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    Bradley Erickson • RBC Capital Markets

    Bradley Erickson's questions to Wix.Com Ltd (WIX) leadership

    Bradley Erickson's questions to Wix.Com Ltd (WIX) leadership • Q1 2025

    Question

    Bradley Erickson of RBC Capital Markets asked about product development considerations for AI agents and whether websites will need to be structurally different for discoverability in an AI-first internet. He also questioned if AI advancements would alter the mix between the Partners and self-creator businesses.

    Answer

    CEO Avishai Abrahami stated that AI will increase website complexity, particularly with new protocols like MCP, which will reinforce the value of platforms like Wix over independent development. Regarding the business mix, Abrahami believes that while agencies adopt technology faster, the fundamental human choice to build a site oneself or hire a professional is stable. Therefore, he expects the split between self-creators and partners to remain relatively constant.

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    Bradley Erickson's questions to Lyft Inc (LYFT) leadership

    Bradley Erickson's questions to Lyft Inc (LYFT) leadership • Q1 2025

    Question

    Bradley Erickson inquired about the current pricing environment, including factors within and outside of Lyft's control, and asked for an update on how insurance costs are being factored into pricing formulas for the year.

    Answer

    CFO Erin Brewer acknowledged that Q1 prices were lower than Q4 but up modestly year-over-year. CEO David Risher reiterated Lyft's strategy to remain competitive and reliable, highlighting features like Price Lock. Regarding insurance, Brewer confirmed the program is progressing as planned and its impact is reflected in the Q2 guidance, without offering new specific details.

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    Bradley Erickson's questions to Jumia Technologies AG (JMIA) leadership

    Bradley Erickson's questions to Jumia Technologies AG (JMIA) leadership • Q1 2025

    Question

    Bradley Erickson of RBC Capital Markets inquired about the disconnect between order growth and GMV due to corporate sales weakness, the future volatility of corporate sales, and the use of cash for inventory to support raised order guidance. He also asked about potential supply chain tailwinds from Asia, the strategy for marketing spend, the rationale and financial impact of the new logistics service rollout, the bridge between cash burn and loss guidance, and the visibility into the 2026 profitability targets.

    Answer

    CEO Francis Dufay explained that high-value, low-volume corporate sales disproportionately affect GMV, and their decline explains the GMV/order growth gap. He stated that inventory levels are now sufficient, and working capital's impact on cash burn should decrease. Dufay sees the shifting global trade landscape as a medium-term tailwind for sourcing from Asia. He noted that with strong fundamentals in key markets, Jumia is now tactically increasing marketing, citing a recent campaign in Nigeria. The logistics service is being rolled out now due to network stability and new IT tools, and it is designed to be profitable from day one with minimal CapEx. Dufay and EVP, Finance & Operations Antoine Maillet-Mezeray clarified that reduced cash burn will come from stabilized working capital, the full-year impact of cost-saving initiatives, and Q4 seasonality. Dufay affirmed the 2026 profitability goal will be met through a combination of continued growth and cost discipline.

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    Bradley Erickson's questions to Jumia Technologies AG (JMIA) leadership • Q4 2024

    Question

    Bradley Erickson inquired about several key operational and financial topics, including current Q1 2025 business trends, constraints on expanding product selection, the dynamics of the first-party versus third-party sales mix, and the drivers behind physical order growth and its impact on average order value (AOV). He also sought details on the efficiency gains from warehouse consolidation, the current fixed cost base, the scale required to reach profitability, and the adequacy of the balance sheet to support the company's inventory and growth strategy for the year.

    Answer

    CEO Francis Dufay and EVP, Finance & Operations Antoine Maillet-Mezeray addressed the questions. Dufay confirmed positive Q1 trends in order growth and cost discipline, underpinning the 2025 guidance. He described expanding product selection as a long-term operational focus and explained that the 1P/3P mix shift was due to cyclical corporate sales in Egypt. He noted that AOV is a consequence of product mix, with the company focused on unit economics per order. Dufay also detailed the consolidation of warehouses in H2 2024, which is expected to yield significant fulfillment efficiencies in 2025. Maillet-Mezeray added that the company targets another 20% in fixed cost efficiencies and that the current structure can handle 2-3x the volume. He estimated that a doubling or tripling of volume is needed to reach profitability. Both executives confirmed the Q4 working capital increase was a strategic investment in supply and that similar increases are not expected going forward.

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    Bradley Erickson's questions to Upwork Inc (UPWK) leadership

    Bradley Erickson's questions to Upwork Inc (UPWK) leadership • Q1 2025

    Question

    Bradley Erickson of RBC Capital Markets asked about the net effect of AI on top-of-funnel hiring trends amid macro pressures and inquired about client conversations regarding economic uncertainty and potential tariff impacts.

    Answer

    CEO Hayden Brown stated that while macro pressure affects the top of the funnel, AI is viewed as a net tailwind, with no evidence of it negatively impacting hiring. She added that despite general uncertainty, clients are proceeding with critical work on the platform. CFO Erica Gessert reinforced this by noting the 25% YoY growth in AI-related GSV and no degradation in creative work categories.

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    Bradley Erickson's questions to Upwork Inc (UPWK) leadership • Q4 2024

    Question

    Bradley Erickson of RBC Capital Markets asked about the levers within Upwork's control to drive GSV back to growth versus external factors. He also sought more detail on potential new products and services that could expand the take rate over time.

    Answer

    CFO Erica Gessert acknowledged ongoing top-of-funnel weakness but highlighted positive signals within their control, such as increased engagement from retained clients and a 9% YoY growth in the overall retained client base in Q4. She mentioned GSV-beneficial take rate strategies like Business Plus as a key lever. CEO Hayden Brown added that take rate expansion opportunities include new subscription tiers, expanding client-side advertising products, and monetizing ad hoc paid services.

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    Bradley Erickson's questions to GoDaddy Inc (GDDY) leadership

    Bradley Erickson's questions to GoDaddy Inc (GDDY) leadership • Q1 2025

    Question

    Bradley Erickson asked for clarification on whether pricing or bundling was the larger driver of performance in 2024 and requested recent anecdotes on how customers are using Airo, particularly in ways that could be monetized.

    Answer

    CEO Aman Bhutani explained that pricing and bundling are deeply intertwined, as the strategy is to bundle products to create value and then price that bundle through testing. He noted that the greatest long-term value is created when bundling is a core part of the offer. For Airo, he highlighted high engagement with the 'Conversations' product, which uses AI to help small businesses respond to customers. CFO Mark McCaffrey added an anecdote of a pizza maker using it to book events, underscoring its real-world value.

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    Bradley Erickson's questions to GoDaddy Inc (GDDY) leadership • Q4 2024

    Question

    Brad Erickson asked for GoDaddy's latest thinking on its marketing tools versus 'walled gardens' and inquired about management's view on potential infrastructure efficiencies from cheaper AI models.

    Answer

    CEO Aman Bhutani positioned their marketing tools as custom-built for their micro-business customers and noted they are just starting out. On AI costs, he emphasized that the primary focus is on leveraging AI to create customer and shareholder value, not just on infrastructure savings, given the rapid evolution of the technology.

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    Bradley Erickson's questions to Zillow Group Inc (ZG) leadership

    Bradley Erickson's questions to Zillow Group Inc (ZG) leadership • Q3 2024

    Question

    Bradley Erickson inquired about any structural changes to conversion rates resulting from the rollout of mandated buyer agreements and asked for an update on Zillow Showcase's market share of new listings in its more mature markets.

    Answer

    CEO Jeremy Wacksman stated that Zillow Showcase now represents nearly 1.5% of new listings nationwide and that its product-market fit remains strong, with Showcase listings selling faster and for more money. Regarding buyer agreements, he noted there is no concrete data to share but views them as 'helpful friction' that educates buyers and better prepares them for meeting an agent. The agreements are available for over 90% of touring connections.

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    Bradley Erickson's questions to Zillow Group Inc (ZG) leadership • Q2 2024

    Question

    Bradley Erickson of RBC Capital Markets asked for Zillow's latest perspective on the upcoming industry commission rule changes, including feedback from Premier Agents, and questioned how the company views its exposure to potential commission rate shifts.

    Answer

    CFO Jeremy Hofmann stated that Zillow's commission rates have remained in a 'tight band' and are in line with 2022 levels. He reiterated that Zillow and its partners, who are primarily top-tier agents, are positioned to be 'outsized beneficiaries' of industry changes due to their superior customer base, technology, and service levels, which should enable them to gain market share.

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    Bradley Erickson's questions to Zillow Group Inc (ZG) leadership • Q1 2024

    Question

    Bradley Erickson of RBC Capital Markets questioned the confidence in the maintained full-year guidance, which implies a steeper second-half ramp despite a Q2 residential slowdown. He also asked how Zillow would manage potential friction from new buyer agreements higher in the sales funnel.

    Answer

    CFO Jeremy Hofmann expressed confidence in the second-half acceleration, citing outperformance against their internal plan and expected contributions from enhanced markets, mortgages, Listing Showcase, and rentals. COO Jeremy Wacksman addressed the buyer agreement, explaining it's an optional, post-connection educational tool designed to reduce friction by setting clear expectations, noting that states like Connecticut with similar requirements see higher conversion rates.

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    Bradley Erickson's questions to Fiverr International Ltd (FVRR) leadership

    Bradley Erickson's questions to Fiverr International Ltd (FVRR) leadership • Q3 2024

    Question

    Bradley Erickson of RBC Capital Markets questioned what specific signals or improvements Fiverr needs to see before increasing marketing spend, particularly given the challenging macro environment for SMBs. He also asked for quantification of the acquisition price for AutoDS.

    Answer

    CEO Micha Kaufman explained that marketing spend is a function of macro conditions. With SMB sentiment low, increasing spend to acquire these customers is not efficient. However, Fiverr is investing more in acquiring higher-value mid-sized and enterprise customers where the return is favorable. He stated that the company's sophisticated marketing automation can respond extremely fast once macro indicators improve. Regarding AutoDS, he declined to disclose the specific price but indicated the cost was in the "few dozens of millions of dollars" and was combined with an acqui-hire from earlier in the year.

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