Jason Helfstein

Jason Helfstein from Oppenheimer & Co. Inc. asked what factors are needed for Instacart's advertising revenue growth to accelerate, questioning whether it requires a healthier CPG spending environment or if there are specific actions the company can take.

Answer

CEO & Chair Fidji Simo responded that it's a combination of factors. While a better macroeconomic environment would certainly help, as seen in Q1, Instacart has already put the necessary levers in place to drive growth. She cited the company's leading ad performance, measurement capabilities, and successful diversification into faster-growing emerging and mid-sized brands. Simo expressed high confidence in reaching the long-term 4-5% advertising investment rate target due to these internal initiatives.

Jason Helfstein asked about the adoption levels of Storefront Pro and sought clarification on the specific factors that drove the upside in the advertising business during the quarter.

Answer

CEO Fidji Simo reported that over 600 retail banners now use Storefront, which benefits Instacart as retailers invest in promoting their own digital properties. She reiterated that the Q1 advertising strength was due to the entire strategy working in concert: high ad performance attracted more budget from both large and emerging brands, which in turn helped attract more retail supply for Carrot Ads, creating a powerful virtuous cycle.

Jason Helfstein questioned why Instacart's advertising revenue isn't growing faster, suggesting it might be losing share to larger retail media platforms, and asked what the key is to unlocking 15-20% growth.

Answer

CEO Fidji Simo responded that ad revenue is guided to outpace GTV growth in Q1 and that the current rate reflects a challenged macroeconomic environment for food and beverage CPG budgets. She stated the unlock for accelerated growth lies in continuing to prove performance, scale through Carrot Ads, diversify advertisers, and innovate formats.

Jason Helfstein asked whether the slower fourth-quarter GTV guidance was driven by a weakening consumer outlook, tougher comparisons, or general conservatism.

Answer

CEO Fidji Simo stated that consumer demand remains very strong with no meaningful trade-down observed. She clarified the Q4 guidance is a direct result of specific factors: a tough year-over-year comparison against a strong 2023 holiday season, lapping a significant step-up in incentive spend, and a small impact from a partner's (Ahold Delhaize) temporary outage. She emphasized that core business fundamentals like order growth and Instacart+ engagement remain robust.

Jason Helfstein asked CEO Jeff Green about the impact of Agentic Search on publisher inventory and how The Trade Desk assists publishers with AI navigation. He also asked CFO Alex Cailliau about the Q4 revenue guidance, noting it might seem conservative despite easier comps and past issues, inquiring if there are specific concerns like macro factors.

Answer

CEO Jeff Green stated that Agentic Search has a de minimis effect on open internet inventory, which is vast and includes CTV, music, and sports, not just browsers. He believes it could lead to a healthier ecosystem with fewer ads per page and potentially open up new, premium search-like advertising opportunities. CFO Alex Cailliau affirmed Q3's solid performance and Q4's 18.5% ex-political growth guidance, citing continued strength in CTV, retail media, international growth, and JBP commitments, with no change to their guidance philosophy or specific concerns for Q4.

Jason Helfstein asked for The Trade Desk's view on Amazon as a competitor, considering recent improvements to its DSP and the launch of Prime Video ads, and whether there was a change in the competitive landscape in Q4.

Answer

Co-Founder and CEO Jeff Green reiterated his conviction that an independent, objective DSP will ultimately win the largest market share. He argued that Amazon's objectivity problem is significantly worse than Google's because it competes directly with most Fortune 500 companies. He segmented Amazon's ad business into three parts: search (largest), Prime Video (a potential partner), and its DSP (a competitor handicapped by its conflict of interest), viewing the DSP as the least threatening long-term.

Jason Helfstein asked about the recent Roku integration, how it fits into the broader CTV strategy around UID2 and managing reach/frequency, and if similar integrations are planned with other major CTV platforms.

Answer

CEO Jeff Green expressed pride in the expanded Roku partnership, calling it a significant step for Roku in adopting open internet principles like UID2. He highlighted that Roku has become a premium publisher itself, and he expects the partnership to continue growing, particularly given Roku's assets like ACR data. The tone implied a strategy of deep integration with key players across the CTV landscape.

Jason Helfstein asked about the rationale for investing in MGM through IAC, questioning why an investor wouldn't buy MGM directly and how IAC plans to close the inherent discount. He also inquired about the extent of one-time expense cleanups in Q3 and future P&L expectations.

Answer

Barry Diller, Chairman and Senior Executive of IAC, explained that investing in IAC offers a balanced portfolio of People Inc.'s publishing ambitions and MGM's undisintermediated assets, suggesting it's a 'twofer.' Christopher Halpin, COO and CFO of IAC, added that IAC stock offers MGM at an even cheaper valuation, plus other assets at a discount. Halpin confirmed that most one-time expenses, including severance, lease gains, and legacy legal cases, are behind them, with only Google litigation expenses expected to continue, which they view as a worthwhile investment given potential damages.

Jason Helfstein with Oppenheimer inquired about IAC's strategy regarding its significant investment in MGM, specifically questioning why an investor would choose to invest in MGM through IAC rather than directly, how IAC plans to close the inherent discount, and what actions IAC can take to decouple its stock performance from MGM's. He also asked Christopher Halpin about the completeness of the Q3 one-time expense cleanup and future P&L clarity.

Answer

Barry Diller, Chairman and Senior Executive of IAC, explained that investing in IAC offers a balanced exposure to both the 'disintermediated media' of People Inc. and the 'absolute disintermediated asset' of MGM, suggesting it provides a 'twofer' opportunity. Christopher Halpin, COO and CFO of IAC, added that IAC offers MGM at an even cheaper valuation due to the discount on IAC's private assets and confirmed that most one-time expenses in Q3 were a cleanup, with future costs primarily related to the Google litigation, which seeks hundreds of millions in damages.

Jason Helfstein asked about the long-term digital revenue growth target for People Inc. and how the company plans to achieve it. He also inquired about the strategy for expanding content licensing revenue to other LLM companies beyond the existing OpenAI deal.

Answer

People Inc. CEO Neil Vogel reiterated a long-term goal of 10% digital revenue growth, driven by monetization improvements and off-platform expansion. Regarding licensing, Vogel stated they are in active discussions with other large players and are working to create leverage by blocking AI crawlers, emphasizing their belief that they must be compensated for the use of their content for training and display.

Jason Helfstein inquired about the key product priorities that could drive Dotdash Meredith's (DDM) revenue growth in 2026 and how IAC plans to approach capital allocation between share repurchases and M&A.

Answer

Neil Vogel, CEO of Dotdash Meredith, highlighted three major projects for 2026: the new People app, a recipe locker project called My Recipes, and the expansion of their ad targeting tool with D/Cipher Plus. Christopher Halpin, an IAC executive, addressed capital allocation, stating that while they see deep value in their stock and recently repurchased shares, the current focus is on M&A opportunities, particularly in the private markets, though further buybacks are not foreclosed.

Jason Helfstein asked Barry Diller to characterize IAC's strategy post-Angi spin, specifically whether it would focus more on multi-year investments or on realizing current value for shareholders. He also asked about Dotdash Meredith's plans to leverage its content to drive top-of-funnel engagement and accelerate revenue.

Answer

Barry Diller, Senior Executive and Chairman, stated that the period of freezing capital returns has ended and the future will be a 'mix between returning capital to shareholders and seeking opportunity,' highlighting potential investments within DDM. Christopher Halpin, an IAC executive, detailed DDM's strategy to grow traffic through direct-to-consumer relationships, platform optimization, and the new D/Cipher Plus product, while reiterating the 10%+ digital revenue growth guidance.

Jason Helfstein followed up on IAC's valuation discount, asking if the lack of share repurchases was due to potential M&A discussions, such as with Paramount, and what areas are most attractive for M&A. He also inquired about the timing of a potential Turo IPO.

Answer

IAC CEO Joey Levin confirmed IAC evaluated Paramount but the deal was not financially viable. He explained the pause on share repurchases is to maintain pressure on the organization to pursue M&A, not due to a specific restriction. Regarding Turo, he stated that management is waiting for a more favorable market environment for an IPO and there is no specific business milestone required to proceed.

Jason Helfstein asked about the factors influencing gross margins across Spotify's premium and advertising segments in Q3 2025, and the outlook for gross margins in Q4 2025 and 2026.

Answer

Christian Luiga, CFO, explained that gross margin expansion was driven by the shift of podcast video costs from advertising to premium due to the SPP program. This shift dampens premium margins but improves advertising margins and will continue to impact Q4 2025, having started in Q1 2025.

Jason Helfstein of Oppenheimer & Co. Inc. requested more detail on the future of tailored subscription tiers, looking beyond the previously discussed 'super fan' concept.

Answer

CEO Daniel Ek explained that the company is moving from a 'one-size-fits-all' model to a more specialized approach. He advised to 'expect there to be many more versions of Spotify in the future' that are tailored to the various subsegments within its large and growing subscriber base.

Jason Helfstein asked if the doubling of upfront commitments implies that full-year 2026 advertising revenue could also double.

Answer

Co-CEO Greg Peters expressed excitement about progress, noting 2025 ad revenue more than doubling from a small base. He confirmed U.S. upfront commitments more than doubled, impacting both 2025 and 2026. He highlighted even higher growth rates in programmatic advertising, which is expected to be a larger incremental revenue contributor. Peters attributed growth to advertiser excitement over scale, an attentive audience, and the rollout of the Netflix ad tech stack. While refraining from 2026 guidance, he expressed confidence in the growth trajectory.

Jason Helfstein asked if the reported doubling of upfront advertising commitments implies that Netflix's full-year 2026 advertising revenue could also double.

Answer

Co-CEO Greg Peters noted the excitement around more than doubling 2025 ad revenue from a small base. He explained that the doubled U.S. upfront commitments span both 2025 and 2026, and highlighted even higher growth rates in programmatic advertising. While refraining from specific 2026 guidance, he expressed confidence in the growth trajectory, driven by scale, audience engagement, and an evolving ad tech stack.

Jason Helfstein from Oppenheimer & Co. Inc. asked for a breakdown of what is driving business success, specifically how to allocate the acceleration in RPO between improved sales productivity and new product introductions.

Answer

CFO Jason Schwartz attributed the RPO growth to multiple factors, highlighting strong pipeline and conversions from new products like the GenAI suite and enhanced App Intelligence. He also emphasized that the increase in multi-year contracts to 57% of ARR (up from 44% a year ago) significantly boosts RPO and provides revenue durability.

Jason Helfstein asked if selling AI products requires targeting a different customer audience, how the sales strategy has evolved under the new CRO, and for color on the slowdown in billings during the quarter.

Answer

CEO Or Offer explained that the new AI intelligence data appeals to a broad range of personas, including marketing, brand, and product executives, though the primary buyer is still being determined. He noted the CRO has completed her first year and is now executing on her new organizational structure. CFO Jason Schwartz attributed the billings fluctuation to seasonal invoicing schedules, highlighting that free cash flow remains strong.

Jason Helfstein asked about the expected payback period for the increased investments in AI and go-to-market, and how investors should measure progress, whether through future margin targets or a 'Rule of 40' framework.

Answer

CEO Or Offer stated that the company is confident in the investment due to strong demand and is shifting its focus to prioritize growth in 2025 while maintaining profitability. He anticipates seeing the ROI in the second half of the year, which will position Similarweb for top-tier growth in 2026, at which point the focus will shift back to increasing profitability toward double-digit margins.

Jason Helfstein inquired about shifts in the product mix over the past year, asking which products have the most momentum, and sought clarification on the apparent revenue growth slowdown implied by the Q4 guidance.

Answer

CEO Or Offer highlighted strong momentum in three areas: the core Web Intelligence product (especially SEO capabilities), the Sales Intelligence tool (boosted by an AI assistant), and Advisory Services. CFO Jason Schwartz explained that the Q4 guidance follows their consistent methodology of providing achievable targets and is influenced by the accounting flow-through of RPO and deferred revenue, stating it is not representative of a negative trend.

Jason Helfstein asked about the outlook for advertising growth, whether advertising would become a lower priority after the Northern Data announcement, the strategy for onboarding new creators, the path to positive gross profit and EBITDA, and the comparative size of Rumble's current cloud business.

Answer

CEO Chris Pavlovski confirmed advertising remains a high priority, with SSP partnerships expected to boost CPMs. He detailed a creator onboarding strategy centered on Rumble Studio and paid Rumble Wallet promotions. Regarding the cloud, he highlighted that Rumble is now in major RFP processes against tech giants. CFO Brandon Alexandroff added that while profitability is important, the company's focus has shifted to aggressive growth investment, making a move to EBITDA breakeven a lesser relative priority.

Jason Helfstein from Oppenheimer & Co. Inc. inquired about the development cost allocation for the new Rumble wallet with Tether, the broader strategic rationale for Tether's investment, and the expected mix of user engagement versus monetization driving the first-quarter revenue guidance.

Answer

CEO Christopher Pavlovski clarified that development costs for the Rumble wallet are shared, with each company bearing its own expenses without a material impact on Rumble. He detailed that Tether's investment is strategic for accelerating international expansion, onboarding Tether's portfolio companies to Rumble Cloud, and establishing Rumble as a key media platform for the crypto community. Regarding Q1 guidance, Pavlovski noted that post-election user retention (MAUs) has been significantly stronger than in previous cycles due to product improvements, which will support monetization.

Jason Helfstein inquired about the revenue outlook for the fourth quarter, asking if investors should expect similar or better seasonality compared to the previous year, given the absence of formal guidance.

Answer

Brandon Alexandroff, CFO, reiterated the company's expectation for continued sequential quarter-over-quarter revenue growth for the remainder of 2024. Christopher Pavlovski, Founder, Chairman and CEO, added that Q4 will be the first full quarter with mid-roll ads fully implemented in the Rumble Advertising Center (RAC), reinforcing his positive outlook for sequential growth.

Jason Helfstein sought to clarify the DSP issue, asking if it related to auction dynamics, why it was specific to one DSP, if there was retaliation for Activate, and how to get comfortable with display concentration risk.

Answer

Co-Founder and CEO Rajeev Goel clarified the issue was not about auction dynamics but about how the DSP values inventory following a client platform shift, requiring PubMatic to adjust its traffic shaping. He stated there is no retaliation for Activate, noting it's an industry-wide trend. CFO Steve Pantelick added that legacy display is now only about 20% of revenue, down from 30% two years ago, as areas like CTV and emerging revenues grow much faster.

Jason Helfstein asked if the first-price auction issue with the DSP poses a risk with other DSPs. He also inquired about the level of investment in R&D and sales for the company's buy-side products.

Answer

CFO Steven Pantelick confirmed this was the last major DSP to make the auction transition, so the risk is contained. CEO Rajeev Goel stated that the company plans to aggressively invest in its sales team to market its SPO and 'Activate' solutions to brands and mid-market agencies. He also noted that internal Gen AI tools will create efficiencies, allowing a greater focus on the buy-side.

Jason Helfstein inquired about the company's confidence in a second-half acceleration for CTV growth, whether the sales organization is appropriately sized for the Perion One strategy, and the plans for capital allocation, including M&A and buybacks.

Answer

CFO Elad Tzubery expressed confidence in CTV's second-half growth, citing budget shifts, a healthy pipeline, and an expectation to outperform market growth. He stated the Perion One platform provides sales leverage, allowing for revenue growth without proportional headcount increases. Regarding capital, he confirmed the continuation of the buyback program and active evaluation of M&A, while CEO Tal Jacobson added that automation will drive further efficiency.

Jason Helfstein inquired about the drivers behind the significant guidance increase, asking for the basis of confidence in the stabilization of the display business and the specific revenue impact of the Greenbids acquisition on the full-year forecast.

Answer

CFO Elad Tzubery stated the guidance was raised due to strong Q1 performance, organic growth, and the Greenbids acquisition, including early synergies. He noted the web business is expected to stabilize from Q2 onwards. CEO Tal Jacobson added that a healthier-than-expected pipeline and positive results from the initial Greenbids partnership bolster their confidence.

Jason Helfstein asked a multi-part question about the Perion One strategy, focusing on how automation would improve gross margins, the expected sales and marketing efficiencies, and whether the slowdown in Open Web was a proactive decision by Perion to shed unproductive business.

Answer

CEO Tal Jacobson confirmed that AI-driven automation is a core focus to reduce manual work and improve efficiency. He also highlighted marketing synergies from consolidating five brands into one. He affirmed that the company proactively decided to discontinue low-margin activities that used legacy technology, which impacted the revenue guidance but aligns with the new strategy of focusing on high-growth, high-margin products.

Jason Helfstein of Oppenheimer asked for a timeline on when Perion's advertising revenue is expected to return to positive growth and inquired about the company's long-term target for EBITDA margins ex-TAC and the strategy to achieve it.

Answer

CFO Elad Tzubery projected that Advertising Solutions revenue would see a slight year-over-year increase in Q1 of the next year, with more expedited growth starting in Q2 and Q3. For margins, Tzubery stated they expect to end next year slightly higher than the current level by improving efficiency and scaling with major advertisers using the current headcount, without needing to change the pricing model.

Jason Helfstein of Oppenheimer & Co. Inc. questioned the quarterly volatility between the Measurement and Optimization segments and asked if an annual view is more appropriate.

Answer

CEO Lisa Utzschneider responded that the performance is playing out as expected, with brands shifting spend from Open Web Display to solutions that drive ROI, such as optimization products and social media. She highlighted that while Measurement grew 8%, it doubled its growth rate from Q1, and the strength in Optimization (16% growth) and Social (22% growth) reflects this strategic shift by advertisers.

Jason Helfstein asked for a breakdown of the second-quarter outlook by business segment and questioned the drivers behind the slowdown in measurement growth from 12% in Q4 to 4% in Q1.

Answer

CEO Lisa Utzschneider provided Q2 guidance, expecting double-digit growth in optimization, single-digit growth in measurement (improving from Q1), and double-digit growth for the publisher segment (below Q1's high rate). She attributed the Q1 measurement slowdown to expansion into emerging international markets, which have lower CPMs.

Jason Helfstein questioned how the significant expansion into prebid solutions changes the company's long-term visibility and outlook, and requested full-year guidance broken down by business segment.

Answer

CEO Lisa Utzschneider responded that the focus on prebid performance products like Total Visibility provides greater insight into advertiser buying plans, improving revenue forecast visibility. Interim CFO Jill Putman provided segment guidance, expecting double-digit growth for advertiser revenue, with optimization outpacing total growth, measurement starting in single digits before improving, and publisher revenue also seeing double-digit growth.

Jason Helfstein inquired about advertiser spending behavior following the U.S. election, asking whether brands that paused their spending have since returned to normal levels.

Answer

CFO Tania Secor acknowledged a slowdown in ad spend at the beginning of Q4 leading up to the election. She stated that it was too early to determine if a post-election spending bounce-back had occurred and confirmed that the Q4 guidance was developed with a prudent approach, factoring in the soft start to October.

Jason Helfstein asked about the most effective methods for growing DashPass users, how strategies differ by country, and the role of co-marketing partners in this expansion.

Answer

CEO & Chair Tony Xu emphasized that the primary driver (the "80%") of DashPass growth is making the core DoorDash and Wolt products more useful through continuous improvements. He stated that building the best product is a prerequisite for the secondary driver (the "20%"), which is forming a successful partner ecosystem. He cited deep partnerships with companies like Chase and T-Mobile as examples of this strategy, which are earned only after creating a highly valuable core service.

Jason Helfstein asked about the future growth drivers for the DashPass subscription program and questioned a perceived deceleration in the growth of GOV per Monthly Active User (MAU).

Answer

CEO Tony Xu stated that the DashPass growth strategy is to convert more of its 100M+ annual users by continuously improving the core product's value. CFO Ravi Inukonda addressed the GOV per MAU metric, advising against using a blended average as new users naturally have lower initial frequency, and affirmed that underlying cohort retention and frequency trends remain very strong.

Jason Helfstein of Oppenheimer & Co. Inc. asked about Taboola's roadmap to return to double-digit growth from the current 3-5% forecast and questioned why the company's product is well-suited for the current competitive marketing landscape.

Answer

CFO Stephen Walker explained that the path back to double-digit growth is primarily through the success of the new 'Realize' platform, which is not yet factored into the current guidance. CEO Adam Singolda added that Realize simplifies advertiser onboarding by accepting display and social formats, leveraging Taboola's vast distribution and first-party data to find conversions efficiently, which is already attracting new advertisers and increasing budgets.

On behalf of Jason Helfstein from Oppenheimer, Steve Hromin asked for a timeline on when the Realize platform is expected to become a meaningful contributor to revenue.

Answer

CFO Stephen Walker explained that while early signs for Realize are positive, it is not yet forecastable and is not factored into the 2025 guidance. He anticipates a potential impact late in 2025 and into 2026, with updates to be provided as progress becomes more concrete. CEO Adam Singolda added that the current market, which values performance and measurement, is an ideal environment for launching Realize.

Jason Helfstein questioned the underperformance of the Yahoo deal, asking how long the company would pursue its new strategy before considering significant cost cuts, and challenged how Taboola's "Realize" platform could compete against established DSPs.

Answer

CFO Steve Walker defended the Yahoo deal, stating it doubled EBITDA and provided access to key advertisers, despite lower-than-expected spend on the core network. He noted the company will maintain its 30% EBITDA margin. CEO Adam Singolda clarified they are not competing directly with The Trade Desk, which focuses on branding/CTV, but rather targeting performance budgets currently spent on social and Google's PMax.

Jason Helfstein asked if new Tinder features could help better identify and filter out bad actors or disengaged users, thereby improving the overall user experience algorithmically.

Answer

CEO Spencer Rascoff affirmed that trust and safety is a critical driver of user satisfaction. He explained that a new integrated trust and safety team is leveraging combined scale and superior AI models to more effectively detect bad actors while also reducing 'false positives' that incorrectly ban good users. He stressed the importance of marketing these safety improvements to enhance brand perception.

Jason Helfstein asked how much of Tinder's 9% MAU decline was intentional from removing bad actors, and whether disclosing user metrics inhibits the ability to make long-term decisions for the business.

Answer

CEO Spencer Rascoff acknowledged that some of the MAU decline is intentional and desirable due to removing bad actors, but 'certainly not all of it.' He stated the team is working hard to grow the right kind of audience. Regarding disclosures, he said that while he has historically disliked disclosing certain metrics, the practice does not prevent the company from making the right long-term decisions, as the business is managed for long-term value creation, with payer counts being an output of that strategy.

Jason Helfstein asked CEO Spencer Rascoff about potentially focusing more on monetizing Tinder and Hinge users through higher prices or moving the paywall, questioning if economics were being left on the table.

Answer

CEO Spencer Rascoff stated the company's primary goal is to maximize total revenue, not a specific metric like payers or RPP. Incoming CFO Steven Bailey added that while Tinder's monetization is advanced, Hinge has significant opportunity for optimization, which will be pursued while still prioritizing user growth.

Jason Helfstein asked for clarification on Tinder's payer trends from Q3 to Q4, questioning if a pull-forward in Q3 contributed to the weaker Q4 outlook or if it was solely due to MAU and ALC issues.

Answer

CFO Gary Swidler clarified there was no pull-forward; rather, stronger MAU momentum in Q3 drove better-than-expected payer additions. He explained that a reversal of this MAU trend late in the quarter, particularly on iOS which has higher-value users, is creating a more difficult payer environment for Q4.

Jason Helfstein inquired about Porch Group's philosophy on balancing growth versus margin expansion, the reasoning behind a modest full-year revenue guidance increase after a strong Q2 beat, and any commentary on weather impacts during the second quarter.

Answer

CEO Matt Ehrlichman stated the company's philosophy is to deliver consistent, strong growth (north of 20%) alongside steady annual margin expansion, rather than maximizing either metric in the short term. CFO Shawn Tabak clarified that the guidance raise reflects confidence for the second half of the year while accounting for ongoing growth investments. COO Matthew Neagle confirmed that Q2 weather was normalized and reiterated that Porch Group's EBITDA is insulated from weather events, which are absorbed by the reciprocal's surplus.

Jason Helfstein asked about the conditions required to de-consolidate the reciprocal from GAAP reporting and the potential for the Software & Data and Consumer Services segments to improve with a housing market recovery.

Answer

Executive Shawn Tabak explained that the reciprocal is consolidated due to the surplus note Porch holds, which is an attractive 15% coupon asset they are not in a rush to change. Executives Matt Ehrlichman and Matthew Neagle stated that the other segments are positioned to benefit from a housing market recovery, as their revenue is tied to transaction volumes. In the meantime, they are investing in product innovation and new customer acquisition channels to drive growth.

Jason Helfstein asked about Porch's strategy for accelerating growth now that the PIRE reciprocal exchange is established, inquiring about specific proactive investments the company can make.

Answer

COO Matthew Neagle detailed a two-pronged approach: reactivating the insurance agent channel and making targeted investments in sales, marketing, and product development for the Consumer Services and Software groups. CEO Matt Ehrlichman emphasized that these investments have attractive return profiles and that Porch is well-positioned to capitalize on favorable insurance market dynamics.

Jason Helfstein from Oppenheimer & Co. Inc. questioned how the formation of the reciprocal exchange will impact overall corporate expenses and what the process would be for Porch Group to extract its capital from the reciprocal if outside capital is raised in the future.

Answer

CEO Matt Ehrlichman responded that the reciprocal model will make insurance segment expenses relatively fixed, leading to significant operating leverage and margin expansion as the 20% take rate on gross written premium scales. He also explained that if third-party capital is raised for the reciprocal, Porch Group could either use it to accelerate surplus growth or to pay down its own surplus note, which in the interim earns a high-yield coupon.

Jason Helfstein asked about the recent reduction in Lemonade's quota share reinsurance, questioning how the company will manage the increased risk, the timing of the decision, and the expected impact on gross profit relative to In-Force Premium (IFP) growth.

Answer

Co-Founder, Chairman & CEO Daniel Schreiber explained that the decision was driven by capital management, not risk management, as Lemonade's insurance entities are now profitable and generating capital. He clarified that other reinsurance policies protecting against risk concentration remain in place. CFO Tim Bixby added that risk is also managed through selective underwriting and that the bulk of the reinsurance structure is unchanged. He directed investors to the shareholder letter for a detailed example of the P&L impact.

Jason Helfstein asked for the gross profit impact from the wildfires, whether the full-year guidance incorporates potential auto parts tariffs, and for details on the Car product's state expansion plans over the next year.

Answer

CFO Timothy Bixby directed investors to the shareholder letter for wildfire impact details, noting the net income impact is the best proxy. He stated the guidance assumes a modest headwind from tariffs but remains comfortable. CEO Daniel Schreiber explained the focus for the Car product is on refining the proposition through experiments before a full geographic rollout, and thus they are not naming future states yet.

Jason Helfstein asked for any significant developments since the November Analyst Day, beyond the California fires. He also requested clarification on whether the California fire impact includes the FAIR plan assessment and asked about the expected timing of rate increases during 2025.

Answer

CEO and Co-Founder Daniel Schreiber stated that everything is 'exactly on track' with the plan laid out at the Investor Day, highlighting strong Q4 results and continued positive trends. He confirmed that the financial impact from the California fires does account for the expected FAIR plan assessment. Regarding rate increases, Schreiber advised to expect them to be implemented somewhat smoothly throughout 2025 rather than concentrated in a specific period.

Jason Helfstein asked about the potential impact of technical AI advancements, such as in chips or cloud capabilities, on Lemonade's business over the next 12-18 months. He also inquired about how the In-Force Premium (IFP) mix is expected to change in the coming year.

Answer

CEO Daniel Schreiber confirmed that Lemonade is actively harnessing new AI advancements, which has enabled significant top-line growth while OpEx has shrunk, and promised more details at the upcoming Investor Day. CFO Timothy Bixby addressed the IFP mix, stating that while the current mix is a lagging indicator, new sales are shifting towards the car segment, which is expected to grow from its current 15% share, driven by improving loss ratios.

Jason Helfstein from Oppenheimer & Co. Inc. inquired about the potential impact of Google testing 'expanded discussions and forums' results and how a default 'AI mode' on Google could affect traffic to Reddit.

Answer

CEO Steve Huffman responded that any changes by search engines are viewed through the lens of user intent. He noted that users specifically search for 'Reddit' on Google, and as long as Reddit's content remains valuable, he believes it creates a net opportunity. He stated that regardless of the search interface, Reddit's job is to convert that user intent into core, regular users.

Jason Helfstein from Oppenheimer & Co. Inc. asked for commentary on Google's testing of 'discussions and forums' results and how Google's 'AI mode' could potentially impact traffic to Reddit.

Answer

CEO Steve Huffman stated that while Google's product evolves, the foundational element is that users actively seek out Reddit's content, often by name. He believes that as long as users want the authentic Reddit perspective, any changes by search engines will create a net opportunity for Reddit to capture that user intent and convert it into direct, core engagement on the platform.

Speaking on behalf of Jason Helfstein, Steve Holman asked for commentary on the strength in U.S. logged-in users and for an update on the Meta campaign import tool for advertisers.

Answer

CEO Steve Huffman called the improvement in logged-in user conversion and retention a 'success story,' driven by better onboarding and registration, noting new user retention is a top priority. COO Jen Wong described the import tool as one of many features to reduce advertiser friction, which has seen some adoption as part of a successful broader effort to grow the advertiser base.

Jason Helfstein asked if any specific factors held back platform growth during the quarter, given the easier comp, and also inquired if any revenue from the new Amazon DSP partnership is expected in Q4 2025.

Answer

CFO Dan Jedda stated there was no particular weakness in the quarter, describing it as exceptionally strong across the board, with the only exception being the continued softness in M&E ad spend, which was expected. Regarding Amazon, he confirmed the integration is on track for completion near the end of Q3, but noted that such deals take time to ramp. While some contribution is factored into the Q4 guide, it is difficult to predict the exact impact.

Jason Helfstein asked whether the significant political ad spending in Q4 was incremental to Roku's ad business or if it displaced demand from other advertisers.

Answer

President of Roku Media Charlie Collier explained that while some advertisers may have paused spending during the political cycle, Roku's vast inventory, fueled by The Roku Channel's 82% YoY growth, allowed it to service all types of demand. He emphasized that the performance demonstrated during the political cycle benefits the entire ad business.

On behalf of Jason Helfstein, an analyst asked about the expected OpEx growth rate for the next year and whether the company had a margin target for 2025.

Answer

CFO Dan Jedda stated that after being slightly down in 2024 (excluding restructuring charges), he expects a 'modest' increase in OpEx for 2025, suggesting a mid-single-digit percentage increase is a reasonable expectation. He emphasized that this modest growth would still support all key investment initiatives and allow for operating leverage, though he did not provide a formal margin target.

Jason Helfstein of Oppenheimer & Co. Inc. asked whether recent industry actions have altered the execution of Compass's three-phased marketing strategy. He also questioned the company's current appetite for M&A and its capital position to pursue acquisitions.

Answer

Founder, Chairman & CEO Robert Reffkin stated that the use of private exclusives has remained stable and that industry pressures are actually accelerating M&A conversations with other brokerage CEOs. He affirmed confidence in their capital position. CFO Kalani Reelitz added that Compass has a flexible capital structure and leverages its successful acquisition history to attract new partners.

Steven Hromin, on behalf of Jason Helfstein, requested an update on NAR's clear cooperation policy and asked if the standing of Compass's 3-phase marketing strategy remains intact.

Answer

CEO Robert Reffkin affirmed that the 3-phase marketing strategy is fully compliant with all current NAR rules. He framed the issue as one of 'homeowner choice' versus control by industry bodies. Reffkin highlighted the strategy's benefits, such as testing price privately without accumulating 'days on market' or public price drop histories, which he noted currently affects 36% of homes on the market.

Jason Helfstein inquired if Compass's unique inventory strategy is attracting more agents and asked for clarity on growth expectations for the newly acquired Christie's International Real Estate and the impact of acquisitions on 2025 revenue guidance.

Answer

CEO Robert Reffkin confirmed the inventory strategy is a top reason agents are joining Compass, as it provides a competitive edge. He noted strong early momentum for Christie's, with new markets already being added. CFO Kalani Reelitz clarified that the ~$500 million in revenue from Christie's would follow Compass's typical seasonality, with Q1 being the weakest and Q2/Q3 being the strongest.

Jason Helfstein questioned the competitive differentiation of Compass's 'Reverse Prospecting' and 'Make Me Sell' tools, asking how many other firms have the scale to offer similar products, and inquired about the likelihood of continued tuck-in M&A.

Answer

CEO Robert Reffkin asserted that Compass's scale and proprietary, end-to-end platform provide a unique advantage that competitors cannot replicate for these tools. He described 'Make Me Sell' as 'digitizing door knocking' through their unique CRM. He also confirmed that Compass has a strong M&A pipeline and expects to continue executing acquisitions.

Speaking for Jason Helfstein, Steve Roman asked about specific AI-related categories seeing an impact and how the potential replacement of entry-level jobs by AI could affect demand for Fiverr's services.

Answer

Micha Kaufman, Founder & CEO, clarified that while simple, low-priced services are experiencing displacement by AI, this is beneficial as Fiverr focuses on more complex, higher-value work. He argued that AI elevates the baseline capability for everyone, including entry-level workers, changing the nature of their jobs rather than eliminating them. He emphasized that AI tools raise the 'floor' but not the 'ceiling' of skill, preserving the need for human expertise.

Jason Helfstein questioned the sustainability of the high growth rate in services revenue and asked CEO Micha Kaufman to elaborate on the source of his increased optimism, questioning if it stemmed from AI, enterprise tools, or an improvement in the SMB segment.

Answer

CFO Ofer Katz affirmed that services revenue growth is sustainable and is expected to exceed 30% of total revenue by year-end, driven by Seller Plus, Promoted Gigs, and AutoDS. CEO Micha Kaufman attributed his optimism to the tangible results from long-term investments in the upmarket strategy and the successful launch of Fiverr Go, which he feels 'nailed it' in bringing benefits to the entire community.

Jason Helfstein questioned if the core strategy behind Fiverr Go is based on the conclusion that AI will always require a human touch for unique creative work and that buyers prefer to pay for this managed service.

Answer

CEO Micha Kaufman clarified that the strategy is not about human vs. AI, but about placing the human creator at the center. He explained that Fiverr Go is designed to reward creators for their unique style and data, which current AI models exploit. It provides human accountability to perfect AI-generated results, ensuring quality and keeping creators motivated.

Jason Helfstein from Oppenheimer & Co. Inc. asked about the long-term trajectory for Fiverr's take rate, given its recent strength driven by mix shift towards value-added services.

Answer

CFO Ofer Katz responded that while the company is very satisfied with the take rate growth from its base commission to over 30% with value-added services, he sees more room for expansion from both existing products and new ones in the pipeline, like the Kickstart program. He noted that while macro headwinds persist, take rate expansion is a key growth driver. In a better macro environment, its percentage contribution to growth might slow, but for now, he expects it to continue rising modestly.

Jason Helfstein asked if it was time to lean into paid app acquisition more aggressively and requested more specific detail on the Q3 GMS guidance, particularly for the core marketplace.

Answer

CFO Lanny Baker confirmed they will lean more into paid app acquisition but will do so gradually, with the vast majority of downloads remaining organic. He specified that the midpoint of the Q3 GMS guidance implies a year-over-year comparison improvement from down 2.6% in Q2 to down approximately 1.9% in Q3 on an apples-to-apples basis, driven by both Etsy and Depop.

Jason Helfstein asked for a high-level overview of Blade's strategic themes for 2025 and beyond, focusing on passenger profitability, medical segment maintenance absorption, and potential future growth catalysts.

Answer

Founder and CEO Robert Wiesenthal outlined the passenger strategy, emphasizing growth from the European restructuring, new airline and credit card partnerships, dynamic pricing, and event-driven opportunities like the Ryder Cup. CFO William Heyburn addressed the medical segment, clarifying that elevated maintenance was anticipated and that the strategy of positioning dedicated aircraft closer to customers, while creating a short-term revenue headwind, improves long-term profitability and competitive standing. He also noted the strength of Blade's agnostic approach to new organ perfusion technologies.

Jason Helfstein inquired about the catalysts that would prompt Blade to increase investment in growth for its Passenger and Medical segments, and also asked for an updated timeline on when passengers might fly in an eVTOL aircraft.

Answer

Chief Financial Officer Will Heyburn explained that SG&A savings from exiting Canada and restructuring in Europe are driving Passenger profitability without trading off growth. He noted new Medical customer contracts in Q2 and Q3 2025 will drive growth there, while the OrganOx partnership will ramp up in phases. Founder & CEO Rob Wiesenthal projected that eVTOLs could see initial use in the Middle East in late 2025 or early 2026, with full U.S. commercialization more likely in late 2027 or early 2028. He emphasized that Blade's growing passenger platform de-risks this future transition.

Jason Helfstein inquired about the factors behind the Medical segment's headwinds and increased aircraft downtime in Q3. He also asked about potential synergies from using the medical fleet for passenger flights and how the recent election results might impact Blade's passenger business and the eVTOL timeline.

Answer

CFO Will Heyburn explained that the Medical segment's Q3 performance reflected industry-wide lumpiness but noted Blade continues to gain market share and saw a strong rebound in October. He clarified that aircraft downtime was not an industry-wide issue. CEO Rob Wiesenthal added that owned aircraft margins remain superior despite quarterly variability and confirmed the company is exploring using empty legs for passenger and cargo missions. Regarding the political landscape, Wiesenthal stated the incoming administration is pro-urban air mobility, which he believes will support existing infrastructure and accelerate the adoption of EVA.

Asked for thoughts on the Clear Cooperation policy, the reason for weaker sequential mortgage gross margin, and the cause of a step-up in other operating expenses.

Answer

The company believes withholding listings via Clear Cooperation is not in consumers' best interest, especially in a softening market. The sequential decline in mortgage gross margin is a typical Q4 seasonal effect due to lower volume. The apparent step-up in OpEx was primarily due to a tough comparison with the prior year, which had a one-time stock-based compensation benefit.

Jason Helfstein inquired about the key indicators for the freight industry reaching a digital inflection point and how the company views using its stock for strategic M&A following its recent price recovery.

Answer

CEO Zvi Schreiber explained that a key milestone for the industry's digital inflection would be ocean liners creating APIs, similar to what airlines did years ago. He noted that while the higher stock price provides more options, the company is not actively planning stock-based M&A as the price is still below what early investors paid, though they remain open to opportunistic deals.

Jason Helfstein asked about the potential impact of a new Trump administration on the freight industry, initial expectations for 2025 growth and margins, and the reason for raising Gross Booking Value (GBV) guidance without a corresponding increase in revenue guidance. He also followed up on the potential effects of the Suez Canal reopening.

Answer

Executive Zvi Schreiber addressed the questions, stating that past tariffs under the Trump administration did not dampen trade and that Freightos' growth is insulated by the vast opportunity in digitizing the 98% of the market that remains offline. For 2025, he expects accelerated growth and progress towards the stated goal of EBITDA breakeven by the end of 2026. Regarding guidance, Mr. Schreiber explained that higher GBV is driven by strong transaction volume and elevated market rates, but a large portion of platform revenue is based on flat fees per transaction, not a percentage of value, thus limiting the pass-through to revenue. He added that a reopened Suez Canal would likely be a net positive, as lower ocean rates would be offset by increased volumes and normalized air cargo capacity.

Jason Helfstein from Oppenheimer asked about the drivers behind the sequential MAU improvement in the U.S. and Europe and the outlook for MAU growth and the DAU-to-MAU ratio.

Answer

CEO Bill Ready declined to provide specific user guidance but attributed the positive trajectory to durable, long-term effects. He cited better AI-powered recommendations, improved curation features, and increased platform actionability as the core drivers of both MAU growth and deeper engagement. He expressed confidence that these factors will continue to fuel growth as there is more of the market to capture.

Jason Helfstein questioned why investors should believe Angi has finally unlocked its growth potential after years of challenges, and also asked for the tax basis of IAC's MGM stock.

Answer

IAC CEO Joey Levin stated the key difference now is an 'absolute obsession with customer experience' and 'jobs done well,' which he believes will drive pro retention and homeowner repeat rates, fundamentally changing the business economics. Executive Christopher Halpin addressed the second question, stating IAC's basis in MGM stock is just under $1.3 billion and that the company holds over $1 billion in Net Operating Losses (NOLs) to offset any potential taxable gain from a sale.

Inquired about the potential for further expense reductions and the company's strategy regarding potential mergers or acquisitions, specifically asking if potential partners have requirements that are currently impediments to a deal.

Answer

Management indicated that significant operating expense reductions have already been made, and while they will continue to seek efficiencies, the focus is on managing the business to the bottom line and maintaining the current cash balance. Regarding M&A, the company's primary focus remains on execution and driving the core business, leveraging its unique IP and data, rather than altering its strategy for a potential sale.

Jason Helfstein of Oppenheimer & Co. Inc. asked if management was confident in the current content portfolio without needing major changes and whether Average Revenue Per User (ARPU) had bottomed. He also followed up with a question about the company's current M&A strategy.

Answer

CEO Amber Mason stated that the content portfolio is continuously refined by publishing teams, with a focus on producing great results for subscribers. She also affirmed that they do not expect significant further drops in ARPU, as the loyal customer base remains engaged. Lee Harris, SVP of Financial Planning & Analysis, concurred, expecting ARPU to remain steady. Regarding M&A, Amber Mason confirmed they are actively evaluating opportunities, noting an increase in inbound inquiries, but emphasized they remain selective to find the right deal on the right terms.

Jason Helfstein asked about the apparent disconnect between MarketWise's Q1 outlook and rebounding retail trading data, future marketing efficiency improvements, and the full-year 2022 figures for severance and professional fees.

Answer

SVP of Financial Planning & Analysis, Lee Harris, explained that while landing page visits are tracking with trading activity, subdued conversion rates are impacting billings. He noted marketing spend will remain controlled until the economy and conversion trends improve. Interim CFO Stephen Park confirmed the $7.7 million in severance was a one-time charge related to the former CEO but did not provide a full-year professional fee total, stating it's a key area for future cost reduction.