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    Jed Kelly • Oppenheimer & Co. Inc.

    Jed Kelly's questions to Expedia Group Inc (EXPE) leadership

    Jed Kelly's questions to Expedia Group Inc (EXPE) leadership • Q2 2025

    Question

    Jed Kelly of Oppenheimer & Co. Inc. asked about the use of AI in the B2B business and for an update on Vrbo's performance, including its bookings decline and mix shift.

    Answer

    CEO Ariane Gorin addressed Vrbo by stating they are filling foundational supply gaps, such as recently unlocking last-minute deals to cater to more trip types. On B2B and AI, she said it's still early days for using AI agents to help supply partners with tasks like inventory onboarding, but she sees exciting potential for agentic AI to improve servicing and efficiency.

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    Jed Kelly's questions to Expedia Group Inc (EXPE) leadership • Q1 2025

    Question

    Jed Kelly of Oppenheimer & Co. Inc. asked about the outlook for Vrbo, particularly for the summer season if U.S. international travel slows. He also questioned the flexibility of Vrbo's brand marketing spend and whether it could be pulled back if the macro environment deteriorates.

    Answer

    CEO Ariane Gorin noted that Vrbo is a U.S.-concentrated brand that has now grown for three consecutive quarters, albeit modestly. She confirmed that the company closely monitors market demand and marketing returns, indicating that advertising spend is not fixed and can be adjusted based on performance and the economic climate.

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    Jed Kelly's questions to Expedia Group Inc (EXPE) leadership • Q4 2024

    Question

    Jed Kelly questioned the implied deceleration in the B2B segment within the 2025 guidance. He also asked why Q1 EBITDA margins were guided to be flat, given the company would be lapping a period of reduced advertising spend on Vrbo.

    Answer

    CFO Scott Schenkel clarified the full-year guidance, noting that after adjusting for a 2-point FX headwind and timing shifts like Easter, the underlying growth is closer to 7-9%. CEO Ariane Gorin corrected the premise of the second question, stating the significant Vrbo ad pullback occurred in Q4 2023, not Q1 2024. Schenkel added that the flat Q1 margin guidance provides flexibility to invest in marketing as needed while still achieving overhead leverage.

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    Jed Kelly's questions to Expedia Group Inc (EXPE) leadership • Q3 2024

    Question

    Jed Kelly inquired about the opportunity to integrate Vrbo's inventory into the B2B business. He also requested an update on the performance of Hotels.com since its replatforming and loyalty program changes.

    Answer

    CEO Ariane Gorin acknowledged that integrating Vrbo into B2B is a long-term opportunity, but it is not a top priority currently due to complexities like traveler-host communications. Regarding Hotels.com, she reported that its Q3 performance was stable but had not yet returned to growth, as it was significantly impacted by the migration and loyalty changes. However, it is now benefiting from the company's renewed international focus, and a new general manager is in place.

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    Jed Kelly's questions to Flutter Entertainment PLC (FLUT) leadership

    Jed Kelly's questions to Flutter Entertainment PLC (FLUT) leadership • Q2 2025

    Question

    Josh on behalf of Jed Kelly from Oppenheimer asked for commentary on early July trading trends. He also inquired about the progress of the 'Your Way' parlay feature and its performance during the NBA playoffs ahead of the NFL season.

    Answer

    CEO Peter Jackson declined to comment on current trading. Regarding the 'Your Way' feature, he described it as a foundational and revolutionary technology for the sportsbook, noting strong customer engagement with its Same Game Parlay capabilities during the NBA playoffs and highlighting exciting plans for the upcoming NFL season.

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    Jed Kelly's questions to Flutter Entertainment PLC (FLUT) leadership • Q2 2024

    Question

    Jed Kelly asked how Flutter can proactively use its international experience to prevent a contagion of tax increases across U.S. states.

    Answer

    CEO Peter Jackson explained that the company actively educates state bodies, using its global experience to show that excessive tax rate hikes can sometimes lead to a decline in total tax revenue. He referenced the 'Laffer curve' principle, emphasizing their goal is to help states find an optimal tax rate that benefits both the state and its customers.

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    Jed Kelly's questions to Flutter Entertainment PLC (FLUT) leadership • Q2 2024

    Question

    Jed Kelly asked how Flutter can be proactive in preventing state tax contagion following the Illinois hike, given its experience in other jurisdictions.

    Answer

    CEO Peter Jackson stated that Flutter's strategy is to educate state bodies, using examples from its global operations where excessive tax rate hikes have led to a decline in the state's tax revenue. He referenced the Laffer curve, emphasizing that the company works to help states find an optimal taxation point that benefits both the state and its customers.

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    Jed Kelly's questions to Sabre Corp (SABR) leadership

    Jed Kelly's questions to Sabre Corp (SABR) leadership • Q2 2025

    Question

    Jed Kelly asked if technology shifts like NDC or direct bookings were causing GDS industry declines, beyond macro factors. He also inquired about opportunities with new travel agencies and potential cost efficiencies from AI over the next 18 months.

    Answer

    President & CEO Kurt Ekert attributed GDS weakness to a cyclical downturn in corporate and government travel, which heavily use the GDS, rather than structural technology shifts. EVP & CFO Mike Randolfi addressed costs, highlighting ~$400M in past run-rate expense reductions and ongoing discipline, expecting technology and SG&A costs to be down for the year, allowing future profit to improve margins.

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    Jed Kelly's questions to Sabre Corp (SABR) leadership • Q1 2025

    Question

    Jed Kelly of Oppenheimer & Co. Inc. asked for more details on the current macroeconomic softness, how the sale of Hospitality Solutions will accelerate refinancing conversations, and whether airlines might leverage lower fuel costs to drive volume through third-party channels.

    Answer

    CEO Kurt Ekert acknowledged the macro environment, updating the full-year GDS industry growth forecast to be down 1-2%, but reiterated Sabre's double-digit distribution bookings growth guidance due to its transaction-based model. CFO Michael Randolfi described the asset sale as a 'significant credit enhancing event' that improves the company's credit profile, enabling more efficient future refinancing. Randolfi also noted that airlines price to fill capacity, so lower fuel costs could lead to lower fares, which ultimately drives bookings for Sabre.

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    Jed Kelly's questions to Sabre Corp (SABR) leadership • Q4 2024

    Question

    Jed Kelly questioned the impact of new capital flowing into modern, NDC-focused travel agencies and asked about the corporate versus leisure travel assumptions in the full-year outlook.

    Answer

    CEO Kurt Ekert viewed the new capital as a positive sign for the sector and noted Sabre's strong position to serve these new entrants with its multi-source platform. CFO Michael Randolfi stated the baseline assumption is for flat to nominal industry growth, though the backdrop for corporate and international travel remains constructive. He emphasized the focus is on executing their significant new business wins.

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    Jed Kelly's questions to Sabre Corp (SABR) leadership • Q3 2024

    Question

    Jed Kelly questioned if the expected momentum in Air Distribution into 2025 implies a reacceleration in the segment and asked for an update on the overall travel environment. As a follow-up, he asked if new high-volume wins could potentially pressure gross margins in the Distribution segment.

    Answer

    CFO Michael Randolfi confirmed they are 'very, very confident' in a meaningful acceleration in Air Distribution bookings in 2025 as recent large commercial wins are implemented. CEO Kurt Ekert added that the travel demand environment remains strong across geographies. Regarding margins, Randolfi stated that while new wins are not yet in the results, he expects the long-term cost of revenue to remain around 40%, suggesting stable gross margin profiles despite potential quarterly lumpiness.

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    Jed Kelly's questions to Draftkings Inc (DKNG) leadership

    Jed Kelly's questions to Draftkings Inc (DKNG) leadership • Q2 2025

    Question

    Jed Kelly of Oppenheimer asked about July handle and hold trends and the outlook for the second half of the year. He also inquired about DraftKings' competitive positioning with iGaming-first players versus its traditional strength with sportsbook-first customers.

    Answer

    Co-Founder & CEO Jason Robins noted that while the July sports calendar impacted soccer handle, core sports like baseball and golf saw double-digit handle growth. On iGaming, he stated that DraftKings leads in cross-selling from its sportsbook but sees a major opportunity to attract the 'slots casino first' player who may not yet associate the brand with casino.

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    Jed Kelly's questions to Draftkings Inc (DKNG) leadership • Q2 2025

    Question

    Jed Kelly of Oppenheimer & Co. Inc. asked about any observable handle or hold trends in July and inquired about DraftKings' competitive positioning with iGaming-first players versus its traditional sportsbook-first customer base.

    Answer

    Co-Founder & CEO Jason Robins noted that July's sports calendar differed from last year, but major sports like baseball and golf saw double-digit handle growth. On iGaming, he stated the biggest opportunity is with the 'slots casino first player.' He believes DraftKings leads in cross-selling sportsbook customers but needs to continue building its brand to attract players who may not yet associate DraftKings with a primary casino destination.

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    Jed Kelly's questions to Draftkings Inc (DKNG) leadership • Q1 2025

    Question

    Jed Kelly asked if a higher mix of live betting would lead to lower overall hold rates. He also questioned whether the increase in R&D spending was driven more by product development or recent acquisitions, noting the improved NBA product.

    Answer

    CEO Jason Robins explained that the impact of live betting on hold depends on the bet type; micro-bets may have lower hold, while in-game parlays can have higher hold. He confirmed that the R&D increase is driven by recent acquisitions and thanked Kelly for the positive feedback on the NBA product, noting more updates are coming for baseball and golf.

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    Jed Kelly's questions to Draftkings Inc (DKNG) leadership • Q4 2024

    Question

    Jed Kelly from Oppenheimer & Co. asked if the successful Jackpocket cross-sell justifies more investment in the app in states without legal sports betting. He also requested an update on the competitiveness of DraftKings' NBA product.

    Answer

    CEO Jason Robins confirmed Jackpocket's success and noted there is room for more investment, though it's most effective in states where immediate cross-sell to sports betting or iGaming is possible. He stated that DraftKings' NBA product is now 'as good as anyone in the market,' representing a significant improvement over the past two years.

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    Jed Kelly's questions to Draftkings Inc (DKNG) leadership • Q3 2024

    Question

    Jed Kelly of Oppenheimer & Co. Inc. inquired about iGaming promotional velocity trends and learnings from the 'King of the Court' promotion.

    Answer

    CEO Jason Robins described the 'King of the Court' promotion as a 'real big success' that provides principles for future promotions. Regarding iGaming, he stated that promotional velocity has been 'pretty steady' year-over-year when adjusted for new customer acquisition, with the overall rate declining as the customer base matures.

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    Jed Kelly's questions to SGHC Ltd (SGHC) leadership

    Jed Kelly's questions to SGHC Ltd (SGHC) leadership • Q2 2025

    Question

    Jed Kelly from Oppenheimer & Co. Inc. asked for a progress update on the recent platform and iGaming upgrades in South Africa and other countries. He also inquired about the company's plans for deploying its significant cash balance, asking about dividends versus M&A.

    Answer

    CFO Alinda Van Wyk described the Africa upgrade as a move to a new software version that enables faster rollouts of new features. CEO Neal Menashe added that the Jackpot City casino product is also being launched across the continent. Regarding capital allocation, Van Wyk reiterated a consistent strategy of investing in high-return opportunities and returning capital to shareholders via dividends, while maintaining flexibility for M&A.

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    Jed Kelly's questions to SGHC Ltd (SGHC) leadership • Q1 2025

    Question

    Jed Kelly of Oppenheimer & Co. Inc. inquired about the drivers behind the strong ex-U.S. sports handle growth and Super Group's competitive strategy in the U.S. iGaming market against established land-based brands. He also asked about the company's approach to the potential Alberta market launch, based on lessons from Ontario.

    Answer

    CEO Neal Menashe attributed the sports growth to significant product development and effective marketing, which increases customer engagement. Regarding the U.S., he emphasized the focus on pure-play casino brands like Jackpot City and Spin Palace, noting they compete with land-based operators globally and are enhancing product offerings. He stated the U.S. business is getting closer to breakeven. For Alberta, Menashe mentioned they learned from the Ontario migration and will not repeat past mistakes, with product development already underway for a potential late 2026 launch.

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    Jed Kelly's questions to SGHC Ltd (SGHC) leadership • Q4 2024

    Question

    Jed Kelly from Oppenheimer asked about the regulatory outlook, including whether potential legalization in Alberta is in the guidance and what other regions pose risks. He also inquired about M&A strategy, normalized Q4 sportsbook results, and how a potential New Jersey tax hike would impact the U.S. strategy.

    Answer

    Executive Neal Menashe stated that Alberta is not factored into 2025 guidance, but rather for H1 2026, and that minor tax changes in the U.K. and New Zealand are already included. Executive Richard Hasson addressed M&A, indicating a focus on tuck-in opportunities. Menashe clarified that Q4's strong results were due to normal sports margins combined with strong casino performance, not extraordinary sports hold. Regarding a potential NJ tax hike, Hasson said the decision to stay would depend on maintaining a path to profitability.

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    Jed Kelly's questions to SGHC Ltd (SGHC) leadership • Q3 2024

    Question

    Jed Kelly inquired about global sports betting results trending into Q4, Super Group's strategic view on Latin America, and the company's capital returns policy, specifically weighing a further dividend against strategic M&A.

    Answer

    Executive Neal Menashe noted that October sports results were strong, but emphasized that the casino business, now 83% of revenue, provides a counterbalance. Executive Richard Hasson stated that the company is not currently proceeding with Brazil, focusing instead on optimizing its existing footprint. Regarding capital returns, CFO Alinda Van Wyk confirmed they are considering a special dividend in Q4, while also investing in technology and marketing. Richard Hasson added that while they are constantly evaluating M&A, there is nothing firm to report.

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    Jed Kelly's questions to Airbnb Inc (ABNB) leadership

    Jed Kelly's questions to Airbnb Inc (ABNB) leadership • Q2 2025

    Question

    Jed Kelly asked about the company's strategy regarding M&A as a tool to reaccelerate revenue and nights booked growth, versus its historical focus on building organically.

    Answer

    CEO Brian Chesky confirmed that Airbnb is more open to acquisitions now than in the past, having rebuilt its tech platform and expanded its strategy. While historically focused on organic growth, he cited the successful acquisition of Hotel Tonight as a precedent and stated the company is opportunistic, provided any deal's integration costs don't outweigh the benefits.

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    Jed Kelly's questions to Airbnb Inc (ABNB) leadership • Q1 2025

    Question

    Jed Kelly asked if Airbnb is considering leaning more into hotels in urban U.S. markets and questioned the decision to reiterate, rather than widen, the full-year margin guidance given macroeconomic uncertainty.

    Answer

    CEO Brian Chesky confirmed that hotels are a 'massive opportunity' and part of the strategy to expand beyond the core, citing the recent HotelTonight promotion as an example. CFO Ellie Mertz stated that the reiterated margin guidance provides considerable room to invest in growth initiatives and that there has been no material change to the investment profile for the year.

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    Jed Kelly's questions to Airbnb Inc (ABNB) leadership • Q4 2024

    Question

    Jed Kelly inquired about Airbnb's strategy for partnering with larger companies to provide enhanced services and asked for an outlook on the North American market opportunity, noting its recent room night acceleration.

    Answer

    CEO Brian Chesky stated that while Airbnb has historically not focused on partnerships, the next chapter involves creating a more open ecosystem, suggesting third-party integrations are a compelling future opportunity. CFO Ellie Mertz addressed North America, asserting there is significant room to grow by gaining share from hotels and increasing penetration in demographics like the Latino population and non-coastal states.

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    Jed Kelly's questions to Airbnb Inc (ABNB) leadership • Q3 2024

    Question

    Jed Kelly asked about Airbnb's strategy in markets with increasing regulations, such as New York City, and whether the company would lean more into hotels in those areas. He also asked about the marketing mix for growth in non-core markets.

    Answer

    CEO Brian Chesky contrasted New York City's 'ban' with Paris's successful partnership for the Olympics, positioning Paris as the model for collaboration with cities. He called the NYC outcome a 'cautionary tale' where rents and hotel prices rose after the ban. He confirmed that Airbnb is actively adding more hotels to its platform, not just in NYC but globally, and remains optimistic about finding a workable solution in New York in the future.

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    Jed Kelly's questions to Genius Sports Ltd (GENI) leadership

    Jed Kelly's questions to Genius Sports Ltd (GENI) leadership • Q2 2025

    Question

    Jed Kelly from Oppenheimer & Co. Inc. asked about the timeline for negotiations with European sportsbook operators following the recent football contract wins. He also inquired whether new Fanhub contracts would be based on managed spend (gross revenue) or self-service (net revenue).

    Answer

    Mark Locke (Co-Founder, CEO & Director) clarified that the new rights deals represent additional products sold to sportsbooks under existing contracts, with sales happening now. Nicholas Taylor (CFO) added that for Fanhub, the accounting treatment depends on the model: self-serve deals would likely be on a net basis, while managed programmatic services would remain on a gross basis. Mark Locke emphasized the new PMG agency deal is a critical 'proof point' for their strategy.

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    Jed Kelly's questions to Genius Sports Ltd (GENI) leadership • Q1 2025

    Question

    Jed Kelly questioned if the new NCAA deal could help secure college football contracts and if the company's replay technology (SAOT) could be expanded to other major U.S. sports. He also asked how much time the technology saves.

    Answer

    CEO Mark Locke confirmed that Genius's technology is already deployed across most major college conferences, putting them in a strong position for future deals. He noted that applying SAOT to U.S. sports is a clear opportunity, highlighting its success in the English Premier League, where it has been well-received for speeding up the game and cutting review times down from several minutes.

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    Jed Kelly's questions to Genius Sports Ltd (GENI) leadership • Q4 2024

    Question

    Jed Kelly asked about the growth outlook and revenue visibility for the Sports Technology segment into 2025 and 2026, and how Genius Sports stands to benefit from the NFL's expansion in Europe.

    Answer

    CFO Nicholas Taylor confirmed expectations for continued growth in Sports Tech, highlighting its strategic importance. CEO Mark Locke elaborated that the underlying technology provides a platform for media business acceleration. Regarding the NFL in Europe, Locke noted its growing popularity and how Genius's product suite, especially BetVision, is well-positioned to capitalize on this trend and its expansion to other sports.

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    Jed Kelly's questions to Genius Sports Ltd (GENI) leadership • Q3 2024

    Question

    Jed Kelly questioned whether Q4 revenue growth would be driven more by media or sports betting, the potential for a one-time revenue deceleration from the shift to a self-service media model, and asked for a full-year free cash flow target.

    Answer

    CEO Mark Locke clarified that the self-service media platform targets new revenue and is not expected to cannibalize the existing managed services business initially. CFO Nicholas Taylor stated that Q4 growth will be driven by both the sports betting and media segments. He reiterated the expectation for positive free cash flow for the full year 2024 but declined to provide a specific range, citing the variability of year-end cash timing.

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    Jed Kelly's questions to EverQuote Inc (EVER) leadership

    Jed Kelly's questions to EverQuote Inc (EVER) leadership • Q2 2025

    Question

    Jed Kelly of Oppenheimer & Co. Inc. inquired about the long-term outlook for Variable Marketing Margin (VMM) and questioned how the company views using its cash balance for M&A to gain leverage or reduce traffic costs.

    Answer

    CFO Joseph Sanborn stated that the company expects VMM to average in the high 20s, as this level aligns with maximizing total Variable Marketing Dollars (VMD). Regarding M&A, Sanborn clarified the focus is on partnering with carriers to help them grow, not on gaining leverage, as their customers' success drives EverQuote's success.

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    Jed Kelly's questions to EverQuote Inc (EVER) leadership • Q1 2025

    Question

    Jed Kelly asked for an outlook on operating expenses for the remainder of the year and sought clarification on whether guided EBITDA margins are calculated as a percentage of revenue or VMM.

    Answer

    Executive Joseph Sanborn indicated that Q2 cash operating expenses would be modestly higher than Q1's ~$25 million. He confirmed plans for incremental investments in technology, data, and AI in the second half of the year, which will increase OpEx but are aimed at long-term returns. He clarified that the company will manage these investments to maintain adjusted EBITDA margins, as a percentage of revenue, at or near current levels. He also reiterated that VMM is expected to remain in the high 20s.

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    Jed Kelly's questions to EverQuote Inc (EVER) leadership • Q4 2024

    Question

    Jed Kelly sought clarification on the implied growth rate for the second half of 2025 and asked about the company's strategy to make the business less volatile as the industry normalizes.

    Answer

    CFO Joseph Sanborn avoided specific full-year guidance but confirmed growth would normalize after Q1, noting tougher comps in the back half. CEO Jayme Mendal outlined a strategy to reduce volatility by deepening their P&C focus, expanding into non-auto verticals, and offering a broader suite of products to become an indispensable partner.

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    Jed Kelly's questions to EverQuote Inc (EVER) leadership • Q3 2024

    Question

    Jed Kelly asked for guidance on EBITDA as a percentage of VMM, especially with expected lower rent expenses. He also questioned the implied sequential revenue decline in Q4 guidance, contrasting it with historical up-cycle performance.

    Answer

    CFO Joseph Sanborn addressed seasonality, noting that after excluding the divested health business, the core auto business historically sees a sequential Q4 decline due to holidays and carrier pullback. The Q4 guidance also factors in preparations for the FCC transition. Regarding margins, he reiterated that the company has seen significant margin expansion and the Q4 guidance implies a return to Q2's strong levels (around 11%), which they see as a sustainable base for future disciplined investment and growth.

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    Jed Kelly's questions to Lendingtree Inc (TREE) leadership

    Jed Kelly's questions to Lendingtree Inc (TREE) leadership • Q2 2025

    Question

    Jed Kelly inquired about the drivers of strength in the personal loans business, the potential impact of AI on the expense base, and whether LendingTree was affected by a competitor losing a major contract.

    Answer

    COO Scott Peyree attributed personal loan strength to strong execution and growing lender optimism, noting an interest rate cut would be an accelerant. CFO Jason Bengel explained that AI is expected to significantly boost productivity and automate tasks, allowing employees to focus on higher-value work. Bengel also confirmed that a competitor's contract loss does not affect LendingTree due to its on-demand business model without long-term commitments.

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    Jed Kelly's questions to Lendingtree Inc (TREE) leadership • Q1 2025

    Question

    Jed Kelly questioned the expected trajectory for the Insurance segment's Variable Marketing Margin (VMM) as revenue normalizes and inquired about the growth and attractiveness of the home insurance product.

    Answer

    COO Scott Peyree reiterated a long-term VMM target in the low-to-mid 30s, acknowledging a temporary step back in Q1 but expecting improvement. Peyree also confirmed that home insurance is a popular and growing product, with carrier interest driving more growth than anticipated. CFO Jason Bengel added that while margins will improve, they are not expected to reach the normalized target in the near term.

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    Jed Kelly's questions to Lendingtree Inc (TREE) leadership • Q4 2024

    Question

    Jed Kelly asked for insights on market share dynamics within the insurance marketplace and how to assess sustained share gains after the current upcycle. Additionally, he inquired about how the possibility of lower interest rates is factored into the company's full-year guidance.

    Answer

    Scott Peyree, COO, stated that the top 3-4 insurance carriers continue to drive the market. Douglas Lebda, Chairman and CEO, and Jason Bengel, CFO, addressed the interest rate question, confirming the full-year guide does not assume any material rate reductions. They clarified that the forecast is built on the continuation of current trends, particularly the strength in the home equity product.

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    Jed Kelly's questions to Lendingtree Inc (TREE) leadership • Q3 2024

    Question

    Jed Kelly asked for a roadmap of the insurance marketing industry over the next 18 months, how LendingTree is differentiating itself and gaining share, and the impact of recent Google SEO and AI changes on traffic.

    Answer

    Scott Peyree, COO and President of Marketplace Businesses, stated that while the 'hockey stick' growth in insurance may moderate, he expects strong results to continue as carriers have high demand for new consumers and will eventually enter rate-reduction cycles. He highlighted LendingTree's differentiation through its diverse product offerings (clicks, leads, calls, agency) and broad client base. CEO Douglas Lebda and Scott Peyree both addressed the Google question, emphasizing a strategy of traffic source independence, a sophisticated partnership with Google on paid search AI bidding, and strong traffic results from the platform.

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    Jed Kelly's questions to Rush Street Interactive Inc (RSI) leadership

    Jed Kelly's questions to Rush Street Interactive Inc (RSI) leadership • Q2 2025

    Question

    Jed Kelly of Oppenheimer & Co. Inc. asked about the drivers behind the strong 25% growth in Ontario, the rationale for flat back-half EBITDA guidance despite historical sequential growth, and the impact of sports betting hold in Q2.

    Answer

    CEO Richard Schwartz attributed Ontario's growth to focused investment in the dual sports and casino market but noted it's difficult to determine if gains came from gray market operators. CFO Kyle Sauers explained the EBITDA guidance reflects an expected increase in marketing spend in Q3 and Q4. Sauers also quantified that favorable sports outcomes in North America contributed approximately $5 million to Q2 revenue.

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    Jed Kelly's questions to Rush Street Interactive Inc (RSI) leadership • Q1 2025

    Question

    Jed Kelly inquired about the drivers of RSI's strong marketing leverage despite a competitive environment. He also asked for an explanation of the implied revenue growth deceleration in the full-year guidance and the expected tax rate for adjusted EPS.

    Answer

    CEO Richard Schwartz attributed the marketing leverage to a superior and differentiated player experience that drives retention, rather than a large budget or brand. Executive Kyle Sauers explained the guidance reflects lapping the Delaware launch, the full-quarter impact of the Colombian VAT tax headwind in Q2/Q3, and prudence regarding potential changes in consumer behavior. He noted he would follow up on the specific tax rate.

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    Jed Kelly's questions to Rush Street Interactive Inc (RSI) leadership • Q4 2024

    Question

    Jed Kelly questioned how RSI would adjust its marketing and operations in New Jersey if a proposed tax increase were enacted. He also asked for potential catalysts that could accelerate the slow pace of iCasino legalization in new states.

    Answer

    Executive Kyle Sauers responded that it was too early to detail a competitive response to a potential New Jersey tax hike but noted the company is well-capitalized. CEO Richard Schwartz addressed iCasino legalization, identifying growing industry alignment, states' need for tax revenue, and the existence of unregulated gaming as key accelerants. He expressed optimism that this message is beginning to resonate more with state governors.

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    Jed Kelly's questions to Rush Street Interactive Inc (RSI) leadership • Q3 2024

    Question

    Jed Kelly of Oppenheimer & Co. Inc. inquired about the LTV to CAC ratios observed in the U.S. and Canada during the recent football season and questioned the decision to implement a share buyback program instead of a dividend.

    Answer

    Executive Kyle Sauers explained that while not providing specific cohort data, the company continues to acquire new players at attractive costs with strong predicted LTVs. Regarding the buyback, Sauers stated that management believes it's the right time given the strong visibility into cash flow prospects, providing flexibility to return capital to shareholders while preserving capacity for new market launches and potential M&A.

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    Jed Kelly's questions to CarGurus Inc (CARG) leadership

    Jed Kelly's questions to CarGurus Inc (CARG) leadership • Q1 2025

    Question

    Jed Kelly from Oppenheimer & Co. Inc. asked for the rationale behind choosing to reinvest for growth instead of maximizing near-term margin expansion. He also inquired if CarGurus would consider restructuring CarOffer to be more like a traditional auction to boost dealer adoption.

    Answer

    CEO Jason Trevisan stated that the company is investing to capitalize on its current momentum and expand its market leadership while both sides of the marketplace are growing strongly. Sam Zales, President and COO, addressed the CarOffer question, explaining that the strategy is to build on their unique competitive advantages, like proprietary data insights, rather than creating a 'me-too' auction product. He confirmed they are assessing the entire transaction model to find a more scalable and profitable structure but are focused on differentiated offerings.

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    Jed Kelly's questions to Tripadvisor Inc (TRIP) leadership

    Jed Kelly's questions to Tripadvisor Inc (TRIP) leadership • Q1 2025

    Question

    Jed Kelly of Oppenheimer & Co. Inc. inquired about potential shifts in Viator's marketing strategy given the U.S. environment and competition, and asked for the expected diluted share count following the Liberty TripAdvisor merger.

    Answer

    CFO Mike Noonan stated there is no major shift in Viator's marketing; the focus remains on an efficient flywheel of paid acquisition, conversion, and repeat business. CEO Matt Goldberg added a focus on cross-channel efficiency. Mike Noonan provided the share count, noting it would be approximately 118 million outstanding after retiring 23.8 million shares post-transaction.

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    Jed Kelly's questions to Tripadvisor Inc (TRIP) leadership • Q3 2024

    Question

    Jed Kelly asked for a breakdown of Brand Tripadvisor's performance, distinguishing between travel normalization and SEO headwinds from Google, and sought to clarify if higher investment is planned to reaccelerate Viator's growth in 2025.

    Answer

    CFO Mike Noonan confirmed there were no new incremental headwinds for Hotel Meta beyond the well-understood pressures in search, which the company manages for profitability. CEO Matt Goldberg added that the core strategy is to drive direct engagement via the app to counter these issues. Regarding Viator, management indicated that while significant growth opportunities exist, investment levels for 2025 are still being planned and will be deployed with discipline.

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    Jed Kelly's questions to NerdWallet Inc (NRDS) leadership

    Jed Kelly's questions to NerdWallet Inc (NRDS) leadership • Q1 2025

    Question

    Jed Kelly inquired about potential future vertical integration in Insurance or financial advisory, technology investments to gain market share, and the return on investment from the recent brand marketing campaigns.

    Answer

    Co-Founder and CEO Tim Chen confirmed that Insurance and financial advisory are potential areas for future vertical integration due to their complexity. He noted technology investments are focused on user experience, routing, and expanding carrier options. Regarding brand spend, Chen stated that while specific ROI is competitive information, the company is quantitative in its approach and has seen underlying brand health metrics improve despite lower spending in 2024.

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    Jed Kelly's questions to NerdWallet Inc (NRDS) leadership • Q4 2024

    Question

    An analyst, on behalf of Jed Kelly, asked about future opportunities for vertical integration beyond mortgages and about any observed efficiencies from the recent brand spend in sports.

    Answer

    CEO Tim Chen indicated that any category with sticky customer relationships where trusted financial guidance is needed is a prime candidate for vertical integration. Regarding brand spend, he stated that NerdWallet is very quantitative in its approach, constantly striving to improve its creative and media placement, which includes the increased focus on sports.

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    Jed Kelly's questions to NerdWallet Inc (NRDS) leadership • Q3 2024

    Question

    Jed Kelly asked how performance marketing benefits from increased volume to insurance carriers and questioned the strategy of acquiring a mortgage brokerage versus partnering with lenders.

    Answer

    CFO Lauren St. Waugh reiterated the disciplined, in-quarter profitable approach to performance marketing. CEO Tim Chen added that for insurance, better personalization and high-quality referrals create a positive feedback loop with carriers. Regarding the mortgage strategy, Chen explained that acquiring a brokerage like Next Door Lending provides consumers with broad choice and competitive rates by shopping across many wholesale lenders, which he described as a great option for consumers.

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    Jed Kelly's questions to Booking Holdings Inc (BKNG) leadership

    Jed Kelly's questions to Booking Holdings Inc (BKNG) leadership • Q3 2024

    Question

    Jed Kelly asked about the state of the Booking.com brand in the U.S. and inquired about efforts to simplify the onboarding process for single-unit alternative accommodation property managers, who reportedly find it complex.

    Answer

    CEO Glenn Fogel acknowledged that the U.S. onboarding process for single-unit hosts is an area for improvement and represents a significant opportunity. He also noted that brand awareness in the U.S. is improving but has more room to grow. CFO Ewout Steenbergen clarified that recent U.S. growth should be viewed as stable despite slight changes in the reported growth bucket.

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