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  "documentTitle": "Zillow Group, Inc. (Z)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-03-05 00:00:00",
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  "notes": "The slide uses a 'Super App' ecosystem diagram to illustrate the vision, which is then undermined by the bulleted critique.",
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      "kind": "callout",
      "text": "We believe MBP is a mature business and its markets have become saturated. Flex has not materialized to the extent management originally expected so now Zillow is emphasizing the promotion of the Housing Super App.",
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      "text": "Housing Super App ecosystem diagram",
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      "text": "Zillow first unveiled its plans for the Super App in February 2022... The premise of the Super App is for Zillow to become a one-stop shop... Management's vision for the Super App strategy involves 5 growth pillars... However, our checks indicate most of the services that Zillow plans to push through the Super App either don't exist yet or have already failed.",
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      "kind": "quote",
      "text": "We have also been innovating our products, services and business models as we drive towards our 2025 target of $5 billion in revenue and 45% EBITDA margin...",
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      "text": "Source: Z Investor Presentation (February 2022) and Q1'22 Conference Call",
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      "kind": "title",
      "text": "Now The Housing Super App Growth Story?",
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