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  "documentTitle": "Zillow Group, Inc. (Z)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2024-03-05 00:00:00",
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  "notes": "Uses a callout box to link RSU data to the diluted share count calculation.",
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      "kind": "callout",
      "text": "RSUs not being captured by Zillow’s Diluted Share Count; We Believe They Should Since The Current Share Price Is Greater Than The Grant Date Fair Value",
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      "text": "diluted share count: 12 million",
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      "text": "Zillow excludes RSUs from its diluted share count which account for 12 million (5% incremental) dilution. We include the RSUs for analytical purposes. In addition, Zillow recently disclosed that it shortened the vesting period from four years to three years. We believe the shortening of the vesting period is a move against shareholder interest.",
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      "text": "Source: FY23 10-K and Q4’23 Shareholder Letter",
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      "text": "Zillow Group Outlook as of February 13, 2024",
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      "text": "Restricted Stock Units activity table",
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      "text": "Zillow Excludes RSUs From Dilution, While Shortening The Vesting Period",
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