Christopher Kuntarich • UBS Group AG

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Bryan Leach, Founder and CEO, explained that CPID targets are not uniform; they vary by client and their specific goals, balancing cost efficiency and volume. He stated that while the long-term goal is full automation, a managed service offering will likely always exist for top-tier clients. Mr. Leach declined to speculate on a specific penetration target for CPID by year-end but pointed to the strong early results (8x and 2x revenue growth with initial clients) as highly encouraging indicators.

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CFO Sunit Patel and CEO Bryan Leach indicated good visibility for March and a positive tone for Q2, but expect a gradual improvement throughout the year as headwinds persist. Regarding the CPID rollout, Leach stated it's too early to set a target for the number of clients, emphasizing that the immediate focus is on deepening the investment from the initial large partners rather than broad, rapid expansion.

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CEO Bryan Leach did not provide specific multi-year data but noted that gross billings were up 65% year-to-date, with individual client growth varying from flat to over 10x. He emphasized a key change post-IPO: Ibotta now engages with more senior executives (CEOs, CMOs), shifting conversations toward larger, multi-year strategic partnerships, which gives him strong confidence in future budget growth and alignment.

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CEO Robert Reffkin characterized the disruption as a temporary deferral of demand, not a permanent loss, attributing the volatility to tariff talks and noting March had the lowest transaction volume since 2009. CFO Kalani Reelitz added that Q1 revenue was tracking near the midpoint of guidance before the slowdown and that April was tracking in line with expectations for the Q2 guide, which accounts for the recent volatility and tougher year-over-year comps.

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CEO Robert Reffkin explained that marketing is primarily driven through its 30,000+ agents using the company's platform, which is a cost-effective channel. CFO Kalani Reelitz stated that free cash flow priorities for 2025 are fortifying the balance sheet and reinvesting in the business (tech and M&A), with shareholder returns being a longer-term consideration. He added that Q1 SBC would be similar to Q4 and remain relatively stable.

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CEO Robert Reffkin stated that the core strategy is not dependent on Clear Cooperation changes, viewing it instead as a 'very likely upside case.' The main plan relies on market recovery and disciplined OpEx control. Executive Kalani Reelitz clarified the '30 for 30' goal is to achieve a 30% average market share by the exit of 2026, noting they are currently about halfway there.

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CEO Spencer Rascoff reiterated that trust and safety is foundational and that the company is acting with urgency, but also with care and consideration. He noted that features like mandated liveness checks take time for the ecosystem to digest and did not provide a specific update on a broader rollout. CFO Steven Bailey explained that while FX trends have improved meaningfully, the company is leaving its full-year guidance unchanged to remain cautious given the uncertain macroeconomic environment.

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President and CFO Gary Swidler reported improvement in Tinder's global MAU trends, with the year-over-year decline lessening from -10% in October to -8% in January. He stated that while this provides confidence in their outlook for steady improvement, the current forecast does not assume a return to positive year-over-year MAU growth in 2025.

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Executive Adam Foroughi explained that performance variation is not tied to advertiser type but to the maturity of the web advertising model, which he rated a 'B+' and expects to improve significantly. Regarding exclusionary audiences, he acknowledged it's a common feature on other platforms but stated their current priority is improving the core model's predictive power to maximize ROAS, rather than replicating features from competitors.

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CEO Adam Foroughi stated that while a typical e-commerce business would see a Q1 seasonal decline, AppLovin's overall business is guided to grow sequentially due to its rapid underlying growth momentum. He noted that e-commerce advertiser spending is volatile due to holiday seasonality and inventory cycles, but the long-term trend is growth as their businesses expand and AppLovin's e-commerce models improve.

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CEO Adam Foroughi described the e-commerce product as the fastest-growing he's ever seen but noted that for a business of AppLovin's scale, achieving a material impact (e.g., 10%+) will take time to ramp. Regarding AXON licensing, he explained that while it remains a long-term focus, the company's resources are currently prioritized on the more immediate and compelling opportunity of scaling the core e-commerce offering.

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CEO Matthew Bromberg responded that Unity remains committed to offering both the Unity and ironSource ad networks, as they provide different value to different customer segments. He stated the company plans to continue operating both products aggressively. CFO Jarrod Yahes indicated that he expects relatively stable gross margins sequentially into Q2 and that the EBITDA trajectory should also remain stable.

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CEO Matthew Bromberg clarified the rollout will be iterative. The integration will handle iOS traffic first, then Android. The initial work will focus on improving conversion models, followed by enhancements to user value and bidding models over time, affecting all advertisers as these capabilities are deployed.

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CFO Larry Madden confirmed April's performance was strong and within the guided range, but the deferral of some spend muted the growth outlook for May and June. COO Chris Vanderhook stated the new customer pipeline is the strongest it has ever been, driven by CTV dominance and ViantAI. Larry Madden reiterated the full-year non-GAAP OpEx growth forecast of 16-17%, which includes impacts from recent acquisitions.

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COO Chris Vanderhook expressed confidence in outgrowing the market, citing Viant's position as a buy-side-only DSP and its superior CTV products that capture a 'second wave' of growth beyond the linear-to-streaming shift. CFO Lawrence Madden reiterated the commitment to keeping 2025 non-GAAP operating expense growth below contribution ex-TAC growth. He acknowledged the IRIS acquisition adds overhead but stated it would be more than offset by incremental contribution ex-TAC.

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CFO Matt Skaruppa reported that the promotional period exceeded forecasts, with stronger-than-expected performance from both Duolingo Max and the Family Plan. However, he stressed that the quarter's strength was not solely due to the promotion, but also reflected strong user growth and successful monetization experiments throughout the entire period.

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CEO Luis von Ahn Arellano described a push-pull dynamic for Max adoption between wealthier countries and English-learning countries, with the former currently leading. CFO Matt Skaruppa confirmed Max's contribution to bookings was material for the first time in Q3 and is factored into the Q4 guide. He added that the company will run experiments to determine how Max is featured in the New Year's promotion.

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CFO Bret Richter explained that the Cybersecurity and Martech segment has shown a multi-year improvement story with declining contraction rates, and the expectation is for that trend to continue, with H1 2025 performance mapping to late 2024. Regarding seasonality, he noted that EBITDA is heavily weighted to Q4 due to high-margin advertising revenue. He also mentioned that Q1 2025 margins are expected to be muted due to specific spending initiatives intended to fuel growth later in the year.

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CFO Mark McCaffrey declined to provide the 2023 growth metric but confirmed the 16% increase in average order size is a year-over-year comparison. CEO Aman Bhutani stated that Airo Plus will be tested with customers first, and marketing spend will likely follow once they have confidence in its performance and pricing.

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CFO Jeremy Hofmann clarified that the metric refers to 'revenue per total transaction value' (TTV) for combined residential and mortgages revenue, which has doubled in the oldest cohort of Enhanced Markets since the beginning of 2023. He confirmed this is a key proof point for the strategy and that trends in newer Enhanced Markets are consistent with the older ones, giving Zillow confidence to continue its 'land and expand' approach.

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CFO Jeremy Hofmann characterized the $1 billion-plus rentals opportunity as a 'sustainable' and 'multi-decade' goal, declining to commit to a specific medium-term timeline. He explained that the 2024 focus is on adding properties and driving demand through marketing and partnerships, rather than pulling the pricing lever, to build a durable, long-term business.

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