v3.26.1
SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
Segment Information
The Company manages its business by product portfolios in two operating segments and two reportable segments, with the primary areas of measurement and decision-making being Commercial Real Estate and Residential Real Estate. Segment reporting is aligned with the internal reporting used by the CODM, which is the Company’s Chief Executive Officer. The CODM relies on a management reporting process that provides operating segment revenue, EBITDA, and Adjusted EBITDA for making decisions and assessing performance as the source of the Company’s reportable segments. EBITDA and Adjusted EBITDA are used by management internally to measure operating and management performance and to evaluate the business. The CODM does not review any information regarding total assets by operating segment.
Operating results by segment include items that are directly attributable to each segment and shared expenses such as IT; corporate infrastructure, including facilities; finance; and legal expenses. Shared expenses are allocated based on revenue and headcount. There are no intersegment transactions. The impact of certain items that are not normal, recurring, cash operating expenses necessary to run the operating segment are removed to determine Adjusted EBITDA and include stock-based compensation, acquisition and integration costs, restructuring and related costs, and settlements and impairments.
The Company has recast certain prior period disclosures to align with its reportable segments. See Note 2 for additional information.
Summarized EBITDA and Adjusted EBITDA information by operating segment consists of the following (in millions):
Three Months Ended March 31,
 20262025
Commercial Real EstateResidential Real EstateTotalCommercial Real EstateResidential Real EstateTotal
Revenue(1)
$472 $425 $897 $409 $323 $732 
Less:
Personnel232 178 410 190 152 342 
Marketing18 209 227 17 199 216 
General and administrative(2)
95 84 179 99 76 175 
EBITDA
$127 $(46)$81 $103 $(104)$(1)
Stock-based compensation expense29 13 42 22 8 30 
Acquisition and integration related costs4 3 7 20 2 22 
Restructuring and related costs1 1 2 5 2 7 
Settlements and impairments— — — 1 7 8 
Adjusted EBITDA
$161 $(29)$132 $151 $(85)$66 
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(1) See Note 3 for details of revenue disaggregated by segment.
(2) Excludes personnel costs.
The following summarizes stock-based compensation, which is a significant non-cash item included in the personnel costs above, by segment (in millions):
Three Months Ended
March 31,
 20262025
Commercial Real Estate$29 $22 
Residential Real Estate13 8 
Total
$42 $30 
The reconciliation of Adjusted EBITDA and EBITDA to income (loss) before income taxes consists of the following (in millions):
Three Months Ended
March 31,
 20262025
Adjusted EBITDA$132 $66 
Stock-based compensation expense(42)(30)
Acquisition and integration related costs(7)(22)
Restructuring and related costs(2)(7)
Settlements and impairments— (8)
EBITDA
$81 $(1)
Amortization of acquired intangible assets in cost of revenue(27)(11)
Amortization of acquired intangible assets in operating expenses(37)(17)
Depreciation and other amortization(14)(14)
Interest income, net
10 38 
Other expense, net(1)
(1)(2)
Income (loss) before income taxes
$12 $(7)
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(1) Includes $5 million of depreciation and amortization expense including above-market lease amortization associated with lessor activities for the three months ended March 31, 2026 and 2025.