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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 June 30, 2022

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)
_____________________________________________________
Washington47-1645716
(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
(Registrant’s telephone number, including area code)
 _____________________________________________________ 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, par value $0.0001 per shareZGThe Nasdaq Global Select Market
Class C Capital Stock, par value $0.0001 per shareZThe 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 filerAccelerated filer
Non-accelerated filerSmaller 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 July 28, 2022, 58,968,212 shares of Class A common stock, 6,217,447 shares of Class B common stock and 175,975,432 shares of Class C capital stock were outstanding.



ZILLOW GROUP, INC.
Quarterly Report on Form 10-Q
For the Three Months Ended June 30, 2022
TABLE OF CONTENTS
 
i

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 fiscal year ended December 31, 2021, including, but not limited to risks related to:
the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturn or slowdown;
changes in general economic and financial conditions (including federal monetary policy, interest rate changes, inflation, home price appreciation, and housing inventory) that may reduce demand for our products and services, lower our profitability or reduce our access to financing;
actual or anticipated changes in our rates of growth and innovation relative to that of our competitors;
investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and real estate partners;
the duration and impact of the COVID-19 pandemic (including variants) or other public health crises on our ability to operate, demand for our products or services, or general economic conditions;
actual or anticipated fluctuations in our financial condition and results of operations;
changes in projected operational and financial results;
addition or loss of a significant number of customers;
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 protect the information and privacy of our customers and other third parties;
ability to protect our brand and intellectual property;
ability to obtain or maintain licenses and permits to support our current and future businesses;
ability to comply with MLS rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers;
ability to operate and grow our mortgage origination business, including the ability to obtain sufficient financing;
the impact of natural disasters and other catastrophic events;
changes in laws or government regulation affecting our business; and
the impact of pending or future litigation or regulatory actions.
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

In addition, statements such as “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Quarterly Report on Form 10-Q. While we believe that such information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.

2

WHERE YOU CAN FIND MORE INFORMATION
Our filings with the Securities and Exchange Commission (“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 the “Investors” section of 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 Blog (https://www.zillowgroup.com/news/)
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 and reflects current updated channels as of the date of this Quarterly Report on Form 10-Q. 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.
3

PART I – FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
ZILLOW GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share data, unaudited)
June 30, 2022December 31, 2021
Assets
Current assets:
Cash and cash equivalents$2,181 $2,611 
Short-term investments
1,362 514 
Accounts receivable, net of allowance for doubtful accounts of $4 at June 30, 2022 and December 31, 2021
74 155 
Mortgage loans held for sale61 107 
Inventory23 3,913 
Prepaid expenses and other current assets141 153 
Restricted cash2 227 
Total current assets3,844 7,680 
Contract cost assets27 35 
Property and equipment, net246 215 
Right of use assets133 130 
Goodwill2,374 2,374 
Intangible assets, net153 180 
Other assets6 81 
Total assets$6,783 $10,695 
Liabilities and shareholders’ equity
Current liabilities:
Accounts payable$16 $17 
Accrued expenses and other current liabilities92 161 
Accrued compensation and benefits61 108 
Borrowings under credit facilities55 2,312 
Deferred revenue52 51 
Lease liabilities, current portion28 24 
Securitization term loans 1,209 
Total current liabilities304 3,882 
Lease liabilities, net of current portion150 148 
Convertible senior notes1,657 1,319 
Other long-term liabilities5 5 
Total liabilities2,116 5,354 
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; 58,968,183 and 61,513,634 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively
  
Class B common stock, $0.0001 par value; 15,000,000 shares authorized; 6,217,447 shares issued and outstanding
  
Class C capital stock, $0.0001 par value; 600,000,000 shares authorized; 175,955,103 and 182,898,987 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively
  
Additional paid-in capital6,167 7,001 
Accumulated other comprehensive income (loss)(13)7 
Accumulated deficit(1,487)(1,667)
Total shareholders’ equity4,667 5,341 
Total liabilities and shareholders’ equity$6,783 $10,695 
See accompanying notes to the condensed consolidated financial statements.
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ZILLOW GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except share data, which are presented in thousands, and per share data, unaudited)

 Three Months Ended
June 30,
Six Months Ended
June 30,
 2022202120222021
Revenue:
Homes$505 $777 $4,226 $1,481 
IMT475 476 965 922 
Mortgages29 57 75 125 
Total revenue1,009 1,310 5,266 2,528 
Cost of revenue:
Homes478 708 4,015 1,353 
IMT71 43 136 90 
Mortgages17 21 37 40 
Total cost of revenue566 772 4,188 1,483 
Gross profit443 538 1,078 1,045 
Operating expenses:
Sales and marketing182 229 489 426 
Technology and development119 129 233 249 
General and administrative123 114 242 215 
Restructuring costs1  39  
Acquisition-related costs 4  5 
Total operating expenses425 476 1,003 895 
Income from operations
18 62 75 150 
Loss on extinguishment of debt
(7)(1)(21)(2)
Other income12 1 20 3 
Interest expense(9)(39)(53)(79)
Income before income taxes14 23 21 72 
Income tax benefit (expense)(6)(13)3 (10)
Net income$8 $10 $24 $62 
Net income per share:
Basic$0.03 $0.04 $0.10 $0.25 
Diluted$0.03 $0.04 $0.09 $0.24 
Weighted-average shares outstanding:
Basic243,942 248,152 246,229 245,763 
Diluted245,163 261,496 248,544 260,484 
See accompanying notes to the condensed consolidated financial statements.

5

ZILLOW GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in millions, unaudited)

 Three Months Ended
June 30,
Six Months Ended
June 30,
 2022202120222021
Net income$8 $10 $24 $62 
Other comprehensive loss:
Unrealized losses on investments(12) (20) 
Total other comprehensive loss(12) (20) 
Comprehensive income (loss)
$(4)$10 $4 $62 
See accompanying notes to the condensed consolidated financial statements.
6

ZILLOW GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(in millions, except share data, which are presented in thousands, unaudited)

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
SharesAmount
Balance at April 1, 2022246,268 $ $6,298 $(1,495)$(1)$4,802 
Issuance of common and capital stock upon exercise of stock options188 — 6 — — 6 
Vesting of restricted stock units1,122 — — — — — 
Share-based compensation expense— — 112 — — 112 
Repurchases of Class A common stock and Class C capital stock(6,437)— (249)— — (249)
Net income— — — 8 — 8 
Other comprehensive loss— — — — (12)(12)
Balance at June 30, 2022241,141 $ $6,167 $(1,487)$(13)$4,667 


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
SharesAmount
Balance at April 1, 2021247,308 $ $6,597 $(1,087)$ $5,510 
Issuance of common and capital stock upon exercise of stock options388 — 15 — — 15 
Vesting of restricted stock units780 — — — — — 
Share-based compensation expense— — 93 — — 93 
Settlement of convertible senior notes387 — 16 — — 16 
Net income— — — 10 — 10 
Other comprehensive loss— — — — —  
Balance at June 30, 2021248,863 $ $6,721 $(1,077)$ $5,644 

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
SharesAmount
Balance at January 1, 2022250,630 $ $7,001 $(1,667)$7 $5,341 
Cumulative-effect adjustment from adoption of guidance on accounting for convertible instruments and contracts in an entity’s own equity— — (492)156 — (336)
Issuance of common and capital stock upon exercise of stock options995 — 42 — — 42 
Vesting of restricted stock units1,811 — — — — — 
Share-based compensation expense— — 213 — — 213 
Repurchases of Class A common stock and Class C capital stock(12,295)— (597)— — (597)
Net income— — — 24 — 24 
Other comprehensive loss— — — — (20)(20)
Balance at June 30, 2022241,141 $ $6,167 $(1,487)$(13)$4,667 

7

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
SharesAmount
Balance at January 1, 2021240,526 $ $5,881 $(1,139)$ $4,742 
Issuance of common and capital stock upon exercise of stock options1,991 — 76 — — 76 
Vesting of restricted stock units1,593 — — — — — 
Restricted stock units withheld for tax liability(1)— — — — — 
Share-based compensation expense— — 160 — — 160 
Issuance of Class C capital stock in connection with equity offering, net of issuance costs3,164 — 545 — — 545 
Settlement of convertible senior notes1,590 — 59 — — 59 
Net income— — — 62 — 62 
Other comprehensive income— — — — —  
Balance at June 30, 2021248,863 $ $6,721 $(1,077)$ $5,644 
See accompanying notes to the condensed consolidated financial statements.
8

ZILLOW GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions, unaudited)
 Six Months Ended
June 30,
 20222021
Operating activities
Net income
$24 $62 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization87 58 
Share-based compensation193 152 
Amortization of right of use assets11 13 
Amortization of contract cost assets16 20 
Amortization of debt discount and debt issuance costs24 50 
Loss on extinguishment of debt
21 2 
Inventory valuation adjustment9  
Other adjustments to reconcile net income to cash provided by (used in) operating activities (9)8 
Changes in operating assets and liabilities:
Accounts receivable81 (33)
Mortgage loans held for sale46 160 
Inventory3,881 (678)
Prepaid expenses and other assets4 (36)
Contract cost assets(8)(17)
Lease liabilities(8)(14)
Accounts payable(1)2 
Accrued expenses and other current liabilities(69)81 
Accrued compensation and benefits(47)8 
Deferred revenue1 5 
Other long-term liabilities(1)(1)
Net cash provided by (used in) operating activities4,255 (158)
Investing activities
Proceeds from maturities of investments160 1,330 
Purchases of investments(1,023) 
Purchases of property and equipment(60)(25)
Purchases of intangible assets(11)(10)
Net cash provided by (used in) investing activities(934)1,295 
Financing activities
Proceeds from issuance of Class C capital stock, net of issuance costs 545 
Proceeds from borrowings on credit facilities 610 
Repayments of borrowings on credit facilities(2,205)(147)
Net repayments on warehouse line of credit and repurchase agreements(58)(146)
Repurchases of Class A common stock and Class C capital stock(597) 
Settlement of long-term debt(1,158) 
Proceeds from exercise of stock options42 76 
Net cash provided by (used in) financing activities(3,976)938 
Net increase (decrease) in cash, cash equivalents and restricted cash during period(655)2,075 
Cash, cash equivalents and restricted cash at beginning of period2,838 1,779 
Cash, cash equivalents and restricted cash at end of period$2,183 $3,854 
Supplemental disclosures of cash flow information
Cash paid for interest$35 $28 
Cash paid for taxes4  
Noncash transactions:
Write-off of fully amortized intangible assets$196 $4 
Settlement of beneficial interests in securitizations79  
Write-off of fully depreciated property and equipment33 24 
Capitalized share-based compensation20 9 
Recognition of operating right of use assets and lease liabilities14  
Property and equipment purchased on account2 1 
See accompanying notes to the condensed consolidated financial statements.
9

ZILLOW GROUP, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
Note 1. Organization and Description of Business
Zillow Group, Inc. is reimagining real estate to make it easier to unlock life’s next chapter. As the most visited real estate website in the United States, Zillow and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease. We help customers find and win their home with referrals to trusted Zillow Premier Agent and Premier Broker partners and our portfolio of Zillow-branded and affiliated transaction-oriented services.
Zillow Offers, our iBuying business, has purchased and sold homes directly in markets across the country. In the fourth quarter of 2021, we began to wind down Zillow Offers operations with expected completion during the three months ending September 30, 2022.
Zillow Home Loans, our affiliate lender, provides our customers with an easy option to get pre-approved and secure financing for their next home purchase.
Other consumer brands include Zillow Rentals, Trulia, StreetEasy, Zillow Closing Services, HotPads and Out East. In addition, Zillow Group provides a comprehensive suite of marketing software and technology solutions for the real estate industry which include Mortech, dotloop, Bridge Interactive, New Home Feed and ShowingTime.
Certain Significant Risks and Uncertainties
We operate in a dynamic industry and, accordingly, can be affected by a variety of factors. For example, we believe that changes in any of the following areas could have a significant negative effect on us in terms of our future financial position, results of operations or cash flows: current and future health and stability of the economy, financial conditions and residential housing market and changes in general economic and financial conditions (including federal monetary policy, interest rate changes, inflation, home price appreciation and housing inventory); our investment of resources to pursue strategies and develop products and services that may not prove effective or that are not attractive for customers and real estate partners; the duration and impact of public health crises, like the COVID-19 pandemic (including variants) on our ability to operate, demand for our products or services or general economic conditions; addition or loss of significant customers; our ability to successfully integrate and realize the benefits of our past or future strategic partnerships, acquisitions, business combinations or investments; our ability to manage advertising inventory or pricing; engagement and usage of our products; competition and innovation in our markets; actual or anticipated changes in technology, products, markets or services by us or our competitors; our ability to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future businesses; changes in laws or government regulation affecting our business; outcomes of legal proceedings; natural disasters and catastrophic events; our ability to attract and retain qualified employees and key personnel; protection of customers’ information and other privacy concerns; protection of our brand and intellectual property; and intellectual property infringement and other claims, among other things.
Note 2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying condensed consolidated financial statements include Zillow Group, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. These condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and accompanying notes included in Zillow Group, Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which was filed with the SEC on February 10, 2022. The condensed consolidated balance sheet as of December 31, 2021, included herein, was derived from the audited financial statements of Zillow Group, Inc. as of that date.
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The unaudited condensed consolidated interim financial statements, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our financial position as of June 30, 2022 and our results of operations, comprehensive income (loss), and shareholders’ equity for the three and six month periods ended June 30, 2022 and 2021, and our cash flows for the six month periods ended June 30, 2022 and 2021. The results for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022, or for any interim period, or for any other future year.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the financial statements, as well as the reported amounts of revenue and expenses during the periods presented. On an ongoing basis, we evaluate our estimates, including those related to the accounting for certain revenue offerings, the net realizable value of inventory, restructuring costs, amortization period and recoverability of contract cost assets, website and software development costs, recoverability of long-lived assets and intangible assets, share-based compensation, income taxes, business combinations and the recoverability of goodwill, among others. To the extent there are material differences between these estimates, judgments or assumptions and actual results, our financial statements will be affected. The health of the residential housing market, interest rate environment, the COVID-19 pandemic and our wind down of Zillow Offers operations have introduced significant additional uncertainty with respect to estimates, judgments and assumptions, which may materially impact the estimates previously listed, among others.
Recently Adopted Accounting Standards
In October 2021, the Financial Accounting Standards Board (“FASB”) issued guidance which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured in accordance with guidance governing revenue from contracts with customers. Prior to the adoption of this guidance, we recognized contract assets and contract liabilities at the acquisition date based on fair value estimates, which resulted in a reduction to unearned revenue on the balance sheet, and therefore, a reduction to revenue that would have otherwise been recorded as an independent entity. The guidance is effective for interim and annual periods beginning after December 15, 2022 on a prospective basis, with early adoption permitted. We elected to adopt this guidance effective April 1, 2022, and this guidance will be applied to any future business combinations.
Recently Issued Accounting Standards Not Yet Adopted
In June 2022, the FASB issued guidance to improve existing measurement and disclosure requirements for equity securities that are subject to a contractual sale restriction. This guidance is effective for interim and annual periods beginning after December 15, 2023 on a prospective basis, with early adoption permitted. We expect to adopt this guidance on January 1, 2024. We have not yet determined the impact the adoption of this guidance will have on our financial position, results of operations and cash flows.
Note 3. Fair Value Measurements
We apply the following methods and assumptions in estimating our fair value measurements:
Cash equivalents — The fair value measurement of money market funds is based on quoted market prices in active markets (Level 1). The fair value measurement of other cash equivalents is based on observable market-based inputs principally derived from or corroborated by observable market data (Level 2).
Short-term investments — The fair value measurement of our short-term investments is based on observable market-based inputs or inputs that are derived principally from or corroborated by observable market data by correlation or other means (Level 2).
Restricted cash — The carrying value of restricted cash approximates fair value due to the short period of time amounts were borrowed on our credit facilities, home sales proceeds were held in restricted accounts associated with our credit facilities and securitizations, and amounts are held in escrow (Level 1).
Mortgage loans held for sale — The fair value of mortgage loans held for sale is generally calculated by reference to quoted prices in secondary markets for commitments to sell mortgage loans with similar characteristics (Level 2).
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Forward contracts — The fair value of mandatory loan sales commitments and derivative instruments such as forward sales of mortgage-backed securities that are utilized as economic hedging instruments is calculated by reference to quoted prices for similar assets (Level 2).
Interest rate lock commitments — The fair value of interest rate lock commitments (“IRLCs”) is calculated by reference to quoted prices in secondary markets for commitments to sell mortgage loans with similar characteristics. Expired commitments are excluded from the fair value measurement. Since not all IRLCs will become closed loans, we adjust our fair value measurements for the estimated amount of IRLCs that will not close. This adjustment is effected through the pull-through rate, which represents the probability that an interest rate lock commitment will ultimately result in a closed loan. For IRLCs that are cancelled or expire, any recorded gain or loss is reversed at the end of the commitment period (Level 3).
12

The following table presents the range and weighted-average pull-through rates used in determining the fair value of IRLCs as of the dates presented:
June 30, 2022December 31, 2021
Range
39% - 100%
42% - 100%
Weighted-average82%85%
Beneficial interests in securitizations — As of June 30, 2022, we have repaid both beneficial interests as a result of the wind down of Zillow Offers operations.
The following tables present the balances of assets and liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, as of the dates presented (in millions):
 June 30, 2022
TotalLevel 1Level 2Level 3
Cash equivalents:
Money market funds$2,047 $2,047 $ $ 
Short-term investments:
U.S. government agency securities1,217  1,217  
Treasury bills99  99  
Corporate bonds38  38 
Commercial paper8  8 
Mortgage origination-related:
Mortgage loans held for sale61  61  
IRLCs2   2 
Forward contracts - other current assets1  1  
        Total$3,473 $2,047 $1,424 $2 
 December 31, 2021
 TotalLevel 1Level 2Level 3
Cash equivalents:
Money market funds$2,132 $2,132 $ $ 
Short-term investments:
U.S. government agency securities471  471  
Corporate bonds33  33  
Commercial paper10  10  
Beneficial interests in securitizations75   75 
Mortgage origination-related:
Mortgage loans held for sale107  107  
IRLCs5   5 
Forward contracts - other current assets