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Bryan Leach, Founder and CEO, identified that expansion with current CPID clients depends on aligning with their budget cycles and completing deep-dive audits with their finance and measurement teams to build trust. For a broader rollout, he highlighted the need to automate currently manual analytical processes and implement machine learning for targeting and optimization. He emphasized that these steps are crucial to scale the offering from a few pilot clients to their entire client base efficiently.

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CEO Bryan Leach described the sales force evolution as a series of optimizations to support a more analytical, high-level sale, led by the new CRO. He explained that the CPID framework is a major leap from standard ROAS because it uses a control group to measure true, incremental, and profitable sales lift in near real-time, transforming promotions into an 'always-on' performance marketing channel.

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CEO Bryan Leach noted that early Instacart results show promise for high redemption rates and will help grow the general merchandise and beverage categories. CFO Sunit Patel explained that Instacart costs are unique as Ibotta is assuming an existing promotions business, leading to a near-term step-up in COGS, but these costs are relatively fixed and shouldn't impede long-term margin expansion. Bryan Leach added that the 3PP metric growth reflects network maturation and a favorable mix shift.

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CEO Craig Peters explained the corporate shift is a long-term trend of companies building in-house creative teams and growth in SMBs on iStock. He noted that optimizing the subscription mix on iStock may slow subscriber count growth but that revenue retention remains strong. CFO Jennifer Leyden clarified that the revenue recognition item is a recurring accounting entry, the impact from the LA fires is expected to linger but is included in guidance, and that broader macro uncertainty is factored into their outlook to the best of their ability.

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CFO Ellie Mertz stated the new launch's top-line impact will be modest initially but will scale over time, while associated expenses will more significantly impact EBITDA in the second half of the year. She agreed that in the current environment, Airbnb's diverse and affordable offerings, such as drive-to destinations, present an opportunity to merchandise listings that are more relevant to cost-conscious consumers.

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CEO Brian Chesky detailed numerous product optimizations, including personalized welcomes, mobile app pushes, and a simplified checkout page, which have boosted conversion. He also highlighted affordability and reliability improvements. CFO Ellie Mertz added that these optimizations lifted the exit growth rate by a couple of hundred basis points, contributing to the strong Q4 demand.

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CFO Julia Donnelly noted that verticals like tech, telecom, and entertainment are also growing. She explained that financial services is a natural fit as users plan major life events on Pinterest. Regarding AI, she stated it accelerates engineering velocity and employee productivity, enabling prudent investment in high-ROI initiatives.

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CEO Bill Ready detailed a strategic sequence: Direct Link created value (clicks), which drove adoption of measurement tools, which then proved ROI and led to increased budgets. He noted that for some of Pinterest's largest advertisers, lower-funnel objectives now represent over 80% of their spend. He positioned Performance+ and ROAS bidding as the next step to make it easier for advertisers to capitalize on this proven value.

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CEO Bill Ready pointed to the steady improvement in the weekly-to-monthly active user (WAU/MAU) ratio as the key indicator of deepening engagement, driven by sessions with clicks and saves. He reiterated that lower-funnel tools have a multi-quarter adoption cycle but create a durable, compounding flywheel effect where increased user actionability generates richer data, leading to better recommendations and more monetization.

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CEO Ernie Garcia stated that the business model is adaptive to macro factors like tariffs and the primary focus is on creating fundamental gains. He explained that the company plans to share the majority of these future gains with customers to further separate its value proposition and drive growth. Garcia emphasized that with a Q1 EBITDA margin of 11.5%, Carvana is already in its long-term target range and sees a clear path to further improvements through fixed cost leverage and operational efficiencies.

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CEO Ernie Garcia explained that Carvana views selection as a powerful customer benefit and will continue to invest in growing inventory, balancing the resulting conversion lift against depreciation costs. He also expressed strong conviction in AI's transformative potential, highlighting Carvana's unique advantages in scale and data. Garcia mentioned their chatbot, Sebastian, as an early application of a broader AI strategy to enhance the entire customer journey.

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CEO Micha Kaufman stated that Fiverr Go has achieved product-market fit, calling it a 'satisfaction, confidence and conversion machine.' He explained the next phase is scaling the product across more categories while maintaining quality. Kaufman attributed the Q1 revenue strength to seizing seasonal opportunities in the business solutions segment, which is paying off after long-term investment, rather than an improvement in the overall macro environment.

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CEO Micha Kaufman stated that while GenAI cannot yet handle all categories, the new developer ecosystem will accelerate expansion by allowing third parties to build models on Fiverr's data. CFO Ofer Katz attributed higher cohort spending to the upmarket strategy, including Fiverr Pro, dynamic matching, a focus on high-value buyers, and growth in complex categories like Programming & Tech.

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CEO Micha Kaufman clarified that the "stabilization" refers to September and early October trends being less volatile than June-August, but he is not calling it a new trend yet due to upcoming elections and seasonality. Regarding buyer retention, he explained that Fiverr's strategy is to eliminate friction points common in offline agency work by building simple, AI-integrated tools. This focus on higher-value customers is proving successful, as these cohorts show better retention, spend, and frequency.

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CEO Randy Altschuler suggested tariffs will drive a long-term trend of multi-sourcing for resilience. CFO James Miln explained the margin dip was due to a planned multi-million dollar investment in the global sourcing strategy, with a significant rebound expected in Q2. President Sanjeev Sahni highlighted Xometry's AI moat and highly diversified global supplier network as key competitive strengths.

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CEO Randolph Altschuler credited enterprise success to a combination of improved sales team segmentation and technology tools like Teamspace, ERP integrations, and the CAD plug-in. CFO James Miln expressed confidence in margin recovery based on a multi-year track record of expanding margins through data and network effects, framing the Q1 dip as a deliberate, temporary investment to scale new geographies.

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CEO Randy Altschuler explained that expanding the instant quoting menu helps attract and convert new buyers, contributing to a record number of net new active buyers in Q3. It also deepens engagement with existing customers, leading to a record increase in accounts spending over $50,000. CFO James Miln attributed gross margin expansion to AI-driven pricing and a growing supplier network, reaffirming the company's target of approaching 35% marketplace gross margin by the end of the year and a long-term range of 35% to 40%.

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CEO Tony Xu reiterated that the focus for DashPass is to continuously improve the product to increase usage and consumer surplus. Regarding New York City, he stated that such policies often harm Dashers, merchants, and consumers by reducing opportunities and raising prices, but DoorDash remains optimistic about working with officials to find common-sense solutions.

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CEO Hayden Brown identified new features like semantic search and an enhanced client dashboard as key drivers of positive client metrics. CFO Erica Gessert added that the optimized marketing spend is attracting higher LTV clients, evidenced by a 5% YoY increase in average hours per contract and a 12% YoY rise in fixed-price spend per contract.

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COO Jen Wong stated that while there is market uncertainty, it's mostly 'business as usual,' and Reddit serves as a key resource for users and brands during volatile times. CEO Steve Huffman added that while short-term user growth may see 'bumps' from Google's changes, noting high-teens DAU growth in April, the long-term strategy is driven by product improvements, not external factors.

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CEO Steve Huffman described Reddit Answers as a promising beta, highlighting its ability to surface deep, subjective answers from Reddit's corpus, such as fan theories or author recommendations. Regarding the Google algorithm change, Huffman noted it was a temporary fluctuation primarily affecting logged-out users with no revenue impact, and that traffic had since recovered. He added that an increase in searches for the term 'Reddit' suggests strong user intent to reach the platform regardless of search engine referrals.

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COO Jen Wong attributed revenue growth to vertical diversification, lower-funnel ad stack improvements driving more conversions, and 69% YoY international growth. CFO Drew Vollero added that the company has a bias to invest due to measurable, short-term ROI, noting that cost growth accelerated in Q3 to fuel revenue.

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Philipp Schindler, SVP and Chief Business Officer, attributed the strength in direct response to multiple factors, highlighting the success of AI-powered tools that help customers drive performance. He also expressed satisfaction with the monetization progress of Shorts, particularly in the U.S., where the gap with in-stream viewing is closing. CEO Sundar Pichai added a celebratory note on YouTube's 20th anniversary and its massive scale.

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CEO Fidji Simo confirmed that affordability initiatives are core drivers of order growth and user engagement, noting customers saved $1.2 billion in 2024. CFO Emily Maher added that the Super Bowl ad was not an incremental expense but was funded by reallocating the existing marketing budget, with a focus on brand awareness.

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CEO Fidji Simo attributed the success to a multi-pronged affordability strategy, including deep integrations with grocer loyalty programs like Kroger's fuel points, EBT SNAP availability, and weekly flyers with price parity. She also highlighted the new 'Super Saver' zero-delivery-fee option, which improves conversion and retention among price-sensitive new users, directly fueling order growth and expanding the total addressable market.

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President and CEO Bryan DeBoer described the online channels as a key, fully integrated part of the ecosystem. He highlighted the launch of the 'MyDriveway' customer portal as a major step, which will onboard 70,000 financing customers to create a 'snowball effect' for engagement. He confirmed they are targeting a 50% volume lift for Driveway and GreenCars in 2025 and are already seeing positive early-year trends.

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CEO Mark Zuckerberg stated his focus for the year is on making Facebook more culturally influential, which may involve near-term trade-offs to focus on specific product areas, hinting at a return to some of its original uses. CFO Susan Li shared that Meta AI is most used on WhatsApp for information-seeking and on Facebook for getting context on feed content. She noted the roadmap is focused on personalization, including improving memory and content recommendations.

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CFO Susan Li stated that Threads' monetization is not expected to be a meaningful driver in 2025, as the focus remains on user growth and feature development. Regarding ad pricing, she attributed the 11% increase to strong advertiser demand driven by improved ad performance. She emphasized that the key input metric is conversion growth, which continues to outpace impression growth and drives higher value for advertisers.

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CEO Jeff Stibel clarified the focus is on 'quality share,' attracting high-intent customers who become long-term subscribers, using education, pricing, and packaging as levers. COO & CFO Noel Watson detailed marketing efficiency efforts like retesting spend levels, exploring new channels such as radio and direct mail, and on the sales side, enhancing training and testing new compensation structures to improve effectiveness.

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Executive Johannes Thomas clarified that the initiative was about expanding AI-generated *content* summaries, not hotel *supply*, and confirmed it has been a relevant driver of conversion improvements. Regarding Google, he stated that the new ad formats have stabilized, and trivago's teams are gradually becoming more competitive within them. He reiterated that the content initiative is one of several activities that have contributed to a substantial, gradual increase in conversion rates throughout the year.

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CEO Dara Khosrowshahi attributed Delivery's audience growth to the strength of the core Uber Eats brand, significantly aided by cross-promotion from the Mobility platform, which provides one-third of new Delivery users. He stated that frequency is driven by continuous improvements in service quality (selection, on-time rates) and the success of the Uber One membership program. Members, now numbering 25 million, spend three times more than non-members and have higher retention rates.

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Co-Executive Chairman Rich Barton stated the CEO transition timing is ideal as the company's strategy is 'derisked' and performing well. Newly appointed CEO Jeremy Wacksman explained that enhanced markets are measured by revenue per total transaction value and are showing strong gains by integrating real-time touring, Zillow Home Loans, and a select partner network to improve the customer experience and conversion.

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CEO Rich Barton framed rentals as a classic two-sided digital marketplace opportunity, highlighting Zillow's advantages in low-cost demand acquisition and unique long-tail supply. COO Jeremy Wacksman added that growth is driven by a flywheel effect: increasing renter demand through partnerships and marketing, which in turn attracts more property managers to the platform.

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