Zillow ended its failed iBuying business, but is recovering well, as the latest letter to shareholders explains. A foray into the home-flipping business didn’t pan out for the company, resulting in losses and layoffs.

The company’s letter demonstrates accountability, humility, and vulnerability, yet express optimism, as the CEO and CFO write in the closing:

“We want to acknowledge the past few months have been challenging for us all — Zillow leadership, employees, and investors — but innovation is a bumpy road. Big swings are core to Zillow, and they are what make our company so unique. We are excited about the opportunity in front of us. Thank you for joining us on this journey.”

In addition to describing plans, the leaders want readers to take away that performance was “better than expected.” “Better” is used 13 times in the 20-page letter. The approach seemed to work. As a CNBC article summarizes, “Zillow soars on upbeat outlook and faster-than-expected selloff of homes in portfolio.” However, for perspective, the article reports that the stock increased 20% after the letter was published, yet “the stock has lost three-quarters of its value since reaching a record almost a year ago.” Zillow’s leaders have more work to do.