Question · Q3 2025
Corey Carpenter asked for an update on the media environment, specifically regarding higher acquisition costs and their recent decline, with a focus on the search channel. Carpenter also inquired about Oddity's capital allocation priorities, given its healthy cash balance and the absence of share repurchases since the convertible offering.
Answer
Lindsay Drucker Mann, CFO, ODDITY, explained that while media costs generally increase, they are effectively offset by higher repeat rates and other KPI improvements, with repeat sales accounting for about two-thirds of the business. She noted an improved media environment in Q4. Regarding capital allocation, Mann highlighted the strong cash position and the convertible as efficient, patient capital, offering flexibility for buybacks and M&A, with a selective approach.
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