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    John Blackledge

    Managing Director and Senior Equity Research Analyst at TD Cowen

    John Blackledge is a Managing Director and Senior Equity Research Analyst at TD Cowen, specializing in the internet, digital media, and e-commerce sectors. He covers leading companies such as Alphabet (Google), Meta Platforms (Facebook), Amazon, Netflix, Snap, and Spotify, and is consistently ranked among the top Wall Street analysts for his market insights and stock calls, holding a TipRanks success rate of approximately 64% with an average annual return exceeding 15%. Blackledge began his equity research career at JPMorgan and Credit Suisse before joining Cowen in 2013, where he became a Managing Director and has since built a reputation for deep fundamental analysis in his coverage universe. He holds FINRA Series 7, 63, 86, and 87 licenses, and has been recognized multiple times by Institutional Investor and other industry platforms for his excellence in equity research.

    John Blackledge's questions to PINTEREST (PINS) leadership

    John Blackledge's questions to PINTEREST (PINS) leadership • Q2 2025

    Question

    John Blackledge of TD Cowen asked how Pinterest is competing for and retaining top AI talent in an increasingly competitive market.

    Answer

    CEO Bill Ready outlined a three-pronged strategy: competitive compensation funded by the clear ROI of AI initiatives, a compelling mission focused on positive and responsible AI, and a unique 'sandbox' for engineers. He argued that Pinterest's mission and unique visual curation dataset help it 'punch above its weight' in attracting top talent who value more than just money.

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    John Blackledge's questions to PINTEREST (PINS) leadership • Q2 2025

    Question

    John Blackledge of TD Cowen asked how Pinterest is competing for AI talent given the increasingly competitive market.

    Answer

    CEO Bill Ready explained that Pinterest competes on multiple fronts: competitive compensation tied to clear ROI, a strong mission focused on positivity and responsible AI, and offering a unique 'sandbox' for engineers. He noted the platform's scale of nearly 600 million users and its unique curation data make it a highly attractive place for top talent to work.

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    John Blackledge's questions to PINTEREST (PINS) leadership • Q1 2025

    Question

    John Blackledge asked about the impact of macro volatility on brand-focused advertisers and whether the Performance+ suite helps integrate full-funnel campaigns.

    Answer

    CEO Bill Ready confirmed that Performance+ is key to delivering on the full-funnel promise. He highlighted that advertisers using both upper- and lower-funnel objectives see double the conversion rates, which allows CMOs to justify brand spend by tying it directly to performance outcomes, a crucial capability in uncertain economic times.

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    John Blackledge's questions to PINTEREST (PINS) leadership • Q4 2024

    Question

    John Blackledge of TD Securities asked about the quarter-to-date advertising trends and the key factors contributing to the Q1 2025 revenue outlook.

    Answer

    CFO Julia Donnelly noted the Q1 guidance of 15-17% constant currency growth implies a sequential acceleration on a two-year stack basis. Key drivers include improved advertiser value from lower-funnel tools, which drove a 90% increase in clicks, and the steady adoption of Performance+. She also mentioned that the headwind from the food and beverage category is expected to lessen as the company begins to lap the initial softness.

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    John Blackledge's questions to Bumble (BMBL) leadership

    John Blackledge's questions to Bumble (BMBL) leadership • Q2 2025

    Question

    Speaking on behalf of John Blackledge, an analyst from TD Cowen asked how new features appeal to Gen Z users tired of traditional online dating and inquired about the key qualities that led to the hiring of the new CFO.

    Answer

    Founder & CEO Whitney Wolfe Herd explained that the quality-first strategy directly addresses Gen Z's pain points like endless swiping and safety concerns. She also highlighted Bumble for Friends (BFF) as a key offering for this demographic's desire for community. Regarding the new CFO, Kevin Cook, she stated he is a technology-first, product-minded finance leader with deep expertise to help navigate the company's return to growth and AI initiatives.

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    John Blackledge's questions to Bumble (BMBL) leadership • Q4 2024

    Question

    Logan, on for John Blackledge, asked for the puts and takes on the Q1 Bumble App guidance, particularly regarding payer conversion and any negative impacts from new safety features.

    Answer

    CFO Anuradha Subramanian reiterated the Q1 guidance, stating that the projected sequential decline in paying users (100k-120k) is a direct result of the ongoing work to strengthen the user ecosystem. This includes prioritizing user quality over quantity in the near term. She noted the strategy is to fix top-of-funnel and engagement first, with conversion and revenue to follow, and mentioned seeing encouraging 'green shoots' in recent data.

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    John Blackledge's questions to Lyft (LYFT) leadership

    John Blackledge's questions to Lyft (LYFT) leadership • Q2 2025

    Question

    John Blackledge asked for the expected contribution from the Free Now acquisition to the Q3 gross bookings guidance and for an update on the most impactful partnerships driving growth.

    Answer

    CFO Erin Brewer clarified the Q3 guidance includes two months of Free Now during its seasonally lower period. CEO David Risher provided a detailed update on partnerships, including the new United Airlines deal, the successful refresh of the Chase offer, continued growth from DoorDash, and the launch of a new Business Rewards program. He noted that partnership-linked rides now account for 25% of total rides.

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    John Blackledge's questions to Lyft (LYFT) leadership • Q3 2024

    Question

    John Blackledge asked for color on the performance and expansion of the Canada business and requested an update on the revenue run rate and ad tech investments for Lyft Media.

    Answer

    CEO David Risher confirmed the Canada business is on track to double its ride volume year-over-year, with Toronto now being Lyft's sixth-largest market. For Lyft Media, he stated it is on track to meet its year-end run-rate goals, with a current focus on enhancing ad measurability for partners by leveraging Lyft's first-party data.

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    John Blackledge's questions to IAC (IAC) leadership

    John Blackledge's questions to IAC (IAC) leadership • Q2 2025

    Question

    John Blackledge asked for more detail on the trajectory of People Inc.'s traffic sources, including on-platform sessions and off-platform views, and how these translate into revenue and margins. He also inquired about the specific drivers of Q2 digital revenue and the outlook for Q3.

    Answer

    People Inc. CEO Neil Vogel stated that on-platform sessions are expected to be flat to slightly up long-term, with continued strong growth in off-platform views. IAC CFO & COO Christopher Halpin added that both on- and off-platform revenues generate attractive, accretive margins. For Q2, Halpin noted 5% advertising growth and strong performance marketing, with a Q3 digital revenue growth forecast of 7-9% driven by improved monetization and continued strength in performance marketing and licensing.

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    John Blackledge's questions to IAC (IAC) leadership • Q1 2025

    Question

    John Blackledge asked for color on Dotdash Meredith's (DDM) Q1 digital revenue trends, the drivers behind the Q2 revenue guidance, and the mechanics of how DDM's cash flow becomes accessible to the IAC parent company.

    Answer

    Christopher Halpin, an IAC executive, explained that Q1 DDM digital ad growth was modest at 1% due to tough comps and timing issues, with overall 7% growth driven by strong licensing and performance marketing. For the Q2 guide of 7-9% growth, he cited stable traffic and solid performance marketing offset by soft programmatic pricing. Halpin also clarified that IAC gained access to DDM's cash after DDM's total leverage ratio fell below the 4x threshold required by its credit agreement.

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    John Blackledge's questions to IAC (IAC) leadership • Q4 2024

    Question

    John Blackledge inquired about the primary drivers for Dotdash Meredith's (DDM) Q4 revenue and EBITDA performance, the key factors influencing the 2025 guidance, and IAC's capital allocation strategy following the Angi spin and management transition.

    Answer

    Christopher Halpin, an IAC executive, attributed DDM's Q4 strength to a post-election ramp in traffic and ad spend, exceptional performance marketing growth of 22%, and strong licensing revenue. An attendee identified as Barry Diller, Senior Executive and Chairman, stated that he had previously 'frozen' capital returns to focus on business turnarounds but that this period has now ended. He indicated future capital allocation will be a mix of returning capital to shareholders and seeking new investment opportunities, with a focus on strengthening DDM.

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    John Blackledge's questions to IAC (IAC) leadership • Q3 2024

    Question

    John Blackledge asked about the drivers of Dotdash Meredith's (DDM) Q3 digital revenue outperformance, the reasoning for the softer Q4 guide, and the top-line growth outlook for 2025.

    Answer

    Executive Christopher Halpin attributed Q3's 16% digital revenue growth to strong traffic (sessions +14%) and monetization (programmatic rates +30%), despite weakness in Performance Marketing. For Q4, he cited a softer October due to election-related advertiser caution, leading to a mid-to-high single-digit growth guide. Looking to 2025, Halpin reiterated confidence in a baseline of 10% digital revenue growth for DDM, driven by a mix of traffic growth and improved monetization.

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    John Blackledge's questions to IAC (IAC) leadership • Q2 2024

    Question

    John Blackledge questioned if IAC was observing any signs of macroeconomic softness across its businesses. He also asked for the key drivers of Dotdash Meredith's expected Q3 digital revenue acceleration and the factors behind its strong Q2 margins and Q3 EBITDA guidance.

    Answer

    IAC CEO Joey Levin stated that IAC is not seeing significant macro weakness, highlighting a solid Prime Day for DDM commerce and a healthy ad pipeline. IAC Executive Christopher Halpin attributed DDM's Q2 margin strength to better-than-expected traffic and monetization. For Q3, he cited strong traffic, a solid ad market in key categories like health and retail, and recovery in weaker verticals as drivers for the positive outlook.

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    John Blackledge's questions to Match Group (MTCH) leadership

    John Blackledge's questions to Match Group (MTCH) leadership • Q1 2025

    Question

    John Blackledge inquired about the expected trajectory for Tinder's paying users throughout the year and asked for more details on potential OpEx savings beyond the current restructuring.

    Answer

    CFO Steven Bailey responded that the focus is on improving user (MAU) trends, not specifically payers. He expects MAU and payer trends to continue declining at a stable rate this year until product innovations take effect. Regarding OpEx, he confirmed the company is now looking for further efficiencies across the entire cost base, with savings likely materializing in 2026. CEO Spencer Rascoff added that unifying marketing measurement across the portfolio is one example of a future OpEx savings opportunity.

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    John Blackledge's questions to Match Group (MTCH) leadership • Q4 2024

    Question

    Logan on for John Blackledge asked for an update on the outlook for the Emerging & Evergreen (E&E) segment to achieve positive top-line growth in the latter half of 2025 and which brands are driving this.

    Answer

    President and CFO Gary Swidler confirmed the expectation that moderating declines at evergreen brands and strong growth at emerging brands should allow the E&E segment to become a growth contributor. He highlighted demographically-focused apps like Chispa, BLK, and the recently acquired Salaams as key drivers, aided by a 'build once, deploy everywhere' strategy that improves margins.

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    John Blackledge's questions to Match Group (MTCH) leadership • Q3 2024

    Question

    John Blackledge asked for color on Hinge's Q4 revenue guidance, noting that the growth rate appeared to be decelerating more than anticipated.

    Answer

    CFO Gary Swidler explained that the perceived deceleration is due to a difficult year-over-year comparison, as Hinge launched its highly successful weekly subscription packages in Q4 of the prior year. He emphasized that underlying user growth and market share gains remain very strong.

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    John Blackledge's questions to Grindr (GRND) leadership

    John Blackledge's questions to Grindr (GRND) leadership • Q4 2024

    Question

    John Blackledge inquired about the expected mix of paying user growth versus ARPU growth within the 2025 revenue guidance and asked for color on Q1 trends. He also followed up by asking for details on the key investment areas impacting the 2025 margin outlook.

    Answer

    CFO Vanna Krantz explained that the guidance reflects what they have a clear line of sight to and that they expect continued growth in both payers and ARPU, similar to past performance. CEO George Arison added that they are focused on adding value to paid tiers. For the follow-up, Vanna Krantz specified that key investments will be in hiring for technology, AI, and data science to support the increasingly sophisticated product roadmap.

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    John Blackledge's questions to Grindr (GRND) leadership • Q3 2024

    Question

    John Blackledge asked whether the weekly Unlimited tier is driving new payer conversion or cannibalizing existing subscribers, what the key drivers are for the sustained MAU growth, and where the company stands in addressing its legacy technical debt.

    Answer

    CFO Vanna Krantz confirmed the weekly Unlimited tier is driving higher conversion with pleasantly low cannibalization. She attributed MAU growth to macro trends, a better user experience from bug fixes, and new features. CEO George Arison added that future relationship-focused features could re-engage older cohorts. On technical debt, he detailed the significant backend work completed since 2020 and the recent 'bug bash' that resolved over 75% of accumulated bugs, improving app stability.

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    John Blackledge's questions to AMAZON COM (AMZN) leadership

    John Blackledge's questions to AMAZON COM (AMZN) leadership • Q4 2024

    Question

    John Blackledge asked about the potential for further improvements in delivery speed and its effect on the everyday essentials business, as well as for more details on expected efficiencies from the inbound network.

    Answer

    CEO Andy Jassy stated that Amazon has 'not yet seen diminishing returns' from improving delivery speed, which drives more frequent purchases, especially for everyday essentials. Regarding the inbound network, he confirmed a recent 'significant architectural change' is still in its early days, and he expects to gain additional efficiencies and lower the cost to serve throughout the year as the new system is tuned and refined.

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