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    Benjamin Miller

    Vice President in Global Investment Research at Goldman Sachs

    Benjamin Miller is a Vice President in Global Investment Research at Goldman Sachs, specializing in US Internet sector equity analysis with a focus on major companies such as Clear Secure (YOU) and Tripadvisor (TRIP). He is ranked #2,006 out of 4,937 analysts with a 62.5% success rate and an average return of 18.02% on his recommendations, reflecting strong performance in technology and consumer discretionary stocks. Miller began his career as an Analyst at Knight Capital Group in 2012, held equity research roles at UBS from 2013 to 2021, and joined Goldman Sachs in July 2021. He holds a B.S. in Finance with a Minor in Economics from Rowan University and is recognized as a CFA charterholder.

    Benjamin Miller's questions to DraftKings (DKNG) leadership

    Benjamin Miller's questions to DraftKings (DKNG) leadership • Q2 2025

    Question

    Benjamin Miller of Goldman Sachs asked about live betting, focusing on the impact of personalization on user engagement and conversion. He also questioned whether the live betting product is successfully attracting new customer cohorts to the platform.

    Answer

    Co-Founder & CEO Jason Robins noted that they are in the 'early days' of personalization but are already seeing strong results. He believes live betting doesn't necessarily attract a different type of customer, but it significantly expands the acquisition window and improves efficiency as users learn they can bet after a game has started.

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    Benjamin Miller's questions to DraftKings (DKNG) leadership • Q2 2025

    Question

    Benjamin Miller of Goldman Sachs asked about live betting, inquiring what the company is seeing in terms of driving better conversion through personalization and whether the product is successfully unlocking new customer cohorts.

    Answer

    Co-Founder & CEO Jason Robins responded that DraftKings is still in the 'early days' of what it can do with personalization but is already seeing strong engagement results from implemented features. He believes live betting helps acquire customers by extending the betting window for those who miss the start of a game, rather than necessarily attracting a fundamentally new type of customer.

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    Benjamin Miller's questions to DraftKings (DKNG) leadership • Q1 2025

    Question

    Benjamin Miller asked about the underlying dynamics of handle acceleration versus the deceleration in Monthly Unique Payers (MUPs), excluding Jackpocket. He also inquired about how conversations with legislators are evolving regarding the rise of prediction markets.

    Answer

    CEO Jason Robins clarified that Q1 MUPs were in line with expectations, while handle acceleration was driven by live betting, which surpassed 50% of total handle for the first time. On prediction markets, Robins noted that while it's early, the topic is getting legislators' attention and prompting conversations about the benefits of establishing a regulated framework.

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    Benjamin Miller's questions to DraftKings (DKNG) leadership • Q4 2024

    Question

    Benjamin Miller from Goldman Sachs inquired how increased adoption of live betting translates into the financial model, specifically between growing wallet share versus acquiring new customers. He also asked for early learnings from the DraftKings Plus subscription pilot.

    Answer

    CEO Jason Robins clarified that live betting is primarily a tool to increase wallet share and engagement with existing customers, following the pattern seen in mature markets like the U.K. On the DK Plus pilot, he stated it is currently too small and early to draw meaningful conclusions, as it was intentionally limited to test economics before a broader rollout.

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    Benjamin Miller's questions to DraftKings (DKNG) leadership • Q3 2024

    Question

    Benjamin Miller of Goldman Sachs requested more detail on the assumptions in the unchanged 2025 EBITDA guidance and asked for perspective on the opportunity in non-sports betting prediction markets.

    Answer

    CEO Jason Robins explained that they maintained the 2025 EBITDA guidance due to the negative impact of Q4 sports outcomes and caution on customer acquisition, despite strong underlying fundamentals. On prediction markets, Robins called them 'interesting,' particularly for elections, but noted they operate under a different financial framework and would be evaluated as a potential opportunity later.

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    Benjamin Miller's questions to Genius Sports (GENI) leadership

    Benjamin Miller's questions to Genius Sports (GENI) leadership • Q2 2025

    Question

    Benjamin Miller of Goldman Sachs requested a more detailed breakdown of the increased guidance, distinguishing between contributions from new league partnerships and underlying organic trends. He also asked for color on attach rates for value-added services to better frame monetization potential.

    Answer

    Nicholas Taylor (CFO) explained the guidance increase is driven by both factors. Media growth is supported by new deals like PMG and expanded NFL ad inventory, while the Betting segment's ~30% expected growth is fueled by strong H1 momentum and the immediately accretive new league deals. Regarding attach rates, he noted significant success with NFL BetVision and expects strong uptake for the newly launched soccer and basketball versions in the coming months.

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    Benjamin Miller's questions to Genius Sports (GENI) leadership • Q1 2025

    Question

    Benjamin Miller asked about product adoption and attach rates among league and sportsbook partners, and inquired about the status of outstanding sportsbook contract renegotiations, particularly internationally.

    Answer

    CEO Mark Locke used the NCAA deal as an example, noting Genius's technology was already widely distributed and the new agreement adds the crucial betting data rights. CFO Nicholas Taylor confirmed that while major U.S. deals were renewed last year and are not up in 2025, the company continuously renegotiates with other international partners, and a sensible outlook for this is built into the annual guidance.

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    Benjamin Miller's questions to Genius Sports (GENI) leadership • Q4 2024

    Question

    Benjamin Miller asked about management's top priorities for 2025 and their capital allocation strategy, particularly regarding the profile of potential M&A targets.

    Answer

    CEO Mark Locke highlighted key priorities as operational execution with a refreshed management team, accelerated product delivery like BetVision for soccer, and shifting the business's center to New York. On M&A, Locke emphasized a disciplined, opportunistic approach focused on cash-accretive, strategic tuck-in acquisitions that align with their long-term vision, noting they have a strong balance sheet and no need to force a deal.

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    Benjamin Miller's questions to Genius Sports (GENI) leadership • Q3 2024

    Question

    Benjamin Miller inquired about the financial impact and timing of the new sportsbook commission rates and the key qualitative growth drivers for the Media segment in 2025.

    Answer

    CFO Nicholas Taylor confirmed a material price increase across all sportsbook deals, the results of which are already reflected in the 60% year-over-year growth in Q3 U.S. sports betting revenue. CEO Mark Locke added that the Media segment's strategy is to become the 'trade desk for sports,' leveraging unique data. He noted that all sportsbook renewals now include marketing product requirements, creating a strong foundation for future media growth.

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    Benjamin Miller's questions to Sportradar Group (SRAD) leadership

    Benjamin Miller's questions to Sportradar Group (SRAD) leadership • Q2 2025

    Question

    Benjamin Miller asked for an update on the growth path for the Foresight product, specifically the mix between new sportsbook adoption and expanded match coverage. He also inquired about the opportunity for like-for-like pricing power versus upselling.

    Answer

    CEO Carsten Koerl explained that Foresight is a user engagement tool to drive live betting, and it is being rolled out across key sports like basketball, baseball, soccer, and tennis, with strong client adaptation. CFO Craig Felenstein noted that pricing power exists, with built-in escalators in international fixed-fee contracts and the ability to renegotiate for higher value upon renewal. In the U.S., variable contracts grow with clients, but there is also an opportunity to negotiate higher rates when adding more value.

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    Benjamin Miller's questions to Clear Secure (YOU) leadership

    Benjamin Miller's questions to Clear Secure (YOU) leadership • Q1 2025

    Question

    Benjamin Miller inquired about the company's flexibility regarding long-term investments and capital returns amid an uncertain macro backdrop, and what is contemplated in the reiterated free cash flow guidance. He also asked for the company's current thinking on pricing as a lever versus user growth.

    Answer

    Executive Caryn Seidman-Becker explained that automation through new technology like EnVe and eGates is driving operating leverage, and prior investments in CLEAR1 and PreCheck are now being leveraged by revenue growth. CFO Jennifer Hsu noted that major fixed cost investments are largely complete and the company has over $500 million in cash, providing flexibility for capital allocation. President Michael Barkin added that pricing is a key lever, and while the company has been conservative, there is a continued opportunity to use a data-driven approach to close the gap on discounted prices and reflect the product's strong value proposition.

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    Benjamin Miller's questions to Clear Secure (YOU) leadership • Q4 2024

    Question

    Benjamin Miller of Goldman Sachs asked about the balance between pricing and member growth, the outlook for steady-state retention given airport experience improvements, and how CLEAR's investments position it against competitors in airport security.

    Answer

    CEO Caryn Seidman-Becker highlighted that the new EnVe pods are enhancing customer experience, which positively impacts retention, win-backs, and new member acquisition. She stated a focus on gross dollar retention, as the company plans to increase prices and convert free tiers to paid. Seidman-Becker emphasized that CLEAR is well-positioned to deploy automated eGates at no cost to taxpayers, which will improve margins and strengthen security, noting positive engagement with the current administration on public-private partnerships.

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    Benjamin Miller's questions to Clear Secure (YOU) leadership • Q3 2024

    Question

    Benjamin Miller of Goldman Sachs Group, Inc. asked about the future cadence of price increases and whether the company has observed any shift in the usage frequency threshold at which members perceive value versus churning after recent price hikes.

    Answer

    Executive Caryn Seidman-Becker explained that pricing is an ongoing strategy tied to creating value through network expansion and improved experiences, suggesting opportunities for tiered offerings in the future. Executive Kenneth Cornick added that while usage frequency is the most important driver of retention, the breakpoint for churn is very low and well below average utilization. He noted that perks, mobile lanes, and partnerships like Uber are designed to add value for lower-frequency users.

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    Benjamin Miller's questions to TripAdvisor (TRIP) leadership

    Benjamin Miller's questions to TripAdvisor (TRIP) leadership • Q1 2025

    Question

    Benjamin Miller from Goldman Sachs asked for details on Viator's long-term margin framework, specifically the drivers of leverage, and inquired about Viator's exposure to cross-border travel and potential marketing adjustments in a softer environment.

    Answer

    CFO Mike Noonan stated that achieving OTA-like margins for Viator hinges on product-led growth and improved conversion, which will drive marketing leverage over time, despite near-term investments in personnel. CEO Matt Goldberg added that loyalty and supply create a powerful flywheel. Regarding exposure, Mike Noonan noted Viator's booker base is predominantly North American, making it less susceptible to international travel pressures.

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    Benjamin Miller's questions to TripAdvisor (TRIP) leadership • Q3 2024

    Question

    Benjamin Miller inquired about the drivers of Brand Tripadvisor's Q3 margin outperformance, the outlook for 2025 given delayed investments, and the early learnings from the new in-app bookable hotel inventory.

    Answer

    CFO Mike Noonan attributed the Q3 margin beat to a combination of operational outperformance, routine accrual adjustments, and the strategic delay of some marketing investments into 2025 to ensure high conviction. CEO Matt Goldberg added that early data from in-app hotel booking is promising, showing significantly higher click-through rates, revenue per booker, and repeat booking propensity compared to the legacy Meta product.

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    Benjamin Miller's questions to VCSA leadership

    Benjamin Miller's questions to VCSA leadership • Q2 2024

    Question

    Inquired about the rationale and timing of the recent financing, the company's resulting liquidity position, and progress on resetting homeowner earnings expectations and optimizing their revenue.

    Answer

    The financing from Davidson Kempner was described as an opportunity to strengthen the balance sheet and liquidity with an engaged investor in a challenging market. Regarding homeowners, the company is actively communicating market dynamics and believes it delivers revenue premiums, but acknowledges the environment is tough. The ongoing business transformation aims to improve this by empowering local teams.

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