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  "documentTitle": "Zillow Group, Inc. (Z)",
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  "authorName": "Spruce Point Capital Management",
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      "text": "Zillow's utilization of stock-based compensation stands out against a broad universe of internet-adjacent companies.",
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      "text": "Stock-Based Comp As A Percentage of Total Operating Expenses(1), LTM",
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      "text": "SBC as % of Operating Expenses: 20.4%",
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      "text": "(1) Includes cost of goods sold in addition to SG&A\nSource: Spruce Point Analysis",
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