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  "documentTitle": "2024 02 Investor Strategy",
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  "notes": "The chart is a waterfall-style visualization showing how revenue is allocated across fixed expenses, variable expenses, and advertising to reach an Adjusted EBITDA target.",
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      "text": "1. Zillow Group has not provided a quantitative reconciliation... 2. This slide is provided for illustrative purposes...",
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      "text": "Annualized run rate, at the right fixed investment level for current initiatives, expect to grow with inflation; Expect to grow with revenue as various growth pillars scale and mature; Opportunistic for compelling growth situations; 45% Adjusted EBITDA target margin as we grow revenue and leverage fixed costs over time",
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