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    Michael Graham •

    Michael Graham's questions to Sportradar Group AG (SRAD) leadership

    Michael Graham's questions to Sportradar Group AG (SRAD) leadership • Q4 2024

    Question

    Michael Graham asked for a deeper analysis of the Managed Trading Services (MTS) business, questioning the organic growth impact from the prior year's Taiwan lottery hardware sale and the specific drivers behind the 100 basis point margin expansion in MTS.

    Answer

    CFO Craig Felenstein clarified that excluding the one-time Taiwan lottery hardware sale, the Managed Betting Services (MBS) segment's organic growth would have been in the high 20% range. CEO Carsten Koerl explained that the margin expansion was driven by disciplined management of their two largest cost centers: personnel and sports rights. He emphasized that with major rights now secured long-term, the company has significant cost predictability, which provides confidence in delivering future margin leverage.

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    Michael Graham's questions to Sportradar Group AG (SRAD) leadership • Q3 2024

    Question

    Michael Graham asked for an update on the status of the MLB rights deal renewal and sought confirmation that the company still expects to see leverage on sports rights costs after the deal is incorporated. He also inquired about the company's plans and progress in the Brazilian market.

    Answer

    CEO Carsten Koerl described discussions with the MLB as 'excellent' and stated he is 'very optimistic' about a renewal, confirming the partnership would be margin accretive from the start. Regarding Brazil, Koerl noted that Sportradar has established an office, signed 13 clients for its MTS product, and is actively navigating the developing regulatory environment while seeing good initial traction.

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    Michael Graham's questions to EverQuote Inc (EVER) leadership

    Michael Graham's questions to EverQuote Inc (EVER) leadership • Q4 2024

    Question

    Michael Graham asked for a framework to understand EverQuote's 2025 growth outlook relative to the slowing premium market and for details on the key drivers behind its successful traffic operations.

    Answer

    CFO Joseph Sanborn addressed the growth outlook, suggesting that after strong Q1 growth, rates would normalize for the rest of the year, advising analysts to consider historical seasonal patterns. CEO Jayme Mendal attributed traffic operations success to operational rigor, an advanced ML-based bidding platform, and the ability to re-engage with more channels as monetization improved.

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    Michael Graham's questions to Block Inc (XYZ) leadership

    Michael Graham's questions to Block Inc (XYZ) leadership • Q4 2024

    Question

    Michael Graham asked for clarification on the Federal Trade Commission (FTC) situation, questioning the shift from a prior disclosure where a settlement demand exceeded liquidity to the current $7 million accrual and the rationale for that specific amount.

    Answer

    Executive Steven Yi stated that he could not comment extensively on the ongoing discussions with the FTC but assured investors they would be updated upon resolution. Executive Patrick Thompson explained that the $7 million reserve was calculated per U.S. GAAP (ASC 450) for contingent liabilities, representing the lower end of the range of reasonably estimated losses, and is subject to change as more information becomes available.

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    Michael Graham's questions to Draftkings Inc (DKNG) leadership

    Michael Graham's questions to Draftkings Inc (DKNG) leadership • Q3 2024

    Question

    Michael Graham of Canaccord Genuity referenced a slide showing 3.6 million MUPs out of 9.3 million total customers and asked about the company's strategies for reactivating its lapsed user base.

    Answer

    CEO Jason Robins outlined a two-pronged strategy for reactivation. The first involves 'always-on' tactics using CRM and retargeting. The second is seasonal and event-driven, using major moments like the start of the NFL season to win back players and make DraftKings their default choice over time.

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    Michael Graham's questions to ACV Auctions Inc (ACVA) leadership

    Michael Graham's questions to ACV Auctions Inc (ACVA) leadership • Q3 2024

    Question

    Michael Graham inquired about the progress and timeline for the commercial wholesale market to become a more significant part of the business, as well as the profitability of commercial units relative to dealer wholesale.

    Answer

    CEO George Chamoun reported that commercial volume is currently just over 5% of the total business and that ACV is focused on differentiating its offering with superior inspection technology. He noted that while investments will continue through next year, he is pleased with the progress. He also clarified that the EBITDA dollars per unit are essentially the same for both commercial and dealer wholesale vehicles.

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    Michael Graham's questions to SGHC Ltd (SGHC) leadership

    Michael Graham's questions to SGHC Ltd (SGHC) leadership • Q3 2024

    Question

    Michael Graham inquired about the company's African operations, asking about the durability of its market position and the differences between its top-performing markets. He also asked for more color on the long-term view for the iGaming business in the U.S.

    Answer

    Executive Neal Menashe explained that their strong, durable position in Africa is built on a decade of experience, a dedicated team, the strength of the Betway brand, and a multi-brand strategy that includes rolling out Jackpot City for casino. For U.S. iGaming, Menashe stated that while they are seeing positive 'green shoots' and have deep expertise in casino, they will take decisive action if they cannot see a clear and sustainable path to profitability, as they are not willing to chase revenue without a profit motive.

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    Michael Graham's questions to Mediaalpha Inc (MAX) leadership

    Michael Graham's questions to Mediaalpha Inc (MAX) leadership • Q3 2024

    Question

    Michael Graham asked for more context on the 'middle innings' comment regarding the auto insurance carrier recovery and inquired about any business impact from recent hurricanes in the Southeast.

    Answer

    Executive Steven Yi clarified that 'middle innings' refers to the recovery being driven by a few large carriers, with many others and key states like California and New York still lagging. He also stated that hurricanes are typically 'non-events' for their marketplace as it is heavily skewed towards auto insurance, where campaign pauses are brief and localized.

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