{
  "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": 75,
  "pageCount": 103,
  "prevPage": 74,
  "nextPage": 76,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "overcrowded",
  "nDataPoints": 6,
  "notes": "The slide uses a 'preempt_rebuttal' strategy by acknowledging the target's competence in a specific area to build credibility for the activist's thesis.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "screenshot",
    "icon_grid",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/75",
  "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-75",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.96,
        "x": 0.02,
        "y": 0.16
      },
      "kind": "callout",
      "text": "We have conviction in CoStar's ability to achieve its goal of scaling the Homes.com platform to the most trafficked residential real estate portal. CoStar is well capitalized, with over $4 billion of net cash and has a successful track record in purchasing and scaling real estate-oriented websites. In 2014 CoStar purchased Apartments.com, which at the time averaged 7 million monthly visitors. Since then, CoStar has scaled Apartments.com's average monthly visitors over 6x to 44 million.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b44fa4e1-8dd4-4076-83ac-e4c22e1f6c8f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "We have conviction in CoStar's ability to achieve its goal of scaling the Homes.com platform to the most trafficked residential real estate portal.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f42-76f3-adcb-b59d07f1594d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.74,
        "x": 0.13,
        "y": 0.3
      },
      "kind": "image",
      "text": "CoStar Group to Acquire Apartments.com",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7884d5aa-2147-4b43-b039-0b8f3bfbf41d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.18,
        "x": 0.39,
        "y": 0.77
      },
      "kind": "metric",
      "text": "1B Annual Visits",
      "attrs": null,
      "subkind": "big-number",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7678394c-c6e2-4015-902f-e20f225d5b3a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.18,
        "x": 0.61,
        "y": 0.77
      },
      "kind": "metric",
      "text": "44M Average Monthly Unique Visitors",
      "attrs": null,
      "subkind": "big-number",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a118ed7b-8437-4877-811e-aa9362266b5d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.18,
        "x": 0.39,
        "y": 0.49
      },
      "kind": "metric",
      "text": "$1B Revenue Run Rate",
      "attrs": null,
      "subkind": "big-number",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a763ea56-3542-4bf5-b8da-65c3148a2805",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.18,
        "x": 0.39,
        "y": 0.63
      },
      "kind": "metric",
      "text": "#1 Rank in Brand Awareness",
      "attrs": null,
      "subkind": "big-number",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "aa06f1d5-e25d-49d5-acc9-2f0adbdea1da",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.18,
        "x": 0.61,
        "y": 0.49
      },
      "kind": "metric",
      "text": "23% Year-over-Year Revenue Growth",
      "attrs": null,
      "subkind": "big-number",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f7e0dd9e-6455-4395-a291-be909c8a7a1f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.18,
        "x": 0.61,
        "y": 0.63
      },
      "kind": "metric",
      "text": "1M+ Rental Availabilities",
      "attrs": null,
      "subkind": "big-number",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fb0d8ae2-05b1-4f01-b206-f8895b5a5326",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "monthly visitors: 44M",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-3f42-76f3-adcb-bb45bd0f5dcb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.5,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Apartments.com acquisition press release, CoStar Q4'23 investor presentation.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4b0616e1-1110-4171-9688-2ebd52559170",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.32,
        "x": 0.34,
        "y": 0.05
      },
      "kind": "title",
      "text": "CoStar's Successful Track Record",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c924b9ca-3c7d-4316-a4cc-6a5f82501b83",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.28,
        "x": 0.14,
        "y": 0.44
      },
      "kind": "title",
      "text": "Apartments.com by the Numbers",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9c090634-d01e-44b0-86c2-0ba8a62be22e",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Data Story Arc",
      "slug": "data-story-arc",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "1179a6d0-09d3-42c4-aedb-fcc478ef89ed",
      "evidence": "The slide presents a narrative of CoStar's successful track record, using data and metrics to support the story.",
      "confidence": 0.7
    },
    {
      "name": "Storytelling: audience calibration",
      "slug": "audience",
      "agent": "storyteller",
      "layer": "slide",
      "matchId": "81220d1c-575d-4f94-b741-cb9926844678",
      "evidence": "The slide presents data and metrics to build conviction in CoStar's ability to achieve its goal, indicating an understanding of the audience's needs and concerns.",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "preempt_rebuttal",
      "slug": null,
      "matchId": "ff62feb8-a588-4739-b433-66ac26300be9",
      "evidence": "The slide uses a positive track record to build credibility for a future goal, neutralizing potential skepticism about the company's ability to execute.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}