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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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