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    Bernard McTernan • Needham & Company, LLC

    Bernard McTernan's questions to Ibotta Inc (IBTA) leadership

    Bernard McTernan's questions to Ibotta Inc (IBTA) leadership • Q1 2025

    Question

    Bernard McTernan inquired whether the CPID transition requires additional financial resources beyond management's time, noting the sequential increase in R&D and G&A expenses.

    Answer

    Bryan Leach, Founder and CEO, stated that financial resource allocation is 'broadly flattish,' with the company primarily refocusing existing resources toward the CPID initiative, similar to its prior IPN transition. He reiterated the guidance for flattish sequential operating costs, while acknowledging that the company has been hiring for specialized skill sets, particularly on the measurement side, within that overall cost structure.

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    Bernard McTernan's questions to Ibotta Inc (IBTA) leadership • Q4 2024

    Question

    Bernard McTernan asked about the drivers for the sequential decline in redemptions for Q1 and whether publishers were providing negative feedback on low offer content.

    Answer

    CFO Sunit Patel explained that Q1 is seasonally the slowest quarter for redemptions, lacking major holidays, and typically represents the low point for the year. CEO Bryan Leach added that publishers are not providing negative feedback, as they recognize Ibotta is still the largest source of content and are supportive of the company's long-term innovation strategy to grow the entire category.

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    Bernard McTernan's questions to Ibotta Inc (IBTA) leadership • Q3 2024

    Question

    Bernard McTernan asked for CEO Bryan Leach's level of confidence in securing sufficient CPG offer supply to meet the rapidly growing redeemer demand, especially with the addition of Instacart and continued growth at Walmart.

    Answer

    CEO Bryan Leach expressed high confidence, citing Ibotta's 12-year history where supply has consistently caught up with demand. He highlighted that new publisher additions like Instacart tap into separate e-commerce budgets and that Ibotta's new measurement tools will encourage more continuous investment from CPGs. He emphasized that the primary growth lever is deepening budgets with existing partners, not just adding new ones.

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    Bernard McTernan's questions to Sportradar Group AG (SRAD) leadership

    Bernard McTernan's questions to Sportradar Group AG (SRAD) leadership • Q1 2025

    Question

    Bernard McTernan asked if additional assets or capabilities are needed to further scale the Marketing Services business and also requested a view on the NBA betting season, given contrary comments from other operators.

    Answer

    CEO Carsten Koerl stated that the focus for Marketing Services is continued execution and reducing costs via their Fan ID product, rather than needing new assets. Regarding the NBA, Koerl asserted that performance is 'very well' and over projections, citing the successful launch of 1,800 new player and micro markets.

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    Bernard McTernan's questions to Sportradar Group AG (SRAD) leadership • Q4 2024

    Question

    Bernard McTernan questioned the scale of the IMG Arena business, asking for its current revenue and EBITDA, and whether the accretion commentary includes synergies. He also asked for the average remaining contract term for the major rights being acquired.

    Answer

    CFO Craig Felenstein stated that if Sportradar owned the IMG assets for the full year, its 2025 revenue growth would be in the high 20% range, versus the guided 15%, and confirmed the deal would be margin accretive due to synergies from their larger distribution network. CEO Carsten Koerl added that the average term remaining for the major contracts being acquired from IMG is approximately three years.

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    Bernard McTernan's questions to Sportradar Group AG (SRAD) leadership • Q3 2024

    Question

    Bernard McTernan followed up on the MLB deal, asking if the expected margin accretion would be immediate or occur over the life of the contract. He also probed why Sportradar is confident in securing favorable terms, questioning the role of its product and technology in negotiations.

    Answer

    CEO Carsten Koerl clarified that the potential MLB deal is expected to be margin accretive from the start and improve further over its duration, fitting within the company's target margin profile. He explained that a key value proposition for the MLB is Sportradar's ability to drive global expansion in markets like Japan and Korea by leveraging advanced technology like computer vision for sophisticated betting products.

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    Bernard McTernan's questions to SGHC Ltd (SGHC) leadership

    Bernard McTernan's questions to SGHC Ltd (SGHC) leadership • Q1 2025

    Question

    Bernard McTernan of Needham & Company, LLC asked about the potential size of the Africa business as a percentage of the total mix and inquired if incremental margins in the region are higher than the company average. He also asked for color on the full-year guidance, given the strong Q1 performance.

    Answer

    CEO Neal Menashe emphasized that the focus in Africa is on profitable revenue, confirming that incremental margins there are significantly higher than the global average. He noted the company's 26% marketing-to-revenue ratio provides fuel for growth. CFO Alinda Van Wyk stated that guidance is assessed as the year progresses and will be updated after Q2, while Menashe pointed to typical seasonality, like the end of European soccer leagues in Q2, as a factor to consider.

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    Bernard McTernan's questions to SGHC Ltd (SGHC) leadership • Q4 2024

    Question

    Bernard McTernan of Needham & Company questioned the 2025 revenue guidance, noting it implies a deceleration in growth compared to 2024's performance. He also asked about the contribution from the African asset acquisition and sought an update on the U.S. strategy and its path to profitability.

    Answer

    Executive Alinda Van Wyk clarified that the ex-U.S. guidance represents double-digit growth for both revenue and EBITDA. Executive Neal Menashe added that the guidance figures are a baseline ('greater than') and are prudently set to account for sports results volatility. Regarding Africa, Menashe noted the sportsbook was already their own, and benefits stem from product leadership and marketing. For the U.S., he reaffirmed the 2027 profitability target, stating the business now covers all costs except for marketing.

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    Bernard McTernan's questions to SGHC Ltd (SGHC) leadership • Q3 2024

    Question

    Bernard McTernan asked for details on the drivers behind the strong October performance, the company's year-to-date revenue growth excluding India, the long-term outlook for profit margins, and clarification on U.S. shutdown costs and other market closure expenses.

    Answer

    Executive Neal Menashe attributed the strong October to high customer volumes and the successful execution of efficiency strategies, also revealing that year-over-year growth ex-India was 24%. CFO Alinda Van Wyk stated that long-term margin targets could be lifted to a 22-24% range in 2025. She also confirmed that all U.S. sportsbook shutdown costs were accounted for in Q2 and Q3, with no bleed into Q4, and that the 'other market closure' cost was a final impairment related to the 2023 India exit.

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    Bernard McTernan's questions to Compass Inc (COMP) leadership

    Bernard McTernan's questions to Compass Inc (COMP) leadership • Q1 2025

    Question

    Bernard McTernan asked about the agent and homeowner response to the 3-phase marketing strategy, particularly regarding listings on Zillow. He also inquired if NAR changes have impacted organic agent recruiting and sought clarification on whether Q2 OpEx serves as a good run-rate for the year.

    Answer

    CEO Robert Reffkin reiterated that the strategy is about homeowner choice, which includes the option to list on Zillow, and noted other brokerages are now following Compass's lead. CFO Kalani Reelitz confirmed strong recruiting momentum, with 700 organic agent adds in Q1, driven by the platform and competitors' struggles. Reelitz also advised that Q2 OpEx is the 'right proxy' for modeling the rest of the year, as it includes annual compensation changes.

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    Bernard McTernan's questions to Compass Inc (COMP) leadership • Q4 2024

    Question

    Bernard McTernan questioned if there are different commission economics for agents on private or 'coming soon' listings and asked for an update on the expected total non-commission revenue following recent acquisitions.

    Answer

    CEO Robert Reffkin stated there is no different commission structure for private listings; their primary value is as a powerful tool to help agents win more listings by offering sellers a sophisticated marketing plan. CFO Kalani Reelitz declined to provide a specific forecast for non-commission revenue but reiterated the ~$500 million total revenue contribution from the recent acquisition, noting brokerage would remain the largest component.

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    Bernard McTernan's questions to PENN Entertainment Inc (PENN) leadership

    Bernard McTernan's questions to PENN Entertainment Inc (PENN) leadership • Q1 2025

    Question

    Bernard McTernan asked for management's perspective on the current trends in U.S. online sports betting (OSB) handle growth.

    Answer

    CEO Jay Snowden explained that with fewer new state launches in 2025, overall industry handle growth will likely be less significant than in recent years. He anticipates more muted growth in Q2 and Q3 due to seasonality, followed by an inflection to stronger growth with the start of the football season in September.

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    Bernard McTernan's questions to PENN Entertainment Inc (PENN) leadership • Q3 2024

    Question

    Bernard McTernan from Needham & Company asked if the account linking feature is already delivering personalization for bets and promotions. He also questioned how Penn could more aggressively drive adoption of the feature.

    Answer

    CTO Aaron LaBerge clarified that linking accounts was the necessary first step, and now personalized content and offers will begin to roll out organically across the ecosystem. He added that Penn is actively promoting the feature on both the ESPN and ESPN BET platforms to drive adoption beyond just organic discovery.

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    Bernard McTernan's questions to Unity Software Inc (U) leadership

    Bernard McTernan's questions to Unity Software Inc (U) leadership • Q1 2025

    Question

    Bernard McTernan from Needham & Company asked how Vector's current performance compares to the historical peak performance of Unity's ad networks. He also inquired how the cited 15-20% performance improvement is expected to trend over time and what the typical evaluation period is for publishers to shift ad spend.

    Answer

    CEO Matthew Bromberg noted that the company recently saw some of its highest ad spend days in many years. He emphasized that the current 15-20% lift is just the beginning, as the models are designed for continuous daily learning. Regarding budget shifts, Bromberg explained that their advertisers are long-term, ROAS-based buyers, so shifts are not typically immediate or sharp but are based on sustained performance.

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    Bernard McTernan's questions to Genius Sports Ltd (GENI) leadership

    Bernard McTernan's questions to Genius Sports Ltd (GENI) leadership • Q1 2025

    Question

    Bernard McTernan asked for a breakdown of the 2025 media growth guidance between existing sportsbook contracts and new traction from FANHub. He also explored the different monetization opportunities for BetVision in the U.S. versus Europe.

    Answer

    CFO Nicholas Taylor explained that the current guidance is predominantly based on existing programmatic services, with any significant FANHub contribution representing potential upside. CEO Mark Locke detailed that while BetVision drives in-play adoption in the U.S., its value in Europe lies in product innovation, such as introducing new bet types from GeniusIQ data, reducing bet delays, and increasing user stickiness.

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    Bernard McTernan's questions to Genius Sports Ltd (GENI) leadership • Q4 2024

    Question

    Bernard McTernan inquired about any notable seasonality factors to consider for the upcoming year and the potential impact of foreign exchange (FX) on the 2025 financial guidance.

    Answer

    CFO Nicholas Taylor projected strong growth throughout 2025, with betting growth being more pronounced in the first half and media growth stronger in the second half. He also expressed confidence in continued growth and margin expansion into 2026. On FX, Taylor stated its impact was immaterial in 2024 and the 2025 guidance is based on current rates, with no significant impact anticipated.

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    Bernard McTernan's questions to Genius Sports Ltd (GENI) leadership • Q3 2024

    Question

    Bernard McTernan asked about the quantifiable impact of unfavorable October sports results on Q4, the sustainability of Europe's 22% growth rate, and the structural details of the new U.S. sportsbook renewal agreements.

    Answer

    CEO Mark Locke explained that the sportsbook renewals successfully revalued Genius's data and universally require the rollout of BetVision and media products, with staggered term lengths to de-risk future negotiations. CFO Nicholas Taylor stated that while October's U.S. sportsbook results were a headwind, it was not material due to offsetting growth levers. He also noted Europe's 22% growth was strong and expects continued double-digit growth from the region.

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    Bernard McTernan's questions to Upwork Inc (UPWK) leadership

    Bernard McTernan's questions to Upwork Inc (UPWK) leadership • Q1 2025

    Question

    Bernard McTernan from Needham & Company asked about the drivers behind the 11% GSV growth from large customers and the strategic shift toward higher LTV clients, questioning whether this was a result of Upwork's actions or a broader market trend.

    Answer

    CEO Hayden Brown attributed the growth directly to Upwork's focused strategy initiated last year. She highlighted the launch of the 'Business+' offering and adjustments to the enterprise sales approach as key drivers designed to capture more spending from larger organizations, noting that the early results are consistent with their strategic plan.

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    Bernard McTernan's questions to Maplebear Inc (CART) leadership

    Bernard McTernan's questions to Maplebear Inc (CART) leadership • Q1 2025

    Question

    Bernard McTernan asked for an overview of Instacart's enterprise strategy following the Wind Shop acquisition and whether there is any evidence of consumer trade-down affecting average order values (AOV).

    Answer

    CEO Fidji Simo described the enterprise strategy as both a direct GTV driver and a strategic asset for deep retailer integration, noting the Wind Shop acquisition enhances their ability to power storefronts and upsell services like Carrot Ads. CFO Emily Maher addressed AOV, stating the decline was driven by restaurants and the new $10 minimum, but was partially offset by growth in the remaining basket, indicating incremental spending rather than trade-down.

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    Bernard McTernan's questions to Rush Street Interactive Inc (RSI) leadership

    Bernard McTernan's questions to Rush Street Interactive Inc (RSI) leadership • Q1 2025

    Question

    Bernard McTernan inquired about the competitive dynamics in Colombia, specifically whether competitors are also absorbing the new VAT tax and if RSI believes it is gaining market share. He also asked for the growth outlook for the Delaware market in 2025, considering the tough comparisons from its successful launch year.

    Answer

    CEO Richard Schwartz confirmed that competitors are also absorbing the tax through higher bonusing, a strategy that has allowed RSI to maintain or grow share, evidenced by record GGR and handle. Executive Kyle Sauers added that while Delaware's growth rate will logically slow as it laps its launch, there is still significant upside, projecting it could become a nearly $300 million GGR market over time.

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    Bernard McTernan's questions to ETSY Inc (ETSY) leadership

    Bernard McTernan's questions to ETSY Inc (ETSY) leadership • Q1 2025

    Question

    Bernard McTernan asked for the reasoning behind the Q2 take rate guidance being flat sequentially, which deviates from the typical pattern of sequential improvement throughout the year.

    Answer

    CFO Lanny Baker explained that the company is now lapping the implementation of key take rate drivers from the previous year, such as the new seller fee and significant improvements in Etsy Ads. After a period of strong growth from these initiatives, management now anticipates a more consistent take rate for the remainder of the year.

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    Bernard McTernan's questions to Fiverr International Ltd (FVRR) leadership

    Bernard McTernan's questions to Fiverr International Ltd (FVRR) leadership • Q4 2024

    Question

    Bernard McTernan inquired about the take rate for Fiverr Go, the primary areas for investment in 2025, and whether the financial guidance accounts for foreign exchange impacts.

    Answer

    CEO Micha Kaufman stated that the take rate for Go transactions is currently the same as standard ones, with the AI tools also generating separate subscription revenue. CFO Ofer Katz noted that investments are consistent with past strategy, with an early focus on Go, and confirmed there is no material FX impact as revenue is in USD and expenses are hedged.

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    Bernard McTernan's questions to Fiverr International Ltd (FVRR) leadership • Q3 2024

    Question

    Bernard McTernan from Needham & Company asked for a breakdown of the Q4 revenue guidance, specifically the puts and takes between take rate and GMV growth. He also inquired about the early success metrics for the new Dynamic Matching feature and its potential impact on the platform's advertising take rate.

    Answer

    CEO Micha Kaufman stated that guidance acceleration is driven by product improvements and value-added services offsetting negative macro trends, rather than a change in the macro environment. He noted that GMV recovery will take time. Regarding Dynamic Matching, he explained it's for complex, custom projects and early signs are "extremely positive," with projects being several times larger than typical. He does not foresee an impact on advertising, as it serves a different use case than the standard catalog, and Promoted Gigs continues to grow.

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    Bernard McTernan's questions to DoorDash Inc (DASH) leadership

    Bernard McTernan's questions to DoorDash Inc (DASH) leadership • Q4 2024

    Question

    Bernard McTernan asked for the key drivers behind the strong Q4 bookings acceleration and sought clarity on the guided deceleration for Q1, including any underlying core business trends.

    Answer

    CFO Ravi Inukonda attributed the Q4 strength to consistent growth in restaurants and even faster growth in new verticals and international markets, driven by MAU growth and record order frequency. For the Q1 guide, he pointed to a tough comparison due to a leap day in the prior year and a minor FX headwind, while affirming confidence in the full-year outlook.

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    Bernard McTernan's questions to DoorDash Inc (DASH) leadership • Q3 2024

    Question

    Bernard McTernan questioned DoorDash's broader partnership strategy, particularly in light of the new Lyft partnership, and asked if this collaboration has unique aspects.

    Answer

    CEO Tony Xu explained that DoorDash's primary focus (80%) is on building its core products to drive organic growth for its membership program, DashPass. Partnerships represent the other 20% of the strategy, aimed at adding attractive benefits for members, similar to past deals with Chase and MAX. He positioned the Lyft partnership as a way to increase engagement and acquire new members for DashPass by tapping into Lyft's large user base, while giving Lyft access to a high-frequency local commerce platform.

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    Bernard McTernan's questions to Applovin Corp (APP) leadership

    Bernard McTernan's questions to Applovin Corp (APP) leadership • Q4 2024

    Question

    Bernard McTernan asked about the opportunity to create mobile-gaming-style ads for e-commerce brands and inquired about the feedback from gaming companies regarding AppLovin's expansion into new verticals.

    Answer

    CEO Adam Foroughi responded that AI will ultimately determine the optimal ad formats, which could include gamified e-commerce ads. He noted that gaming clients are happy with the platform's continued performance improvements, and that game publishers are 'absolutely excited' to see their ad inventory monetized by non-competitive e-commerce brands.

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    Bernard McTernan's questions to Wix.Com Ltd (WIX) leadership

    Bernard McTernan's questions to Wix.Com Ltd (WIX) leadership • Q3 2024

    Question

    Bernard McTernan of Needham & Company asked to quantify the impact of the recent price increase on the current revenue growth. He also inquired about the potential revenue contribution from new, discretely monetized products planned for the next year.

    Answer

    CFO Lior Shemesh acknowledged the positive impact of the price increase but did not break it down, emphasizing that growth is a combination of factors, with Studio innovation being a more significant driver for the Partners segment. He stated that while it's hard to quantify the impact of new monetized products, the company believes they will be significant drivers of future growth for self-creators.

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    Bernard McTernan's questions to Draftkings Inc (DKNG) leadership

    Bernard McTernan's questions to Draftkings Inc (DKNG) leadership • Q3 2024

    Question

    Bernard McTernan of Needham & Company asked about the company's plans for using its expected $850 million in 2025 free cash flow, particularly regarding share buybacks, and if the hold impact could be disaggregated.

    Answer

    CEO Jason Robins stated they are not breaking down the hold impact but confirmed it was a mix of unfavorable team and player prop outcomes. CFO Alan Ellingson then stated that with significant free cash flow expected, investors should expect the company to be 'more active with repurchases in future quarters' as liquidity and scale increase.

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    Bernard McTernan's questions to Shutterstock Inc (SSTK) leadership

    Bernard McTernan's questions to Shutterstock Inc (SSTK) leadership • Q3 2024

    Question

    Bernard McTernan questioned whether land-and-expand data deals would generate recurring revenue, what new content types Envato contributes for computer vision, and if TikTok was a paying GIPHY customer prior to the new deal.

    Answer

    CFO Jarrod Yahes confirmed that they are seeing recurring demand for incremental data and services, which enhances business durability. CEO Paul Hennessy highlighted that Envato adds valuable assets like templates and fonts for both traditional use and data training. Regarding TikTok, Mr. Hennessy declined to discuss specifics of any single partner but noted they have been a long-term partner and the new agreement is a 'plus to the business'.

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    Bernard McTernan's questions to Shutterstock Inc (SSTK) leadership • Q2 2024

    Question

    Bernard McTernan inquired about the updated strategy to return the Content business to growth and asked for specific use cases for the new 3D GenAI product with NVIDIA.

    Answer

    CEO Paul Hennessy stated that while the Content business is improving sequentially, the recovery is slower than hoped. The strategy involves simplifying product offerings and filling a product gap with unlimited subscriptions via the Envato acquisition. For the 3D GenAI product, he highlighted use cases in gaming, retail, and immersive experiences, noting it dramatically accelerates 3D model creation workflows.

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    Bernard McTernan's questions to Shutterstock Inc (SSTK) leadership • Q1 2024

    Question

    Bernard McTernan inquired about the breakdown of the updated 2024 guidance, seeking to distinguish between the impact of the Envato acquisition and organic business performance. He also asked for an update on the computer vision business, referencing a previously mentioned $60 million figure and rumors of a deal with Apple, and questioned the expected expense and profitability trends for Giphy throughout the year.

    Answer

    CFO Jarrod Yahes explained that the guidance increase reflects both Q1 outperformance, particularly in the Data, Distribution, and Services (DDS) segment, and the anticipated contribution from the Envato acquisition. While declining to comment on specific customers, he confirmed the DDS business is outperforming and the prior $60 million data figure should be considered conservative. Regarding Giphy, Yahes noted that despite ongoing hiring for its sales force, its rapid revenue growth is expected to outpace expenses, leading to improving profitability and a positive contribution to Shutterstock's overall profits as the year progresses.

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