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    Ron Josey • Citigroup Inc.

    Ron Josey's questions to Ibotta Inc (IBTA) leadership

    Ron Josey's questions to Ibotta Inc (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.

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

    Ron Josey's questions to ACV Auctions Inc (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.

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

    Ron Josey's questions to Getty Images Holdings Inc (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.

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    Ron Josey's questions to Pinterest Inc (PINS) leadership

    Ron Josey's questions to Pinterest Inc (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.

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    Ron Josey's questions to Pinterest Inc (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.

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    Ron Josey's questions to DoorDash Inc (DASH) leadership

    Ron Josey's questions to DoorDash Inc (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.

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    Ron Josey's questions to Airbnb Inc (ABNB) leadership

    Ron Josey's questions to Airbnb Inc (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.

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    Ron Josey's questions to Everest Consolidator Acquisition Corp (MNTN) leadership

    Ron Josey's questions to Everest Consolidator Acquisition Corp (MNTN) leadership • Q2 2025

    Question

    Ron Josey asked a high-level question about what unlocks the full monetization potential of TV's engagement and scale. He also inquired about the specific investments being made in brand building, given that sales headcount has remained flat.

    Answer

    CEO Mark Douglas explained that the key unlock is data, which allows MNTN to bring previously excluded small and mid-sized businesses to TV and make the medium measurable and effective for them. CFO Patrick Pohlen clarified that the recent increase in sales and marketing spend was not for headcount but for direct marketing investment, running more ad campaigns to attract and build awareness among the target SMB customer base.

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    Ron Josey's questions to Xometry Inc (XMTR) leadership

    Ron Josey's questions to Xometry Inc (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.

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    Ron Josey's questions to Reddit Inc (RDDT) leadership

    Ron Josey's questions to Reddit Inc (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.

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    Ron Josey's questions to Reddit Inc (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.

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    Ron Josey's questions to Amazon.com Inc (AMZN) leadership

    Ron Josey's questions to Amazon.com Inc (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.

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    Ron Josey's questions to Amazon.com Inc (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.

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    Ron Josey's questions to Carvana Co (CVNA) leadership

    Ron Josey's questions to Carvana Co (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.

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    Ron Josey's questions to Carvana Co (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.

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

    Ron Josey's questions to Meta Platforms Inc (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.

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    Ron Josey's questions to Meta Platforms Inc (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.

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    Ron Josey's questions to Meta Platforms Inc (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.

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

    Ron Josey's questions to Fiverr International Ltd (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.

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

    Ron Josey's questions to Booking Holdings Inc (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.

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    Ron Josey's questions to Booking Holdings Inc (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.

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    Ron Josey's questions to Trivago NV (TRVG) leadership

    Ron Josey's questions to Trivago NV (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.

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    Ron Josey's questions to Zillow Group Inc (ZG) leadership

    Ron Josey's questions to Zillow Group Inc (ZG) leadership • Q3 2024

    Question

    Ron Josey asked about the primary drivers behind the residential revenue segment's outperformance against the broader industry and inquired about the go-to-market strategy, specifically how the Premier Agent, Showcase, and software sales teams will be integrated.

    Answer

    CFO Jeremy Hofmann attributed the residential revenue outperformance to continued 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 hiring of a new sales leader signals a move toward a more integrated sales organization, with the goal of having 'one face to the industry' to represent all of Zillow's products.

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