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President and CEO Rati Sahi Levesque attributed the AOV growth (up 8%) to both price and volume, driven by internal initiatives, but noted The RealReal is a 'tariff beneficiary.' She confirmed that efficiency gains in marketing would be reinvested. Both she and CFO Ajay Gopal confirmed that Athena's expansion to 30-40% coverage involves training its AI model and rolling it out to more categories beyond ready-to-wear.

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CFO Ajay Gopal explained that the long-term margin path is clear, with strong flow-through expected from growth due to high consignment gross margins and improving unit economics. CEO Rati Levesque attributed the lower return rate primarily to a favorable product mix and secondarily to operational efficiencies. She noted the return insurance initiative is in its early testing phase.

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President and COO Sam Zales explained that the go-forward sourcing strategy will focus on providing differentiated, data-driven technology and predictive analytics for inventory management and pricing, rather than facilitating transactions. CEO Jason Trevisan added that for now, the company's international focus will remain on Canada and the UK, as both are large markets with significant remaining enterprise value to capture.

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Jason Trevisan, CEO, noted that dealers are not very reactionary to potential future events like tariffs and are more focused on immediate operational factors like rising inventory days on market. Sam Zales, President and COO, characterized the CarOffer turnaround as being in the 'early innings,' highlighting a disciplined focus on managing OpEx, improving operational margins, and refining the product-market fit with new data insights before a full-scale relaunch.

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CEO Jason Trevisan explained that the company is adopting a more sophisticated, multi-funnel marketing strategy to build brand awareness, supported by product enhancements and new channel exploration. CFO Elisa Palazzo added that the CG Buy Online pilot was discontinued following a disciplined capital allocation review to redeploy resources to initiatives with higher potential returns.

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CEO Alex Vetter attributed the improved sales velocity to new leadership, better data and targeting, and faster cross-selling of the full solutions suite. He confirmed expectations for continued dealer growth in H2, as the dealer focus on technology transcends seasonality. Regarding OEM behavior, he noted that while dealers are broadly shifting to used cars, certain OEMs like Hyundai and Nissan have been more aggressive with advertising, and conversations are progressing on measuring Tier 3 sales outcomes.

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CEO Alex Vetter highlighted rapid DealerClub onboarding and transaction growth, stating the immediate focus is on integration and value creation, such as the one-click link with AccuTrade, before aggressive monetization. Regarding OEM spend, both Vetter and CFO Sonia Jain characterized the situation as a timing issue driven by macro uncertainty, with clients shifting to month-to-month flexibility rather than cancelling plans. They expressed confidence in full-year growth but noted visibility on timing is limited.

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CEO Alex Vetter explained the website business was relatively flat and sees future growth driven by OEM security requirements and the integration of platform solutions like the Inventory Intelligence Platform. CFO Sonia Jain noted the guidance assumes a stable macro environment but that the company is confident in its back-half initiatives. Regarding DealerClub, Alex Vetter tempered near-term expectations but highlighted the founder's successful track record and the platform's asset-light, disruptive potential.

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CEO Alex Vetter expressed confidence in the health of the AccuTrade installed base, noting that the Q3 growth pace is a realistic target due to strong industry attention. He highlighted that OEM endorsements are a significant sales catalyst, with nearly 60% of Q3 AccuTrade sales coming from dealers of endorsed OEMs. He confirmed active discussions are underway with more OEMs for potential partnerships in 2025.

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Commerce President Ariel Szarfsztejn described the shipping change as a long-term strategic play, not a short-term marketing investment, noting it's too early for detailed behavioral data. On credit, Fintech President Osvaldo Giménez and CFO Martín de los Santos expressed comfort with the current pace, citing a low 2% market share, improved models, and a willingness to slow down if negative signals appear, as they have done in the past.

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Ariel Szarfsztejn, EVP of Commerce, identified the technology vertical as the source of softness in Mexico due to aggressive competition, but noted that initiatives are in place to address this and that other categories grew strongly. Osvaldo Giménez, EVP of Fintech, explained that the NIM compression is a structural trend driven by a mix shift towards lower-NIM credit cards and a move upmarket to lower-risk customers, which is partially offset by growth in the higher-margin Argentina portfolio.

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CFO Mark Jenkins clarified that the sell-through rate comment was a comparison to a positive anomaly in Q2 2024, and the current quarter was normal. He attributed improved cost of funds to an expanding buyer pool and strong asset performance, implying continued opportunity for gains without providing a specific forecast.

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CFO Mark Jenkins clarified that the sell-through rate comment was a comparison to an unusually high rate in Q2 2024, and that the current quarter was normal. He noted that future cost of funds improvements would be driven by expanding the pool of loan buyers and the continued strong performance of the assets Carvana originates.

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CEO Ernie Garcia expressed confidence in the company's ability to scale its sourcing, noting that its economics have remained remarkably stable as it grew to its current size. He believes the integrated model of buying from customers, selling to customers, and leveraging the ADESA platform is fundamentally sound and scalable within the 40-million-unit annual used car market. He expects this stability to continue as the company grows further.

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CEO Ernie Garcia advised not to read too much into the ASP variance. Regarding operational expenses, he expressed pride in the current efficiency but affirmed there is still room for improvement across the entire operational chain, from logistics to customer care. While dollar improvements become harder as the base shrinks, he stated they have projects mapped out to continue driving efficiency.

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CEO Josh Silverman detailed that personalization gains came from more personalized titles and content in push notifications and emails, with a future focus on using LLMs for deeper, user-level personalization. CFO Lanny Baker explained that the payments revenue benefit was small as they are nearing the end of the seller adoption cycle for Etsy Payments, with only a few more countries left to implement.

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CFO Rachel Glaser stated the new $1 billion buyback authorization provides flexibility to repurchase shares above current levels without needing to lever up, given the strong balance sheet. CEO Josh Silverman commented that category performance was broadly similar, but noted that pockets of 'real value,' like demi-fine jewelry, are outperforming.

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CEO Micha Kaufman explained that Fiverr's 'machine' constantly seeks and seizes marketing opportunities across different geos, channels, and categories, and that this opportunistic strategy will continue. CFO Ofer Katz detailed the Fiverr Pro incentives, clarifying it's not a subscription but a program for high-spending clients. Benefits include access to vetted 'Pro' sellers, exclusive features like hourly orders, a rewards program, and high-touch account management.

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CEO Micha Kaufman confirmed that the guidance assumes a stable Marketplace take rate. He explained that the strong Services revenue growth is driven by a portfolio of products, including subscriptions like Seller Plus, AutoDS, and the new Fiverr Go, as well as advertising services like Promoted Gigs. The company did not provide a more detailed breakdown of the contributions.

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CEO Micha Kaufman noted that these upmarket products are extremely new but show high potential by catering to needs Fiverr previously didn't address, such as long-term, open-ended projects suited for hourly contracts. These products are attracting projects worth thousands of dollars. CFO Ofer Katz addressed the Q4 guidance, stating that despite seasonality and the U.S. election, the company has enough confidence to raise its full-year guidance based on Q3's strong exit rate, top-of-funnel stability, and the value-added services pipeline.

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CEO Hayden Brown confirmed that the GSV impact from Ooma has been internally quantified, is factored into guidance, and contributes to their confidence in 2026 growth. CFO Erica Gessert clarified that the top-of-funnel softness was a general macro phenomenon observed during Q1, predating any recent government announcements.

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CEO Hayden Brown clarified that the increase was not driven by hourly rates, which have been consistent, but noted that the high-growth AI category commands a 44% wage premium. For 2025, he stated that due to macro uncertainty, the company is assuming a relatively steady GSV per active client, while also accounting for normal seasonality where Q2 and Q3 are typically lower than Q1.

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CEO Hayden Brown explained that Business Plus targets a large pipeline of mid-market and large customers by providing a more accessible 'glide path' from the core marketplace. Regarding partnerships like Ocoya, she stated they are very early-stage proofs-of-concept for embedding Upwork talent into third-party ecosystems, and it is too soon to project the market size, though the model is exciting.

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CFO Eduardo Couto corrected the premise, explaining that the $100 million CapEx figure is the total project cost, not the 2025 spend. He broke down the 2025 cash burn guidance: approximately $150-$160 million for R&D, around $30 million for CapEx, and $20-$30 million for SG&A. Couto emphasized that R&D for eVTOL development remains, by far, the largest expense category for the year.

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