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  "documentTitle": "2024 Q4 Investor Presentation",
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      "text": "Mid-cycle target for $5B revenue with 45% Adjusted EBITDA margin.",
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      "text": "1. Google Trends report (2010-2024)\n2. Adjusted EBITDA margin is a non-GAAP financial measure; it is not calculated or presented in accordance with GAAP. Zillow Group has not provided a quantitative reconciliation of this forecasted Adjusted EBITDA Margin to the most directly comparable GAAP measure within this presentation because the company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. Please see the Appendix slides for more information about our presentation of Adjusted EBITDA margin.\nNote: See subsequent slides for further information on the calculation and sources for statistical data and forward-looking statements provided on this slide.",
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      "text": "Leading brand and engaged audience: \"Zillow\" is searched more than the term \"real estate\" with 4x the daily active app users of nearest competitor\nSignificant For Sale (Residential + Mortgages) revenue growth opportunity: $1.7B For Sale revenue in 2024 with clear path to $1B incremental organic revenue as we roll out existing products\nClear Rentals revenue growth path: $453M Rentals revenue in 2024 with path to $1B+ revenue\nExecuting on a strategy that is working: Continued geographic roll-out of existing products and services driving strong revenue growth by gaining share across For Sale and Rentals\nDisciplined cost and investment management expected to drive high incremental margins: Disciplined cost structure built to drive positive GAAP net income in 2025 and strong GAAP profitability over time\nU.S. housing industry at attractive cyclical entry point: Housing turnover currently near 40-year cyclical lows with 50%+ potential upside at 6M in normalized annual transactions\nMid-cycle target for $5B revenue with 45% Adjusted EBITDA margin: Clear path to attractive organic revenue growth across For Sale and Rentals, plus additional opportunity when housing market normalizes",
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      "text": "The Zillow Investment Opportunity",
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