Cory Carpenter

Cory Carpenter asked Frontdoor to bridge the gap between current street numbers and the reiterated 2028 revenue target, seeking clarification on the drivers of accelerating growth expected in 2027 and 2028 and the confidence in this framework. He also inquired about claims cost inflation, noting a tick down in Q4 and a low single-digit guide for 2026, specifically asking about the impact and assumptions regarding tariffs.

Answer

Chairman and CEO Bill Cobb explained that confidence in the 2028 revenue target stems from the "durable growth engine" where successful first-year unit acquisitions feed into the renewal book, combined with strong member retention and consistent dynamic pricing. Senior Vice President and CFO Jason Bailey added that non-warranty opportunities also contribute significantly. Regarding claims cost inflation, Jason Bailey attributed the strong 2025 performance to excellent management by contractor network and supply chain teams, using price, trade service fees, and operational execution. He stated that for 2026, they anticipate low single-digit inflation, managing through potential tariff impacts, noting high preferred contractor network usage (mid-80s) and diversified supply chain options. Bill Cobb clarified that Frontdoor's domestic sourcing, beyond appliances, helps maintain the low single-digit inflation outlook.

Cory Carpenter also questioned Frontdoor's claims cost inflation, noting a tick down to low single digits in Q4 and the guidance for 2026, specifically asking about the impact of tariffs and assumptions in the outlook.

Answer

Senior Vice President and CFO Jason Bailey attributed the successful management of claims cost inflation to the contractor network and supply chain teams, expecting low single-digit inflation for 2026, managed through pricing, trade service fees, and operational execution. Chairman and CEO Bill Cobb added that Frontdoor's largely domestically sourced components, particularly outside of appliances, help maintain this low single-digit inflation.

Cory Carpenter inquired about the marketing and rollout strategy for the new American Home Shield (AHS) app, its expected long-term impact on the business, and the specifics of the newly initiated mid-single-digit price increase, including which channels it targets.

Answer

CEO Bill Cobb explained that the AHS app is member-focused, designed to enhance the user experience and create service efficiencies, with initial marketing targeting the existing member base. CFO Jessica Ross and CEO Bill Cobb clarified that the new price increase is being rolled out through the renewals channel, while pricing in the real estate channel remains constant and the DTC channel is focused on promotional discounting.

Cory Carpenter inquired about the impact of potential government shutdowns on CLEAR's services and then asked for a breakdown of the drivers behind the significant acceleration in Free Cash Flow guidance for the current year, specifically if it relates to bookings acceleration.

Answer

Caryn Seidman Becker, Chairman and CEO of Clear Secure, affirmed that CLEAR remains operational during government shutdowns, highlighting the increased appreciation for CLEAR's consistency and reliability. Jennifer Hsu, CFO of Clear Secure, explained that Free Cash Flow acceleration is driven by improved member experience (leading to higher retention, better acquisition, and stronger NPS) for the CLEAR travel business, and CLEAR1 reaching 'escape velocity' with record bookings and new partners. She emphasized the leverage of subscription-based models and a reinforcing flywheel effect.

Cory Carpenter inquired about the potential impact of government shutdowns on CLEAR's service and the drivers behind the significant acceleration in free cash flow guidance, specifically if bookings are expected to accelerate.

Answer

Caryn Seidman Becker, Chairman and CEO, Clear Secure, stated that CLEAR remains open during government shutdowns, highlighting the renewed appreciation for CLEAR's consistency and reliability. Jennifer Hsu, Chief Financial Officer, explained that free cash flow acceleration is driven by improved member experience leading to higher retention and acquisition, and CLEAR1 reaching 'escape velocity' with record bookings and new partners. She noted the reinforcing flywheel of subscription-based businesses driving better economics and profitability.

Cory Carpenter inquired about Clear's considerations for its significant upcoming credit card renewal next year, particularly with American Express, given the company's evolution over the past five years.

Answer

Michael Barkin, President of Clear Secure, highlighted the strong partnership with American Express and Clear Plus's value as a key benefit of the Platinum Card. He mentioned the recent Platinum Card refresh created good awareness. Barkin stated that future partnership terms would ensure the value Clear brings to the benefits package is reflected, and more information would be shared as it becomes available.

Cory Carpenter asked about the impact of recent TSA staffing issues and the government shutdown on Clear Secure's operations, specifically concerning traffic and member experience. He also inquired about Clear Secure's strategic considerations for the upcoming credit card partnership renewal, particularly with American Express, given the company's evolution over the past five years.

Answer

Caryn Seidman-Becker, Co-Founder, Chair and CEO, Clear Secure, noted that air traffic has trended upwards despite the shutdown, with a strong holiday travel season expected. She emphasized Clear's role as a private company in improving the experience for all stakeholders. Michael Barkin, President, Clear Secure, highlighted the strong partnership with American Express and the value of Clear Plus as a Platinum Card benefit. He stated that Clear Secure will ensure its value contribution is reflected in the terms of any ongoing agreement.

Cory Carpenter asked about the current administration's priorities for improving the airport experience and the potential role for CLEAR, and also questioned the drivers behind the sequential increase in gross dollar retention.

Answer

CEO Caryn Seidman Becker detailed that the administration values public-private partnerships for innovation at no taxpayer cost, focusing on security, traveler experience, privacy, and 'Made in America' companies, which positions CLEAR favorably. CFO Jennifer Hsu clarified that the slight 20 basis point sequential increase in gross dollar retention was a modest benefit following the completion of the next-generation ID upgrades, which had a small negative impact in the prior year. She also noted that the REAL ID launch did not have a meaningful impact on Q2 results.

Cory Carpenter from JPMorgan Chase & Co. requested more details on the potential for expanded public-private partnerships under a new administration and asked for an update on the TSA PreCheck program's performance and cross-sell success.

Answer

CEO Caryn Seidman-Becker expressed strong alignment with the administration's focus on American companies, highlighting CLEAR's ability to deploy end-to-end automation and eGates at no cost to taxpayers, which would be margin-positive. Executive Kenneth Cornick reported that the TSA PreCheck program is performing well, with 91 locations, a marketing opt-in rate over 90%, and a cross-sell rate to CLEAR Plus approaching 20% for new PreCheck enrollees.

On behalf of Cory Carpenter from JPMorgan Chase & Co., an associate asked about the priorities for expanding the TSA PreCheck footprint beyond airports and for a timeline on when the CLEAR Verified business could become a material contributor to the P&L.

Answer

Executive Caryn Seidman-Becker detailed the TSA PreCheck expansion strategy, highlighting momentum with metrics doubling sequentially. She mentioned plans to scale in airports, out-of-airport retail like Staples, and other high-traffic locations, aiming for over 75 total locations by year-end. Regarding CLEAR Verified, she stated it's already contributing to gross profit dollar growth and expects it to be a 'significant contributor' in 2025, accelerated by new channel partnerships like Okta that speed up integration.

Cory Carpenter asked for insights into which divisions prospective buyers are most interested in during the strategic review process, and an update on broader advertising market trends, excluding AI-related headwinds.

Answer

CEO Vivek Shah stated that he could not provide specific details on the strategic review process at this time but promised updates when available. Regarding the ad market, he segmented it: Gaming & Entertainment saw approximately 5% ad revenue growth in 2025, expected to be consistent in 2026. Health & Wellness experienced strong double-digit ad growth in 2025, which is projected to moderate to mid-single digits in 2026 due to the impact of acquisitions. The Tech and Shopping segment's non-affiliate commerce ad business is performing well, but the affiliate commerce portion faces ongoing challenges for the next couple of quarters.

Cory Carpenter from JPMorgan Chase & Co. asked for insights into which Ziff Davis divisions prospective buyers are most interested in during the ongoing strategic review, and an update on broader advertising market trends, excluding AI-related headwinds.

Answer

CEO Vivek Shah stated that due to the active nature of the strategic review process, specific details about buyer interest could not be disclosed at this time, promising updates when available. On advertising market trends, Shah characterized it as three distinct markets for Ziff Davis: Gaming & Entertainment saw approximately 5% ad revenue growth in 2025, expected to be consistent in 2026; Health & Wellness experienced strong double-digit ad growth in 2025 (partially due to acquisitions), projected to moderate to mid-single-digit organic growth in 2026 (primarily pharma-driven); and Tech and Shopping's non-affiliate commerce advertising is performing well, but affiliate commerce faces ongoing challenges.

Cory Carpenter inquired about the scope of the strategic review, specifically if any properties are considered core or off-limits, and if the company would consider a transaction for the entire company. He also asked about the impact of AIO reviews on traffic.

Answer

CEO Vivek Shah confirmed that nothing is off the table in the strategic review, and the company is open-minded. He believes exploring opportunities for select units is likely more value-accretive than a full company transaction but would evaluate credible interest in the broader company. Regarding AIO reviews, he stated Ziff Davis is well-positioned and insulated from search traffic fluctuations, with only 17.5% revenue exposure to search, and is more focused on search volatility from algorithm changes.

Cory Carpenter from JPMorgan Chase & Co. asked about the scope of Ziff Davis's strategic review, specifically if any properties are considered core or off-limits for divestment, and the company's observations regarding the impact of AI overviews on traffic.

Answer

CEO Vivek Shah stated that nothing is off the table in the strategic review, and while inquiries have focused on specific businesses, exploring opportunities for select units is likely more value-accretive than a whole-company transaction. He added that Ziff Davis is well-positioned against search traffic fluctuations, with only 17.5% of revenue exposed to search. AI overviews appear in 29% of valuable queries, a slight decrease, and the company is more focused on search volatility from frequent algorithm changes.

Cory Carpenter asked for an update on broad advertising market trends and inquired about the sustainability of the company's double-digit growth, as well as its long-term growth and margin framework.

Answer

CEO Vivek Shah provided a category-specific breakdown of the ad market, noting strength in Health (high-teens growth) and Gaming (mid-teens growth), with Tech also performing well. Regarding long-term targets, Shah reaffirmed the company's goal to be a double-digit total revenue growth company, with roughly half from organic growth and half from M&A, while targeting mid-30s adjusted EBITDA margins.

Cory Carpenter requested an update on the impact of generative AI search on traffic and asked about the company's advertising mix between direct sales and programmatic channels.

Answer

CEO Vivek Shah clarified that the impact from AI Overviews is minimal, affecting a small fraction of total revenue, and noted it's still unclear if the impact is positive or negative. He emphasized that Ziff Davis is cited in about one-third of relevant AI Overviews. Shah also stated that programmatic advertising is intentionally a small part of the business (around 3% of revenue), as the company focuses on high-value, direct-sold endemic campaigns and performance-based marketing.

Cory Carpenter inquired about the key learnings from Ziff Davis's research on publisher data in AI training and how it informs their licensing strategy. He also asked if a change in share repurchase commentary signaled a shift in capital allocation priorities toward M&A.

Answer

CEO Vivek Shah stated the research confirms premium publisher content is disproportionately vital for training LLMs, reinforcing their stance that licensing is required for training, not just retrieval. CFO Bret Richter clarified there is no change in their dynamic capital allocation strategy, stating they remain flexible to deploy capital towards repurchases, M&A, or debt repayment as opportunities arise.

Cory Carpenter asked Randy Altschuler about the timing and focus of his CEO transition, and Sanjiv Singh Sahni about the most impactful product initiatives for growth in the current year.

Answer

Randy Altschuler (CEO) explained the CEO transition was a deliberate process, timed with strong 2025 results and momentum, and he will focus on strategic growth initiatives and corporate partnerships as Executive Chair. Sanjiv Singh Sahni (President) highlighted ongoing growth initiatives, including expanding marketplace offerings, driving enterprise account growth, and building the global supplier network, emphasizing the inherent attractiveness and competitive moats of marketplace financial models.

Cory Carpenter asked about the rationale and timing behind the CEO transition, Randy Altschuler's future focus as Executive Chair, and Sanjeev Singh Sahni's most impactful product initiatives for growth in the upcoming year.

Answer

Randy Altschuler, CEO, explained the transition is a deliberate succession process, timed to reflect Xometry's strong, profitable trajectory. He will remain deeply involved as Executive Chair, focusing on strategic growth initiatives and corporate partnerships. Sanjeev Singh Sahni, President, highlighted the focus on expanding marketplace offerings, driving enterprise growth, and building the global supplier network, emphasizing the inherent attractiveness of marketplace financial models and network effects.

Cory Carpenter inquired about the business impact of recent product initiatives and the product roadmap for the second half of the year. He also asked about current business trends in Q3 amid reports of a manufacturing slowdown and the assumptions baked into the company's guidance.

Answer

President Sanjeev Singh Sahni detailed his focus on embedding e-commerce principles and accelerating AI deployment to improve pricing, speed, and selection, highlighting recent rollouts like expanded instant quoting and TeamSpace in Europe. CFO James Miln confirmed the full-year marketplace growth outlook was raised to 23-24%, noting that while Q3 trends are strong, the guidance remains cautious on the overall macro environment.

Cory Carpenter asked for more detail on what is driving the strong start to 2025, including the impact of the manufacturing environment and tariffs, and requested clarification on the accelerated global sourcing strategy's effect on Q1 guidance.

Answer

CEO Randolph Altschuler attributed the strong start to success in the enterprise segment, driven by technology like Teamspace and customers seeking supply chain stability. CFO James Miln clarified that accelerating order volume to new geographies like India and Turkey is a strategic investment that temporarily dampens Q1 gross margin but positions the company for long-term growth. He noted margins are expected to improve starting in Q2 and expand for the full year.

Cory Carpenter asked about the potential high-level impact of the U.S. election on the business and sought clarification on the drivers behind the sequential slowdown in Q4 marketplace growth guidance compared to recent quarters.

Answer

CEO Randy Altschuler stated that since both political parties support strengthening U.S. manufacturing, he foresees no negative impact from the election and noted that a push for reshoring could be beneficial. CFO James Miln addressed the Q4 guidance by highlighting the strong year-to-date performance, a tougher year-over-year comparison from Q4 2023, and general mindfulness of the uncertain macro environment and holiday calendar.

Cory Carpenter inquired about the progress of EverQuote's new products, including AI bidding, Smart Campaigns, and subscription offerings, as part of its evolution to a holistic growth solutions provider. He also questioned the confidence in growth re-acceleration over the next one to two years, given the Q1 guidance implies 8% growth while the $1 billion target suggests 13-21%.

Answer

Jayme Mendal, EverQuote's Chief Executive Officer, reported significant progress, noting Smart Campaigns expanded to most carrier customers and will roll out to local agents and other verticals. He highlighted that 40% of local agents now use more than one EverQuote product. Joseph Sanborn, EverQuote's Chief Financial Officer and Chief Administrative Officer, attributed confidence in the $1 billion path to increased carrier budget via AI products, greater agent marketing budget share through a multi-product strategy, expansion into new traffic channels (including AI search), and faster growth in the home insurance vertical. He explained the Q1 guide reflects a new, more disciplined seasonal pattern from carriers after a strong Q4, aiming for sustained growth throughout 2026.

Cory Carpenter inquired about the progress of new products like AI bidding and Smart Campaigns in evolving EverQuote into a holistic growth solutions provider, and the confidence in growth re-accelerating beyond the Q1 guide given the $1 billion revenue target.

Answer

CEO Jayme Mendal reported significant progress, with Smart Campaigns expanding to local agents and other verticals, and 40% of agents now using multiple products. CFO Joseph Sanborn outlined the path to $1 billion revenue through increased carrier budget via AI products, greater agent marketing share, expanded traffic channels, and home vertical growth. He explained Q1's disciplined carrier spending follows a record Q4, suggesting a new, more sustained seasonal pattern for 2026.

Cory Carpenter of JPMorgan Chase & Co. questioned if tariffs impacted carrier budgets in Q2, whether any potential impact is factored into Q3 guidance, and how to reconcile typical seasonality with the outlook for a broader market recovery.

Answer

CFO Joseph Sanborn acknowledged some carrier hesitancy early in Q2 due to tariff uncertainty but noted that carriers increased spend later in the quarter, a trend reflected in the Q3 guidance. He added that while a broad recovery is underway, laggard states like California are returning gradually, with a more significant impact expected in 2026.

Cory Carpenter inquired about the rationale for maintaining some 1:1 consent changes despite the FCC rule being vacated and the resulting financial impact on Variable Marketing Margin (VMM).

Answer

CEO Jayme Mendal explained that keeping certain changes improves lead quality and the consumer experience, aligning with their strategy to be a premium provider for agents. CFO Joseph Sanborn added that the decision would have a modest impact, with VMM expected to remain in the high 20s (28-29%) for the remainder of the year.

Cory Carpenter asked for details on the drivers behind the 30% year-over-year growth in the agency channel. He also sought to clarify the Q4 outlook, asking if auto revenue would have been flat to up sequentially without the impact of FCC preparations.

Answer

CEO Jayme Mendal attributed the agency channel's strength to captive carriers encouraging growth among their agents as underwriting profitability improves. He noted this recovery is slower but steadier than the direct channel. CFO Joseph Sanborn clarified that while the FCC impact is a factor in the Q4 sequential decline, auto revenue would likely still be seasonally down, but "closer to flat," as some carriers are increasing spend while others are explicitly pulling back for the holidays.

Cory Carpenter asked about the potential impact of generative video advancements and AI on the streaming landscape and Roku's business.

Answer

Anthony Wood, Founder and CEO, expressed excitement about AI, viewing it as a powerful tailwind that will reduce content costs and grow engagement. He explained how Roku is integrating AI across its technology stack to improve viewer experience through personalized discovery, 'why to watch' summaries, and conversational Roku Voice. He also highlighted AI's role in advertising, enabling the Ads Manager for small and medium-sized businesses and automating ad workflows.

Cory Carpenter asked Anthony Wood about the potential impact of generative video advancements, like Google Genie, on the streaming landscape, specifically regarding increased content availability, a shift to short-form video, and what this means for Roku's business.

Answer

Anthony Wood, Founder and CEO, expressed excitement about AI reducing content costs, which he believes will grow engagement and positively impact Roku's monetization-based business model. He detailed Roku's integration of AI across its platform to improve discovery, personalize viewer experience, enhance advertising performance (e.g., Ads Manager for SMBs), and drive internal operational efficiency.

Cory Carpenter asked about platform business trends, growth drivers for Q4 and 2026, and capital allocation priorities given the recent $500 million share buyback.

Answer

CEO Anthony Wood outlined platform revenue growth drivers, including home screen improvements, growing ad demand (Amazon DSP, AppsFlyer, Ads Manager), and subscription revenue (premium subscriptions, Howdy). CFO Dan Jedda detailed capital allocation, emphasizing $2.3 billion cash, positive operating income, strong free cash flow, and a goal to offset 100% share dilution over time.

Cory Carpenter asked what provides Roku with the confidence to reiterate its full-year platform and EBITDA guidance amid market uncertainty, and inquired about recent trends in the platform and advertising business.

Answer

Founder and CEO Anthony Wood cited strong secular trends like the shift to streaming and programmatic advertising, diversified revenue streams including subscriptions, and the acquisition of Frndly. CFO Dan Jedda added that the outlook already assumes some macro weakness. President of Roku Media, Charlie Collier, noted a client-driven shift from long-term guaranteed ad buys to more flexible, short-term programmatic campaigns, a trend he believes Roku is well-positioned to capitalize on.

Cory Carpenter asked for the key drivers behind the Q3 platform revenue acceleration and the company's rationale for no longer reporting streaming households and ARPU as key performance indicators (KPIs).

Answer

CEO Anthony Wood and CFO Dan Jedda explained that platform revenue growth was driven by home screen innovations, deeper third-party DSP integrations like with The Trade Desk, and growing subscription sign-ups via Roku Pay. They stated that streaming household and ARPU metrics were removed because international account growth, which occurs at different monetization stages, was obscuring the strong underlying U.S. revenue growth and making the blended ARPU metric less representative of the business's health. The new focus will be on streaming hours, platform revenue, adjusted EBITDA, and free cash flow.

Cory Carpenter asked about the assumptions for the Q1 2026 revenue guide (5-7% sequential growth), given typical seasonality and e-commerce headwinds. He also inquired about the 'unlock' seen a couple of weeks ago in the e-commerce business.

Answer

Matt Stumpf explained the Q1 guide reflects a strong Q4 exit rate from mobile gaming, e-commerce launch, and prospecting model performance, partially offset by typical Q4-Q1 seasonality and fewer days in Q1. Adam Foroughi described the e-commerce 'unlock' as a material lift in the model from continuous team improvements, leading to significant improvements in return on ad spend for advertisers and increased budget allocation.

Cory Carpenter asked about the assumptions behind the Q1 2026 revenue guide (5-7% sequential growth) and details on a recent 'unlock' in the e-commerce business.

Answer

CFO Matt Stumpf explained that the Q1 guide reflects a strong Q4 exit rate (driven by mobile gaming, e-commerce launch, and the prospecting model) partially offset by typical Q4-Q1 seasonality and fewer days. Co-Founder, CEO, and Chairperson Adam Foroughi elaborated on the e-commerce model unlock, stating that the team constantly improves models, leading to material lifts in return on ad spend (ROAS) for advertisers, who then quickly increase their budgets. He emphasized that current performance is not indicative of future performance due to continuous model improvements.

Cory Carpenter of JPMorgan Chase & Co. asked for insight into the specific 'unlock' that caused the technical step-function change in the quarter and why these improvements seem to be happening more frequently. He also asked if the August switch to probabilistic billing on iOS had a notable impact.

Answer

CEO Adam Foroughi attributed the accelerating pace of innovation to his world-class research science team leveraging the vast amount of new external and internal research in the AI field. He admitted the technology is beyond his own mathematical understanding but praised the team for unlocking immense opportunity. He also stated that the switch to probabilistic billing was for accuracy alignment and had no notable financial impact, as the deltas were nominal.

Cory Carpenter inquired about the decline in revenue per lead, asking for an explanation of the underlying dynamics. He also sought insight into Angi's capital allocation strategy for the coming quarters, particularly with share repurchases currently paused.

Answer

Andrew Russakoff, CFO of Angi Inc., attributed the revenue per lead decline to delivering additional leads to subscription pros, even when they've reached their contract caps, to ensure the best homeowner experience. He noted that new features are being rolled out to better monetize these additional leads. Jeffrey W. Kip, CEO, discussed capital allocation, highlighting the $500 million debt due in 2028, which is covered by cash flow, balance sheet, and credit line. He mentioned openness to value-creating tuck-in acquisitions and, long-term, potential share buybacks or dividends after the two-year post-spin window for repurchases.

Cory Carpenter inquired about the reasons behind the decline in revenue per lead and Angi's capital allocation strategy for the upcoming quarters, especially with share repurchases currently paused.

Answer

Andrew Russakoff (CFO, Angi Inc) attributed the revenue per lead decline to delivering additional leads to subscription pros beyond their contract caps to ensure a good homeowner experience, with future functionality planned for better monetization. Jeffrey W. Kip (CEO, Angi) discussed capital allocation, prioritizing the 2028 debt maturity, considering value-creating tuck-in acquisitions, and potentially resuming share buybacks or considering dividends after the two-year post-spin restriction.

Cory Carpenter questioned the evolution of organic versus paid traffic and its implications, and also asked for details on the upcoming migration of legacy ad service pros to the new platform, including the process and potential risks.

Answer

CEO Jeff Kip stated that free organic search traffic is a declining asset, now under 10% of volume, with growth driven by effective paid marketing. Regarding the platform migration, he outlined a detailed execution plan based on five successful international migrations, expressing confidence that the core value proposition of providing leads to pros will ensure a smooth transition.

Cory Carpenter asked for the basis of management's confidence in improving revenue trends throughout the year, considering both macro factors and recent platform changes. He also inquired about the company's capital allocation priorities now that it is a stand-alone entity.

Answer

CEO Jeffrey Kip expressed confidence in revenue trends, citing the improving trajectory of proprietary service requests and leads, coupled with expected growth in revenue per lead. He noted that easier year-over-year comparisons in the second half of the year will also contribute. On capital allocation, Kip stated the company will opportunistically buy back shares to offset dilution. Regarding acquisitions, he mentioned that while the focus is on integrating past purchases, they would consider strategically critical and accretive deals, though the stock is not seen as a major acquisition currency at this time.

Cory Carpenter asked about the timing of the potential Angi spin-off, the company's confidence in Angi's return to revenue growth, and the expected impact from the FCC's 1-to-1 consent rule.

Answer

IAC CEO Joey Levin explained the spin-off is contemplated now because Angi is profitable, cash-flow positive, and on a strong strategic path. He noted benefits like a liquid currency and increased focus for IAC. Angi CEO Jeff Kip expressed confidence in returning to growth, citing a 30% increase in 'jobs done well' and a 60% rise in homeowner NPS. Kip acknowledged the FCC rule will cause a near-term revenue dip in Q1 2025 as they shift to a 'consumer choice' model, but expects to maintain profitability in 2025 and achieve revenue growth in 2026.

Cory Carpenter inquired about the progress of Angi's turnaround, asking what inning the company is in regarding its focus on customer experience and profitability, and what is needed for revenue trends to improve. He also asked about the drivers of Angi's Q2 profit upside and its back-half financial outlook.

Answer

Angi Inc. CEO Jeff Kip stated the company is in the 'bottom of the fourth' inning, focusing on achieving 'jobs done well' to drive long-term growth, and that revenue will turn after the experience is fixed. IAC Executive Christopher Halpin attributed Q2 profit upside to improved marketing efficiency, better technology, and targeting higher-quality pros. He guided Q3 revenue declines of about 15% with adjusted EBITDA north of $30 million.

Cory Carpenter from JPMorgan Chase & Co. asked about Roblox's potential interest in expanding its presence in China and the perceived opportunity there. He also inquired about the confidence in investing in novel game experiences for older users, given that age checks revealed a younger user base than previously reported, and how Roblox plans to "age up" users on the platform.

Answer

Co-founder and CEO David Baszucki affirmed Roblox's strong partnership with Tencent and a significant opportunity in China, noting a revamped approach for an air-gapped deployment. Regarding user age, he highlighted the cultural phenomenon of Roblox and the over 50% growth in the 18+ demographic, expressing bullishness on this opportunity due to the platform's technical advantages applying across all age groups.

Cory Carpenter from JPMorgan Chase & Co. asked about reports concerning Roblox's interest in expanding its presence in China and the perceived opportunity there. He also questioned the confidence in investing in the 'age up' strategy for users, particularly given that age checks revealed younger users than previously self-reported, and how this aligns with the larger opportunity in novel game experiences.

Answer

David Baszucki, CEO, affirmed Roblox's continued partnership with Tencent and the significant opportunity in China, noting a revamped approach for an air-gapped deployment. Regarding age checks, Mr. Baszucki stated that the slightly younger estimated ages highlight Roblox's cultural phenomena success. He expressed bullishness on the 18+ opportunity, citing over 50% year-over-year growth in this cohort and the applicability of Roblox's vertically integrated platform and technical advantages (from cloud to apps, discovery, sociograph, and realistic experiences) to both under-18 and 18+ demographics.

Cory Carpenter asked about advertising as a potential tailwind for 2026, early learnings from Rewarded Video, and its priority for the upcoming year.

Answer

Naveen Chopra (CFO, Roblox) expressed long-term bullishness on advertising but cautioned about the near-term, emphasizing a diligent approach to ensure Rewarded Video works for creators, users, and advertisers. He noted that over 140 creators are onboarded on a limited basis, and significant work remains, so it won't be a major short-term contributor but a key part of the business in the coming years.

Cory Carpenter asked for the key drivers behind the recent cluster of viral hits and requested more detail on the strong performance in the APAC region.

Answer

Founder and CEO David Baszucki attributed the success not to a single factor but to hundreds of simultaneous improvements across the entire technology stack. For APAC's strength, he specifically cited significant enhancements in auto-translation quality, which unlocked growth in markets like Japan, alongside better infrastructure performance and increased server capacity in the region.

Cory Carpenter asked what management attributes the recent cluster of viral hits to and requested more detail on the drivers of strong growth in the APAC region.

Answer

CEO David Baszucki attributed the success not to one single factor but to hundreds of simultaneous improvements across the entire platform stack, from the 3D engine to discovery algorithms. For APAC specifically, he highlighted focused efforts on improving auto-translation quality, enhancing performance, and adding server capacity in the region, which have collectively improved the user experience.

Cory Carpenter inquired about the rollout of the Google advertising partnership and its potential to be a meaningful bookings contributor this year. He also asked about the company's top reinvestment priorities for the second half of the year.

Answer

CFO Mike Guthrie stated that while advertising is an exciting area, the core business is growing so quickly that it dominates financial performance. Ad revenue will be broken out only when it becomes large enough to 'move the needle.' CEO David Baszucki outlined reinvestment priorities, focusing on using AI to lower infrastructure and personnel costs relative to bookings, while increasing payments to creators and slowly improving margins.

Cory Carpenter of JPMorgan Chase & Co. inquired about the company's plans for its advertising business in 2025 and asked for quantification of its expected contribution within the year's financial outlook.

Answer

CEO David Baszucki stated that while the ad product portfolio is expanding with offerings like streaming video ads and sponsored tiles, the business is not yet large enough to be broken out as a separate reporting line. CFO Mike Guthrie confirmed this, adding that there is very little contribution from advertising assumed in the 2025 guidance provided.

Cory Carpenter requested a broader update on Roblox's advertising initiatives following recent partnerships and asked if advertising is expected to be a material contributor to the preliminary 2025 bookings outlook.

Answer

CEO David Baszucki outlined three live advertising systems: traffic ads (sponsored tiles, search), video ads (moving to rewarded video), and the Shopify partnership for in-game commerce. CFO Mike Guthrie clarified that the 2025 outlook for 20%+ growth does not depend on advertising, as the core gaming business has a significant runway for organic growth on its own.

Cory Carpenter asked about the factors driving engagement improvements across 15 countries and where user experience headwinds proved less severe than initially projected.

Answer

CEO Spencer Rascoff attributed MAU improvements in countries like South Korea and Japan to enhanced recommendation algorithms, Double Date, FaceCheck, and targeted marketing. CFO Steven Bailey and CEO Spencer Rascoff explained that revenue headwinds from user experience tests, like FaceCheck, were significantly mitigated through iteration, coming in lower than expected in Q4 2025, demonstrating the company's ability to balance user benefits with revenue impact.

Cory Carpenter asked for more details on the engagement improvements seen in 15 countries, inquiring about the driving factors and the continuation of these trends into the new year. He also sought clarification on where user experience headwinds came in less than anticipated.

Answer

CEO Spencer Rascoff highlighted MAU improvements in countries like South Korea (from -8% to +2% YoY) and Japan (from -12% to -6% YoY) between December 2024 and December 2025. He attributed these gains primarily to improvements in recommendation algorithms, the Double Date feature, FaceCheck for authenticity, and refined marketing strategies. Regarding revenue trade-offs, Rascoff explained that initial 10% revenue hits from FaceCheck were iterated down to a 1% headwind while achieving a 50% reduction in bad actor interactions. He noted that the company underspent its Q4 revenue give-back budget, demonstrating their ability to mitigate revenue impact while retaining user benefits.

Cory Carpenter inquired about the engagement trends for Tinder's under-30 user cohort in response to recent product launches and overall performance during the quarter.

Answer

CEO Spencer Rascoff explained that Gen Z users desire lower-pressure ways to connect. He highlighted strong early traction for features like DoubleDate, where 90% of users are under 30 and women are four times more likely to match. He also pointed to an upcoming college-focused feature set, positive results from an interactive matching pilot in New Zealand, and a product roadmap focused on compatibility over simple photo assessment.

Cory Carpenter inquired about CEO Spencer Rascoff's key priorities and how his approach might differ from the past, given the significant changes enacted in his first few months.

Answer

CEO Spencer Rascoff expressed confidence in the team and the category's potential. His top priorities are: 1) Operating as 'one Match Group' to leverage scale, a significant shift from the previous siloed structure. 2) Growing Tinder's audience through organizational changes and product strategy. 3) Supporting Hinge's continued growth. 4) Focusing on employee engagement and company culture to drive urgency, innovation, and accountability, stating he is operating in 'founder mode'.

Cory Carpenter asked for an update on the progress and expected 2025 revenue contribution from the various a la carte (ALC) features being tested at Tinder.

Answer

Incoming CFO Steven Bailey shared that the 'first impressions' feature is showing good adoption and adding incremental revenue with reduced cannibalization. However, he clarified that the overall contribution from revised ALC features in 2025 is expected to be small, with the bulk of Tinder's revenue improvement driven by other monetization optimizations and improving MAU trends.

Cory Carpenter asked for more color on how the weaker Q4 guidance impacts the initial outlook for 2025.

Answer

CFO Gary Swidler explained that while Hinge and other brands are stable, the overall 2025 outlook depends heavily on Tinder. He noted that recent MAU weakness creates a weaker momentum heading into the new year. He deferred a detailed outlook to the upcoming Investor Day but stressed a company-wide focus on financial discipline and margin improvement.

Cory Carpenter asked for more details on the media environment, specifically regarding the shift from higher to lower acquisition costs and any insights into the search channel. He also requested an update on ODDITY's capital allocation priorities, given the healthy cash balance and no share repurchases since the convertible offering.

Answer

Lindsay Drucker Mann, CFO of ODDITY, explained that while media costs generally increase, ODDITY effectively offsets this with higher repeat rates and other KPI improvements, maintaining a healthy consumer environment. She highlighted the strong cash position of nearly $800 million and the flexibility provided by the convertible capital for potential buybacks or M&A, emphasizing a patient and selective approach to deployment.

Cory Carpenter of JPMorgan Chase & Co. requested more color on the progress of Brand 3, given management's excitement, and asked about the specific tariff levels assumed in the company's financial guidance.

Answer

CEO Oran Holtzman expressed excitement for Brand 3, citing four years of development, advanced vision technology, a huge addressable market, and a wide, well-tested product range of OTC and prescription items. Global CFO Lindsay Drucker Mann clarified the guidance assumes a 50-100 basis point gross margin impact from current tariffs, including a fully loaded amount for China and 10% on Europe, which she described as manageable.

Cory Carpenter asked Neil Vogel for his latest thoughts on the state of People Inc.'s business, considering recent events like the RIF, FeedFeed acquisition, and Microsoft AI deal. He also requested an update on the Google litigation, specifically regarding a recent ruling and its future implications.

Answer

Neil Vogel, CEO of People Inc., expressed confidence in the business, citing the Microsoft AI deal as an indication of content value, and the FeedFeed acquisition as evidence of strong off-platform performance. Christopher Halpin, COO and CFO of IAC, provided an update on the Google litigation, explaining it builds on the government's antitrust case, seeks hundreds of millions in damages, and a recent ruling favored publishers, accelerating IAC's case timeline and increasing legal spend.

Cory Carpenter from JPMorgan Chase & Co. asked Neil Vogel for his latest thoughts on the state of the People Inc. business, considering recent events like the RIF, Feedfeed acquisition, and Microsoft AI deal, and what these indicate about the future outlook. He also requested an update on the Google litigation, specifically regarding recent rulings and future implications.

Answer

Neil Vogel, CEO of People Inc., expressed confidence, highlighting the Microsoft deal as evidence of content value and future deals, and Feedfeed as a sign of strong off-platform monetization. He emphasized the stronger, non-conflicting relationships with platforms like Instagram and TikTok compared to Google. Christopher Halpin, COO and CFO of IAC, detailed the Google litigation, confirming it builds on the government's antitrust case, seeks hundreds of millions in damages, and noted a recent favorable ruling accelerating their case. Barry Diller, Chairman and Senior Executive of IAC, underscored the necessity of the spend given government findings.

Cory Carpenter asked about the impact of Google's delay in cookie deprecation on the D/Cipher product and for details on the recent agreement with activist investor Arkhouse.

Answer

Neil Vogel, CEO of Dotdash Meredith, stated the cookie delay was not a significant issue and could be a net positive, as it allows D/Cipher to directly demonstrate its superior performance against cookie-based targeting. Christopher Halpin, an IAC executive, added that IAC had a constructive dialogue with Arkhouse and that the new board member, Tor Braman, brings valuable experience in technology and capital markets.

Cory Carpenter asked about Joey Levin's motivation for moving to Angi post-spin, Jeff Kipp's confidence in Angi's improving 2025 trends despite a soft Q1 guide, and the next steps for the spin-off, including any potential cash dividend from Angi to IAC.

Answer

Joseph Levin, CEO of IAC, cited personal reasons for the move and the professional belief in Angi's asymmetrical upside now that much of the difficult turnaround work is complete. Christopher Halpin, an IAC executive, confirmed the spin is targeted for March 31 and that IAC does not plan to take a dividend, leaving Angi with its existing cash balance. Jeff Kipp, CEO of Angi Inc., explained the Q1 outlook was impacted by an early implementation of a consumer-choice model but expressed confidence in returning to growth due to easier comps, new product initiatives, and improved customer experience.

Cory Carpenter of JPMorgan asked if recent changes in App Store economics affect EA's mobile strategy and requested an update on the EA SPORTS mobile app.

Answer

CEO Andrew Wilson responded that EA's strategy remains to meet players where they are and remove friction, which includes leveraging new opportunities. CFO Stuart Canfield added that EA is already successfully using alternative channels like web stores, particularly for FC Mobile, which positively impacts profitability.

Cory Carpenter inquired about the specific drivers of the P&C strength observed in March and asked for more detail on the decision to scale back the under-65 Health business, questioning if it was related to business conditions or the FTC matter.

Answer

Executive Steven Yi explained that the strength in March was not due to a fundamental change but rather a result of carriers shedding their initial new-year conservatism and increasing budgets. Executive Patrick Thompson stated that the scaling back in the under-65 business is part of proactive efforts to enhance compliance programs, including updating the partner code of conduct and expanding call monitoring.

Cory Carpenter of JPMorgan Chase & Co. asked for more detail on the P&C insurance market, specifically the pricing moderation from Q4 into Q1 and how to frame the growth outlook for 2025.

Answer

Executive Steven Yi expressed a bullish outlook for the P&C vertical in 2025, citing strong carrier profitability and increased competition. He explained that Q4 saw aggressive spending from carriers who had locked in annual profits, while Q1 reflects more conservatism with new budgets. He anticipates momentum will build throughout the year as carriers shift from rate increases to new customer acquisition for growth.

Cory Carpenter of The Benchmark Company inquired about the customer uptake and monetization strategy for generative AI, and also asked for details on the drivers behind the Q4 revenue and EBITDA outperformance relative to guidance.

Answer

CEO Craig Peters explained that generative AI adoption is growing modestly, with customers primarily using the technology to modify existing imagery rather than for text-to-image generation. CFO Jennifer Leyden attributed the Q4 outperformance to strong top-line revenue growth, which positively impacted EBITDA. Key revenue drivers included the ongoing recovery from the 2023 Hollywood strikes, a strong event year calendar, and new content deals that included AI licensing rights.

Following up on the AOV discussion, Cory Carpenter asked if the forecast for returning to growth in fiscal 2026 is therefore more dependent on achieving active client growth.

Answer

Executive David Aufderhaar clarified that while the company sees opportunities in both AOV and client growth, long-term sustainable growth is best achieved when both are performing well. He acknowledged that current strength is primarily from existing client engagement and that a path to revenue growth exists without an inflection in active clients, but achieving both remains the ultimate goal.

Cory Carpenter of Deutsche Bank inquired about Resideo's new product innovation, including the market reception of recent launches and the product roadmap for 2025. He also asked for details on the company's supply chain footprint and its contingency plans for potential tariff changes.

Answer

Thomas Surran, President of Products and Solutions, explained that the company is revitalizing its core product lines, and recent launches like the Focus Pro thermostat have exceeded expectations. He outlined a multi-phase strategy for 2025 and beyond, focusing first on current lines, then new categories, and finally new markets. CEO Jay Geldmacher addressed the tariff question, highlighting a 'comprehensive playbook' that includes proactive customer discussions on pricing, commercial actions like inventory buy-aheads, and operational supply chain adjustments.

Cory Carpenter inquired about the Property & Casualty (P&C) market, asking for an expansion on the commentary that pricing moderated from Q4 into Q1 and how this dynamic should be used as a framework for understanding growth in 2025.

Answer

Executive Steven Yi expressed a bullish outlook for the P&C vertical in 2025, driven by strong carrier profitability which he expects will fuel competition. He explained that Q4 saw aggressive spending from carriers who had already met profit targets, while Q1 began with more conservatism tied to new annual budgets. Yi anticipates momentum will build throughout the year as carriers shift focus from rate increases to new policy acquisition for growth.

Cory Carpenter asked for more details on the new 'Discover tab' feature and for an update on top-of-funnel trends following the fall product release.

Answer

Outgoing CEO Lidiane Jones explained that the 'Discover tab' is a new, free feature designed to help users connect through shared interests, aiming to boost relevance and re-energize the top of the funnel. She noted that the previous fall release successfully drove engagement, with high adoption of interest filters, which she believes will lead to long-term revenue reacceleration.

Cory Carpenter requested more detail on the specific in-game changes in NBA 2K that resonated with players and asked about the company's strategy for the upcoming Nintendo Switch 2 console.

Answer

President Karl Slatoff detailed several NBA 2K improvements, including new mechanics and modes. CEO Strauss Zelnick stated they have a strong relationship with Nintendo and fully expect to support the new Switch console, noting that modern Nintendo platforms can cater to all audiences, unlike in the past.

Cory Carpenter asked for the strategic rationale behind the decision to sell the Private Division label and requested color on its expected impact to the company's P&L.

Answer

CEO Strauss Zelnick explained the sale was a strategic decision to focus resources on core, blockbuster intellectual properties, as Private Division's titles were not achieving the scale of 2K or Rockstar hits. CFO Lainie Goldstein added that the P&L impact is immaterial to the bottom line for the year.