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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 highlights the divergence between operating performance and compensation costs.",
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      "text": "We are concerned with Zillow's excessive use of stock-based compensation (\"SBC\"); 115% of FY23 reported Adj. EBITDA was comprised of SBC.",
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      "text": "We are concerned with Zillow's excessive use of stock-based compensation (“SBC”); 115% of FY23 reported Adj. EBITDA was comprised of SBC.",
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      "text": "(1) Includes cost of goods sold in addition to SG&A\n(2) 2021 year-end less the 25% of employees that were expected to be let go as part of the Zillow Offers wind-down\nSource: Spruce Point Analysis",
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      "text": "Stock Comp. Expense / Adj. EBITDA: 115.3%",
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      "text": "Zillow's Ballooning Stock Compensation Expense table",
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      "text": "Zillow's Use Of Stock Based Comp Has Ballooned In Recent Years",
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