Andrew Rosivach

Andrew Rosivach with Wolfe Research inquired about any observed changes in behavior or engagement levels between users who have completed age verification versus those who have not. He also asked if older cohorts might view the age check as a quality-of-life update, potentially contributing to the engagement levels seen.

Answer

David Baszucki, CEO, highlighted that age checks, by interacting with communication, enable more accurate matchmaking of different age bands, which he believes is a long-term growth aspect. He referred to this as the 'gold standard,' noting that other large gaming and communication platforms have announced similar initiatives, indicating it's the future direction for the industry.

Andrew Rosivach, on behalf of Shweta Khajuria from Wolfe Research, asked about any observed changes in behavior or engagement levels between age-checked and non-age-checked users following the age verification rollout. He also inquired if older cohorts perceive age checks as a quality-of-life update, potentially contributing to increased engagement.

Answer

Co-founder and CEO David Baszucki expressed optimism about the age check rollout, particularly its interaction with communication features, which enables more accurate matchmaking for different age bands. He believes this age banding and matchmaking capability will be a long-term growth driver and establish a "gold standard" for the industry.

Andrew Rosivach, on for Chris Parkinson, asked about the current M&A environment, Nutrien's appetite for smaller global tuck-ins, and how these opportunities are weighed against share buybacks and dividends.

Answer

CEO Kenneth Seitz reiterated the commitment to a stable and growing dividend. CFO Mark Thompson detailed the capital allocation stack, emphasizing the focus on growing cash from operations. For 2025, after ~$2.1B in capital expenditures and ~$1B in dividends, any additional free cash flow will be allocated to two main areas: retail bolt-on acquisitions (primarily in the U.S. and Australia) and share repurchases. Thompson noted that share repurchases are currently an attractive use of capital and will continue to be a meaningful part of their framework.