Justin Post

Justin Post requested an update on Instacart's subscriber growth, or the percentage of GTV from subscribers, and the status of its relationship and testing with Walmart in the United States.

Answer

CEO Fidji Simo stated that Instacart+ member growth is outpacing monthly active order growth and that members account for the majority of GTV. Regarding Walmart, she confirmed the partnership continues in several hundred U.S. stores with positive, incremental results, but any decision to expand the relationship rests with Walmart.

Justin Post asked for an update on operating leverage, headcount trends following the restructuring, and key investment initiatives for the upcoming year.

Answer

CFO Emily Maher confirmed that while the Q1 restructuring reduced overall headcount, the company is actively reinvesting those savings into strategic priorities like Caper and emerging brand ad sales. She expects to continue driving non-GAAP OpEx leverage. CEO Fidji Simo reiterated that key investment areas include enhancing the enterprise and marketplace tech stack, affordability initiatives, and building out their omnichannel ad platform, all while delivering steady annual EBITDA growth.

Justin Post asked for an update on Airbnb's services and experiences, including their current contribution, expected future impact, and whether they are improving user retention or platform velocity.

Answer

Airbnb CEO Brian Chesky highlighted that experiences attract new users (half without a stay, 10% new to Airbnb for services) and local demand. He projected 3-5 years for material business contribution, focusing on city-by-city expansion, and noted it's too early to assess retention.

Justin Post requested an update on Airbnb Services and Experiences, including their current contribution, expected future contribution, and impact on platform retention and velocity.

Answer

Brian Chesky, CEO of Airbnb, expressed excitement about Services and Experiences, noting that about half of experience bookers do not have an associated Airbnb stay, and 10% of service bookers are new to the platform. He highlighted local demand for 'Airbnb Originals' in cities like Paris. He anticipates it will take three to five years for these offerings to become a material part of the business, focusing on city-by-city expansion, similar to early Airbnb homes.

Justin Post questioned the single-digit growth in the U.S., asking about supply trends and plans for acceleration. He also inquired about long-term attach rate targets for Experiences.

Answer

CFO Ellie Mertz noted the U.S. has growth potential as a hotel-dominated market, with plans to target underpenetrated demographics and add payment options. CEO Brian Chesky added that reaccelerating growth is a top priority, with plans to unlock supply via co-hosting, improve trust, and focus on supply-constrained markets. He expressed confidence that core improvements, global expansion, and new services will drive this reacceleration.

Justin Post inquired about the impact of changing travel corridors, such as Canada to the U.S., on total booking volumes and whether Airbnb is maintaining its market share in the relatively depressed U.S. market.

Answer

CFO Ellie Mertz clarified that foreign travel into the U.S. is a small portion of the business (2-3%) and that travelers are redirecting to other destinations, showcasing the platform's adaptability. She stated that Airbnb continues to gain market share in the U.S., even as the overall North American travel market experiences slower growth.

Justin Post asked about the macro pressures that may have affected U.S. growth in the past and if those are changing. He also inquired about the factors influencing the take rate contemplated in the 2025 outlook.

Answer

CFO Ellie Mertz explained that muted Q3 bookings were due to a temporary contraction in lead times, not weakening demand, as bookings recovered in the fall. For 2025, she stated the take rate should see the full 20-basis-point benefit from the FX service fee introduced in mid-2024, as one-off offsets from 2024 like elevated make-goods and gift card breakage comps will not recur.

Justin Post requested more details on Airbnb's expansion markets, asking to identify the largest ones and their current contribution to overall growth.

Answer

CFO Ellie Mertz clarified that core markets represent about 75% of gross booking value, with expansion markets making up approximately 15% of the remainder. She highlighted Brazil as a successful example where destination nights have tripled since pre-pandemic levels due to localization efforts. She also pointed to Japan as a newer, large-opportunity market. Mertz characterized this strategy as a medium-term opportunity that will take time to materially impact consolidated results.

Justin Post inquired about the margin flow-through in the quarter, any additional investments made, and Uber's plans for investments in the autonomous vehicle (AV) business over the next 12-18 months, including the potential impact on mobility margins.

Answer

CFO Prashanth Mahendra-Rajah highlighted 33% year-over-year EBITDA growth and record 4.5% margins, reiterating a commitment to annual profit expansion while strategically moderating margin expansion to fund growth opportunities. CEO Dara Khosrowshahi clarified that AVs are currently unprofitable, explaining a barbell strategy where premium products support growth bets. He noted Uber would use its balance sheet and invest in the AV ecosystem and data collection.

Justin Post inquired about the margin flow-through in the quarter and any extra investments made, as well as Uber's anticipated investments over the next 12-18 months to scale its AV business and the potential impact on mobility margins.

Answer

CFO Prashanth Mahendra-Rajah highlighted a 33% year-over-year EBITDA increase and record 4.5% gross bookings margin, reiterating commitment to annual profit expansion while deliberately moderating margin expansion to invest in growth opportunities like cross-platform and affordability. CEO Dara Khosrowshahi clarified that AVs are not profitable today and will require investment for a few years, following a 'barbell strategy' where premium products fund growth bets, including AV ecosystem investments, fleet networks, and data collection.

Justin Post requested more details on Uber's strategy of broadening OEM partnerships and the potential pipeline over the next six months. He also asked for commentary on the competitive threat from Tesla's expanding AV network and Uber's market share performance in San Francisco and Los Angeles.

Answer

CEO Dara Khosrowshahi explained that with AV software development accelerating via AI, the focus is shifting to securing hardware partners, and confirmed Uber is in discussions with all major OEMs. Regarding competition, he stated that Tesla's current AV deployment is 'very, very small' and has had no measurable impact on Uber's business trends in key markets. He reiterated his belief that the AV market will not be 'winner take all' and expressed confidence in Uber's position as the leading third-party platform for autonomous mobility.

Justin Post inquired about any visible macroeconomic impacts on Uber's business, such as on airport trips or order values, and asked for an update on the competitive environment in the Bay Area and Los Angeles.

Answer

CEO Dara Khosrowshahi stated that Uber is not currently seeing any significant macroeconomic signals impacting consumer behavior, with audience growth and frequency remaining consistent. He noted that key indicators like basket sizes and restaurant choices show no signs of consumer trade-downs. He described the competitive landscape in San Francisco and L.A. as stable.

Justin Post of Bank of America sought clarification on the global AV landscape beyond the two highly visible U.S. companies and asked for the drivers behind the Q1 constant currency growth guidance range of 17% to 21%.

Answer

CEO Dara Khosrowshahi detailed five factors needed for AV commercialization (regulation, safety, hardware, operations, network), predicting that many more global players will emerge over the long commercialization timeline. CFO Prashanth Mahendra-Rajah explained the Q1 guidance reflects underlying strength similar to Q4's 21% growth, but overcomes headwinds from lapping a leap year and weather events. He also noted a significant 5.5 percentage point FX headwind, primarily from Latin America.

Justin Post asked about the reasons for the deceleration in Mobility bookings growth and sought details on the drivers behind the segment's strong incremental take rates and margins.

Answer

CFO Prashanth Mahendra-Rajah attributed the expected Q4 deceleration to a reduced year-over-year pricing impact, particularly from moderating insurance cost increases. He projected Q4 Mobility constant currency growth in the low 20% range with a sequentially flat EBITDA margin. He emphasized that overall Q3 growth was strong, driven by audience and frequency, leading to EBITDA growing nearly three times faster than gross bookings.

Justin Post asked about AWS capacity levels, current constraints, and the demand for Trainium, particularly from customers beyond the major ones, anticipating Trainium 3.

Answer

CEO Andy Jassy detailed the significant capacity additions, including 3.8 gigawatts in the last year and plans to double overall capacity by 2027. He noted that Trainium 2 is fully subscribed, a multi-billion-dollar business growing 150% quarter-over-quarter, with Project Rainier utilizing 500,000 Trainium 2 chips for Anthropic. Jassy expects Trainium 3, previewing late this year with fuller volumes in early 2026, to attract both large and medium-sized customers due to its superior price-performance.

Justin Post asked about Amazon Web Services' (AWS) current capacity levels, potential constraints, and the demand for Trainium chips, specifically inquiring about interest from customers beyond the major ones for Trainium3.

Answer

CEO Andy Jassy detailed AWS's significant capacity expansion, including 3.8 GW in the last year and another gigawatt in Q4, with plans to double overall capacity by 2027. He noted that Trainium2 is fully subscribed, a multi-billion dollar business growing 150% quarter-over-quarter, and highlighted Project Rainier with Anthropic. Jassy also mentioned strong demand for Trainium3, expected to preview by year-end with fuller volumes in early 2026, from both very large and medium-sized customers due to its superior price-performance.

Justin Post inquired about the drivers behind the robust Q3 revenue guidance, the contingencies included for tariffs, and any early thoughts on how Q4 is shaping up.

Answer

SVP & CFO Brian Olsavsky attributed the strong Q3 guidance to momentum from Q2, a successful Prime Day, and confidence in core retail inputs like price, selection, and faster delivery speeds. He noted that while tariff impacts are uncertain, the company remains cautiously optimistic. He declined to provide any guidance or outlook for Q4.

Justin Post of Bank of America Merrill Lynch asked about the drivers behind the robust Q3 revenue guidance, the contingencies included for tariffs, and any initial thoughts on the Q4 outlook.

Answer

CFO Brian Olsavsky stated the strong Q3 guidance is driven by momentum from Q2, a successful Prime Day, and confidence in core retail inputs like price, selection, and delivery speed. While acknowledging tariff uncertainty, he expressed cautious optimism. Olsavsky declined to provide any commentary on the Q4 outlook, deferring it to the next earnings call.

Justin Post inquired about the historical lumpiness of AWS revenue and how Amazon contextualizes its AWS growth rate against competitors with a smaller revenue base.

Answer

CEO Andy Jassy attributed AWS revenue lumpiness to unpredictable startup growth cycles and large, phased enterprise migrations, with the AI boom adding another variable. He emphasized that while percentage growth may differ, the absolute dollar growth on AWS's significantly larger base remains substantial and that growth could be higher if not for capacity constraints.

Justin Post asked if AWS is currently capacity-constrained and if new chips could accelerate growth, and also inquired about Amazon's fulfillment advantages over traditional retailers.

Answer

CEO Andy Jassy confirmed that AWS has more demand than it can currently fulfill, primarily due to chip supply constraints, and noted significant customer interest in the price-performance of the upcoming Trainium2 chip. He also highlighted Amazon's retail advantages, including broader selection, faster delivery speeds, and a deeply ingrained customer-first culture that drives continuous innovation.

Justin Post (Bank of America) asked CEO Mark Zuckerberg about Meta's strategy for user-facing AI tools amidst new competition and how he views potential margins in the current AI content cycle compared to previous content cycles, given investment concerns.

Answer

CEO Mark Zuckerberg stated it is too early to determine the margins for new AI products. He emphasized that Meta's primary goal is to maximize value for users and overall profitability, rather than focusing solely on margins. He reiterated the commitment to building the best possible products and delivering the most value to people.

Justin Post asked about Meta's strategy for user tools in the AI content cycle amidst new competition and how margins might differ from prior content cycles.

Answer

CEO Mark Zuckerberg stated it's too early to determine margins for new AI products, emphasizing the goal to maximize value for users and overall profitability rather than just margins. He reiterated the focus on building the best possible products.

Justin Post of Bank of America Merrill Lynch questioned whether Meta's massive infrastructure capacity, which rivals hyperscalers, is intended solely for internal use or if an external business model could emerge. He also asked about the framework for measuring the ROI on this CapEx.

Answer

CFO Susan Li responded that the current focus is entirely on internal use cases for core AI, ads, and GenAI model development. While not currently considering external uses, she noted the infrastructure is being built with fungibility in mind. Regarding ROI, she explained that Core AI investments show strong, measurable returns, while GenAI is much earlier on the return curve, with monetization expected over the medium to long term across five key opportunities.

Justin Post of Bank of America Merrill Lynch asked whether Meta's massive compute infrastructure is intended solely for internal use or if an external business model could emerge. He also inquired about the framework for evaluating the ROI on this significant CapEx spend.

Answer

CFO Susan Li responded that the current focus is on building capacity for internal use cases, including core AI, ads, and GenAI model training, with no immediate plans for external services. Regarding ROI, she explained that Core AI investments show strong, measurable returns, while GenAI is much earlier on the return curve. She emphasized that infrastructure is being built with fungibility in mind to allow for flexible allocation of capacity to the highest-return areas over time.

Justin Post questioned whether Meta's massive infrastructure capacity is intended solely for internal use or if an external business model could emerge, and asked about the ROI framework for this CapEx.

Answer

CFO Susan Li clarified that the current focus is entirely on internal use cases for core AI, ads, and GenAI model development, with no present plans for external services. She noted that while core AI investments show strong, measurable ROI, GenAI returns are a long-term play, with optimism centered on five key monetization opportunities. Infrastructure is being built with fungibility in mind.

Justin Post questioned whether potential e-commerce supply issues were factored into the Q2 guidance and asked for help conceptualizing the ROI on hyperscaler-level CapEx spending without direct enterprise revenue streams.

Answer

CFO Susan Li confirmed the Q2 outlook accounts for macro uncertainty, including reduced spend from Asia-based e-commerce exporters. Regarding CapEx, she emphasized that world-class infrastructure provides a significant advantage for developing leading AI and improving the core business, noting that internal demand for compute resources is still difficult to meet. She stressed building capacity with maximum flexibility.

Justin Post of Bank of America Corporation asked about the potential impact of U.S. political shifts and content policy changes on user engagement and advertiser sentiment, and inquired about the company's strategy for monetizing Meta AI.

Answer

CEO Mark Zuckerberg explained that the shift to a Community Notes-style system is about implementing a more effective model for adding context, not about reducing commitment to addressing misinformation. CFO Susan Li added that they have seen no noticeable impact on advertiser spend and that the initial focus for Meta AI is on building a great consumer experience, with monetization opportunities like paid recommendations and premium offerings being longer-term considerations.

Justin Post asked about the use of AI to boost internal employee productivity, particularly in R&D, and questioned the flexibility of headcount plans amid rising costs in other areas.

Answer

CFO Susan Li stated that Meta is excited about AI's potential for internal productivity, citing early adoption of an internal coding assistant and future applications in content moderation. Regarding headcount, she reiterated that the budget is still in process, with investments evaluated based on ROI for the core business and strategic value for long-term bets like Gen AI, all while maintaining a focus on company-wide efficiency.

Justin Post asked about the U.S. OTA industry's apparent market share gains, specifically inquiring if Booking Holdings' loyalty program or the faster growth of leisure travel versus business travel were contributing factors. He also sought clarification on how bookings growth could outpace room night growth, considering connected trip initiatives, payments, and air, and the outlook for revenue take rates.

Answer

Glenn Fogel, CEO and President, attributed U.S. performance to strong execution, improved service, product enhancements, and increased brand awareness, noting the company's ability to serve both high-end and economy segments. He emphasized continuous improvement as the core strategy. Ewout Steenbergen, EVP and CFO, explained that connected trip initiatives are driving healthy growth in other verticals (flights up 32%, attractions up 90%) and payment-related bookings (mid-20s%), with connected trip transactions also up mid-20s%. He stated that generative AI presents an opportunity to further integrate trip elements, personalize experiences, and proactively offer services, leading to greater value. Steenbergen confirmed that gross bookings are expected to grow faster than room nights over time, driven by ADRs and growth in other verticals.

Justin Post inquired about the U.S. OTA industry's potential market share gains, specifically asking if Booking Holdings' loyalty program or leisure travel growth were key factors. He also asked about the algorithm's impact on bookings growth relative to room nights, and the outlook for revenue take rates.

Answer

CEO and President Glenn Fogel attributed U.S. success to strong execution, product improvement, brand visibility, and effective customer service, benefiting from both high-end and economy segments. He reiterated the long-term strategy of consistent improvement. EVP and CFO Ewout Steenbergen explained that connected trip initiatives, including 32% flight growth and 90% attractions growth, are driving merchant gross bookings up mid-20%. He stated that gross bookings are expected to grow faster than room nights over time, influenced by ADRs and growth in other verticals, and that the connected trip vision, enhanced by generative AI, aims to create an intelligent, personalized travel experience that further increases app usage and value.

Justin Post of Bank of America Merrill Lynch asked for clarity on the Q4 outlook implied by the full-year guidance, the reasons for last year's strong Q4, and an update on the advertising business as a growth driver.

Answer

CFO Ewout Steenbergen explained that Q4 2024 benefited from both accelerating growth and easy comps, with only the former being a factor for Q4 2025. He directed focus to the upgraded full-year guidance. Regarding advertising, he noted that revenues in that category were up 11% YoY, which includes Kayak and the scaling of new strategic advertising investments.

Justin Post of Bank of America inquired about the factors behind the strong Q4 performance last year and the outlook for holiday bookings, as well as an update on the company's advertising revenue initiative.

Answer

CFO Ewout Steenbergen explained that Q4 2024's strength was due to both continued growth acceleration and low prior-year comps, but he pointed to the upgraded full-year guidance rather than a specific Q4 forecast. Regarding advertising, he reported that revenues in that category grew 11% year-over-year in Q2, indicating the new channel is scaling nicely as part of their investment program.

Justin Post inquired about how the rapid shift to a merchant model could impact margins and loyalty, and asked for clarification on the Q1 room night growth deceleration.

Answer

CEO Glenn Fogel explained that the merchant model is foundational to the connected trip, enabling better value for customers and suppliers while creating new profit opportunities for Booking. CFO Ewout Steenbergen clarified that the Q1 room night guidance reflects tougher comps and calendar shifts, but normalized underlying growth for key metrics remains in the low-double-digits, indicating continued business momentum.

Justin Post asked how the company's investments in AI are expected to translate into financial results, such as driving more direct traffic or lowering expenses, and inquired about factors affecting the Q4 bookings outlook, like geopolitical events.

Answer

CEO Glenn Fogel explained that while AI is a transformational technology that will improve services for travelers and partners, it is still too early to project specific financial impacts. CFO Ewout Steenbergen stated that the Q4 outlook is robust, with easier year-over-year comparisons and that geopolitical uncertainties have been factored into the guidance.

Justin Post of Bank of America Merrill Lynch asked about progress in attracting more male users to broaden the audience and why Pinterest's auction dynamics might be more durable and less volatile than those of its peers.

Answer

CEO Bill Ready confirmed that the platform is broadening its appeal across genders, with AI-powered visual search resonating with male users in categories like shoes, cars, and watches. CFO Julia Donnelly added that the business's durability comes from being a vital, full-funnel partner for advertisers, driving penetration in performance budgets and emerging verticals.

Justin Post of Bank of America Merrill Lynch inquired about the platform's progress in attracting more male users and asked for an explanation of why Pinterest's auction dynamics might be more durable than its peers.

Answer

CEO Bill Ready confirmed the platform is broadening its appeal across genders, with AI-powered visual search resonating in male-oriented categories like cars and watches. CFO Julia Donnelly explained the business's durability comes from being a vital, full-funnel partner for advertisers in performance budgets, with penetration gains in emerging verticals and the mid-market contributing to stable growth.

Justin Post from Bank of America Merrill Lynch inquired about the performance and outlook for the Hotels.com brand and how Q4's tough comps were factored into guidance.

Answer

CEO Ariane Gorin explained that Hotels.com is showing improvement following its brand relaunch in April, with brand awareness and direct traffic moving in the right direction. She noted new product features and a renewed international focus are helping performance. CFO Scott Schenkel addressed guidance, stating that while Q4 comps are tough, the current forecast implies roughly flat growth, and he feels confident they can perform on the upside of that.

Justin Post of Bank of America inquired about Expedia's marketing spend efficiency, asking if the company is at its ROI limit or could have spent more to boost bookings. He also asked for an update on the Hotels.com brand turnaround.

Answer

CEO Ariane Gorin expressed optimism about the plan for Hotels.com, citing its recent brand relaunch, despite acknowledging its negative growth in Q1. CFO Scott Schenkel addressed the $1.8 billion in Q1 marketing spend, noting it slightly deleveraged due to the faster-growing B2B business mix and affirmed the company's commitment to investing only where profitable growth opportunities exist.

Justin Post inquired about potential headwinds affecting the Q1 guidance, such as weather, and questioned the long-term margin potential, noting the gap versus peers and asking how the company plans to close it.

Answer

CFO Scott Schenkel addressed the Q1 guidance, attributing the 4-6% bookings growth forecast to a 2-point FX headwind and a 1-point impact from lapping a leap year, implying 7-9% underlying growth. He noted some softening relative to a strong Q4 but no structural changes in travel demand. Regarding long-term margins, he framed the 50 basis points of expansion in both 2024 and 2025 as a 'good start' that balances growth investments with disciplined cost control, particularly in overhead.

Justin Post inquired about overall Search usage trends with AI integration and the impact of the shift towards user-generated content on YouTube's usage and margins.

Answer

CEO Sundar Pichai confirmed that overall Search usage is healthy and growing, with AI Overviews showing even stronger growth. Executive Philipp Schindler noted robust YouTube watch time growth and expressed confidence in their creator-centric model, highlighting over 3 million channels in the YouTube Partner Program as a key strength.

Justin Post sought more detail on user activity within AI Overviews and asked if the feature could successfully monetize previously challenging informational queries.

Answer

CEO Sundar Pichai confirmed that AI Overviews are driving strong engagement and increasing overall search usage, with users asking more complex questions. CBO Philipp Schindler added that ads within AI Overviews are performing well, with monetization at a similar rate to traditional search, and he sees an opportunity to monetize new types of queries.

Justin Post asked whether the acceleration in Google Cloud revenue was driven by new AI demand or a rebound in general compute, and how Alphabet is using AI internally to reduce costs, particularly for engineer efficiency.

Answer

CFO Ruth Porat confirmed that AI solutions are clearly contributing to the strength of the Cloud business, with GCP growth outpacing overall Cloud growth. CEO Sundar Pichai added that while Alphabet is using AI tools to boost internal engineering productivity, the efforts are still in very early stages, but the learnings create a virtuous cycle for product development.

Justin Post asked about specific initiatives aimed at reaccelerating U.S. DAU growth and questioned the Q3 revenue guidance, asking if there is potential for acceleration as Sponsored Snaps continues to ramp up.

Answer

CEO Evan Spiegel noted a user behavior shift towards sharing content to start conversations and mentioned new products focused on this area are coming later this year. CFO Derek Andersen clarified that the Q3 guidance reflects the current ad revenue growth rate of 3-4% and that while they are building demand for Sponsored Snaps, they also face tough comps from events like the Olympics in the prior year.

Justin Post asked about specific initiatives aimed at reaccelerating U.S. DAU growth and questioned how the Q3 guidance implies similar growth to Q2 despite the earlier challenges, probing for potential acceleration from Sponsored Snaps.

Answer

CEO Evan Spiegel highlighted a user behavior shift towards sharing content to start conversations and noted new products are in development to support this. CFO Derek Andersen stated the Q3 guidance reflects the current 3-4% ad revenue growth rate, with upside potential as the company builds demand for the new Sponsored Snaps inventory.

Justin Post revisited past comments about Snap being 'demand constrained' and asked about the current balance between ad supply and demand. He also inquired about the key strategies to unlock more advertiser demand, especially with new inventory from products like Sponsored Snaps.

Answer

CEO Evan Spiegel acknowledged the opportunity to grow demand but noted that inventory is also increasing, particularly with Sponsored Snaps in the chat surface. He explained that the key to unlocking this new inventory is bringing more goal-based bidding objectives to the format. The company has started with pixel purchase optimization and is now training models to support more objectives in the coming months.

Justin Post inquired about the long-term opportunity for the new 'Sponsored Snaps' and 'Promoted Places' ad formats, asking about potential usage and how ad insertion would function.

Answer

CEO Evan Spiegel explained that these new placements leverage the company's existing performance advertising foundation, allowing Snap Ads to be fungible across the platform. He noted that 'Promoted Places' has received positive early feedback from businesses aiming to drive in-store traffic, and that tests for 'Sponsored Snaps' are forthcoming in the quarter.

Justin Post from Bank of America asked how Reddit's on-platform search can differentiate from Google, its potential for commercialization, and for any guidance on full-year cost growth drivers like headcount.

Answer

CEO Steve Huffman explained that Reddit Search focuses exclusively on Reddit's unique, human-generated content, providing annotated answers linked to original conversations. COO Jen Wong added that search is inherently commercial, as it captures high-intent users seeking recommendations, which aligns with their keyword targeting and shopping ad products. CFO Drew Vollero noted that while a full-year guide isn't provided, cost growth has been around 20% recently, and he expects hiring to be slightly accelerated in 2025 to support growth initiatives.

Justin Post asked about the potential for further growth in focus categories and the key initiatives driving them. He also requested insight into the various factors influencing the revenue take rate for the upcoming year.

Answer

CEO Jamie Iannone confirmed there is still room for growth in focus categories, highlighting double-digit growth in collectibles driven by innovations with TCGplayer, Golden, and a PSA grading partnership. CFO Steve Priest addressed the take rate, stating that while the U.K. C2C initiative will have a near-term impact, he expects advertising revenue to continue growing faster than GMV and anticipates incremental revenue from financial services in 2025.