Naved Khan • B. Riley Securities

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Co-CEO Song Lin explained that Opera GX's user numbers were affected by seasonality, as its younger gamer audience is more impacted by summer. He highlighted strong growth in Europe, where AI competition is raising general browser awareness. He noted that the company focuses its marketing efforts on specific product lines rather than broad geographic segments.

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Co-CEO Lin Song explained that the company is capitalizing on high user intent, which shifts some monetization from traditional search to broader advertising formats, boosting overall revenue. He attributed the GX ARPU dip to seasonality. CFO Frode Jacobsen added that a strong U.S. dollar created a 5-6 percentage point headwind on year-over-year growth.

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CFO Frode Jacobsen stated that the 15% annual search growth was very strong and expects the Google partnership renewal in H2 2025. Co-CEO Lin Song attributed the AdTech strength to deepening relationships with major e-commerce partners and strong performance-based execution, rather than regional expansion, which led to larger budget allocations.

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CFO Frode Jacobsen explained that e-commerce revenue is growing faster than the overall advertising segment and is becoming a material part of the business. He clarified that the Q4 marketing budget increase is a strategic shift of unused Q3 funds to support the new Opera One R2 and upcoming GX releases. Co-CEO Song Lin added that the strength in e-commerce is driven by its performance-based model, which ensures advertiser satisfaction and signals strong future potential.

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CFO Bill Zarella quantified that a recent acquisition in Indiana contributed about 1% to dealer unit growth in the quarter. CEO George Chamoun explained that the core strategy for physical expansion is focused on building capital-efficient greenfield locations, like the one in Houston. While open to M&A at the right price, the primary plan is to build, with a second greenfield location already planned for Q1 of next year.

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CFO Bill Zerella addressed the ACV Capital question, highlighting improved risk management capabilities that led to a 50% year-over-year decrease in bad debt expense despite strong revenue growth. CEO George Chamoun added that ACV's current exposure to the commercial/fleet segment is still early-stage, mitigating the direct impact of any potential slowdown in that area. Both executives confirmed that the attach rate for ACV Capital is rising and that off-platform financing is a new growth vector.

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CEO George Chamoun confirmed that Q4 conversion rates were slightly up, providing a helpful tailwind. For transportation, he attributed margin improvement to the early success of bundling vehicle shipments. By grouping cars on trucks already heading in the same direction, ACV can pass savings to dealers while simultaneously improving its own margins. CFO Bill Zerella added that an updated view on transport margin expectations would be provided at the upcoming Analyst Day.

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CEO George Chamoun attributed the strong conversion rate to both favorable market conditions and ACV's ongoing technology and product enhancements that improve vehicle merchandising. For transportation, he credited the record margin to the team's effective use of AI for pricing lanes and the early benefits from bundling vehicle shipments to optimize logistics.

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CEO Aman Bhutani explained that Rate Saver is a permanent product feature, not a promotion, designed to sustainably reduce merchant costs and is part of a broader strategy to enhance the SaaS component of their commerce offering. He also confirmed that practically all new customers at the top of the funnel are now exposed to the Arrow experience, which allows for better segmentation and engagement.

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CFO Mark McCaffrey explained that the gross margin was within the expected range of 64% plus or minus 100 basis points, with fluctuations driven by product mix, and directed focus to the expanding normalized EBITDA margin. CEO Aman Bhutani stated that the digital marketing suite is still small with no specific metrics to share, but confirmed it is one of many options being evaluated in the bundling and pricing test pipeline.

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CFO Mark McCaffrey confirmed a small FX headwind is in the guide and that they expect a return to customer growth. CEO Aman Bhutani noted that they are already judicious with AI costs, so any further price decreases are a net positive for the company and its customers.

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CEO Aman Bhutani clarified that the 40% share has been increasing over recent months and that it's too early to predict a ceiling. He explained that the long-term goal is to unify all on-ramps with the Airo experience, making the distinction between starting points less relevant as all customers will receive a similar comprehensive product discovery journey.

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CEO Ariane Gorin noted an increase in supplier-driven promotions, reflecting both partner participation and consumer price sensitivity. She explained that Expedia's own promotional activity is methodically optimized with marketing and loyalty for best returns. Regarding all-in pricing, she stated that while any UX change causes adjustments, the impact was within expectations and is viewed as a positive for travelers. CFO Scott Schenkel clarified that loyalty costs are not in marketing expenses.

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CEO Ariane Gorin described the new Instagram integration as an innovative trip-planning feature. Regarding demand, she noted that April was softer than March, particularly in the U.S., and that consumers are shifting to lower-priced rate plans (e.g., non-refundable) rather than trading down on hotel star ratings. She stated the company is well-positioned to serve the demand that exists.

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CEO Ariane Gorin confirmed the new urban inventory contributed to Vrbo's recovery but stated the 2025 supply focus is broader, emphasizing quality aspects like rate flexibility and cancellation policies, not just property count. Regarding advertising revenue, she expressed confidence in its continued growth, citing a long runway for innovation by adding more advertisers to the platform, introducing new ad types, and improving monetization tools.

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CEO Ariane Gorin expressed satisfaction with the One Key results, highlighting strong engagement from tiered members and successful cross-brand acquisition for Vrbo. She noted they are continuously tuning the program's value proposition and spend. For B2B, she described the market as massive and expects continued 'healthy double-digit' growth, even if the recent elevated rates, partly driven by Asia's recovery, moderate.

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CEO Tamir Poleg explained the plan is to open about 12 state-based title JVs, with some already showing positive signs, though he noted the strategy shift caused a temporary dip in title growth. COO Jenna Rozenblat confirmed there are more levers to pull on automation, with a new in-house AI automation team being established in Q3 to accelerate efficiency efforts. Regarding mortgage growth, Tamir Poleg attributed some of the 80% YoY increase to incentives offered to the end client (borrower), not the agent, and expressed confidence in accelerating growth even without further promotions.

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CEO Alex Vetter stated that AccuTrade churn is often tied to individual personnel changes at dealerships rather than product dissatisfaction, and that new enterprise-level deals are improving retention by institutionalizing the product. CFO Sonia Jain explained that the marketplace repackaging is rolling out over Q3 and Q4. She clarified it is a value-add initiative creating a new 'Premium Plus' tier, which is expected to mitigate churn risk compared to a pure pricing action.

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CEO Alex Vetter explained that tariffs are pulling consumer demand forward, boosting marketplace traffic, but creating uncertainty in OEM ad commitments, which are shifting to a month-to-month basis. He noted AccuTrade is seeing strong usage growth and inbound interest, with the slower subscription ramp attributed to necessary onboarding and training time. CFO Sonia Jain added that the benefits from recent OEM endorsements are expected to become more visible in Q2 results.

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CEO Alex Vetter highlighted strong AccuTrade momentum, with rising appraisal volumes and dealer acquisition rates, noting that new OEM endorsements should meaningfully contribute to growth starting in Q2. CFO Sonia Jain stated that while DealerClub integration costs will create some near-term margin pressure, the full-year margin expansion is expected to be a natural benefit of scaling revenue across the platform.

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CEO Alex Vetter confirmed that October's growth was broad-based across Marketplace and all product solutions, indicating a return of sales momentum post-DMS outage. CFO Sonia Jain added that Q3 marketing spend benefited from favorable comps and that Q4 spend could see sequential growth due to typical event seasonality.

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MD & CEO Johannes Thomas quantified the Q2 FX headwind as a -3% impact on top-line revenue, and -7% for the Americas segment specifically. Regarding brand investment, he stated that 2024 spend was only 50% of 2019 levels, indicating a significant runway for growth. He noted that the current strategy is effective, with a 22% increase in spend driving an 18% rise in referral revenue while maintaining a stable ROAS.

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Executive Robin Harries confirmed strong double-digit growth continued into April across all regions, supported by healthy ADRs and booking values in Q1. He noted that while some international traffic to the U.S. softened, strong domestic demand compensated for it. Executive Johannes Thomas elaborated on the Holisto acquisition, explaining the strategic goal is to simplify the user experience for less-known brands on trivago's platform, thereby lifting conversion rates. Robin Harries added that the deal's positive top-line impact is not yet reflected in the updated guidance.

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Executive Robin Harries explained that growth acceleration will be driven by scaling brand marketing investments and ongoing product improvements that boost conversion rates. He confirmed there are opportunities to expand into new markets and increase spending in existing ones. Executive Johannes Thomas added that the full-year guidance remains at 'at least high single-digit' because it's still early in the year, and noted that Q1 has a more favorable comparison base than subsequent quarters.

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Robin Harries, an executive at trivago, confirmed that Q4 was showing positive growth so far, with the Americas and Rest of World segments already positive. He noted that Developed Europe was showing improvement but remained slightly negative. Regarding traffic sources, Harries explained that while Google remains a headwind, positive performance from non-Google channels, such as Yahoo! in Japan and various social media platforms, was more than offsetting it in the Rest of World segment.

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CEO Josh Silverman described the company's 'test and learn' approach for Etsy Insider, noting the next version will have better economic guardrails and target their most valuable buyers. CFO Lanny Baker explained that while the app is a better long-term platform, new app users initially spend less than established ones, creating a mix effect. The long-term goal is to increase GMS per buyer and loyalty through the app experience.

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CEO Josh Silverman described the program as being in the 'earliest of early days,' with a limited beta launch to learn about user behavior and value propositions. He noted that both buyers and sellers supported the idea of free shipping, with buyers uniquely expressing a desire that sellers should not have to bear the cost.

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CEO Mike Walrath explained that the Scout waitlist includes a mix of new prospects, new customers, and existing customers. He stated that Yext has room to grow with its current sales headcount but will be opportunistic. Walrath anticipates a shorter sales cycle for Scout due to its clear value and easier implementation, and noted the product is currently in a controlled, open beta with no firm date for general availability yet.

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CFO Darryl Bond clarified that Places Scout has no material financial impact and that the Q4 ARR decline was primarily due to a $3.5M FX headwind. CEO Michael Walrath added that underlying ARR decline has slowed significantly and that future growth will be driven by improving retention and new product offerings. Walrath confirmed the company's confidence in the EBITDA guide is high due to direct control over expenses and sustainable operational improvements.

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CFO Darryl Bond characterized the slight sequential dip in direct ARR as stable, while CEO Mike Walrath added it reflects a focus on long-term customer health, evidenced by improving retention. Walrath expressed strong conviction that the shift to new search experiences is inevitable, as platforms will move from exploration to monetizable 'exploit' queries, increasing the need for Yext's structured data.

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CEO Mike Walrath attributed the return of 'boomerang' customers to competitors failing to deliver on promises, noting Yext's teams make it easy for them to come back. CFO Darryl Bond clarified the implied Q4 EBITDA margin is around 22%. Regarding the reseller model, Mike Walrath explained the shift offers flexibility to partners who may not want large upfront commitments, which can dampen reported committed ARR but provides more go-to-market options.

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Sam Zales, President and COO, addressed both questions. On OEM ads, he noted Q1 strength was driven by CarGurus' growing, high-intent audience, but acknowledged macro caution exists. Regarding CarOffer, he explained the company is conducting a broad strategic review. Examples include re-evaluating operational workflows (e.g., inspections, transport) and exploring new product-market fits, such as monetizing its unique predictive data insights or developing new seller-focused tools, to create a more flexible and profitable long-term business model.

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CFO Mike Noonan commented that changes in Google's ad placements are expected and that TripAdvisor remains nimble in utilizing new ad formats. On ABV, he clarified the decline is predominantly a result of a faster-growing mix of third-party bookings, which have lower ABVs but are highly incremental and profitable. CEO Matt Goldberg added that demand for higher-priced experiences has remained strong.

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CEO Matt Goldberg stated that new entrants like Airbnb validate the size of the experiences market and build category awareness, which benefits Tripadvisor's leadership position built on superior supply scale and a large traveler audience. CFO Mike Noonan clarified that the guidance for Viator is for adjusted EBITDA dollars to 'nearly double,' implying margin expansion without a specific target. He explained the FX headwind is primarily from U.S. travelers booking in Europe, where revenue is collected in USD but operators are paid in EUR.

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CEO Matt Goldberg clarified that while the experiences category is expected to grow strongly, Tripadvisor's focus is on leveraging its assets to enhance the group's overall profit profile through disciplined investment. He described the new rewards program as a key part of the free membership strategy, focusing on earning cash back from bookings rather than discounting, which is driving higher conversion and repeat engagement.

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CEO Brian Chesky positioned Airbnb as a partner to cities, citing successes during the Paris Olympics and disaster relief, and framed New York City's ban as a 'cautionary tale' that failed to lower rents. CFO Ellie Mertz stated that the DMA does not apply to Airbnb, consistent with previous commentary.

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CEO Glenn Fogel asserted that Booking Holdings is in a 'pole position' with GenAI due to its significant advantages in resources, data, and capital, which allow it to create a superior, personalized product compared to individual hotels. He clarified that partnerships with Asian super apps are a very small part of the business and not a material driver of its growth in the region.

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COO Jen Wong stated that Reddit is still in the early stages of monetizing conversation placements, including testing ads in comments. She noted that while it's a minority of inventory today, it's a high-intent surface with significant opportunity. The focus is on designing appropriate ad formats that follow consumer experience improvements, rather than simply increasing ad load.

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