{
  "docId": "019dd923-622c-750b-8b99-74af5c9e9edb",
  "docSlug": "de028a1085e6",
  "documentTitle": "Zillow Group, Inc. (Z)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-03-05 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 49,
  "pageCount": 103,
  "prevPage": 48,
  "nextPage": 50,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "balanced",
  "nDataPoints": 2,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "callout_box",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/49",
  "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-49",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "It seems Zillow's management believes Flex and MBP can coexist in the same markets. We believe Zillow is walking a very fine line and our research indicates that it will be difficult for the two models to coexist in the long run.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f42-76f3-adc9-dee464ab922a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.13,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "It seems Zillow’s management believes Flex and MBP can coexist in the same markets. We believe Zillow is walking a very fine line and our research indicates that it will be difficult for the two models to coexist in the long run. Our research also indicates that it would be very difficult to revert to MBP if the Enhanced Market program fails. Spruce Point believes Zillow may allow the two models to coexist over the short term to mask the added volatility of moving a market to Flex only (Enhanced Market) and preventing MBP agents in future Enhanced Markets from preemptively churning.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9a4eab2c-c607-44d2-9fe4-44f26ab9a63b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.1,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "(1) Flex Pricing.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7090924f-7688-4a45-8bce-2066a5ee9ae9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.58,
        "w": 0.96,
        "x": 0.02,
        "y": 0.33
      },
      "kind": "table",
      "text": "Risks: Can Flex and MBP Coexist? / Difficult to Revert",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "50c52e56-60fd-4957-9d95-7d9c34fc50b4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.31,
        "y": 0.05
      },
      "kind": "title",
      "text": "Flex & MBP May Have Difficulty Coexisting",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8dd79db5-86d2-466b-9951-7088ff590dea",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 50,
      "from": 21,
      "beatId": "2825f36d-3055-4526-b439-677abc0e48a8",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Evidence",
      "beatSlug": "evidence",
      "evidence": "The document presents evidence to support Spruce Point's claims, including data on Zillow's declining site traffic and revenue per visit.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}