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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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