Truly awful share-based comp. 20% of revenue in SBC?!! Ok, not as bad as the absolute worst (here's lookin' at you Twilio -- who doles out more than $200,000 per employee in SBC!! + Atlassian and the whole cloud crew), but if these guys had to account for the payroll on the OpEx line the financials would be so atrocious nobody would give it a 2nd glance without a 50% haircut. Whatever value is being created by Zillow isn't being directed for shareholder benefit, but looted for insider and management benefit. It's rampant, ongoing dilution that won't change until/unless a shareholder friendly Board demand mgmt overhaul it, or cleans house and shows them the door.