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  "documentTitle": "Zillow Group, Inc. (Z)",
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  "presentationDate": "2024-03-05 00:00:00",
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      "text": "Spruce Point believes this all a smoke screen to cover for the maturation of the MBP business and difficulty in expanding Flex or Enhanced Markets.",
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      "text": "Zillow's 2022 investor presentation formerly illustrated revenue per customer in adjacent services. Its new 2024 investor presentation eliminates these metrics. The Mortgage business lost $214 million from 2020 to 2022. Zillow stopped disclosing Operating Income/(Loss) for the Mortgage segment in 2023, but considering the economic backdrop, Spruce Point believes it is more than likely the Mortgage business experienced another year of losses. Zillow recently acquired a new title business, but its prior attempts at building a title business have failed, so we are bearish on the opportunity. Seller Services is in its infancy as they try to get more seller listings on the website. Homes.com is also building a seller listing business. Spruce Point believes this all a smoke screen to cover for the maturation of the MBP business and difficulty in expanding Flex or Enhanced Markets.",
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