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    Ryan Tomasello • Keefe, Bruyette & Woods

    Ryan Tomasello's questions to Blend Labs Inc (BLND) leadership

    Ryan Tomasello's questions to Blend Labs Inc (BLND) leadership • Q2 2025

    Question

    Ryan Tomasello inquired about the mix of new logos versus expansions within the 23 deals signed in the quarter and asked for more context on the three new Independent Mortgage Bank (IMB) wins, including whether they were competitive takeaways. He also asked for an update on the company's goal of achieving the Rule of 40 by year-end.

    Answer

    Nima Ghamsari, Co-Founder, Chairman & Head of Blend, confirmed the IMB wins were often competitive takeaways, attributing the success to Blend's continued innovation and the creation of a dedicated IMB business unit. He did not provide a specific new logo versus expansion breakdown. Amir Jafari, CFO and Head of Finance & Operations, stated that the company is not updating its Rule of 40 guidance at this time but will provide an update next quarter.

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    Ryan Tomasello's questions to Blend Labs Inc (BLND) leadership • Q1 2025

    Question

    Ryan Tomasello asked about Blend's strategy for reinvesting in growth following its recent simplification, future product expansion priorities like commercial lending or international, and the scalability of the go-to-market sales organization.

    Answer

    CEO Nima Ghamsari stated that Blend has 'earned the right' to reinvest in growth, focusing on areas like Rapid Refi, AI, and go-to-market, all within the existing OpEx guide. He noted that while the platform is capable of future expansion into commercial or international markets, the immediate priority is perfecting the current product suite. He also expressed satisfaction with the current sales team's performance and is exploring new models for down-market expansion.

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    Ryan Tomasello's questions to Blend Labs Inc (BLND) leadership • Q4 2024

    Question

    Ryan Tomasello sought to contextualize the potential revenue per funded loan uplift from the next-gen refinance product and asked for an update on the progress of expanding the consumer banking go-to-market strategy to customers beyond the top 40.

    Answer

    Amir Jafari and Nima Ghamsari explained that while it's too early for specific numbers, the 'Rapid' products command a materially higher price point and revenue per loan due to the significant ROI they deliver. Nima Ghamsari added that the down-market consumer banking strategy involves a different, turnkey product packaging and may include partnerships with major providers to expand reach.

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    Ryan Tomasello's questions to Blend Labs Inc (BLND) leadership • Q3 2024

    Question

    Ryan Tomasello from KBW asked for more detail on what opening the platform to more partnerships could look like over time and requested an update on the strategy for the Title business, including its strategic fit within the company.

    Answer

    Nima Ghamsari, Co-Founder and Head of Blend, explained that partnerships will extend across both Mortgage and Consumer Banking, involving services like fraud detection, insurance, and payment processing. Regarding the Title business, he affirmed it remains a critical part of the mortgage process where Blend is actively innovating on the software side and exploring partner integrations, though it was too soon to share specific details.

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    Ryan Tomasello's questions to SmartRent Inc (SMRT) leadership

    Ryan Tomasello's questions to SmartRent Inc (SMRT) leadership • Q2 2025

    Question

    Ryan Tomasello from Keefe, Bruyette & Woods (KBW) asked for more detail on the sources of the $20 million in incremental cost savings and inquired about the potential for further efficiencies. He also asked new CEO Frank Martell for his strategic vision to evolve SmartRent and identify key growth opportunities.

    Answer

    CEO Frank Martell explained that the cost reductions primarily came from staffing reductions and lower third-party spending, with more productivity gains expected from workflow automation and procurement. Regarding strategy, Martell highlighted the company's sticky customer base, scale advantage, and opportunities to expand into new segments and leverage AI. He noted that moving past bulk hardware sales will create a more predictable revenue trajectory.

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    Ryan Tomasello's questions to SmartRent Inc (SMRT) leadership • Q1 2025

    Question

    Ryan Tomasello from Keefe, Bruyette & Woods inquired about the timing and full impact of the $10 million in cost savings, the current status of the sales organization build-out, and whether the ongoing CEO search is pausing any strategic initiatives.

    Answer

    CFO Daryl Stemm clarified that the full benefit of the cost savings will be reflected in Q3 results, as the actions were taken in April. Interim CEO John Dorman stated that the initial sales team build-out is complete but still ramping, and confirmed that no strategic plans are on hold pending the new CEO's arrival, as the board and final candidate are aligned on the current direction.

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    Ryan Tomasello's questions to SmartRent Inc (SMRT) leadership • Q4 2024

    Question

    Ryan Tomasello inquired about how SmartRent's new SaaS-first focus will affect its first-party hardware strategy and asked about the company's plans for scaling unit deployments, including the potential for a new channel partner program.

    Answer

    CEO Shane Paladin clarified that hardware is not being de-emphasized but rather monetized, creating a symbiotic relationship with software by providing data for SmartOps. He noted he is still reviewing the unit deployment strategy. CFO Daryl Stemm added that the immediate focus is on rebuilding the direct sales team under the new CRO.

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    Ryan Tomasello's questions to SmartRent Inc (SMRT) leadership • Q3 2024

    Question

    Ryan Tomasello inquired about the evolution of macroeconomic headwinds, customer capital expenditure plans for the upcoming year, and any potential guidance for fourth-quarter bookings and unit deliveries. He also asked for more details on the announced $10 million strategic investment, including its allocation, impact on margins, and the timeline to achieve breakeven.

    Answer

    Daryl Stemm, CFO and Interim Principal Executive Officer, explained that customers remain hesitant about capital expenditures due to uncertainty around interest rates and the election, with no expected loosening of spending in the near term. Regarding the $10 million investment, Stemm stated it will be allocated across sales, marketing, engineering, and operations, guided by the company's four strategic pillars, to enhance the core IoT platform and work management solutions.

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    Ryan Tomasello's questions to Opendoor Technologies Inc (OPEN) leadership

    Ryan Tomasello's questions to Opendoor Technologies Inc (OPEN) leadership • Q2 2025

    Question

    An analyst for Ryan Tomasello of Keefe, Bruyette & Woods asked for clarification on Q4 revenue guidance, questioning if the sequential decline would be on a percentage or absolute dollar basis. They also asked if the Q3 OpEx guidance is a good run-rate for Q4 and whether the company is seeing increased seller demand in buyer's markets.

    Answer

    CFO Selim Freiha clarified that the Q4 sequential revenue decline is expected on a percentage basis. He also stated that Q3 OpEx is not a good run-rate for Q4, as marketing spend is seasonally heavier in Q4 and Q1, which will cause OpEx to increase. Freiha noted there has been no notable increase in seller demand, as it is contingent on a recovery in buyer demand, which has not yet occurred.

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    Ryan Tomasello's questions to Opendoor Technologies Inc (OPEN) leadership • Q1 2025

    Question

    Ryan Tomasello sought clarification on the drivers behind the $29 million sequential reduction in Q2 operating expense guidance, asking to distinguish between seasonal marketing cuts and more structural reductions. He also asked about the specific economics of the new agent partnership program.

    Answer

    Executive Selim Freiha explained that the majority of the OpEx reduction is driven by lower marketing spend due to seasonality and higher spreads, along with favorable timing adjustments from inventory levels, with further fixed cost cuts being less material. CEO Carrie Wheeler detailed the partnership economics: Opendoor earns a share of the commission on a listing or its standard margin on a cash offer, minus a referral fee to the agent, with the expectation that higher conversion will outweigh the fee.

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    Ryan Tomasello's questions to Opendoor Technologies Inc (OPEN) leadership • Q4 2024

    Question

    Ryan Tomasello asked for color on managing operating expenses throughout 2025 relative to the Q1 guidance and inquired about an updated framework for the acquisition volume and revenue needed to achieve breakeven.

    Answer

    CFO Selim Freiha clarified that the slight Q1 OpEx increase is due to variable costs from higher inventory, and he expects costs to decline over the year due to savings initiatives and a seasonally adjusted marketing strategy. Regarding breakeven, he stated that while the framework hasn't been formally updated, the required volume and revenue are now significantly lower due to cost structure improvements. He emphasized the focus is on optimizing contribution profit and managing risk in the current macro environment, which positions them well for when conditions improve.

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    Ryan Tomasello's questions to Opendoor Technologies Inc (OPEN) leadership • Q3 2024

    Question

    Ryan Tomasello asked for details on Opendoor's approach to buyer concessions following the NAR settlement and whether the decline in direct selling costs reflects this change. He also questioned the potential impact of changes to MLS policies like 'clear cooperation' on Opendoor's business model.

    Answer

    CEO Carrie Wheeler explained that Opendoor is now offering concessions to buyers, who can choose how to use the funds, rather than paying a blanket buyer agent commission. She noted that while direct selling costs have decreased, the concessions are a contra-revenue item, and it's too early to determine a sustainable trend. Regarding MLS policies, she stated that Opendoor supports consumer-first initiatives like transparency but also sees room for innovation alongside the traditional MLS.

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    Ryan Tomasello's questions to Lendingtree Inc (TREE) leadership

    Ryan Tomasello's questions to Lendingtree Inc (TREE) leadership • Q2 2025

    Question

    Ryan Tomasello asked for an update on a previously mentioned issue with an insurance carrier partner and inquired about the company's assessment of the evolving generative AI search landscape.

    Answer

    COO & President of Marketplace Scott Peyree clarified that the insurance issue was a technical error that has been resolved, with the segment now seeing record revenue levels and strong carrier demand. On AI, Peyree described it as a 'huge opportunity,' citing new high-quality traffic sources and the potential for AI to create more comparison shoppers. CEO Doug Lebda added that LendingTree's lower reliance on traditional SEO allows for more flexibility and testing in the new AI-driven environment.

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    Ryan Tomasello's questions to Lendingtree Inc (TREE) leadership • Q1 2025

    Question

    Ryan Tomasello asked about the potential impact of tariffs on insurance carrier demand, the components of the revised annual guidance, the company's levers to protect earnings in a downturn, and the status of the QuoteWizard litigation reserve.

    Answer

    COO Scott Peyree stated that insurance partners feel they can manage tariff impacts without affecting marketing strategies. CFO Jason Bengel detailed the segment-level expectations baked into the guidance, noting no major macro changes are assumed. CEO Douglas Lebda and CFO Jason Bengel elaborated on cost management levers, including marketing spend flexibility and insights from zero-based budgeting. Bengel also clarified the $19 million QuoteWizard settlement is payable in three installments starting in Q4 2025.

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    Ryan Tomasello's questions to Lendingtree Inc (TREE) leadership • Q4 2024

    Question

    Ryan Tomasello questioned the guidance for 'modest growth' in the Insurance segment for 2025, contrasting it with the strong performance in the second half of 2024. He also inquired about the potential for price increases and any lingering benefits from preparations for the now-vacated TCPA rule.

    Answer

    Scott Peyree, COO and President of Marketplace Businesses, clarified that while year-over-year growth will moderate against tougher comps as 2025 progresses, most carriers remain in a growth position. He stated the company's focus will shift to returning VMM margins to the low-to-mid-30s range. Peyree also mentioned that planned price increases tied to the TCPA rule were rescinded after the favorable court ruling.

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    Ryan Tomasello's questions to Lendingtree Inc (TREE) leadership • Q3 2024

    Question

    Ryan Tomasello inquired about the outlook for the Insurance business's variable marketing margins (VMMs), asking if the current level is a trough and what a stabilized VMM could look like. He also requested Q4 guidance for each segment, considering typical seasonality.

    Answer

    CEO Douglas Lebda noted that as volume grows, marketing spend increases, so the focus is on VMD dollars, not just percentages. COO Scott Peyree agreed that Q3 VMM was likely a 'trough' and expects margins to improve by a couple of percentage points in Q4, with a long-term stable target in the low- to mid-30s. CFO Jason Bengel provided Q4 segment guidance, expecting Home to see growth offsetting seasonality, Consumer to see a normal seasonal decline while holding margin, and Insurance to be seasonally down but with flat to slightly improving margins.

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    Ryan Tomasello's questions to CoStar Group Inc (CSGP) leadership

    Ryan Tomasello's questions to CoStar Group Inc (CSGP) leadership • Q2 2025

    Question

    Ryan Tomasello of Keefe, Bruyette & Woods asked about the competitive dynamics for Apartments.com, questioning if CoStar has observed any wallet share loss to Zillow or faced pressure on its pricing power.

    Answer

    Founder & CEO Andy Florance stated that CoStar has not seen any loss of share or pricing power, attributing its strength to a superior product with high NPS and renewal rates. CFO Christian Lown added that the total addressable market is massive, making it less about direct wallet share competition, and emphasized that CoStar focuses on selling leases, not just leads.

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    Ryan Tomasello's questions to CoStar Group Inc (CSGP) leadership • Q2 2025

    Question

    Ryan Tomasello asked about the competitive dynamics for Apartments.com, questioning if CoStar has observed any wallet share loss to Zillow or faced pricing pressure.

    Answer

    CEO Andy Florance stated that CoStar has not seen any loss of share or impact on its ability to capture price value, emphasizing the platform's strong product and high renewal rates. CFO Christian Lown added that the total addressable market is massive, making it not a zero-sum game, and highlighted that CoStar focuses on selling leases, not just leads.

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    Ryan Tomasello's questions to CoStar Group Inc (CSGP) leadership • Q1 2025

    Question

    Ryan Tomasello of Keefe, Bruyette & Woods inquired about the drivers of the Q2 growth deceleration in the multifamily segment, the confidence in a back-half acceleration, and the Q1 bookings number for Apartments.com.

    Answer

    CFO Christian Lown explained the Q2 dynamic is seasonal, as the major industry conference occurs in June, with revenue benefits flowing through in Q3 and Q4. He noted confidence in acceleration comes from this seasonality and the impact of new, experienced sales hires. He also disclosed that Apartments.com net new bookings were in the mid-$20 million range for Q1.

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    Ryan Tomasello's questions to CoStar Group Inc (CSGP) leadership • Q4 2024

    Question

    Ryan Tomasello questioned CoStar's approach to margin management, asking about the future trajectory for core commercial margins and the timeline to reach breakeven for the Residential segment.

    Answer

    CFO Christian Lown reiterated that the core commercial businesses are fixed-cost leveraged and he expects continued margin expansion. For Homes.com, he described 2025 as a 'real full launch' year, with momentum expected to build in the second and third quarters as the sales team scales and early contract renewals are processed, leading to an improving financial picture.

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    Ryan Tomasello's questions to CoStar Group Inc (CSGP) leadership • Q3 2024

    Question

    Ryan Tomasello requested the revised annual guidance for residential spending and the nonresidential EBITDA margin, and also asked for an early outlook on 2025 investment levels for Homes.com.

    Answer

    CEO Andy Florance stated that he does not see a need to increase the investment level for Homes.com in the next year, as the current aggressive spending is sustainable. CFO Christian Lown confirmed they are on track with the previously discussed residential spend for the year and continue to see margin growth in the commercial businesses.

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    Ryan Tomasello's questions to nCino Inc (NCNO) leadership

    Ryan Tomasello's questions to nCino Inc (NCNO) leadership • Q1 2026

    Question

    Ryan Tomasello from KBW asked about the momentum in consumer lending, specifically if the strong Q4 performance was driven by the new credit union sales team and how to think about ACV targets for that category this year. He also asked for clarity on the flow-through of expense savings to the full-year guidance.

    Answer

    CEO Sean Desmond clarified that the 20 consumer lending deals in Q4 occurred before the new credit union team was fully activated, suggesting further upside. He noted continued momentum in consumer lending across banks and credit unions. CFO Greg Orenstein explained that of the $18 million in incremental savings, $5 million is being flowed through to guidance to preserve flexibility for potential reinvestments, with updates to follow as the year progresses.

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    Ryan Tomasello's questions to nCino Inc (NCNO) leadership • Q4 2025

    Question

    Ryan Tomasello asked about nCino's competitive positioning in U.S. mortgage, particularly in the IMB space, and whether the new conservative guidance philosophy provides greater visibility into the subscription revenue forecast.

    Answer

    CFO Greg Orenstein expressed confidence in the mortgage business, highlighting a move upmarket and the addition of 24 new IMB customers last year with no significant change in competitive dynamics. He confirmed that under the new guidance philosophy, the company has better visibility into achieving the midpoint of its guidance compared to prior years.

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    Ryan Tomasello's questions to nCino Inc (NCNO) leadership • Q3 2025

    Question

    Ryan Tomasello sought confirmation of the implied organic subscription growth exit rate for the year and questioned how it aligns with the 15% growth target for next year, also asking if deregulation was unlocking demand.

    Answer

    Chief Financial Officer Greg Orenstein confirmed the Q4 organic growth rate would be in the low-double digits and reiterated that 15% remains the target for next year, pending a formal update on the Q4 call. Chief Executive Officer Pierre Naude noted that a positive sentiment around deregulation, combined with an easing of the liquidity crisis, is allowing banks to be more strategic and optimistic, which bodes well for tech investments.

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    Ryan Tomasello's questions to nCino Inc (NCNO) leadership • Q2 2025

    Question

    Ryan Tomasello asked for more detail on the international product roadmap, particularly for DocFox, and about the risk of M&A-driven churn in the mortgage business. He also requested a quantification of churn performance in the first half of the year against the annual forecast.

    Answer

    CEO Pierre Naude identified commercial onboarding (DocFox functionality) as the top international product opportunity, followed by a mortgage solution for markets like Canada and ANZ. CFO Greg Orenstein stated there is no unique M&A risk in mortgage and confirmed that of the $20.5 million annual churn forecast, about $4.75 million occurred in the first half, keeping them on track to meet their goal.

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    Ryan Tomasello's questions to Riskified Ltd (RSKD) leadership

    Ryan Tomasello's questions to Riskified Ltd (RSKD) leadership • Q1 2025

    Question

    Ryan Tomasello asked for an update on the go-to-market strategy for the mid-tier market and the potential to move down-market. He also inquired about the long-term potential and market size of the growing money transfer and payments vertical.

    Answer

    CEO Eido Gal stated that while the mid-market remains an interesting opportunity for later in the year, the current pipeline strength is concentrated in the core enterprise segment. On the money transfer vertical, Gal explained it's a key part of expanding their addressable market, covering a broad range of use cases (P2P, remittance) and payment types (ACH, digital currencies). He noted their strategy of building model-specific capabilities is driving performance and merchant adoption.

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    Ryan Tomasello's questions to Riskified Ltd (RSKD) leadership • Q4 2024

    Question

    Ryan Tomasello asked for context on the success of stand-alone non-chargeback products like Policy Protect and sought confirmation on the previously disclosed financial impact of the major home category merchant churn event.

    Answer

    Eido Gal, Co-Founder and CEO, noted that revenue from new products is projected to grow from approximately $4.5 million in 2024 to the low double-digit millions in 2025, primarily driven by platform sales and cross-sells rather than stand-alone deals at this stage. Aglika Dotcheva, CFO, confirmed that the previously guided impacts from the churn event—$5 million in Q4 2024 and $18 million in 2025—remain accurate approximations.

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    Ryan Tomasello's questions to Riskified Ltd (RSKD) leadership • Q3 2024

    Question

    Ryan Tomasello inquired about the financial impact and underlying reasons for a significant merchant churn in the Home category, and whether this signals broader pricing pressure. He also asked about the annual contract value (ACV) uplift from a large Policy Protect deal.

    Answer

    CEO Eido Gal explained the churned merchant is moving its volume in-house, a strategy they've unsuccessfully tried before, and noted the decision was likely influenced by the merchant's financial profile and personnel changes, not product performance. CFO Aglika Dotcheva quantified the impact as approximately $5 million in Q4 2024 and $18 million in 2025. Regarding the upsell, Eido Gal confirmed the Policy Protect deal's ACV uplift was significantly larger than the typical 10-30% range, viewing it as a strong proof point for future bundling opportunities.

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    Ryan Tomasello's questions to Porch Group Inc (PRCH) leadership

    Ryan Tomasello's questions to Porch Group Inc (PRCH) leadership • Q1 2025

    Question

    Ryan Tomasello asked about the percentage of the prior active footprint that has been reopened, the current size of the agent channel compared to its peak, and for clarification on the surplus calculation.

    Answer

    Executive Matt Ehrlichman stated that most previously closed ZIP codes have been reopened since November, but did not provide a specific percentage, highlighting the ongoing opportunity for expansion into new states. Executive Matthew Neagle added that the agent channel is growing nicely but is still in the early stages of engaging its full potential. Executive Shawn Tabak clarified the components of the surplus, breaking down the ~$105 million statutory amount versus the $198 million figure that includes non-admitted assets, which they view as more representative of the reciprocal's health.

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    Ryan Tomasello's questions to Porch Group Inc (PRCH) leadership • Q4 2024

    Question

    Ryan Tomasello requested more detail on the go-to-market strategy for the Home Factors data product and asked about the current priority of M&A as a growth lever, particularly for scaling the insurance business.

    Answer

    COO Matthew Neagle described the Home Factors strategy as a targeted sales effort with dedicated engineering support, noting it's a key investment area for 2025. On M&A, CEO Matt Ehrlichman stated that while the company can now consider inorganic growth and sees opportunities in insurance, the current guidance is purely organic and there are no immediate plans to announce.

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    Ryan Tomasello's questions to Porch Group Inc (PRCH) leadership • Q3 2024

    Question

    Ryan Tomasello from Keefe, Bruyette & Woods, Inc. requested an update on the Floify business, asking about its performance in the current sales environment, whether customer attrition has bottomed out, and the status of the embedded insurance marketplace opportunity.

    Answer

    COO Matthew Neagle acknowledged the challenging market for Floify due to lower mortgage transaction volumes but noted the team has successfully expanded margins and is pursuing new transactional revenue opportunities. CEO Matt Ehrlichman added that attrition rates have stabilized. He also clarified that the embedded insurance initiative has been a lower priority recently as the company focused on core features to help mortgage clients navigate the market turmoil.

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