{
  "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": 96,
  "pageCount": 103,
  "prevPage": 95,
  "nextPage": 97,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 3,
  "notes": "Uses direct quotes from Zillow's proxy statement to expose governance weaknesses.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/96",
  "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-96",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We take issue with numerous governance decisions currently in effect at Zillow. One of our biggest concerns is that Zillow has not established a formal incentive program that outlines financial targets or thresholds that play a role in management’s compensation.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-536f-7579-baa9-33a98651420b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.98,
        "x": 0.01,
        "y": 0.165
      },
      "kind": "paragraph",
      "text": "We take issue with numerous governance decisions currently in effect at Zillow. One of our biggest concerns is that Zillow has not established a formal incentive program that outlines financial targets or thresholds that play a role in management's compensation.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "45b74d87-cb71-4ceb-9a9a-37cc2b5f5d0c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "We have not established a formal cash incentive program for our executive officers. Instead we have relied primarily on the long-term incentive value of equity-based compensation. — Zillow Proxy Statement",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-536f-7579-baa9-3564a698977d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.01,
        "y": 0.975
      },
      "kind": "source-note",
      "text": "Source: Zillow proxy statement",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d287e8aa-120c-4004-be10-26e47bbf250b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.98,
        "x": 0.01,
        "y": 0.25
      },
      "kind": "table",
      "text": "Concerns With Zillow's Governance table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dd857a02-45c1-435f-a31b-182932f0e50f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.65,
        "x": 0.315,
        "y": 0.025
      },
      "kind": "title",
      "text": "We Take Numerous Issue With Zillow's Governance Practices",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bcc17969-0e38-4417-ae0d-a61e57c8b2af",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "governance",
      "slug": null,
      "matchId": "c3a2f293-2a6b-4ceb-9e4f-8ca7c385add6",
      "evidence": "The slide explicitly critiques Zillow's corporate governance practices.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}