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CEO & Chair Fidji Simo noted that the $10 minimum basket change has successfully grown GTV and frequency without cannibalizing large baskets. CFO Emily Reuter added that the unit economics for small baskets are favorable because they are layered onto an existing dense order network. She explained that strategies like increased batching make these incremental orders additive to the ecosystem, helping to engage customers more regularly and drive them back for their larger weekly shops.

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CFO Emily Maher explained that the transaction take rate fluctuates as the company reinvests shopper efficiencies into affordability initiatives and new use cases like restaurants. She noted Q4 AOV was impacted by restaurants and smaller holiday orders, while Q1 AOV will be affected by restaurants and the new $10 minimum basket feature.

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CFO Ravi Inukonda advised modeling OpEx at roughly 2% of GOV, stating that while the long-term goal is leverage, the company is still finding great pockets for disciplined investment, particularly in product and engineering. CEO & Chair Tony Xu added that DoorDash is now a growing set of five businesses, and much of the headcount growth is geared towards solving new problems in these emerging areas, which may be obscured in the overall averages.

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CFO Ravi Inukonda clarified that affordability investments aim to drive order volume across both restaurants and grocery by improving efficiency for consumers, impacting both new user acquisition and frequency. CEO Tony Xu added that the company focuses on customer value over competitive intensity, viewing Europe as a scale business where DoorDash can introduce more products.

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CFO Ravi Inukonda stated that the international portfolio is gross profit positive, with profitable countries funding investments in others. CEO Tony Xu addressed AI, explaining a two-pronged approach: first, perfecting the physical-world logistics, and second, leveraging AI and LLMs with DoorDash's vast data to improve personalization and operations.

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CEO Tony Xu expressed excitement about grocery growth, noting the success of the 'top-up' use case has expanded to weekly stock-ups, and that new grocery delivery customers come to DoorDash first. He confirmed that cohorts increase their spend and wallet share over time. CFO Ravi Inukonda explained that new cohorts are not demographically different and often come from suburban markets or start their journey directly with grocery, while older cohorts continue to show strong engagement and wallet share growth.

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CEO Dara Khosrowshahi positioned the partnership as a positive move to increase AV supply, stating Uber can afford to invest in catalysts for the ecosystem while returning significant capital to shareholders. CFO Prashanth Mahendra-Rajah added that the new $20 billion share repurchase authorization underscores their commitment to shareholder returns, and that AV investments will be funded in part by recycling proceeds from existing minority stakes. Mahendra-Rajah stressed these investments will be modest compared to buybacks and are intended to build a knowledge base to attract third-party financing later.

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CEO Dara Khosrowshahi indicated that while Uber is experimenting with LLMs, the current focus is on improving internal user experiences like search, not yet on external partnerships for commerce. CFO Prashanth Mahendra-Rajah explained that sparse markets extend the company's growth runway, as core cities still grow at double-digit rates. He affirmed that once mature, these sparse markets achieve margin profiles in line with core urban markets.

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CEO Dara Khosrowshahi explained that while Uber may take some early balance sheet risk to catalyze the AV market, he expects ownership to eventually shift to fleet partners and financial players. He estimated the addressable market for AVs over the next five years to be around 10-15% of the total marketplace, concentrated in high-revenue-per-mile markets in the U.S. and Europe as regulations and operational domains expand.

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President & CEO Jamie Iannone stated that growth will come from both existing focus categories, which grew 10% in the quarter, and new ones like fashion, supported by horizontal AI innovations. He noted that while traffic from AI search is currently small, it is growing and these users demonstrate high shopping intent, which aligns with eBay's strategy around unique and non-new inventory.

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CEO Jamie Iannone explained that China-to-U.S. shipping is about 5% of total GMV, with three-quarters of that volume already forward-deployed in the U.S. and subject to tariffs. He stated that eBay views AI agents and partnerships like the one with Facebook Marketplace as new channels to give its sellers' unique inventory broader exposure, similar to historical investments in SEO and Google ads.

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CEO Jamie Iannone attributed the success in Parts & Accessories to a multi-year accumulation of innovations rather than a single factor. He cited improved fitment tools, the 'guaranteed fit' program, vast inventory breadth, and service additions like tire installation as key drivers. Regarding China-sourced inventory, he confirmed that the majority is 'forward deployed' to destination markets, which reduces shipping times and provides a degree of insulation from shipping-related disruptions.

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CEO Josh Silverman stated that agentic traffic volume is still too small to analyze behavior but believes Etsy is well-positioned to win due to its unique inventory and strong engineering. He explained that Generative AI is crucial for paid social, not just for ad copy, but for creating personalized landing experiences on the fly, which helps solve the challenge of Etsy's 'broad but not deep' inventory.

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CFO Lanny Baker confirmed that both higher compute costs for ML/search and the loyalty program created modest deleverage on gross margin. He indicated that while investment in ML and search will continue, he does not expect the headwind from the loyalty program, which is still in beta, to grow dramatically from its current level during the year.

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CEO David Risher positioned FREENOW as a premium, taxi-first marketplace with a large offline opportunity in Europe. CFO Erin Brewer added that the deal aligns with their capital strategy and should close in 2H 2025. On consumer behavior, Brewer noted affordability has long been a focus, while Risher highlighted how products like PriceLock build habits through reliability, not just low prices, citing its high retention rate.

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CFO Erin Brewer explained that the outperformance in cost of revenue was primarily due to shorter average trip distances. Regarding G&A, she noted that the line can be lumpy as less than half is fixed cost and it includes variable items like tax and legal accruals and excess insurance. She stated there wasn't a single specific item to call out for the quarterly change.

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CFO Jeff Hoffmeister clarified that marketing spend remains performance-based across all segments and geographies, with no change in philosophy. President Harley Finkelstein addressed the AI question, stating Shopify sees LLMs as a major opportunity. He confirmed partnerships with firms like Perplexity and OpenAI, positioning Shopify to be the retail operating system wherever commerce occurs, thereby increasing its value.

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President Harley Finkelstein acknowledged that consumer discovery flows are constantly changing, which is why Shopify integrates with various platforms like YouTube, TikTok, and Roblox. He assured that as consumer search and buying preferences shift, Shopify will ensure its merchants are present and discoverable on new channels, reinforcing its role as a central retail operating system.

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CEO Andy Jassy responded that retailers like Amazon will establish their own terms for interacting with external agents, given the significant investments in their platforms. He emphasized Amazon's focus on its own AI assistant, Rufus, which is continuously improving. He highlighted its current utility for finding product facts and summarizing reviews, and noted its personalization and discovery capabilities will expand significantly through 2025, making it more helpful to customers.

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CEO Sumit Singh stated that the secular shift to e-commerce remains strong, with Chewy's site traffic picking up due to its own recent efforts. He described the competitive landscape as relatively stable, noting some increased promotionality in non-discretionary categories. However, he emphasized that Chewy is well-insulated due to its revenue mix, with approximately 85% coming from consumables and health categories.

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