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    Nathan Feather • Morgan Stanley

    Nathan Feather's questions to Figs Inc (FIGS) leadership

    Nathan Feather's questions to Figs Inc (FIGS) leadership • Q2 2025

    Question

    Nathan Feather of Morgan Stanley sought clarity on the macro headwinds built into the full-year guidance and asked whether the Community Hub expansion is a continued test or a more accelerated rollout.

    Answer

    CFO Sarah Oughtred clarified that the primary factor in the second-half outlook is the larger impact from the promotional pullback, with guidance remaining prudently cautious. CEO Trina Spear confirmed an accelerated rollout for Community Hubs, announcing new locations in Houston, New York, and Chicago, driven by strong new customer acquisition (nearly 40%) and positive learnings from existing stores.

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    Nathan Feather's questions to Duolingo Inc (DUOL) leadership

    Nathan Feather's questions to Duolingo Inc (DUOL) leadership • Q2 2025

    Question

    Nathan Feather of Morgan Stanley inquired about the drivers behind the moderation in Daily Active User (DAU) growth and the outlook for the remainder of the year. He also asked for an update on the Chinese market, including product resonance and the potential launch of Duolingo Max features.

    Answer

    CEO Luis von Ahn attributed the 40% DAU growth, at the lower end of guidance, to a temporary pullback in 'edgy' social media posts following backlash to his AI commentary, which primarily affected young US users. He stated this impact is in the past and no significant change is expected next quarter. Regarding China, von Ahn highlighted it as the fastest-growing market, boosted by a successful partnership with Luckin Coffee. He noted that Duolingo Max is not yet available there due to regulatory requirements for local LLMs, with an uncertain timeline.

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    Nathan Feather's questions to Duolingo Inc (DUOL) leadership • Q2 2025

    Question

    Nathan Feather from Morgan Stanley inquired about the drivers behind the moderation in DAU growth, the outlook for user growth, and Duolingo's performance and strategy in the Chinese market, including the potential launch of Duolingo Max features.

    Answer

    CEO Luis von Ahn attributed the DAU growth moderation primarily to a temporary pullback in 'edgy' social media content in the U.S. following his comments on AI, which caused negative sentiment. He stated the impact is now past. Regarding China, von Ahn described it as the fastest-growing market, highlighting a successful partnership with Luckin Coffee. He noted that Duolingo Max is not yet available there due to regulatory requirements for government approval of local LLMs.

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    Nathan Feather's questions to Duolingo Inc (DUOL) leadership • Q1 2025

    Question

    Nathan Feather of Morgan Stanley asked about the company's relative prioritization for new content production, weighing further language courses against deeper content for existing courses and new subjects.

    Answer

    CEO Luis von Ahn stated that language learning remains the top priority and the majority of effort goes there. He emphasized that content creation is now focused on improving and advancing existing courses using their AI pipeline, rather than adding many new languages where there are diminishing returns. New subjects like math are also receiving significant AI-driven content expansions.

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    Nathan Feather's questions to Match Group Inc (MTCH) leadership

    Nathan Feather's questions to Match Group Inc (MTCH) leadership • Q2 2025

    Question

    Nathan Feather asked for the best way for investors to track the company's turnaround and what internal metrics management is monitoring amid accelerated product testing.

    Answer

    CEO Spencer Rascoff detailed the key internal funnel metrics he tracks daily: 1) New Registrations, 2) MAU/DAU (audience), 3) Four-way chats, and 4) Contact exchanges. He stated that while these metrics are still down year-over-year, the rate of decline has significantly improved in recent months. Rascoff also acknowledged the need for more investor visibility and is exploring which metrics can be shared externally in the future.

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    Nathan Feather's questions to Revolve Group Inc (RVLV) leadership

    Nathan Feather's questions to Revolve Group Inc (RVLV) leadership • Q2 2025

    Question

    Nathan Feather asked about the long-term margin benefits from tariff mitigation efforts and the timeline for seeing price increases on owned and third-party brands.

    Answer

    Co-Founder & Co-CEO Mike Karanikolas explained that tariff pressures led to deeper, long-term partnerships with brands that create win-win solutions. He noted that third-party brands are beginning to pass through mid-single-digit price increases, and Revolve's owned brand strategy is to adjust pricing in line with the broader market.

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    Nathan Feather's questions to eBay Inc (EBAY) leadership

    Nathan Feather's questions to eBay Inc (EBAY) leadership • Q2 2025

    Question

    Nathan Feather of Morgan Stanley asked for the primary drivers behind the strong U.S. GMV growth relative to international markets and how to think about its persistence. He also requested more detail on where the company plans to reinvest its year-to-date outperformance.

    Answer

    President & CEO Jamie Iannone attributed the U.S. strength to a more favorable macro environment and robust consumer demand, whereas Europe remains challenging. He stated that planned reinvestments will target strategic initiatives like U.S. pre-loved fashion, C2C experience enhancements in the UK and Germany, the burgeoning eBay Live platform, and continued innovation in AI.

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    Nathan Feather's questions to ETSY Inc (ETSY) leadership

    Nathan Feather's questions to ETSY Inc (ETSY) leadership • Q2 2025

    Question

    Nathan Feather asked for a breakdown of the increased marketing spend between the Etsy marketplace and Depop, and inquired about the ROAS gap between paid social and traditional channels like Google Shopping.

    Answer

    CEO Josh Silverman stated that Q2 spend was more normalized but Q3 will see accelerated investment in Depop. He noted the Q2 increase was driven by opportunistic Google ad buys and improved Martech. CFO Lanny Baker added that Depop's marketing is focused on long-term awareness, implying a longer payback period. The company is making progress in paid social, diversifying spend to build consideration earlier in the customer journey.

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    Nathan Feather's questions to Chewy Inc (CHWY) leadership

    Nathan Feather's questions to Chewy Inc (CHWY) leadership • Q1 2025

    Question

    Nathan Feather of Morgan Stanley asked about the Chewy Plus membership program, which recently exited its beta phase, inquiring about adoption rates and the impact on customer unit economics and share of wallet.

    Answer

    CEO Sumit Singh reported that Chewy Plus is showing strong membership growth and positive feedback, with members exhibiting higher session frequency, more orders, and greater cross-category purchasing. He confirmed these members are driving incremental contribution profit. CFO David Reeder contextualized this within Chewy's broader loyalty ecosystem, which includes Autoship, to drive overall customer engagement and reduce churn.

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    Nathan Feather's questions to Chewy Inc (CHWY) leadership • Q1 2025

    Question

    Nathan Feather of Morgan Stanley asked about the Chewy Plus membership program now that it is out of beta, inquiring about adoption rates and the observed changes in unit economics and customer wallet share.

    Answer

    CEO Sumit Singh stated that since its full launch, Chewy Plus has shown strong membership growth and positive customer feedback. He noted that members exhibit higher active sessions, order frequency, and cross-category penetration compared to non-members, leading to incremental contribution profit. CFO David Reeder added that Chewy Plus is part of a broader loyalty ecosystem, including Autoship, that drives customer engagement and growth.

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