Dae Lee • JPMorgan Chase & Co.

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CFO Selim Freiha stated that the macro environment has stabilized at a lower level and the company's outlook assumes this continues. CEO Carrie Wheeler explained that the impact of new initiatives will appear in conversion metrics before the P&L, with a more significant financial contribution expected in 2026. CFO Selim Freiha added that Cash Plus is a better risk-adjusted product targeting a similar contribution margin, while listings revenue is a high-margin stream that will benefit overall contribution margin over time.

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Executive Selim Freiha explained that the acquisition pace is expected to follow a seasonal 'barbell' pattern, with higher volumes in Q1/Q4 and lower volumes in Q2/Q3, making the Q2 level a reasonable expectation for Q3, all else equal. Regarding margins, he noted that the Q2 guidance of 4.5%-4.9% is impacted by a mix-shift towards selling older, lower-margin inventory. While newly acquired homes show strong early margins, it's not enough to offset this mix effect in the near term.

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CFO Selim Freiha addressed the cost questions, stating that Opendoor expects to realize the full $85 million in savings from prior initiatives in 2025 and will continue seeking efficiencies. He noted the company is rightsized for current scale but can support medium-term growth without significant cost increases. CEO Carrie Wheeler discussed Marketplace, highlighting strong customer opt-in rates and good clearance, explaining it serves sellers who want to test the market without the exposure of an MLS listing.

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CEO Ariane Gorin confirmed that the U.S.-based portion of the B2B business was impacted by market softness but stated that the segment's global diversification allowed it to sustain double-digit growth. CFO Scott Schenkel noted that while a tougher B2C environment is a headwind for the advertising business, it remains a powerful growth engine, with new ad solutions helping to drive performance and double-digit growth remaining achievable.

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CEO Ariane Gorin described Q4 travel demand as very healthy, with some January softening attributed to pull-forward from promotions, but no structural change. She noted that stronger international room night growth suggests share gains in those markets. On loyalty, she confirmed the One Key rollout was paused after the U.K. to apply learnings, as it was a net positive for the Expedia brand but a drag on Hotels.com, while the impact on Vrbo is still being assessed.

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CEO Matt Goldberg explained that consumers have historically defended travel spending, particularly experiences, and that the company's diverse inventory serves all price points. He attributed the strong Hotel Meta pricing to product enhancements that improve the user experience with more content and context before click-out, which has driven a pricing uplift and serves as a proof point for their engagement-to-monetization strategy.

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CEO Matt Goldberg clarified that the current focus is a free membership program designed to drive engagement and reward cross-category booking, unlike the former paid subscription. CFO Mike Noonan outlined the 2026 growth path for Brand Tripadvisor, which includes stabilizing Hotel Meta, scaling hotel booking capabilities, re-accelerating experiences revenue, and moving past significant investments in data/AI and the headwinds from deprioritizing legacy businesses.

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Executive Robin Harries stated that achieving growth is currently a higher priority than profitability, and the company plans to reinvest profits into brand marketing to capture the significant revenue opportunity. Executive Johannes Thomas added that a shift to profitability would only occur if investment returns diminish. Regarding AI Smart Search, he explained it's a new semantic search feature being introduced gradually to users, and that changing user behavior is a slow process they are carefully monitoring.

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Executive Robin Harries explained that the Q3 Americas headwinds were due to softer demand and TV viewership shifts to major sports and political events, which reduced ad effectiveness and led to a tactical spending cut. Executive Johannes Thomas added that the Jürgen Klopp campaign is designed to increase marketing efficiency, not necessarily total spend. By using AI to localize a single global celebrity, trivago can run an impactful campaign more cost-effectively than hiring multiple local ambassadors.

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CFO Ewout Steenbergen explained that Europe's growth reaccelerated starting in August, driven by a combination of underlying demand improvement, the strength of the Booking.com app, and an expansion of the booking window. He noted this was partially market-driven and partially due to the company's strong value proposition in the region.

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COO Jeremy Wacksman reiterated that Zillow views the NAR settlement as an 'evolutionary' change that will lead to more educated consumers and higher-quality connections for its professional agent partners, not a major disruption. CFO Jeremy Hofmann confirmed that the recent underperformance of first-time homebuyers is primarily due to the 'rate shock' from the rapid 50-basis-point spike in interest rates, which he described as a temporal headwind.

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