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  "docSlug": "de028a1085e6",
  "documentTitle": "Zillow Group, Inc. (Z)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-03-05 00:00:00",
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  "notes": "The slide uses a screenshot of a Zillow investor presentation to highlight the discrepancy between past promises and current silence.",
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      "kind": "callout",
      "text": "Zillow issued aggressive, if not outlandish, 2025 financial targets in its 2022 investor deck that we believe was done to convince investors that the Company was still in high growth mode; these targets included achieving $5 billion in revenue and $2.25 billion in Adj. EBITDA. Not only do we believe Zillow will fall well short of these targets, but the Company also quietly excluded some of these targets from their 2024 investor presentation, without ever having publicly commented on the retraction.",
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      "kind": "callout",
      "text": "Not only do we believe Zillow will fall well short of these targets, but the Company also quietly excluded some of these targets from their 2024 investor presentation, without ever having publicly commented on the retraction.",
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      "kind": "image",
      "text": "Significant Long-Term Growth Opportunity 2025 financial targets of $5 billion revenue and 45% Adjusted EBITDA margin",
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      "text": "revenue: $5 billion",
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      "text": "Source: Z Investor Presentation (February 2022)",
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      "text": "Model Math table showing 2021 vs 2025 targets",
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      "kind": "title",
      "text": "Zillow's Aggressive 2025 Revenue Target Recently Retracted",
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      "evidence": "The document presents evidence to support Spruce Point's claims, including data on Zillow's declining site traffic and revenue per visit.",
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