\t36787\t25837\nNoncash transactions:\t\t\nCapitalized share-based compensation\t13020\t8942\nWrite-off of fully depreciated property and equipment\t13100\t28951\nWrite-off of fully amortized intangible assets\t0\t9959\nProperty and equipment purchased on account\t1645\t4606\n", "q10k_tbl_10": "\tSeptember 30 2020\tDecember 31 2019\nRange\t41% - 100%\t56% - 100%\nWeighted average\t67%\t78%\n", "q10k_tbl_11": "\tSeptember 30 2020\t\t\t\n\tTotal\tLevel 1\tLevel 2\tLevel 3\nCash equivalents:\t\t\t\t\nMoney market funds\t1747818\t1747818\t0\t0\nTreasury bills\t5000\t0\t5000\t0\nU.S. government agency securities\t1162\t\t1162\t0\nCertificates of deposit\t249\t0\t249\t0\nShort-term investments:\t\t\t\t\nTreasury bills\t1360084\t0\t1360084\t0\nU.S. government agency securities\t499991\t0\t499991\t0\nCorporate notes and bonds\t15635\t0\t15635\t0\nMunicipal securities\t8679\t0\t8679\t0\nCertificates of deposit\t996\t0\t996\t0\nMortgage origination-related:\t\t\t\t\nMortgage loans held for sale\t125324\t0\t125324\t0\nIRLCs\t9420\t0\t0\t9420\nForward contracts - other current assets\t110\t0\t110\t0\nForward contracts - other current liabilities\t(671)\t0\t(671)\t0\nTotal\t3773797\t1747818\t2016559\t9420\n", "q10k_tbl_12": "\tDecember 31 2019\t\t\n\tTotal\tLevel 1\tLevel 2\nCash equivalents:\t\t\t\nMoney market funds\t872431\t872431\t0\nU.S. government agency securities\t35009\t0\t35009\nCommercial paper\t31113\t0\t31113\nTreasury bills\t6441\t0\t6441\nCorporate notes and bonds\t1065\t0\t1065\nCertificates of deposit\t249\t0\t249\nShort-term investments:\t\t\t\nU.S. government agency securities\t862154\t0\t862154\nCorporate notes and bonds\t159431\t0\t159431\nCommercial paper\t150267\t0\t150267\nTreasury bills\t80003\t0\t80003\nMunicipal securities\t27889\t0\t27889\nCertificates of deposit\t1245\t0\t1245\nMortgage origination-related:\t\t\t\nMortgage loans held for sale\t36507\t0\t36507\nIRLCs\t937\t0\t937\nForward contracts - other current assets\t7\t0\t7\nForward contracts - other current liabilities\t(60)\t0\t(60)\nTotal\t2264688\t872431\t1392257\n", "q10k_tbl_13": "\tThree Months Ended September 30 2020\tNine Months Ended September 30 2020\nBalance beginning of the period\t5091\t937\nIssuances\t19232\t34739\nTransfers\t(18725)\t(31867)\nFair value changes recognized in earnings\t3822\t5611\nBalance end of period\t9420\t9420\n(1) Beginning balance represents transfers of IRLCs from Level 2 to Level 3 within the fair value hierarchy as of January 1 2020.\t\t\n", "q10k_tbl_14": "\tSeptember 30 2020\t\t\t\n\tAmortized Cost\tGross Unrealized Gains\tGross Unrealized Losses\tEstimated Fair Market Value\nCash\t150556\t0\t0\t150556\nCash equivalents:\t\t\t\t\nMoney market funds\t1747818\t0\t0\t1747818\nTreasury bills\t5000\t0\t0\t5000\nU.S. government agency securities\t1162\t0\t0\t1162\nCertificates of deposit\t249\t0\t0\t249\nShort-term investments:\t\t\t\t\nTreasury bills\t1360011\t76\t(3)\t1360084\nU.S. government agency securities\t499494\t514\t(17)\t499991\nCorporate notes and bonds\t15611\t24\t0\t15635\nMunicipal securities\t8676\t3\t0\t8679\nCertificates of deposit\t996\t0\t0\t996\nRestricted cash\t44103\t0\t0\t44103\nTotal\t3833676\t617\t(20)\t3834273\n", "q10k_tbl_15": "\tDecember 31 2019\t\t\t\n\tAmortized Cost\tGross Unrealized Gains\tGross Unrealized Losses\tEstimated Fair Market Value\nCash\t194955\t0\t0\t194955\nCash equivalents:\t\t\t\t\nMoney market funds\t872431\t0\t0\t872431\nU.S. government agency securities\t35011\t0\t(2)\t35009\nCommercial paper\t31113\t0\t0\t31113\nTreasury bills\t6441\t0\t0\t6441\nCorporate notes and bonds\t1065\t0\t0\t1065\nCertificates of deposit\t249\t0\t0\t249\nShort-term investments:\t\t\t\t\nU.S. government agency securities\t861862\t365\t(73)\t862154\nCorporate notes and bonds\t159382\t91\t(42)\t159431\nCommercial paper\t150267\t0\t0\t150267\nTreasury bills\t79989\t14\t0\t80003\nMunicipal securities\t27836\t56\t(3)\t27889\nCertificates of deposit\t1245\t0\t0\t1245\nRestricted cash\t89646\t0\t0\t89646\nTotal\t2511492\t526\t(120)\t2511898\n", "q10k_tbl_16": "\tSeptember 30 2020\tDecember 31 2019\nWork-in-process\t73176\t152171\nFinished goods\t120107\t684456\nInventory\t193283\t836627\n", "q10k_tbl_17": "\tSeptember 30 2020\tDecember 31 2019\nWebsite development costs\t165950\t149648\nLeasehold improvements\t120259\t81981\nOffice equipment furniture and fixtures\t43311\t36582\nConstruction-in-progress\t39730\t45337\nComputer equipment\t30560\t31942\nProperty and equipment\t399810\t345490\nLess: accumulated amortization and depreciation\t(201567)\t(175001)\nProperty and equipment net\t198243\t170489\n", "q10k_tbl_18": "\tSeptember 30 2020\t\t\n\tCost\tAccumulated Amortization\tNet\nTrade names and trademarks\t36500\t(2548)\t33952\nSoftware\t45820\t(27156)\t18664\nCustomer relationships\t102600\t(85173)\t17427\nDeveloped technology\t107200\t(90319)\t16881\nIntangibles-in-progress\t9574\t0\t9574\nPurchased content\t52440\t(48322)\t4118\nLender licenses\t400\t(367)\t33\nTotal\t354534\t(253885)\t100649\n", "q10k_tbl_19": "\tDecember 31 2019\t\t\n\tCost\tAccumulated Amortization\tNet\nCustomer relationships\t102600\t(73770)\t28830\nDeveloped technology\t107200\t(81383)\t25817\nSoftware\t35527\t(20843)\t14684\nPurchased content\t47298\t(40636)\t6662\nIntangibles-in-progress\t6391\t0\t6391\nLender licenses\t400\t(217)\t183\nTotal\t299416\t(216849)\t82567\n", "q10k_tbl_20": "\tSeptember 30 2020\tDecember 31 2019\nHomes Segment\t\t\nCredit facilities:\t\t\nGoldman Sachs Bank USA\t22460\t39244\nCitibank N.A.\t28512\t296369\nCredit Suisse AG Cayman Islands\t63331\t355911\nTotal Homes Segment debt\t114303\t691524\nMortgages Segment\t\t\nRepurchase agreement:\t\t\nCitibank N.A.\t58859\t394\nWarehouse line of credit:\t\t\nComerica Bank\t59235\t30033\nTotal Mortgages Segment debt\t118094\t30427\nConvertible Senior Notes\t\t\n1.375% convertible senior notes due 2026\t342316\t327187\n2.75% convertible senior notes due 2025\t408323\t0\n0.75% convertible senior notes due 2024\t515573\t490538\n1.50% convertible senior notes due 2023\t322535\t310175\n2.00% convertible senior notes due 2021\t249263\t415502\n2.75% convertible senior notes due 2020\t7584\t9637\nTotal convertible senior notes\t1845594\t1553039\nTotal\t2077991\t2274990\n", "q10k_tbl_21": "Lender\tFinal Maturity Date\tMaximum Borrowing Capacity\tWeighted Average Interest Rate\nGoldman Sachs Bank USA\tApril 20 2022\t500000\t3.15%\nCitibank N.A.\tJanuary 31 2022\t500000\t3.67%\nCredit Suisse AG Cayman Islands\tJuly 31 2021\t500000\t3.97%\n\tTotal\t1500000\t\n", "q10k_tbl_22": "Lender\tMaturity Date\tMaximum Borrowing Capacity\tWeighted Average Interest Rate\nCitibank N.A.\tOctober 27 2020\t75000\t1.65%\nComerica Bank\tJune 26 2021\t75000\t1.01%\n\tTotal\t150000\t\n", "q10k_tbl_23": "\t\t\t\t\t\tSeptember 30 2020\t\tDecember 31 2019\t\nMaturity Date\tAggregate Principal Amount\tStated Interest Rate\tEffective Interest Rate\tFirst Interest Payment Date\tSemi-Annual Interest Payment Dates\tUnamortized Debt Discount and Debt Issuance Costs\tFair Value\tUnamortized Debt Discount and Debt Issuance Costs\tFair Value\nSeptember 1 2026\t500000\t1.375%\t8.10%\tMarch 1 2020\tMarch 1; September 1\t157684\t1190750\t172813\t597380\nMay 15 2025\t565000\t2.75%\t10.32%\tNovember 15 2020\tMay 15; November 15\t156677\t978863\t0\t0\nSeptember 1 2024\t673000\t0.75%\t7.68%\tMarch 1 2020\tMarch 1; September 1\t157427\t1597480\t182462\t819378\nJuly 1 2023\t373750\t1.50%\t6.99%\tJanuary 1 2019\tJanuary 1; July 1\t51215\t535771\t63575\t356464\nDecember 1 2021\t265330\t2.00%\t7.43%\tJune 1 2017\tJune 1; December 1\t16067\t512949\t44498\t514312\nDecember 15 2020\t7584\t2.75%\tN/A\tN/A\tJune 15; December 15\t0\t13254\t0\t16842\nTotal\t2384664\t\t\t\t\t539070\t4829067\t463348\t2304376\n", "q10k_tbl_24": "\tThree Months Ended September 30 2020\t\t\t\tThree Months Ended September 30 2019\t\t\t\nMaturity Date\tContractual Coupon Interest\tAmortization of Debt Discount\tAmortization of Debt Issuance Costs\tInterest Expense\tContractual Coupon Interest\tAmortization of Debt Discount\tAmortization of Debt Issuance Costs\tInterest Expense\nSeptember 1 2026\t1719\t5022\t123\t6864\t420\t1142\t28\t1590\nMay 15 2025\t3884\t6205\t331\t10420\t0\t0\t0\t0\nSeptember 1 2024\t1262\t8251\t283\t9796\t275\t1681\t57\t2013\nJuly 1 2023\t1402\t3814\t373\t5589\t1402\t3557\t348\t5307\nDecember 1 2021\t1326\t2960\t306\t4592\t2300\t4763\t493\t7556\nDecember 15 2020\t59\t0\t0\t59\t67\t0\t0\t67\nTotal\t9652\t26252\t1416\t37320\t4464\t11143\t926\t16533\n", "q10k_tbl_25": "\tNine Months Ended September 30 2020\t\t\t\tNine Months Ended September 30 2019\t\t\t\nMaturity Date\tContractual Coupon Interest\tAmortization of Debt Discount\tAmortization of Debt Issuance Costs\tInterest Expense\tContractual Coupon Interest\tAmortization of Debt Discount\tAmortization of Debt Issuance Costs\tInterest Expense\nSeptember 1 2026\t5157\t14768\t361\t20286\t420\t1142\t28\t1590\nMay 15 2025\t5891\t9353\t499\t15743\t0\t0\t0\t0\nSeptember 1 2024\t3772\t24207\t828\t28807\t275\t1681\t57\t2013\nJuly 1 2023\t4206\t11260\t1100\t16566\t4206\t10441\t1026\t15673\nDecember 1 2021\t5429\t11816\t1222\t18467\t6900\t14024\t1452\t22376\nDecember 15 2020\t191\t0\t0\t191\t199\t0\t0\t199\nTotal\t24646\t71404\t4010\t100060\t12000\t27288\t2563\t41851\n", "q10k_tbl_26": "Maturity Date\tEarly Conversion Date\tConversion Rate\tConversion Price\tOptional Redemption Date\nSeptember 1 2026\tMarch 1 2026\t22.9830\t43.51\tSeptember 5 2023\nMay 15 2025\tNovember 15 2024\t14.8810\t67.20\tMay 22 2023\nSeptember 1 2024\tMarch 1 2024\t22.9830\t43.51\tSeptember 5 2022\nJuly 1 2023\tApril 1 2023\t12.7592\t78.37\tJuly 6 2021\nDecember 1 2021\tSeptember 1 2021\t19.0985\t52.36\tDecember 6 2019\n", "q10k_tbl_27": "Maturity Date\tInitial Cap Price\tCap Price Premium\nSeptember 1 2026\t80.5750\t150%\nSeptember 1 2024\t72.5175\t125%\nJuly 1 2023\t105.45\t85%\nDecember 1 2021\t69.19\t85%\n", "q10k_tbl_28": "\tNumber of Shares Subject to Existing Options\tWeighted- Average Exercise Price Per Share\tWeighted- Average Remaining Contractual Life (Years)\tAggregate Intrinsic Value (in thousands)\nOutstanding at January 1 2020\t29634296\t35.95\t6.28\t331107\nGranted\t5037920\t50.76\t\t\nExercised\t(11779104)\t31.52\t\t\nForfeited or cancelled\t(916931)\t42.00\t\t\nOutstanding at September 30 2020\t21976181\t41.47\t7.16\t1321219\nVested and exercisable at September 30 2020\t10490317\t37.59\t5.56\t671352\n", "q10k_tbl_29": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nExpected volatility\t52%\t45%\t45%-52%\t45%-47%\nExpected dividend yield\t0\t0\t0\t0\nRisk-free interest rate\t0.22%\t1.61%\t0.22%-0.93%\t1.61%-2.53%\nWeighted-average expected life\t4.50 years\t5.00 years\t4.50-5.50 years\t4.75-5.25 years\nWeighted-average fair value of options granted\t37.09\t14.15\t21.35\t16.55\n", "q10k_tbl_30": "\tRestricted Stock Units\tWeighted- Average Grant- Date Fair Value\nUnvested outstanding at January 1 2020\t7052767\t40.01\nGranted\t3958518\t52.15\nVested\t(2191719)\t41.17\nForfeited\t(726398)\t41.93\nUnvested outstanding at September 30 2020\t8093168\t45.46\n", "q10k_tbl_31": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nCost of revenue\t1617\t1062\t3909\t2878\nSales and marketing\t8631\t6588\t24740\t19039\nTechnology and development\t19793\t18034\t60376\t51942\nGeneral and administrative\t18918\t16444\t56080\t78025\nTotal\t48959\t42128\t145105\t151884\n", "q10k_tbl_32": "Maturity Date\tShares\tConversion Price per Share\nSeptember 1 2026\t11492\t43.51\nMay 15 2025\t8408\t67.20\nSeptember 1 2024\t15468\t43.51\nJuly 1 2023\t4769\t78.37\nDecember 1 2021\t5067\t52.36\n", "q10k_tbl_33": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nDenominator for basic calculation\t229719\t207002\t219989\t205766\nEffect of dilutive securities:\t\t\t\t\nOption awards\t8933\t0\t0\t0\nUnvested restricted stock units\t3980\t0\t0\t0\nDenominator for dilutive calculation\t242632\t207002\t219989\t205766\n", "q10k_tbl_34": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nWeighted-average Class A common stock and Class C capital stock option awards outstanding\t518\t18900\t27333\t19394\nWeighted-average Class A common stock and Class C capital stock restricted stock units outstanding\t62\t6964\t8367\t6690\nClass A common stock issuable upon conversion of the convertible notes maturing in 2020\t314\t424\t374\t424\nClass C capital stock issuable upon conversion of the convertible notes maturing in 2021 2023 2024 2025 and 2026\t45203\t0\t17580\t0\nTotal Class A common stock and Class C capital stock equivalents\t46097\t26288\t53654\t26508\n", "q10k_tbl_35": "\tPurchase Obligations\n2020\t5646\n2021\t19895\n2022\t4812\n2023\t1004\n2024\t394\n2025\t60\nTotal future purchase commitments\t31811\n", "q10k_tbl_36": "\tThree Months Ended September 30 2020\t\t\tThree Months Ended September 30 2019\t\t\n\tHomes\tIMT\tMortgages\tHomes\tIMT\tMortgages\nRevenue:\t\t\t\t\t\t\nZillow Offers\t185904\t0\t0\t384626\t0\t0\nPremier Agent\t0\t298673\t0\t0\t240698\t0\nOther\t1201\t116716\t0\t0\t94592\t0\nMortgages\t0\t0\t54198\t0\t0\t25292\nTotal revenue\t187105\t415389\t54198\t384626\t335290\t25292\nCosts and expenses:\t\t\t\t\t\t\nCost of revenue\t179804\t28448\t7972\t370796\t24318\t4721\nSales and marketing\t32714\t102902\t15210\t49186\t118514\t13647\nTechnology and development\t28273\t90536\t8491\t20651\t94656\t8667\nGeneral and administrative\t20334\t53547\t12014\t22174\t55749\t10570\nIntegration costs\t0\t0\t0\t0\t0\t5\nTotal costs and expenses (1)\t261125\t275433\t43687\t462807\t293237\t37610\nIncome (loss) from operations\t(74020)\t139956\t10511\t(78181)\t42053\t(12318)\nSegment other income\t0\t0\t636\t0\t0\t344\nSegment interest expense\t(1597)\t0\t(553)\t(9689)\t0\t(280)\nIncome (loss) before income taxes (2)\t(75617)\t139956\t10594\t(87870)\t42053\t(12254)\n", "q10k_tbl_37": "\tNine Months Ended September 30 2020\t\t\tNine Months Ended September 30 2019\t\t\n\tHomes\tIMT\tMortgages\tHomes\tIMT\tMortgages\nRevenue:\t\t\t\t\t\t\nZillow Offers\t1408832\t0\t0\t762022\t0\t0\nPremier Agent\t0\t732741\t0\t0\t690394\t0\nOther\t2398\t293653\t0\t0\t266837\t0\nMortgages\t0\t0\t113241\t0\t0\t79637\nTotal revenue\t1411230\t1026394\t113241\t762022\t957231\t79637\nCosts and expenses:\t\t\t\t\t\t\nCost of revenue\t1343791\t76153\t19023\t733947\t74628\t13829\nSales and marketing\t152180\t319101\t39791\t107457\t380608\t42302\nTechnology and development\t89729\t278740\t22606\t51130\t276886\t24058\nGeneral and administrative\t65657\t166185\t31849\t54339\t181270\t31497\nImpairment costs\t0\t73900\t2900\t0\t0\t0\nIntegration costs\t0\t0\t0\t0\t0\t650\nTotal costs and expenses (1)\t1651357\t914079\t116169\t946873\t913392\t112336\nIncome (loss) from operations\t(240127)\t112315\t(2928)\t(184851)\t43839\t(32699)\nSegment other income\t0\t5300\t1223\t0\t0\t1059\nSegment interest expense\t(13506)\t0\t(1086)\t(19346)\t0\t(668)\nIncome (loss) before income taxes (2)\t(253633)\t117615\t(2791)\t(204197)\t43839\t(32308)\n", "q10k_tbl_38": "\tThree Months Ended September 30 2020\t\t\tThree Months Ended September 30 2019\t\t\n\tHomes\tIMT\tMortgages\tHomes\tIMT\tMortgages\nDepreciation and amortization expense\t3029\t22074\t1675\t2331\t18362\t1467\nShare-based compensation expense\t11815\t33435\t3709\t8025\t30687\t3416\n", "q10k_tbl_39": "\tNine Months Ended September 30 2020\t\t\tNine Months Ended September 30 2019\t\t\n\tHomes\tIMT\tMortgages\tHomes\tIMT\tMortgages\nDepreciation and amortization expense\t9201\t67889\t4887\t5384\t54264\t4240\nShare-based compensation expense\t35847\t98940\t10318\t20666\t118101\t13117\n", "q10k_tbl_40": "\tThree Months Ended September 30\t\tNine Months Ended September 30 2020\t\n\t2020\t2019\t2020\t2019\nTotal segment income (loss) before income taxes\t74933\t(58071)\t(138809)\t(192666)\nCorporate interest expense\t(37320)\t(16533)\t(100060)\t(41851)\nCorporate other income\t2382\t8655\t16203\t26566\nGain on partial extinguishment of 2021 Notes\t0\t0\t6391\t0\nConsolidated income (loss) before income taxes\t39995\t(65949)\t(216275)\t(207951)\n", "q10k_tbl_41": "\tThree Months Ended September 30\t\t2019 to 2020 % Change\n\t2020\t2019\nVisits\t2786.2\t2104.9\t32%\n", "q10k_tbl_42": "\tThree Months Ended September 30\t\t2019 to 2020 % Change\n\t2020\t2019\nAverage Monthly Unique Users\t236.2\t195.6\t21%\n", "q10k_tbl_43": "\tThree Months Ended September 30\t\t2019 to 2020 % Change\n\t2020\t2019\nNumber of Homes Sold\t583\t1211\t(52)%\n", "q10k_tbl_44": "\t\t\t\t\t% of Total Revenue\t\n\tThree Months Ended September 30\t\t2019 to 2020\t\tThree Months Ended September 30\t\n\t2020\t2019\t Change\t% Change\t2020\t2019\n\t(in thousands unaudited)\t\t\t\t\t\nRevenue:\t\t\t\t\t\t\nHomes segment:\t\t\t\t\t\t\nZillow Offers\t185904\t384626\t(198722)\t(52)%\t28%\t52%\nOther\t1201\t0\t1201\tN/A\t0\t0\nTotal Homes segment revenue\t187105\t384626\t(197521)\t(51)\t28\t52\nIMT segment:\t\t\t\t\t\t\nPremier Agent\t298673\t240698\t57975\t24\t45\t32\nOther\t116716\t94592\t22124\t23\t18\t13\nTotal IMT segment revenue\t415389\t335290\t80099\t24\t63\t45\nMortgages segment\t54198\t25292\t28906\t114\t8\t3\nTotal revenue\t656692\t745208\t(88516)\t(12)%\t100%\t100%\n", "q10k_tbl_45": "\t\t\t\t\t% of Total Revenue\t\n\tNine Months Ended September 30\t\t2019 to 2020\t\tNine Months Ended September 30\t\n\t2020\t2019\t Change\t% Change\t2020\t2019\n\t(in thousands unaudited)\t\t\t\t\t\nRevenue:\t\t\t\t\t\t\nHomes segment:\t\t\t\t\t\t\nZillow Offers\t1408832\t762022\t646810\t85%\t55%\t42%\nOther\t2398\t0\t2398\tN/A\t0\t0\nTotal Homes segment revenue\t1411230\t762022\t649208\t85\t55\t42\nIMT segment:\t\t\t\t\t\t\nPremier Agent\t732741\t690394\t42347\t6\t29\t38\nOther\t293653\t266837\t26816\t10\t12\t15\nTotal IMT segment revenue\t1026394\t957231\t69163\t7\t40\t53\nMortgages segment\t113241\t79637\t33604\t42\t4\t4\nTotal revenue\t2550865\t1798890\t751975\t42%\t100%\t100%\n", "q10k_tbl_46": "\t\t\t\t\t% of Revenue\t\n\tThree Months Ended September 30\t\t2019 to 2020\t\tThree Months Ended September 30\t\n\t2020\t2019\t Change\t% Change\t2020\t2019\n\t(in thousands unaudited)\t\t\t\t\t\nIncome (loss) before income taxes:\t\t\t\t\t\t\nHomes segment\t(75617)\t(87870)\t12253\t14%\t(40)%\t(23)%\nIMT segment\t139956\t42053\t97903\t233\t34\t13\nMortgages segment\t10594\t(12254)\t22848\t186\t20\t(48)\nCorporate items (1)\t(34938)\t(7878)\t(27060)\t(343)\tN/A\tN/A\nTotal income (loss) before income taxes\t39995\t(65949)\t105944\t161%\t6%\t(9)%\n", "q10k_tbl_47": "\t\t\t\t\t% of Revenue\t\n\tNine Months Ended September 30\t\t2019 to 2020\t\tNine Months Ended September 30\t\n\t2020\t2019\t Change\t% Change\t2020\t2019\n\t(in thousands unaudited)\t\t\t\t\t\nIncome (loss) before income taxes:\t\t\t\t\t\t\nHomes segment\t(253633)\t(204197)\t(49436)\t(24)%\t(18)%\t(27)%\nIMT segment\t117615\t43839\t73776\t168\t11\t5\nMortgages segment\t(2791)\t(32308)\t29517\t91\t(2)\t(41)\nCorporate items (1)\t(77466)\t(15285)\t(62181)\t(407)\tN/A\tN/A\nTotal loss before income taxes\t(216275)\t(207951)\t(8324)\t(4)%\t(8)%\t(12)%\n", "q10k_tbl_48": "\t\t\t\t\t% of Revenue\t\n\tThree Months Ended September 30\t\t2019 to 2020\t\tThree Months Ended September 30\t\n\t2020\t2019\t Change\t% Change\t2020\t2019\n\t(in thousands unaudited)\t\t\t\t\t\nNet income (loss)\t39570\t(64649)\t104219\t161%\t6%\t(9)%\nAdjusted EBITDA:\t\t\t\t\t\t\nHomes segment\t(59176)\t(67825)\t8649\t13%\t(32)%\t(18)%\nIMT segment\t195465\t91102\t104363\t115\t47\t27\nMortgages segment\t15895\t(7435)\t23330\t314\t29\t(29)\nTotal Adjusted EBITDA\t152184\t15842\t136342\t861%\t23%\t2%\n", "q10k_tbl_49": "\t\t\t\t\t% of Revenue\t\n\tNine Months Ended September 30\t\t2019 to 2020\t\tNine Months Ended September 30\t\n\t2020\t2019\t Change\t% Change\t2020\t2019\n\t(in thousands unaudited)\t\t\t\t\t\nNet loss\t(208151)\t(204151)\t(4000)\t(2)%\t(8)%\t(11)%\nAdjusted EBITDA:\t\t\t\t\t\t\nHomes segment\t(195079)\t(158801)\t(36278)\t(23)%\t(14)%\t(21)%\nIMT segment\t353044\t216204\t136840\t63\t34\t23\nMortgages segment\t15177\t(15342)\t30519\t199\t13\t(19)\nTotal Adjusted EBITDA\t173142\t42061\t131081\t312%\t7%\t2%\n", "q10k_tbl_50": "\tThree Months Ended September 30 2020\t\t\t\t\n\tHomes\tIMT\tMortgages\tCorporate Items (2)\tConsolidated\nReconciliation of Adjusted EBITDA to Net Income and Income (Loss) Before Income Taxes:\t\t\t\t\t\nNet income (1)\tN/A\tN/A\tN/A\tN/A\t39570\nIncome tax expense\tN/A\tN/A\tN/A\tN/A\t425\nIncome (loss) before income taxes\t(75617)\t139956\t10594\t(34938)\t39995\nOther income\t0\t0\t(636)\t(2382)\t(3018)\nDepreciation and amortization expense\t3029\t22074\t1675\t0\t26778\nShare-based compensation expense\t11815\t33435\t3709\t0\t48959\nInterest expense\t1597\t0\t553\t37320\t39470\nAdjusted EBITDA\t(59176)\t195465\t15895\t0\t152184\n", "q10k_tbl_51": "\tThree Months Ended September 30 2019\t\t\t\t\n\tHomes\tIMT\tMortgages\tCorporate Items (2)\tConsolidated\nReconciliation of Adjusted EBITDA to Net Loss and Income (Loss) Before Income Taxes:\t\t\t\t\t\nNet loss (1)\tN/A\tN/A\tN/A\tN/A\t(64649)\nIncome tax benefit\tN/A\tN/A\tN/A\tN/A\t(1300)\nIncome (loss) before income taxes\t(87870)\t42053\t(12254)\t(7878)\t(65949)\nOther income\t0\t0\t(344)\t(8655)\t(8999)\nDepreciation and amortization expense\t2331\t18362\t1467\t0\t22160\nShare-based compensation expense\t8025\t30687\t3416\t0\t42128\nInterest expense\t9689\t0\t280\t16533\t26502\nAdjusted EBITDA\t(67825)\t91102\t(7435)\t0\t15842\n", "q10k_tbl_52": "\tNine Months Ended September 30 2020\t\t\t\t\n\tHomes\tIMT\tMortgages\tCorporate Items (2)\tConsolidated\nReconciliation of Adjusted EBITDA to Net Loss and Income (Loss) Before Income Taxes:\t\t\t\t\t\nNet loss (1)\tN/A\tN/A\tN/A\tN/A\t(208151)\nIncome tax benefit\tN/A\tN/A\tN/A\tN/A\t(8124)\nIncome (loss) before income taxes\t(253633)\t117615\t(2791)\t(77466)\t(216275)\nOther income\t0\t(5300)\t(1223)\t(16203)\t(22726)\nDepreciation and amortization expense\t9201\t67889\t4887\t0\t81977\nShare-based compensation expense\t35847\t98940\t10318\t0\t145105\nGain on partial extinguishment of 2021 Notes\t0\t0\t0\t(6391)\t(6391)\nImpairment costs\t0\t73900\t2900\t0\t76800\nInterest expense\t13506\t0\t1086\t100060\t114652\nAdjusted EBITDA\t(195079)\t353044\t15177\t0\t173142\n", "q10k_tbl_53": "\tNine Months Ended September 30 2019\t\t\t\t\n\tHomes\tIMT\tMortgages\tCorporate Items (2)\tConsolidated\nReconciliation of Adjusted EBITDA to Net Loss and Income (Loss) Before Income Taxes:\t\t\t\t\t\nNet loss (1)\tN/A\tN/A\tN/A\tN/A\t(204151)\nIncome tax benefit\tN/A\tN/A\tN/A\tN/A\t(3800)\nIncome (loss) before income taxes\t(204197)\t43839\t(32308)\t(15285)\t(207951)\nOther income\t0\t0\t(1059)\t(26566)\t(27625)\nDepreciation and amortization expense\t5384\t54264\t4240\t0\t63888\nShare-based compensation expense\t20666\t118101\t13117\t0\t151884\nInterest expense\t19346\t0\t668\t41851\t61865\nAdjusted EBITDA\t(158801)\t216204\t(15342)\t0\t42061\n", "q10k_tbl_54": "\t\t\t\t\t% of Total Revenue\t\n\tThree Months Ended September 30\t\t2019 to 2020\t\tThree Months Ended September 30\t\n\t2020\t2019\t Change\t% Change\t2020\t2019\n\t(in thousands unaudited)\t\t\t\t\t\nCost of revenue (exclusive of amortization) (1)\t216224\t399835\t(183611)\t(46)%\t33%\t54%\nSales and marketing\t150826\t181347\t(30521)\t(17)\t23\t24\nTechnology and 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extinguishment of 2021 Notes\t6391\t0\t6391\tN/A\t0\t0\nOther income\t22726\t27625\t(4899)\t(18)\t1\t2\nInterest expense\t(114652)\t(61865)\t(52787)\t(85)\t(4)\t(3)\n", "q10k_tbl_56": "\tNine Months Ended September 30\t\n\t2020\t2019\nCash Flow Data:\t\t\nNet cash provided by (used in) operating activities\t750158\t(670282)\nNet cash provided by (used in) investing activities\t(683983)\t318916\nNet cash provided by financing activities\t651804\t1554845\n", "q10k_tbl_57": "\tPayments Due By Period\t\t\t\t\n\tTotal\tLess Than 1 Year\t1-3 Years\t3-5 Years\tMore Than 5 Years\n2025 Notes (1)\t565000\t0\t0\t565000\t0\nInterest on 2025 Notes (2)\t71817\t15537\t31075\t25205\t0\n2021 Notes (3)\t265330\t0\t265330\t0\t0\nInterest on 2021 Notes (4)\t6191\t5307\t884\t0\t0\n2020 Notes (5)\t7584\t7584\t0\t0\t0\nInterest on 2020 Notes (6)\t104\t104\t0\t0\t0\nHomes segment credit facilities (7)\t114303\t114303\t0\t0\t0\nMortgages segment credit facilities (8)\t118094\t118094\t0\t0\t0\nPurchase obligations (9)\t31811\t22841\t8367\t603\t0\nHomes under contract (10)\t182569\t182569\t0\t0\t0\n____________________ (1) The aggregate principal amount of the 2025 Notes is due on May 15 2025 if not earlier converted or redeemed. (2) The stated interest rate on the 2025 Notes is 2.75%. (3) The aggregate principal amount of the 2021 Notes is due on December 1 2021 if not earlier converted or redeemed. Subsequent to September 30 2020 we provided notice to the trustee that we will redeem the remaining $265.3 million in aggregate principal amount of the 2021 Notes on December 18 2020. For additional information see Note 19 of our Notes to Condensed Consolidated Financial Statements in Part I of this Quarterly Report on Form 10-Q. (4) The stated interest rate on the 2021 Notes is 2.00%. (5) The aggregate principal amount of the convertible senior notes due in 2020 (the \"2020 Notes\") is due on December 15 2020. (6) The stated interest rate on the 2020 Notes is 2.75%. (7) Includes principal amounts due for amounts borrowed under the credit facilities used to provide capital for our Zillow Offers business. Amounts exclude an immaterial amount of estimated interest payments. (8) Includes principal amounts due for amounts borrowed under the warehouse line of credit and master repurchase agreement to finance mortgages originated through Zillow Home Loans. Amounts exclude an immaterial amount of estimated interest payments. (9) We have noncancellable purchase obligations for content related to our mobile applications and websites and certain cloud computing costs. For additional information regarding our purchase obligations see Note 16 of our Notes to Condensed Consolidated Financial Statements in Part I of this Quarterly Report on Form 10-Q. (10) We have obligations to purchase homes under contract through our Zillow Offers business.\t\t\t\t\t\n", "q10k_tbl_58": "Maturity Date\tAggregate Principal Amount\tStated Interest Rate\nSeptember 1 2026\t500000\t1.375%\nMay 15 2025\t565000\t2.75%\nSeptember 1 2024\t673000\t0.75%\nJuly 1 2023\t373750\t1.50%\nDecember 1 2021\t265330\t2.00%\nDecember 15 2020\t7584\t2.75%\n\t2384664\t\n", "q10k_tbl_59": "Exhibit Number\tDescription\n10.1*\tZillow Group Inc. Executive Severance Plan (Filed as Exhibit 10.1 to Zillow Group Inc's Current Report on Form 8-K filed with the Securities and Exchange Commission on September 17 2020 and incorporated herein by reference).\n10.2*\tForm of Proprietary Rights Agreement for certain officers of Zillow Group Inc.\n10.3*\tStock Option Grant Program for Nonemployee Directors under the Zillow Group Inc. 2020 Incentive Plan (Filed as Exhibit 10.1 to Zillow Group Inc's Current Report on Form 8-K filed with the Securities and Exchange Commission on October 15 2020 and incorporated herein by reference).\n31.1\tCertification of Chief Executive Officer pursuant to Rule 13-14(a) of the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\n31.2\tCertification of Chief Financial Officer pursuant to Rule 13-14(a) of the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\n32.1\tCertification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.\n32.2\tCertification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.\n101.INS\tInline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document).\n101.SCH\tInline XBRL Taxonomy Extension Schema Document.\n101.CAL\tInline XBRL Taxonomy Extension Calculation Linkbase Document.\n101.DEF\tInline XBRL Taxonomy Extension Definition Linkbase Document.\n101.LAB\tInline XBRL Taxonomy Extension Label Linkbase Document.\n101.PRE\tInline XBRL Taxonomy Extension Presentation Linkbase Document.\n104\tCover Page Interactive Data File (embedded within the inline XBRL document).\n*\tIndicates a management contract or compensatory plan or arrangement.\n"}{"bs": "q10k_tbl_2", "is": "q10k_tbl_3", "cf": "q10k_tbl_9"}None
Note 2. Summary of Significant Accounting Policies
Note 3. Fair Value Measurements
Note 4. Cash and Cash Equivalents, Short - Term Investments and Restricted Cash
Note 5. Inventory
Note 6. Contract Balances
Note 7. Contract Cost Assets
Note 8. Property and Equipment, Net
Note 9. Equity Investment
Note 10. Intangible Assets, Net
Note 11. Debt
Note 12. Income Taxes
Note 13. Shareholders' Equity
Note 14. Share - Based Awards
Note 15. Net Income (Loss) per Share
Note 16. Commitments and Contingencies
Note 17. Employee Benefit Plan
Note 18. Segment Information and Revenue
Note 19. Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
Exhibits
EX-10.2
q32020form10-qex102.htm
EX-31.1
q32020form10-qex311.htm
EX-31.2
q32020form10-qex312.htm
EX-32.1
q32020form10-qex321.htm
EX-32.2
q32020form10-qex322.htm
Zillow Earnings 2020-09-30
Balance Sheet
Income Statement
Cash Flow
Assets, Equity
Rev, G Profit, Net Income
Ops, Inv, Fin
z-20200930
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Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A Common Stock, par value $0.0001 per share
ZG
The Nasdaq Global Select Market
Class C Capital Stock, par value $0.0001 per share
Z
The Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of October 29, 2020, 60,567,704 shares of Class A common stock, 6,217,447 shares of Class B common stock, and 165,887,630 shares of Class C capital stock were outstanding.
As used in this Quarterly Report on Form 10-Q, the terms “Zillow Group,” “the Company,” “we,” “us” and “our” refer to Zillow Group, Inc., unless the context indicates otherwise.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q, including Part I, Item 2 (Management’s Discussion and Analysis of Financial Condition and Results of Operations), contains forward-looking statements based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements include all statements that are not historical facts and generally may be identified by terms such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “plan,” “expect” or the negative or plural of these words or similar expressions.
These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those risks, uncertainties and assumptions described in Part I, Item 1A (Risk Factors) in our Annual Report on Form 10-K for the year ended December 31, 2019 and in Part II, Item 1A (Risk Factors) in this Quarterly Report on Form 10-Q, including, but not limited to:
•the impact of the COVID-19 pandemic or other public health crises and any associated economic downturn on our future financial position, operations and financial performance;
•the magnitude, duration and severity of the COVID-19 pandemic;
•the impact of actions taken by governments, businesses, and individuals in response to the COVID-19 pandemic;
•the current and future health and stability of the economy and residential housing market, including any extended slowdown in the real estate markets as a result of COVID-19;
•changes in laws or regulations applicable to our business, employees, products or services, including current and future laws, regulations and orders that limit our ability to operate in light of COVID-19;
•changes in general economic and financial conditions that reduce demand for our products and services, lower our profit margins or reduce our access to credit;
•actual or anticipated fluctuations in our financial condition and results of operations;
•changes in projected operational and financial results;
•addition or loss of significant customers;
•actual or anticipated changes in our growth rate relative to that of our competitors;
•acquisitions, strategic partnerships, joint ventures, capital-raising activities, or other corporate transactions or commitments by us or our competitors;
•actual or anticipated changes in technology, products, markets or services by us or our competitors;
•ability to obtain or maintain licenses and permits to support our current and future businesses;
•actual or anticipated changes to our products and services;
•ability to maintain or establish relationships with listings and data providers;
•fluctuations in the valuation of companies perceived by investors to be comparable to us;
•the impact of natural disasters and other catastrophic events;
•the impact of pending or future litigation; and
•issuance of new or updated research or reports by securities analysts.
Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the effect of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this report may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.
You should not rely on forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, except as required by law, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements, and we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this report to conform these statements to actual results or to changes in our expectations.
Our filings with the Securities and Exchange Commission, or SEC, including our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports, are available on our website at www.zillowgroup.com, free of charge, as soon as reasonably practicable after the electronic filing of these reports with the SEC. The information contained on our website is not a part of this quarterly report on Form 10-Q or any other document we file with the SEC.
Investors and others should note that Zillow Group announces material financial information to its investors using its press releases, SEC filings and public conference calls and webcasts. Zillow Group intends to also use the following channels as a means of disclosing information about Zillow Group, its services and other matters and for complying with its disclosure obligations under Regulation FD:
•Zillow Group Investor Relations web page (http://investors.zillowgroup.com)
•Zillow Group Investor Relations Blog (http://www.zillowgroup.com/ir-blog)
•Zillow Group Twitter Account (https://twitter.com/zillowgroup)
The information Zillow Group posts through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following Zillow Group’s press releases, SEC filings and public conference calls and webcasts. This list may be updated from time to time. The information we post through these channels is not a part of this quarterly report on Form 10-Q or any other document we file with the SEC, and the inclusion of our website addresses and Twitter account are as inactive textual references only.
Accounts receivable, net of allowance for doubtful accounts of $2,739 and $4,522 at September 30, 2020 and December 31, 2019, respectively
79,642
67,005
Mortgage loans held for sale
125,324
36,507
Inventory
193,283
836,627
Prepaid expenses and other current assets
73,604
58,117
Restricted cash
44,103
89,646
Total current assets
4,306,126
3,510,154
Contract cost assets
50,488
45,209
Property and equipment, net
198,243
170,489
Right of use assets
193,789
212,153
Goodwill
1,984,907
1,984,907
Intangible assets, net
100,649
190,567
Other assets
9,373
18,494
Total assets
$
6,843,575
$
6,131,973
Liabilities and shareholders’ equity
Current liabilities:
Accounts payable
$
19,352
$
8,343
Accrued expenses and other current liabilities
93,901
85,442
Accrued compensation and benefits
35,474
37,805
Borrowings under credit facilities
232,397
721,951
Deferred revenue
49,153
39,747
Lease liabilities, current portion
28,307
17,592
Convertible senior notes, current portion
7,584
9,637
Total current liabilities
466,168
920,517
Lease liabilities, net of current portion
214,503
220,445
Convertible senior notes, net of current portion
1,838,010
1,543,402
Deferred tax liabilities and other long-term liabilities
21,539
12,188
Total liabilities
2,540,220
2,696,552
Commitments and contingencies (Note 16)
Shareholders’ equity:
Preferred stock, $0.0001 par value; 30,000,000 shares authorized; no shares issued and outstanding
—
—
Class A common stock, $0.0001 par value; 1,245,000,000 shares authorized; 60,567,136 and 58,739,989 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively
6
6
Class B common stock, $0.0001 par value; 15,000,000 shares authorized; 6,217,447 shares issued and outstanding
1
1
Class C capital stock, $0.0001 par value; 600,000,000 shares authorized; 165,574,240 and 144,109,419 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively
17
14
Additional paid-in capital
5,488,161
4,412,200
Accumulated other comprehensive income
461
340
Accumulated deficit
(1,185,291)
(977,140)
Total shareholders’ equity
4,303,355
3,435,421
Total liabilities and shareholders’ equity
$
6,843,575
$
6,131,973
See accompanying notes to the condensed consolidated financial statements.