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  "documentTitle": "Zillow Group, Inc. (Z)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2024-03-05 00:00:00",
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      "text": "We believe a large driver of Zillow's recent push for repurchases (the Company has spent nearly $1.4 billion over the last two years) is to offset dilution from the Company's overly-indulgent stock-based compensation program. In a simplified analysis, if we deduct the capital spent on repurchases from Adj. Net Income, Zillow's true cash economic earnings would be negative.",
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      "text": "We believe a large driver of Zillow's recent push for repurchases (the Company has spent nearly $1.4 billion over the last two years) is to offset dilution from the Company's overly-indulgent stock-based compensation program.",
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      "text": "Cash Economic EPS: ($0.40)",
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      "text": "Source: Zillow financial results",
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      "text": "Zillow Adj. EPS vs. Spruce Point Cash Economic EPS",
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      "text": "Our Measure of Zillow's \"Cash Economic EPS\" Is Negative",
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