Zillow Group Files 2024 10-K

TL;DR

Zillow's 2024 10-K is in! Full financials for the year ending Dec 31, 2024, now public.

AI Summary

Zillow Group, Inc. filed its 2024 10-K on February 11, 2025, reporting its financial performance for the fiscal year ending December 31, 2024. The filing details the company's operations and financial condition, including revenue and expenses, for the period. Zillow Group, Inc. is incorporated in Washington state and headquartered in Seattle.

Why It Matters

This 10-K filing provides investors and the public with a comprehensive overview of Zillow Group's financial health and operational performance for the fiscal year 2024, crucial for understanding the company's trajectory.

Risk Assessment

Risk Level: medium — This filing is a standard annual report and does not inherently indicate new risks beyond those typically associated with publicly traded companies.

Key Players & Entities

• ZILLOW GROUP, INC. (company) — Filer
• 0001617640 (company) — Central Index Key
• 20241231 (date) — Conformed Period of Report
• 20250211 (date) — Filed as of Date
• 1301 SECOND AVENUE, FLOOR 36 (address) — Business Address
• SEATTLE (location) — Business Address City
• WA (location) — Business Address State
• 98101 (zip_code) — Business Address Zip
• (206) 470-7000 (phone_number) — Business Phone

FAQ

Key Financial Figures

• $0.0001 — stered Class A Common Stock, par value $0.0001 per share ZG The Nasdaq Global Select M

Filing Documents

• z-20241231.htm (10-K) — 2125KB
• a2024form10-kex1022.htm (EX-10.22) — 86KB
• a2024form10-kex1035.htm (EX-10.35) — 221KB
• a2024form10-kex211.htm (EX-21.1) — 5KB
• a2024form10-kex231.htm (EX-23.1) — 2KB
• a2024form10-kex311.htm (EX-31.1) — 11KB
• a2024form10-kex312.htm (EX-31.2) — 11KB
• a2024form10-kex321.htm (EX-32.1) — 6KB
• a2024form10-kex322.htm (EX-32.2) — 6KB
• image_0.jpg (GRAPHIC) — 0KB
• z-20241231_g1.jpg (GRAPHIC) — 93KB
• 0001617640-25-000016.txt ( ) — 12237KB
• z-20241231.xsd (EX-101.SCH) — 74KB
• z-20241231_cal.xml (EX-101.CAL) — 127KB
• z-20241231_def.xml (EX-101.DEF) — 447KB
• z-20241231_lab.xml (EX-101.LAB) — 960KB
• z-20241231_pre.xml (EX-101.PRE) — 705KB
• z-20241231_htm.xml (XML) — 1680KB

Risk Factors

Item 1A. Risk Factors 10

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 35 Item 1C. Cybersecurity 35

Properties

Item 2. Properties 37

Legal Proceedings

Item 3. Legal Proceedings 37

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 37 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 38

[Reserved]

Item 6. [Reserved] 39

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 40

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 56

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 58

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 100

Controls and Procedures

Item 9A. Controls and Procedures 100

Other Information

Item 9B. Other Information 102

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 103 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 104

Executive Compensation

Item 11. Executive Compensation 104

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 104

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 104

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 104 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 105

Form 10-K Summary

Item 16. Form 10-K Summary 109

Signatures

Signatures 110 i Table of Contents GLOSSARY OF TERMS As used in this Annual Report on Form 10-K, the terms identified below have the meanings specified below unless otherwise noted or the context indicates otherwise: Abbreviation, Acronym or Common Term Definition Zillow Group, "the Company," "we," "us" and "our" Refers to Zillow Group, Inc., unless the context indicates otherwise as used in this Annual Report on Form 10-K 2024 Notes 0.75% Convertible Senior Notes due September 1, 2024 2025 Notes 2.75% Convertible Senior Notes due May 15, 2025 2026 Notes 1.375% Convertible Senior Notes due September 1, 2026 AI Artificial intelligence Aryeo Aryeo, Inc., a wholly owned subsidiary acquired on July 31, 2023 Board Board of Directors of Zillow Group, Inc. Enhanced Markets Geographies where Zillow is investing to provide an integrated home-buying experience, enabling consumers to digitally and seamlessly move through the process—from touring to closing—with support from Premier Agent partners and Zillow Home Loans loan officers. ESG Environmental, Social and Governance FASB Financial Accounting Standards Board Follow Up Boss Enchant, LLC, d/b/a Follow Up Boss, a wholly owned subsidiary acquired on December 8, 2023 GAAP Generally accepted accounting principles in the United States IRLC Interest rate lock commitment Lenders UBS AG, JPMorgan Chase Bank, N.A., and prior to the master repurchase agreement expiration in March 2024, Atlas Securitized Products, L.P. MBS Mortgage-backed security MLS Multiple Listing Service NAR National Association of REALTORS Notes Aggregate of outstanding convertible senior notes, inclusive of (1) the 2025 Notes, (2) the 2026 Notes prior to their settlement in December 2024, and (3) the 2024 Notes prior to their settlement in September 2024 OECD Organization for Economic Co-operation and Development PCAOB Public Company Accounting Oversight Board Pillar Two Pillar Two Global Anti-Base Erosi

Business

Item 1. Business. Overview We are reimagining residential real estate to make home a reality for more and more people. As the most visited real estate website in the United States 1 , Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, dedicated real estate professionals, and easier buying, selling, financing and renting experiences. Hundreds of millions of people visit our mobile applications and websites every month to support their journey. At the core of Zillow is our living database of approximately 165 million U.S. homes and our differentiated content, most notably the Zestimate, our patented proprietary automated valuation model through which we provide home value estimates. With the launch of the Zestimate feature in 2006, we introduced important transparency to residential real estate in order to empower consumers to make better decisions. During 2024, our Zestimate feature had a median error rate of 2.0% for homes listed for sale and 7.1% for off-market homes. We believe our data and content has helped the Zillow brand become synonymous with residential real estate with Zillow being searched online more than the term "real estate" in the United States 2 . We are helping renters, buyers, sellers, and real estate professionals across all their residential real estate needs through our "housing super app" which serves as an ecosystem of connected solutions for the tasks and services related to moving. We believe this allows us to build closer relationships with our customers to help them find and move into the places they call home, which is at the core of our mission. We strive to provide renters, buyers, sellers, real estate professionals, and the industry with the seamless, integrated, and tech-enabled experience they demand and deserve. We are focused on continually improving our consumer funnel, capturing consumer demand and connecting that demand to our partner network. We have made signi

View Full Filing

View this 10-K filing on SEC EDGAR