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      "text": "stock-based compensation: $451 million",
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      "text": "We believe Homes.com represents an underappreciated threat to Zillow. Homes.com recently announced it is investing over $1 billion in marketing... Spruce Point interviewed a former Senior Executive that made the comment that Homes.com could have the ability to undercut Zillow's Flex pricing with a 20% referral fee vs. the 35-40%.",
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