Company Quick10K Filing
Zillow
Price29.53 EPS-1
Shares207 P/E-30
MCap6,113 P/FCF-9
Net Debt-920 EBIT-208
TEV5,193 TEV/EBIT-25
TTM 2019-09-30, in MM, except price, ratios
10-K 2020-12-31 Filed 2021-02-12
10-Q 2020-09-30 Filed 2020-11-05
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-19
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-02-21
10-Q 2018-09-30 Filed 2018-11-06
10-Q 2018-06-30 Filed 2018-08-06
10-Q 2018-03-31 Filed 2018-05-08
10-K 2017-12-31 Filed 2018-02-15
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-02-07
10-Q 2016-09-30 Filed 2016-11-02
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-04
10-K 2015-12-31 Filed 2016-02-12
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-12
8-K 2020-11-05
8-K 2020-10-11
8-K 2020-09-17
8-K 2020-08-06
8-K 2020-06-09
8-K 2020-06-02
8-K 2020-05-15
8-K 2020-05-12
8-K 2020-05-07
8-K 2020-04-06
8-K 2020-03-23
8-K 2020-03-23
8-K 2020-03-17
8-K 2020-02-19
8-K 2019-11-18
8-K 2019-11-07
8-K 2019-10-04
8-K 2019-09-04
8-K 2019-09-04
8-K 2019-09-03
8-K 2019-08-07
8-K 2019-06-04
8-K 2019-05-09
8-K 2019-05-03
8-K 2019-04-23
8-K 2019-02-21
8-K 2018-11-13
8-K 2018-11-06
8-K 2018-10-31
8-K 2018-10-16
8-K 2018-08-03
8-K 2018-08-02
8-K 2018-06-28
8-K 2018-06-28
8-K 2018-06-25
8-K 2018-05-31
8-K 2018-05-03
8-K 2018-04-12
8-K 2018-02-08

Z 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements (Unaudited)
Note 1. Organization and Description of Business
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. Accounts Receivable, Net
Note 6. Inventory
Note 7. Contract Cost Assets
Note 8. Property and Equipment, Net
Note 9. Equity Investment
Note 10. Intangible Assets, Net
Note 11. Deferred Revenue
Note 12. Leases
Note 13. Debt
Note 14. Income Taxes
Note 15. Share - Based Awards
Note 16. Net Loss per Share
Note 17. Commitments and Contingencies
Note 18. Related Party Transactions
Note 19. Self - Insurance
Note 20. Employee Benefit Plan
Note 21. Segment Information and Revenue
Note 22. 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
EX-10.2 q32019form10-qex102.htm
EX-10.3 q32019form10-qex103.htm
EX-31.1 q32019form10-qex311.htm
EX-31.2 q32019form10-qex312.htm
EX-32.1 q32019form10-qex321.htm
EX-32.2 q32019form10-qex322.htm

Zillow Earnings 2019-09-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02013201520172020
Assets, Equity
0.80.60.40.20.0-0.22013201520172020
Rev, G Profit, Net Income
1.30.90.50.2-0.2-0.62013201520172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________________
FORM 10-Q
_____________________________________________________
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 001-36853
 
_____________________________________________________
ZILLOW GROUP, INC.
(Exact name of registrant as specified in its charter)
_____________________________________________________
Washington
 
47-1645716
(State or other jurisdiction of
 
(I.R.S. Employer
incorporation or organization)
 
Identification No.)
1301 Second Avenue, Floor 31,
Seattle, Washington 98101
(Address of principal executive offices) (Zip Code)
(206) 470-7000
@ZillowGroup
(Registrant’s telephone number, including area code)
 _____________________________________________________ 
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 31, 2019, 58,524,004 shares of Class A common stock, 6,217,447 shares of Class B common stock, and 142,711,993 shares of Class C capital stock were outstanding.
 


Table of Contents

ZILLOW GROUP, INC.
Quarterly Report on Form 10-Q
For the Three Months Ended September 30, 2019
TABLE OF CONTENTS
 
 
 
Page
 
 
 
 
 
Item 1.
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
 
 
 
 
 
 
 
 
Item 1.
Item 1A.
Item 2.
Item 6.
 
 
 
 
 

i

Table of Contents

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, 2018, including, but not limited to:
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;
changes in laws or regulations applicable to our business, employees, products or services;
ability to obtain or maintain licenses and permits to support our current and future businesses;
the current and future health and stability of the residential housing market;
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; 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.

1

Table of Contents

WHERE YOU CAN FIND MORE INFORMATION
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 Webpage (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.

2

Table of Contents

PART I – FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
ZILLOW GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data, unaudited)
 
September 30,
2019

December 31,
2018
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
1,791,918


$
651,058

Short-term investments
531,679


903,867

Accounts receivable, net of allowance for doubtful accounts of $4,464 and $4,838 at September 30, 2019 and December 31, 2018, respectively
77,674


66,083

Mortgage loans held for sale
36,762


35,409

Inventory
879,353


162,829

Prepaid expenses and other current assets
66,413


61,067

Restricted cash
75,004


12,385

Total current assets
3,458,803


1,892,698

Contract cost assets
46,047


45,819

Property and equipment, net
154,251


135,172

Right of use assets
218,564



Goodwill
1,984,907


1,984,907

Intangible assets, net
197,527


215,904

Other assets
15,889


16,616

Total assets
$
6,075,988


$
4,291,116

Liabilities and shareholders’ equity



Current liabilities:



Accounts payable
$
9,717


$
7,471

Accrued expenses and other current liabilities
76,061


63,101

Accrued compensation and benefits
33,540


31,388

Revolving credit facilities
698,280


116,700

Warehouse lines of credit
30,116


33,018

Deferred revenue
41,955


34,080

Deferred rent, current portion


1,740

Lease liabilities, current portion
17,937



Total current liabilities
907,606


287,498

Deferred rent, net of current portion


19,945

Lease liabilities, net of current portion
223,989



Long-term debt
1,478,719


699,020

Deferred tax liabilities and other long-term liabilities
13,796


17,474

Total liabilities
2,624,110


1,023,937

Commitments and contingencies (Note 17)



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; 58,522,404 and 58,051,448 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively
6


6

Class B common stock, $0.0001 par value; 15,000,000 shares authorized; 6,217,447 shares issued and outstanding as of September 30, 2019 and December 31, 2018
1


1

Class C capital stock, $0.0001 par value; 600,000,000 shares authorized; 142,689,395 and 139,635,370 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively
14


14

Additional paid-in capital
4,327,003


3,939,842

Accumulated other comprehensive income (loss)
784


(905
)
Accumulated deficit
(875,930
)

(671,779
)
Total shareholders’ equity
3,451,878


3,267,179

Total liabilities and shareholders’ equity
$
6,075,988


$
4,291,116

See accompanying notes to condensed consolidated financial statements.


3

Table of Contents

ZILLOW GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data, unaudited)
 
Three Months Ended
September 30,

Nine Months Ended
September 30,
 
2019

2018

2019

2018
Revenue:











Homes
$
384,626


$
11,018


$
762,022


$
11,018

IMT
335,290


313,638


957,231


900,435

Mortgages
25,292


18,438


79,637


56,766

Total revenue
745,208


343,094


1,798,890


968,219

Cost of revenue (exclusive of amortization) (1):







Homes
370,796


10,226


733,947


10,312

IMT
24,318


25,186


74,628


72,070

Mortgages
4,721


1,260


13,829


3,736

Total cost of revenue
399,835


36,672


822,404


86,118

Sales and marketing
181,347


128,734


530,367


413,752

Technology and development
123,974


105,314


352,074


299,623

General and administrative
88,493


70,743


267,106


187,395

Impairment costs


10,000




10,000

Acquisition-related costs


1,405




2,064

Integration costs
5


523


650


523

Total costs and expenses
793,654


353,391


1,972,601


999,475

Loss from operations
(48,446
)

(10,297
)

(173,711
)

(31,256
)
Other income
8,999


7,773


27,625


13,308

Interest expense
(26,502
)

(12,668
)

(61,865
)

(26,928
)
Loss before income taxes
(65,949
)

(15,192
)

(207,951
)

(44,876
)
Income tax benefit
1,300


14,700


3,800


22,700

Net loss
$
(64,649
)

$
(492
)

$
(204,151
)

$
(22,176
)
Net loss per share — basic and diluted
$
(0.31
)

$


$
(0.99
)

$
(0.11
)
Weighted-average shares outstanding — basic and diluted
207,002


202,416


205,766


195,208

 ____________________
(1) Amortization of website development costs and intangible assets included in technology and development
$
15,835


$
18,165


$
44,891


$
61,735

See accompanying notes to condensed consolidated financial statements.


4

Table of Contents

ZILLOW GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(in thousands, unaudited)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Net loss
$
(64,649
)
 
$
(492
)
 
$
(204,151
)
 
$
(22,176
)
Other comprehensive income (loss):
 
 
 
 

 

Unrealized gains (losses) on investments
(143
)
 
(428
)
 
1,752

 
(537
)
Currency translation adjustments
31

 
42

 
(63
)
 
(24
)
Total other comprehensive income (loss)
(112
)
 
(386
)
 
1,689

 
(561
)
Comprehensive loss
$
(64,761
)
 
$
(878
)
 
$
(202,462
)
 
$
(22,737
)
See accompanying notes to condensed consolidated financial statements.

5

Table of Contents

ZILLOW GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(in thousands, except share data, unaudited)
 
 
Class A Common
Stock, Class B
Common Stock and
Class C Capital Stock
 
Additional
Paid-In
Capital
 
Accumulated
Deficit
 
Accumulated
Other
Comprehensive
Income
 
Total
Shareholders’
Equity
 
 
Shares
 
Amount
 
 
Balance at July 1, 2019
206,513,636

 
$
21

 
$
4,088,470

 
$
(811,281
)
 
$
896

 
$
3,278,106

 
Issuance of common and capital stock upon exercise of stock options
347,261

 

 
8,017

 

 

 
8,017

 
Vesting of restricted stock units
568,355

 

 

 

 

 

 
Shares and value of restricted stock units withheld for tax liability
(6
)
 

 

 

 

 

 
Share-based compensation expense

 

 
45,192

 

 

 
45,192

 
Premiums paid for Capped Call Confirmations

 

 
(150,530
)
 

 

 
(150,530
)
 
Equity component of issuance of 2024 Notes and 2026 Notes, net of issuance costs of $4,430

 

 
335,854

 

 

 
335,854

 
Net loss

 

 

 
(64,649
)
 

 
(64,649
)
 
Other comprehensive loss

 

 

 

 
(112
)
 
(112
)
 
Balance at September 30, 2019
207,429,246

 
$
21

 
$
4,327,003

 
$
(875,930
)
 
$
784

 
$
3,451,878

 
 
Class A Common
Stock, Class B
Common Stock and
Class C Capital Stock
 
Additional
Paid-In
Capital
 
Accumulated
Deficit
 
Accumulated
Other
Comprehensive
Loss
 
Total
Shareholders’
Equity
 
 
Shares
 
Amount
 
 
Balance at July 1, 2018
195,449,104

 
$
20

 
$
3,428,541

 
$
(573,605
)
 
$
(1,275
)
 
$
2,853,681

 
Issuance of common and capital stock upon exercise of stock options
697,301

 

 
14,970

 

 

 
14,970

 
Vesting of restricted stock units
453,958

 

 

 

 

 

 
Shares and value of restricted stock units withheld for tax liability
(27
)
 

 
(2
)
 

 

 
(2
)
 
Share-based compensation expense

 

 
43,730

 

 

 
43,730

 
Issuance of Class C capital stock in connection with equity offering, net of issuance costs of $13,425
6,557,017

 

 
360,345

 

 

 
360,345

 
Premiums paid for capped call confirmations

 

 
(29,414
)
 

 

 
(29,414
)
 
Equity component of issuance of convertible notes maturing in 2023, net of issuance costs of $2,047

 

 
76,587

 

 

 
76,587

 
Net loss

 

 

 
(492
)
 

 
(492
)
 
Other comprehensive loss

 

 

 

 
(386
)
 
(386
)
 
Balance at September 30, 2018
203,157,353

 
$
20

 
$
3,894,757

 
$
(574,097
)
 
$
(1,661
)
 
$
3,319,019















6

Table of Contents

 
 
Class A Common
Stock, Class B
Common Stock and
Class C Capital Stock
 
Additional
Paid-In
Capital
 
Accumulated
Deficit
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
Shareholders’
Equity
 
 
Shares
 
Amount
 
 
Balance at January 1, 2019
203,904,265

 
$
21

 
$
3,939,842

 
$
(671,779
)
 
$
(905
)
 
$
3,267,179

 
Issuance of common and capital stock upon exercise of stock options
1,891,111

 

 
41,014

 

 

 
41,014

 
Vesting of restricted stock units
1,633,962

 

 

 

 

 

 
Shares and value of restricted stock units withheld for tax liability
(92
)
 

 
(3
)
 

 

 
(3
)
 
Share-based compensation expense

 

 
160,826

 

 

 
160,826

 
Premiums paid for Capped Call Confirmations

 

 
(150,530
)
 

 

 
(150,530
)
 
Equity component of issuance of 2024 Notes and 2026 Notes, net of issuance costs of $4,430

 

 
335,854

 

 

 
335,854

 
Net loss

 

 

 
(204,151
)
 

 
(204,151
)
 
Other comprehensive income

 

 

 

 
1,689

 
1,689

 
Balance at September 30, 2019
207,429,246

 
$
21

 
$
4,327,003

 
$
(875,930
)
 
$
784

 
$
3,451,878


 
 
Class A Common
Stock, Class B
Common Stock and
Class C Capital Stock
 
Additional
Paid-In
Capital
 
Accumulated
Deficit
 
Accumulated
Other
Comprehensive
Loss
 
Total
Shareholders’
Equity
 
 
Shares
 
Amount
 
 
Balance at January 1, 2018
190,115,148

 
$
20

 
$
3,254,146

 
$
(592,243
)
 
$
(1,100
)
 
$
2,660,823

 
Cumulative-effect adjustment from adoption of guidance on revenue from contracts with customers

 

 

 
40,322

 

 
40,322

 
Issuance of common and capital stock upon exercise of stock options
5,177,060

 

 
114,623

 

 

 
114,623

 
Vesting of restricted stock units
1,288,746

 

 

 

 

 

 
Shares and value of restricted stock units withheld for tax liability
(1,345
)
 

 
(67
)
 

 

 
(67
)
 
Share-based compensation expense

 

 
118,037

 

 

 
118,037

 
Portion of conversion recorded in additional paid-in-capital in connection with partial conversion of convertible notes maturing in 2020
20,727

 

 
500

 

 

 
500

 
Issuance of Class C capital stock in connection with equity offering, net of issuance costs of $13,425
6,557,017

 

 
360,345

 
 
 

 
360,345

 
Premiums paid for capped call confirmations

 

 
(29,414
)
 

 

 
(29,414
)
 
Equity component of issuance of convertible notes maturing in 2023, net of issuance costs of $2,047

 

 
76,587

 

 

 
76,587

 
Net loss

 

 

 
(22,176
)
 

 
(22,176
)
 
Other comprehensive loss

 

 

 

 
(561
)
 
(561
)
 
Balance at September 30, 2018
203,157,353

 
$
20

 
$
3,894,757

 
$
(574,097
)
 
$
(1,661
)
 
$
3,319,019

See accompanying notes to condensed consolidated financial statements.


7

Table of Contents

ZILLOW GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)
 
Nine Months Ended
September 30,
 
2019

2018
Operating activities



Net loss
$
(204,151
)

$
(22,176
)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:



Depreciation and amortization
63,888


76,301

Share-based compensation expense
151,884


111,366

Amortization of right of use assets
16,710



Amortization of contract cost assets
26,722


27,227

Amortization of discount and issuance costs on convertible senior notes maturing in 2021, 2023, 2024 and 2026
29,868


17,990

Impairment costs


10,000

Deferred income taxes
(3,800
)

(22,700
)
Loss on disposal of property and equipment
5,744


3,129

Bad debt expense
1,894


1,053

Deferred rent


(3,116
)
Accretion of bond discount
(5,241
)

(2,172
)
Changes in operating assets and liabilities:



Accounts receivable
(13,485
)

(12,994
)
Mortgage loans held for sale
(1,353
)


Inventory
(716,524
)

(43,257
)
Prepaid expenses and other assets
(5,848
)

(15,012
)
Lease liabilities
(15,029
)


Contract cost assets
(26,950
)

(32,143
)
Accounts payable
2,999


2,254

Accrued expenses and other current liabilities
12,241


(3,751
)
Accrued compensation and benefits
2,152


6,503

Deferred revenue
7,875


4,041

Other long-term liabilities
122



Net cash provided by (used in) operating activities
(670,282
)

102,543

Investing activities



Proceeds from maturities of investments
859,142


261,675

Purchases of investments
(479,963
)

(848,838
)
Purchases of property and equipment
(45,140
)

(44,482
)
Purchases of intangible assets
(15,123
)

(8,179
)
Cash paid for acquisition, net


(2,000
)
Net cash provided by (used in) investing activities
318,916


(641,824
)
Financing activities



Proceeds from issuance of convertible notes, net of issuance costs
1,085,686


364,020

Premiums paid for capped call confirmations
(150,530
)

(29,414
)
Proceeds from issuance of Class C capital stock, net of issuance costs


360,345

Proceeds from borrowing on revolving credit facilities
581,580


24,674

Net repayments on warehouse lines of credit
(2,902
)


Proceeds from exercise of stock options
41,014


114,623

Value of equity awards withheld for tax liability
(3
)

(67
)
Net cash provided by financing activities
1,554,845


834,181

Net increase in cash, cash equivalents and restricted cash during period
1,203,479


294,900

Cash, cash equivalents and restricted cash at beginning of period
663,443


352,095

Cash, cash equivalents and restricted cash at end of period
$
1,866,922


$
646,995

Supplemental disclosures of cash flow information



Cash paid for interest
$
25,837


$
4,800

Noncash transactions: