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    Bernie McTernan • Needham & Company, LLC

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

    Bernie McTernan's questions to Ibotta Inc (IBTA) leadership • Q2 2025

    Question

    Bernie McTernan of Needham asked for Ibotta's reaction to Amazon's move to free same-day grocery delivery and sought to clarify if the two paused pilot accounts represented a high single-digit million-dollar impact in the quarter.

    Answer

    Founder and CEO Brian Leach positioned speedy delivery as 'table stakes' and a positive for Ibotta's omnichannel solution, which is integrated into e-commerce platforms. Regarding the paused accounts, he confirmed they caused the company to miss guidance but would have otherwise beaten consensus, stating the experience has led to a more conservative guidance approach going forward.

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    Bernie McTernan's questions to Flutter Entertainment PLC (FLUT) leadership

    Bernie McTernan's questions to Flutter Entertainment PLC (FLUT) leadership • Q2 2025

    Question

    Bernie Mcternan of Needham & Company asked about the strategy for merchandising Same Game Parlay Live and its retention. He also questioned whether the impressive iGaming growth is driven more by market expansion or market share gains.

    Answer

    CEO Peter Jackson explained that their leading live betting product leverages European expertise to reduce friction and create an immersive experience. On iGaming, he stated that market penetration still has a long way to go and that Flutter's growth is driven by a clear focus on direct-to-casino customers and product enhancements like the rewards club and exclusive content.

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

    Bernie McTernan's questions to Draftkings Inc (DKNG) leadership • Q2 2025

    Question

    Bernie Mcternan of Needham & Company asked how the SimpleBet acquisition, which closed late last year, is expected to influence new in-play products for the upcoming NFL season and impact second-half handle trends.

    Answer

    Co-Founder & CEO Jason Robins praised the acquisition, stating the SimpleBet team and technology have been a big part of why DraftKings is now leading in live betting. He expressed excitement for the first full NFL season with the integrated assets and is confident that the work done over the past year will show in the product offering.

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    Bernie McTernan's questions to Draftkings Inc (DKNG) leadership • Q2 2025

    Question

    Bernie Mcternan of Needham & Company asked how the recently integrated SimpleBet assets will impact new product offerings for the upcoming NFL season and how this plays into expectations for second-half handle trends.

    Answer

    Co-Founder & CEO Jason Robins praised the SimpleBet team and technology, crediting the acquisition as a primary reason for DraftKings' leadership in live betting. He expressed excitement for the first full NFL season with the integrated assets and expects the significant work done over the past year to be evident in the product.

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

    Bernie McTernan's questions to SGHC Ltd (SGHC) leadership • Q2 2025

    Question

    Bernie Mcternan of Needham & Company asked for details on the competitive pressures in Ontario and inquired about the strategic rationale for hiring a new Group CTO, questioning if it signals a major replatforming or a focus on product capabilities.

    Answer

    CEO Neal Menashe explained that the pressure in Ontario relates to high customer acquisition costs and that resources from the U.S. exit will be redirected to improve the Canadian product. He clarified the new CTO's role is to drive a disciplined approach to cost and process efficiencies across the tech stack to enable profitable scaling, rather than signaling a major replatforming.

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

    Bernie McTernan's questions to Applovin Corp (APP) leadership • Q2 2025

    Question

    Bernie Mcternan from Needham & Company asked if the incredible incremental margins should be expected to change as e-commerce expands, due to factors like marketing spend to acquire advertisers or the economics of plugging into new supply sources.

    Answer

    CEO Adam Foroughi clarified that new supply sources would be reported as net revenue, not affecting margins in the same way. He noted that while performance marketing will be a new cost line, it will only be scaled if it's highly profitable on an LTV-to-CAC basis, suggesting shareholders should welcome its growth as a sign of a massive, profitable opportunity.

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    Bernie McTernan's questions to Applovin Corp (APP) leadership • Q2 2025

    Question

    Bernie Mcternan asked if the company's high incremental margins should be expected to change as the e-commerce business expands, potentially due to marketing costs or new supply partnerships.

    Answer

    Co-Founder, CEO & Chairperson Adam Foroughi clarified that new supply partnerships would likely be reported on a net revenue basis, while new performance marketing would be a cost line item. However, he stressed that any marketing spend would be highly disciplined and tied to a strong LTV-to-CAC ratio, meaning it would only be scaled if it were highly profitable. He suggested that growth in this expense would be a positive indicator of future business growth.

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

    Bernie McTernan's questions to Unity Software Inc (U) leadership • Q2 2025

    Question

    Bernie Mcternan of Needham & Company asked about the timing for bringing Vector technology to other ad products and whether the current guidance for Unity ads assumes any further model improvements.

    Answer

    CEO Matthew Bromberg described the application of Vector technology to other products as a gradual and constant process of improvement, not a single event. CFO Jarrod Yahes explained that the Q3 guidance is based on performance seen six weeks into the quarter, acknowledging that while they are consistently being surprised by improvements, they are also remaining prudent as it is still early in Vector's journey.

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

    Bernie McTernan's questions to Genius Sports Ltd (GENI) leadership • Q2 2025

    Question

    Bernie Mcternan of Needham & Company noted the implied 60% year-over-year media revenue growth for the second half and asked about the linearity of this growth and any potential bottlenecks, such as ad inventory.

    Answer

    Nicholas Taylor (CFO) confirmed the back-of-the-envelope math, stating that both Q3 and Q4 are expected to see around 60% year-over-year media revenue growth. He attributed this to a layering effect of several tailwinds, including existing minimum media contracts, new agency deals like PMG, and expanded ad inventory from the NFL partnership. He expressed confidence in long-term growth, citing strong brand interest in sports advertising.

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

    Bernie McTernan's questions to Sportradar Group AG (SRAD) leadership • Q2 2025

    Question

    Bernie Mcternan asked for color on the take rate of the 40% of clients using four or more products versus the other 60%. He also questioned the drivers behind higher MTS trading margins and their sustainability.

    Answer

    CEO Carsten Koerl explained that the 40% figure highlights a significant upselling opportunity within the remaining 60% of clients, using the growing MTS pipeline as a prime example of this strategy in action. He attributed the higher MTS margins to a combination of favorable sports results and improved algorithms like "alpha odds," noting that the algorithmic improvement is a sustainable trend that improves with scale.

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

    Bernie McTernan's questions to Rush Street Interactive Inc (RSI) leadership • Q2 2025

    Question

    Bernie Mcternan from Needham & Company inquired about the assumptions for state tax increases in the updated guidance, particularly the strategy in Illinois, and the growth trajectory for the Latin American market in Mexico.

    Answer

    CFO Kyle Sauers confirmed that the impacts from tax changes in Illinois and New Jersey, as well as the Colombian VAT tax, are fully incorporated into the raised guidance. He noted that in Illinois, the company has raised the minimum bet to $1 but remains flexible. CEO Richard Schwartz described Mexico as a future major market, expecting it to be larger than Colombia, with current growth outpacing Colombia's early stages due to a differentiated, high-quality casino product.

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

    Bernie McTernan's questions to Compass Inc (COMP) leadership • Q2 2025

    Question

    Bernie Mcternan from Needham & Company inquired about the nature of the projected $50 million benefit for 2026, asking if it represents a run-rate saving or an actual year-over-year reduction in OpEx. He also asked for a broader perspective on the long-term state of the real estate industry given recent structural shifts.

    Answer

    CFO Kalani Reelitz clarified that the $50 million is a run-rate benefit expected to directly improve profitability and EBITDA, while also enabling the company to scale efficiently as the market recovers. Founder, Chairman & CEO Robert Reffkin described an ongoing industry tension between seller choice, which Compass advocates for, and control by portals and MLSs, suggesting the ultimate resolution may occur in court.

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

    Bernie McTernan's questions to Fiverr International Ltd (FVRR) leadership • Q2 2025

    Question

    Bernie Mcternan asked for more detail on the potential AI partnerships mentioned in the prepared remarks, specifically what form these collaborations might take.

    Answer

    Micha Kaufman, Founder & CEO, explained the concept as 'scaled AI using experts.' He elaborated that many AI tools, while powerful, require human expertise for the 'first and last mile' to create a complete, competitive product. The potential partnerships would involve embedding Fiverr's talent network directly into AI platforms, allowing users to seamlessly hire experts to configure, customize, or complete their AI-driven projects.

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    Bernie McTernan's questions to Fiverr International Ltd (FVRR) leadership • Q1 2025

    Question

    On behalf of Bernie McTernan, Stefanos Chris of Needham & Company asked for more detail on the buyer experience and satisfaction with the new Fiverr Go product.

    Answer

    CEO Micha Kaufman elaborated that buyers love Fiverr Go because it's an 'always on' assistant that provides instant, humanized responses based on the specific seller's portfolio and style. He noted the experience is so seamless that some buyers don't realize they are interacting with an AI, leading to higher confidence and faster conversions.

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