In November 2021, 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 year ended 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 year ended December 31, 2022 (in millions):


Revenue	$	4,249
Cost of revenue	4,023
Gross profit	226
Operating expenses:
Sales and marketing	153
Technology and development	6
General and administrative	10
Impairment and restructuring costs	25
Total operating expenses	194
Income from discontinued operations	32
Loss on extinguishment of debt	(21)
Other income, net	13
Interest expense	(36)
Loss from discontinued operations before income taxes	(12)
Income tax expense	(1)
Net loss from discontinued operations	$	(13)
Net loss from discontinued operations per share - basic and diluted	$	(0.05)

The following table presents significant non-cash items and capital expenditures of the discontinued operations for the year ended December 31, 2022 (in millions):


Amortization of debt discount and debt issuance costs	$	21
Loss on debt extinguishment	21
Share-based compensation	16
Inventory valuation adjustment	9
Depreciation and amortization	7
Capital expenditures	1
Settlement of beneficial interests in securitizations	(79)

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.