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Discontinued Operations
 12 Months Ended
Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations Discontinued Operations
Zillow Offers Wind Down
In November 2021, the Board of Directors of Zillow Group (the “Board”) made the determination to wind down Zillow Offers operations. This decision was made in light of home pricing unpredictability, capacity constraints and other operational challenges faced by Zillow Offers that were exacerbated by an unprecedented housing market, a global pandemic and a difficult labor and supply chain environment, all of which led us to conclude that, despite its initial promise in earlier quarters, Zillow Offers was unlikely to be a sufficiently stable line of business to meet our goals going forward.
The wind down of Zillow Offers was completed in the third quarter of 2022, at which time Zillow Offers met the criteria for discontinued operations. Accordingly, we have presented the results of operations, excluding allocation of any general corporate expenses, of Zillow Offers as discontinued operations in our consolidated statements of operations for the years ended December 31, 2022 and 2021. No assets or liabilities were classified as discontinued operations as of December 31, 2022.
The following table presents the major classes of line items of the discontinued operations included in the consolidated statements of operations for the periods presented (in millions):
Year Ended December 31,
20222021
Revenue$4,249 $6,015 
Cost of revenue4,023 6,071 
Gross profit (loss)226 (56)
Operating expenses:
Sales and marketing153 361 
Technology and development6 53 
General and administrative10 35 
Impairment and restructuring costs25 62 
Total operating expenses194 511 
Income (loss) from discontinued operations32 (567)
Loss on extinguishment of debt(21)— 
Other income, net13 3 
Interest expense(36)(64)
Loss from discontinued operations before income taxes
(12)(628)
Income tax expense
(1)(2)
Net loss from discontinued operations
$(13)$(630)
Net loss from discontinued operations per share:
Basic$(0.05)$(2.52)
Diluted$(0.05)$(2.41)
The following table presents significant non-cash items and capital expenditures of the discontinued operations for the periods presented (in millions):
Year Ended December 31,
20222021
Amortization of debt discount and debt issuance costs$21 $11 
Loss on debt extinguishment21 — 
Share-based compensation16 40 
Inventory valuation adjustment9 408 
Depreciation and amortization7 10 
Capital expenditures1 6 
Issuance (settlement) of beneficial interests in securitizations(79)63 

Restructuring
Restructuring costs totaled $24 million for the year ended December 31, 2022 and were primarily related to the Zillow Offers wind down. Cumulative restructuring charges attributable to continuing operations as of December 31, 2022 totaled $33 million.