Zillow group, inc. (ZG)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Jun'14Mar'14
Operating activities
Net loss

-163,273

-101,210

-64,649

-71,977

-67,525

-97,682

-492

-3,093

-18,591

-77,175

9,206

-21,845

-4,606

-23,491

6,807

-156,149

-47,605

-25,720

-26,049

-38,721

-58,384

-10,477

-6,259

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization

29,026

23,579

22,160

21,203

20,525

23,090

23,375

26,020

26,906

28,579

27,419

27,022

27,135

25,738

25,495

25,550

23,807

21,355

19,584

20,419

14,028

8,596

8,074

Share-based compensation expense

43,795

47,018

42,128

43,632

66,124

37,718

41,682

38,943

30,741

29,409

28,574

29,193

26,395

25,766

27,285

28,316

25,551

24,312

28,015

29,880

23,007

8,410

7,132

Amortization of right of use assets

6,465

6,432

6,138

6,132

4,440

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of contract cost assets

8,400

8,600

8,800

9,200

8,700

8,800

8,900

9,000

9,300

0

0

0

0

-

-

-

-

-

-

-

-

-

-

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

22,547

22,229

12,069

8,959

8,840

8,682

8,486

4,796

4,708

4,621

4,536

4,502

4,353

-

-

-

-

-

-

-

-

-

-

Impairment costs

76,800

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income taxes

-9,228

-

-1,300

0

-2,500

-

-14,700

-10,600

2,600

-

0

0

0

-

-

-

-

-

-

-

-

-

-

Restructuring costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,059

-3,555

21,702

-

-

Release of valuation allowance on certain deferred tax assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,728

0

-1,364

-

-

-

-

-

-

Loss on disposal of property and equipment and other assets

-1,952

-1,430

-1,866

-2,174

-1,704

-488

-1,023

-303

-1,803

-1,593

-2,061

-1,025

-999

-273

-1,246

-734

-1,436

-377

-508

-412

-87

-118

-235

Credit loss expense

558

878

1,188

578

128

-184

1,405

-85

-267

1,488

1,901

3,242

718

966

788

614

313

821

809

800

805

590

635

Net loss on investment securities

-434

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred rent

-

-

-

-

-

1,071

-271

245

-3,090

4,013

1,322

1,560

190

1,418

-1,009

1,328

-7

-82

325

1,929

381

3,476

-697

Accretion of bond discount

473

-

-

-

1,733

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accretion of bond discount

-

-

-

-

-

-

-1,668

-367

-137

-

75

153

223

318

363

378

430

397

497

744

849

939

812

Changes in operating assets and liabilities:
Accounts receivable

5,335

-9,791

-3,399

12,234

4,650

-438

3,659

9,440

-105

1,931

8,123

9,090

2,059

1,554

5,162

3,838

2,770

-2,958

-1,017

4,730

296

5,616

260

Mortgage loans held for sale

341

-255

-1,891

9,184

-5,940

1,161

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Inventory

-302,593

-42,726

326,530

227,669

162,325

119,572

37,591

5,666

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Prepaid expenses and other assets

2,916

-4,870

3,833

-6,522

8,537

19,056

315

-5,226

19,923

-6,373

-10,279

10,582

-4,737

18,457

1,925

-4,414

-2,708

8,610

645

-3,017

-5,477

-355

1,920

Lease liabilities

-1,625

-3,911

-3,083

-4,936

-7,010

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Contract cost assets

9,771

7,763

8,618

9,229

9,103

9,367

10,772

9,931

11,440

0

0

0

0

-

-

-

-

-

-

-

-

-

-

Accounts payable

7,673

-3,495

1,743

1,389

-133

-943

399

183

1,672

-597

1,938

-1,767

53

-2,440

-10,447

12,149

1,594

-2,764

-5,878

-1,753

-763

7,876

1,679

Accrued expenses and other current liabilities

4,588

7,332

5,289

6,624

328

5,671

1,438

1,558

-6,747

5,826

11,971

-3,480

4,683

3,681

-13,751

2,212

2,793

-24,516

6,119

7,665

-7,652

-953

2,468

Accrued compensation and benefits

-4,967

4,265

1,539

1,701

-1,088

4,788

2,194

672

3,637

-6,142

691

-2,036

2,539

-553

308

3,949

8,759

-1,038

277

-4,986

1,727

853

1,070

Deferred revenue

-4,400

-2,208

4,875

975

2,025

-1,879

39

623

3,379

858

140

37

1,598

2,149

1,455

896

3,294

1,630

-3,698

-478

112

1,897

-158

Other long-term liabilities

-527

-1,150

-27

-141

290

1,962

0

0

0

-

-

-

-

1,633

2,728

0

-2,749

-5,053

1,090

2,623

375

-

-

Net cash provided by (used in) operating activities

301,990

58,108

-296,459

-228,309

-145,514

-98,693

29,491

48,400

24,652

81,268

92,031

17,934

66,958

39,081

30,093

-79,447

18,918

-15,929

22,442

14,691

1,455

14,670

14,205

Investing activities
Proceeds from maturities of investments

296,272

266,916

319,830

237,125

302,187

137,553

89,102

111,187

61,386

54,707

71,088

84,325

49,107

40,541

53,388

61,332

44,108

91,364

78,356

101,943

63,780

29,346

44,539

Proceeds from sales of investments

53,997

-

-

-

0

-

-

-

-

-

-

-

-

0

168

0

4,795

0

3,281

0

4,979

-

-

Purchases of investments

58,459

1,015,514

177,072

126,479

176,412

52,923

618,562

153,547

76,729

103,791

109,637

109,596

84,008

48,224

43,010

45,216

38,760

80,435

62,505

104,822

59,896

56,159

103,094

Decrease in restricted cash, net of amounts assumed in connection with an acquisition

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-1,962

-3,724

105

-165

-147

-

-

Purchases of property and equipment

32,966

21,904

15,468

15,470

14,202

21,572

13,270

15,421

15,791

15,148

19,972

17,445

14,163

16,328

14,438

17,043

14,251

13,091

14,048

15,225

10,321

7,501

7,872

Purchases of intangible assets

4,503

4,468

6,196

5,658

3,269

4,302

3,402

3,679

1,098

2,530

2,593

1,476

5,308

1,835

2,407

2,745

2,675

1,512

5,905

7,722

284

985

1,147

Proceeds from divestiture of a business

-

-

-

-

-

-

-

-

-

-

0

0

579

-

-

-

-

-

-

-

-

-

-

Cash acquired in acquisition, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

173,406

-

-

Cash paid for acquisitions, net

-

-

-

-

-

-

-

-

-

386

5,145

0

6,002

0

3,962

0

12,357

-

-

-

-

-

-

Net cash provided by investing activities

254,341

-774,970

121,094

89,518

108,304

19,185

-548,132

-61,460

-32,232

-67,148

-66,259

-54,192

-59,795

-37,808

-7,061

-3,672

-17,178

5,809

-87,518

-25,661

171,811

-38,799

-67,574

Financing activities
Proceeds from borrowings on credit facilities

34,460

-

288,481

163,771

129,328

-

24,674

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayments of borrowings on credit facilities

294,150

110,763

-59

2,961

0

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net borrowings (repayments) on warehouse lines of credit and repurchase agreement

4,386

-

-

-

-5,025

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from exercise of stock options

92,202

24,451

8,017

19,433

13,564

5,451

14,967

46,750

52,906

18,061

17,747

51,257

11,006

10,750

12,724

6,055

1,682

5,924

3,777

5,598

9,124

8,764

5,263

Value of equity awards withheld for tax liability

0

0

6

-1

-2

3

1

38

28

28

42

58

237

124

206

169

117

205

7,434

208

303

-

-

Net cash provided by (used in) financing activities

-163,102

80,849

1,231,707

185,269

137,869

95,956

734,591

46,712

52,878

18,033

17,705

51,199

10,769

51,559

12,518

5,886

1,565

5,719

-3,657

5,390

8,821

8,764

5,263

Net increase in cash, cash equivalents and restricted cash during period

393,229

-636,013

1,056,342

46,478

100,659

16,448

215,950

33,652

45,298

32,153

43,477

14,941

17,932

52,832

35,550

-77,233

3,305

-4,401

-68,733

-5,580

182,087

-15,365

-48,106

Supplemental disclosures of cash flow information
Cash paid for interest

17,038

16,319

9,221

11,660

4,956

10,673

67

4,733

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Noncash transactions:
Value of Class A common stock issued in connection with an acquisition

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

1,883,728

-

-

Capitalized share-based compensation

3,670

3,005

3,064

3,188

2,690

1,916

2,051

2,503

2,120

2,321

3,626

2,421

2,868

2,252

2,505

3,054

2,250

2,248

3,288

2,359

2,424

1,500

1,586

Write-off of fully depreciated property and equipment

4,143

7,208

19,084

3,598

6,269

3,677

5,394

5,914

7,379

2,319

5,133

4,106

3,446

2,979

1,599

3,152

6,834

1,343

11,898

1,242

11,759

1,519

1,498

Write-off of fully amortized intangible assets

0

40

6,648

111

3,200

2,202

0

110

10,687

19

152

22

5,280

-

-

-

-

-

-

-

-

-

-

Property and equipment purchased on account

9,445

-

-

-

4,792

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-