Sign in

    Ron Josey

    Managing Director and Senior U.S. Internet Analyst at Citigroup Inc.

    Ron Josey is a Managing Director and Senior U.S. Internet Analyst at Citigroup, specializing in equity research on leading internet and digital advertising companies. He is recognized for covering major firms such as Meta (Facebook), Reddit, and other notable names in the communication services sector, boasting a 57% success rate on recommendations and an average return per transaction of 23.8%. Josey began his analyst career over a decade ago, with significant tenure at Citi and prior experience at other prominent research institutions, advancing to his current position in New York. He holds key professional credentials including FINRA registration and relevant securities licenses, and has been acknowledged for his performance in analyst rankings.

    Ron Josey's questions to Ibotta (IBTA) leadership

    Ron Josey's questions to Ibotta (IBTA) leadership • Q2 2025

    Question

    Ron Josey from Citi inquired about the rollout of the Cost Per Incremental Dollar (CPID) model, asking for details on the third-party validation that showed better results and how the six new pilots compare to earlier ones.

    Answer

    Founder and CEO Brian Leach explained that the third-party validation uses an independent panel to measure lift between exposed and unexposed audiences, confirming incremental sales and a more favorable CPID, which suggests Ibotta's internal metrics are conservative. He added that the new pilots involve some of the world's largest CPG companies, elevating conversations from promotions teams to senior P&L owners.

    Ask Fintool Equity Research AI

    Ron Josey's questions to Getty Images Holdings (GETY) leadership

    Ron Josey's questions to Getty Images Holdings (GETY) leadership • Q2 2025

    Question

    On behalf of Ron Josey, Jake from Citi asked about the key drivers behind the increase in the subscription revenue mix and the significant uptick in the annual subscription revenue retention rate to 93.4%. He also requested an update on the Stability AI litigation, specifically the strategy behind dropping copyright claims in the UK and the company's confidence in the US case.

    Answer

    CFO Jennifer Leyden attributed the subscription growth to momentum in e-commerce (iStock, Unsplash Plus) and the core Premium Access offering. She stated the retention rate improvement was driven by lapping the Hollywood strikes, strong corporate growth, and the stabilization of lower-retention e-commerce subscribers. CEO Craig Peters added that the UK copyright claim was dropped because discovery could not prove the AI training occurred within UK jurisdiction, and that the core training-related claims are being actively pursued in the US.

    Ask Fintool Equity Research AI

    Ron Josey's questions to ACV Auctions (ACVA) leadership

    Ron Josey's questions to ACV Auctions (ACVA) leadership • Q2 2025

    Question

    An analyst on for Ron Josey at Citigroup inquired about the evolution of dealer conversations and their appetite for cross-selling offerings like ACV MAX in the current macro environment, and asked for an update on ClearCar's go-to-market success.

    Answer

    CEO George Chamoun reported that ACV MAX had a record bookings quarter and reiterated their strategy of using data services to build long-term wholesale partnerships rather than to maximize immediate revenue. He noted ClearCar's primary success has been in helping dealers acquire vehicles from their own service lanes. A future enhancement will combine the guarantee offering with both ClearCar and ACV MAX.

    Ask Fintool Equity Research AI

    Ron Josey's questions to PINTEREST (PINS) leadership

    Ron Josey's questions to PINTEREST (PINS) leadership • Q2 2025

    Question

    Ron Josey of Citigroup Inc. inquired about evolving usage trends, particularly how the rise of Gen Z to 50% of MAUs is impacting search behavior and direct traffic to the platform.

    Answer

    CEO Bill Ready explained that Gen Z increasingly views Pinterest as a visual search engine, a trend supported by a recent Adobe study. He highlighted that this behavior is driven by AI-powered recommendations that create a personalized experience, leading to strong user growth across all demographics and geographies. Ready emphasized that 85% of users come directly to the mobile app, indicating Pinterest is a primary destination for visual discovery.

    Ask Fintool Equity Research AI

    Ron Josey's questions to PINTEREST (PINS) leadership • Q2 2025

    Question

    Ron Josey from Citigroup inquired about Pinterest's overall usage trends, particularly how the platform's use is evolving with Gen Z now comprising over 50% of MAUs and the growing trend of users starting their search journeys directly on Pinterest.

    Answer

    CEO Bill Ready highlighted that user growth is strong across all geographies and generations, with Gen Z viewing Pinterest as a primary search engine due to its visual appeal. He noted that AI paired with curation signals makes Pinterest 'just get' the user, driving direct traffic from its 100% logged-in user base.

    Ask Fintool Equity Research AI

    Ron Josey's questions to DoorDash (DASH) leadership

    Ron Josey's questions to DoorDash (DASH) leadership • Q2 2025

    Question

    Ron Josey asked for more detail on DashPass cohort trends, particularly for newer members, and requested any updated thoughts on the pending Deliveroo integration.

    Answer

    CFO Ravi Inukonda reported that DashPass had a very solid quarter, driven by continuous product improvements in selection, quality, and affordability. He noted that even cohorts from five to six years ago are engaging at higher levels. CEO & Chair Tony Xu commented on Deliveroo, stating the deal is anticipated to close in Q4, subject to regulatory review. He affirmed that, should it close, the business will be run with DoorDash's philosophy of investing for long-term margin dollar growth.

    Ask Fintool Equity Research AI

    Ron Josey's questions to Airbnb (ABNB) leadership

    Ron Josey's questions to Airbnb (ABNB) leadership • Q2 2025

    Question

    Ron Josey asked about the merchandising strategy for Experiences, how learnings from test markets like Paris will be scaled, and for an update on a potential loyalty program.

    Answer

    CEO Brian Chesky detailed a merchandising strategy using personalized carousels and increased in-app touchpoints, with learnings from a dedicated team in Paris being rapidly scalable. On loyalty, he acknowledged a competitive disadvantage and said to expect a novel, non-traditional program in the future, though not imminently, to reward the company's large base of repeat customers.

    Ask Fintool Equity Research AI

    Ron Josey's questions to MNTN (MNTN) leadership

    Ron Josey's questions to MNTN (MNTN) leadership • Q2 2025

    Question

    Ron Josey from Citi asked a high-level question about what will unlock the full monetization of TV's scale and engagement. He also inquired about the company's investments in brand building and awareness, given the flat sales headcount.

    Answer

    CEO Mark Douglas stated the key unlock is applying data and AI to bring the large SMB market into TV advertising, a segment previously excluded. He emphasized that making TV measurable and accessible for these businesses is the primary growth driver. CFO Patrick Pohlen clarified that the recent increase in S&M spend was driven by marketing investments to build brand awareness with this long-tail of SMBs, not by increased headcount.

    Ask Fintool Equity Research AI

    Ron Josey's questions to Xometry (XMTR) leadership

    Ron Josey's questions to Xometry (XMTR) leadership • Q2 2025

    Question

    Ron Josey inquired about the benefits of expanding instant quoting capabilities on customer conversion rates. He also asked for details on the pricing environment and adjustments made during the quarter, particularly concerning macro trends and tariffs.

    Answer

    CEO Randy Altschuler explained that expanding the scope of instant quoting across more processes and materials is a key focus to reduce friction and increase order speed. CFO James Miln clarified that tariffs are an input into their dynamic pricing algorithms, and the marketplace adjusts to reflect cost changes, offering customers flexibility with both domestic and global sourcing options to navigate the environment.

    Ask Fintool Equity Research AI

    Ron Josey's questions to AMAZON COM (AMZN) leadership

    Ron Josey's questions to AMAZON COM (AMZN) leadership • Q2 2025

    Question

    Ron Josey of Citigroup asked how Amazon is adopting GenAI internally to improve its own efficiencies and speed to market, referencing a recent internal memo from the CEO.

    Answer

    CEO Andy Jassy described AI as the 'biggest technology transformation of our lifetime' and confirmed Amazon is aggressively embracing it internally. He cited examples like the coding agent Curo and AI in the Amazon Connect service to enhance productivity. The primary goals are to automate rote work, allowing teams to invent more quickly and expansively for customers.

    Ask Fintool Equity Research AI

    Ron Josey's questions to AMAZON COM (AMZN) leadership • Q2 2025

    Question

    Ron Josey asked how Amazon is adopting Generative AI internally to improve efficiencies and speed to market, referencing a recent blog post by the CEO.

    Answer

    CEO Andy Jassy confirmed that Amazon is aggressively embracing AI internally to reshape how work is done. He cited examples like using the coding agent Curo to accelerate development and leveraging AI in the AWS Connect service to improve customer service productivity. The primary goals are to invent more quickly for customers and make employees' roles more impactful by automating rote tasks.

    Ask Fintool Equity Research AI

    Ron Josey's questions to Reddit (RDDT) leadership

    Ron Josey's questions to Reddit (RDDT) leadership • Q2 2025

    Question

    Ron Josey from Citi asked for more detail on the strategy to make Reddit Answers a central part of the user experience and questioned how advertiser relationships have evolved over the past year amid strong growth.

    Answer

    CEO Steve Huffman explained the plan is to unify the existing native search with Reddit Answers into a single, prominent search experience within the app. COO Jen Wong described advertiser relationships as deepening, noting the creation of a global accounts team, integration with third-party tools like Smartly, and a trend of advertisers utilizing Reddit for full-funnel campaigns.

    Ask Fintool Equity Research AI

    Ron Josey's questions to Reddit (RDDT) leadership • Q2 2025

    Question

    Ron Josey from Citi asked for more detail on the strategy to make Reddit Answers a more central part of the user experience and questioned how relationships with advertisers have evolved over the past year.

    Answer

    CEO Steve Huffman explained the plan is to unify the existing native search with the Reddit Answers product into a single, prominent search experience within the app. COO Jen Wong detailed that advertiser relationships have deepened, leading to the creation of a global accounts team for top clients, integration with third-party tools like Smartly to meet demand, and seeing more advertisers utilize Reddit's full-funnel capabilities.

    Ask Fintool Equity Research AI

    Ron Josey's questions to CARVANA (CVNA) leadership

    Ron Josey's questions to CARVANA (CVNA) leadership • Q2 2025

    Question

    Ron Josey from Citi asked how quickly new ADESA sites reach efficiency levels comparable to legacy IRCs. He also asked for examples of e-commerce experience changes that have improved conversion rates.

    Answer

    CEO Ernie Garcia explained that reaching peak efficiency at ADESA sites will take time, as their current low utilization makes them a near-term investment in future growth. Regarding the e-commerce experience, he noted that while the focus has been on efficiency, they are working on making it more 'fun' but chose to keep specific initiatives confidential for now.

    Ask Fintool Equity Research AI

    Ron Josey's questions to CARVANA (CVNA) leadership • Q2 2025

    Question

    Ron Josey from Citi inquired about how quickly new ADESA sites reach efficiency levels comparable to legacy IRCs and asked for examples of e-commerce changes that have improved conversion rates.

    Answer

    CEO Ernie Garcia explained that it will take time for ADESA sites to reach peak efficiency, as they are currently at a much lower utilization rate, making them a strategic investment in future growth. Regarding e-commerce, he noted the focus has been on efficiency, which makes the experience faster and simpler, but declined to share specific 'fun' enhancements they are working on.

    Ask Fintool Equity Research AI

    Ron Josey's questions to Meta Platforms (META) leadership

    Ron Josey's questions to Meta Platforms (META) leadership • Q2 2025

    Question

    Ron Josey asked about engagement growth for Meta AI, particularly on WhatsApp, how next-gen models will drive adoption, and the potential for monetizing search and queries.

    Answer

    CEO Mark Zuckerberg confirmed a direct correlation between model improvements and user engagement, stating that as models like Llama get better, usage naturally increases. He expressed excitement for the product roadmap but declined to share specific future capabilities or monetization plans for Meta AI queries at this time.

    Ask Fintool Equity Research AI

    Ron Josey's questions to Meta Platforms (META) leadership • Q2 2025

    Question

    Ron Josey of Citi inquired how Meta's next-generation models will drive further adoption and personalization for Meta AI, which has reached a billion users. He also asked about the potential for monetizing search and queries, particularly within WhatsApp.

    Answer

    CEO Mark Zuckerberg explained that engagement with Meta AI directly correlates with model improvements, so as new versions like Llama 4.1 are released, usage is expected to grow. He noted the models are general-purpose, so improvements benefit a wide range of user queries. He declined to share a specific roadmap but expressed excitement about future capabilities.

    Ask Fintool Equity Research AI

    Ron Josey's questions to Meta Platforms (META) leadership • Q2 2025

    Question

    Ron Josey from Citi asked for more details on Meta AI's growing engagement, particularly on WhatsApp, and how next-generation models will drive further adoption. He also inquired about the potential to monetize search and queries on the platform.

    Answer

    CEO Mark Zuckerberg confirmed a direct correlation between model improvements and user engagement, stating that as models like Llama get better, usage naturally increases across a wide range of tasks. While he declined to share a specific product roadmap or monetization timeline, he expressed strong optimism about future capabilities and the growth trajectory.

    Ask Fintool Equity Research AI

    Ron Josey's questions to Fiverr International (FVRR) leadership

    Ron Josey's questions to Fiverr International (FVRR) leadership • Q2 2025

    Question

    Ron Josey asked for an update on the progress of Fiverr's managed services offering, the broader shift to upmarket clients, and for more details on Fiverr Go's impact on conversion rates.

    Answer

    Micha Kaufman, Founder & CEO, explained that the upmarket strategy is succeeding, with over 50% of marketplace GMV now from transactions over $200. This shift towards larger, more sophisticated customers reduces exposure to macro-sensitive SMBs. Regarding Fiverr Go, he highlighted a 50% jump in seller usage, noting it significantly improves conversion rates and efficiency, with a long-term vision for it to become a smart AI agent for sellers.

    Ask Fintool Equity Research AI

    Ron Josey's questions to Booking Holdings (BKNG) leadership

    Ron Josey's questions to Booking Holdings (BKNG) leadership • Q2 2025

    Question

    Ron Josey of Citi inquired about the conversion rates and repeat usage of the new natural language search feature and asked about the long-term P&L evolution, particularly marketing leverage, given the growth in direct channels.

    Answer

    CEO Glenn Fogel stated that while not providing specific metrics, the natural language feature remains live because it is performing positively. CFO Ewout Steenbergen addressed the P&L, describing a "double discipline" philosophy of driving operating leverage from scale while making disciplined reinvestments in high-growth areas like fintech and GenAI to accelerate future top-line growth.

    Ask Fintool Equity Research AI

    Ron Josey's questions to Booking Holdings (BKNG) leadership • Q2 2025

    Question

    Ron Josey from Citi asked about the tangible results from the new natural language search feature and the long-term evolution of the P&L, particularly marketing leverage, given the increasing mix of direct bookings.

    Answer

    CEO Glenn Fogel implied the natural language search feature was successful, as underperforming features are removed. CFO Ewout Steenbergen described a 'double discipline' philosophy: driving operating leverage from scale while making disciplined reinvestments in growth areas like GenAI. He noted this year's plan involves using $150 million in savings to fund $170 million in investments to accelerate future top-line growth.

    Ask Fintool Equity Research AI

    Ron Josey's questions to trivago (TRVG) leadership

    Ron Josey's questions to trivago (TRVG) leadership • Q1 2025

    Question

    Speaking on behalf of Ron Josey from Citigroup, a representative asked for details on hotel search performance, including learnings from AI-generated highlights and plans for AI Smart Search. He also inquired about the performance of localized marketing campaigns in Brazil and Japan.

    Answer

    Executive Johannes Thomas explained that AI highlights differentiate trivago by focusing on unique hotel features, which improves user comparison and conversion. He noted the AI search experience is now integrated into the main search bar, allowing for complex semantic queries. Regarding localized campaigns, he used Japan as an example where the objective was to build brand awareness and familiarity, a goal that has been successful so far. He reiterated that the company sees marketing elasticity across all segments, justifying further investment.

    Ask Fintool Equity Research AI

    Ron Josey's questions to ZILLOW GROUP (ZG) leadership

    Ron Josey's questions to ZILLOW GROUP (ZG) leadership • Q3 2024

    Question

    An analyst from Citigroup asked about the primary drivers behind the residential revenue segment's continued outperformance and questioned the go-to-market strategy following the hiring of a new head of agent sales, particularly regarding sales team integration.

    Answer

    CFO Jeremy Hofmann attributed the residential revenue outperformance to conversion improvements, strong growth from Zillow Showcase, and solid performance from the new construction marketplace and software solutions like ShowingTime+ and Follow Up Boss. CEO Jeremy Wacksman added that the new sales leadership aims to create a more integrated, scaled go-to-market approach, eventually presenting 'one face to the industry' for all of Zillow's products.

    Ask Fintool Equity Research AI

    Ron Josey's questions to ZILLOW GROUP (ZG) leadership • Q3 2024

    Question

    Ron Josey asked for the key drivers behind residential revenue's outperformance against the industry and questioned the go-to-market strategy following the hiring of a new head of agent sales, particularly regarding the integration of various sales teams.

    Answer

    CFO Jeremy Hoffman attributed the outperformance to continued conversion improvements in Premier Agent, strong growth from Zillow Showcase, and solid contributions from the new construction marketplace and software solutions like ShowingTime+ and Follow Up Boss. CEO Jeremy Wacksman added that the new sales leadership aims to create a more integrated go-to-market approach, presenting 'one face to the industry' for all of Zillow's products.

    Ask Fintool Equity Research AI