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CEO Ariane Gorin reported that One Key members grew high-single-digits, with higher tiers growing fastest, and there was no negative impact from pulling back on Vrbo earn rates. She noted the future plan is to tailor the common loyalty platform to each brand's specific needs. CFO Scott Schenkel explained that marketing discipline involves driving productivity by redeploying spend across different countries, brands, and channels to optimize for growth and returns.

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CEO Steve Huffman emphasized that their core focus for engagement is improving relevance to drive retention, aiming for instant personalization for new users. CFO Drew Vollero attributed the rise in S&M costs to three factors: primarily variable costs tied to strong revenue growth, increased headcount with a focus on sales and marketing, and a new, targeted investment in marketing campaigns which accounted for a low double-digit million dollar spend.

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CEO Steve Huffman emphasized that 'relevance equals retention' and detailed plans to improve instant personalization for new users. CFO Drew Vollero attributed the higher costs to three factors: variable expenses tied to strong revenue growth, increased hiring, and a new, targeted marketing investment which accounted for a 'low double-digit million' spend.

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CEO Steve Huffman confirmed they have a 'symbiotic relationship' with Google, which supports their use of machine translation. CFO Drew Vollero explained their 'North Star' is revenue growth at twice the rate of costs. While they are disciplined, they are investing heavily in sales, engineering, and technology, and are considering further investments in areas like marketing.

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COO Jen Wong confirmed a more stable outlook, noting that while there was previous caution around the election, it does not seem to be affecting Q4 bookings. For 2025, she sees early signals of stability and some optimism, with healthy investment interest across the full funnel, though the market remains efficiency-driven.

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President & CEO Jamie Iannone reported that listings grew to 2.4 billion with consistent double-digit growth, aided by AI tools like 'magical listing' which now accounts for over half a million listings per day. Regarding Caramel, he described it as an early but significant opportunity to provide an end-to-end experience for the $75 billion collectible car market, with strong synergies with the P&A business.

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CEO Jamie Iannone attributed the double-digit growth in listings to a stronger C2C value proposition, driven by friction-reducing tools like 'Magical Listing' and simplified shipping solutions. CFO Stephen Priest addressed the quarterly linearity, confirming uneven demand with a softer February followed by healthy momentum in March and April, which he attributed to both a potential pull-forward of demand and the underlying health of focus categories.

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CEO Jamie Iannone reported that the cross-border trade business from China remains strong, with a particular over-index to the Parts & Accessories category. On payments, he stated that sunsetting American Express had no material impact, as customers migrated to other options. He also highlighted the addition of new payment methods like Riverty in Germany to cater to local preferences.

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CEO Matthew Bromberg confirmed that Unity has significantly increased investment in machine learning, including new leadership and teams, to support Vector. He mentioned a reorganization of go-to-market teams and reiterated that the primary goal is long-term growth for the entire Advertising segment, aiming to take market share externally rather than focusing on internal product mix shifts.

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CEO Matthew Bromberg explained that Unity Vector is a fundamental tech stack change designed for long-term competition. It provides a more granular view of gamer preferences, faster processing, and real-time features. The response focused on the Unity network, implying the ironSource network's role is separate.

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Christopher Halpin, an IAC executive, outlined a three-pronged strategy for Care.com's consumer side: improving the core product (matching, search), optimizing pricing, and then reenergizing marketing. Neil Vogel, CEO of DDM, characterized the programmatic spot market as 'erratic,' reflecting fluctuating advertiser confidence, and noted that the exit of large advertisers like Temu/Shein from the broader market could be contributing to price softness.

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Christopher Halpin, an IAC executive, described the ad market as 'fine' with advertisers making more short-term commitments, and stated that D/Cipher's growth is constructive but the overall market remains volatile. Joseph Levin, CEO of IAC, opined that AI platforms are gaining search share due to a superior user experience. He believes this trend concentrates value for content creators who are 'the best in the category,' a position he feels IAC's assets hold.

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IAC CEO Joey Levin confirmed that driving deeper user engagement at DDM is a significant opportunity, with AI being used to personalize content suggestions. Regarding Angi, CEO Jeff Kip noted a rate cut would theoretically be a tailwind by boosting home buying, but the macro environment is complex. Joey Levin added that each home turnover averages $15,000 in related home improvement spending.

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Philip Moyer (Executive) stated that the price increases, which included added value, resulted in lower churn and expects similar growth trends to continue as more pricing changes roll out. Gillian Munson (Executive) clarified that the company has an 'appetite for up to $30 million' of investment but aims to be responsible and may not spend the full amount, evaluating each project's ROI quarterly.

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CEO Evan Spiegel attributed the North American growth to strong advertiser performance, particularly in the SMB segment, and contributions from Snapchat+. Regarding the UI, he explained that the 3-tab 'Simple Snap' design was difficult for power users to adopt. The company is now applying learnings from that test to a refined 5-tab interface, which should also ease the monetization transition.

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Angi CEO Jeff Kip explained the goal is to merge the two products onto a single platform for consistency, noting a test of the unified product is performing well. He stated the move will enhance 'jobs done well' by applying the superior matching features of the Leads product (task and ZIP code specificity) to the entire pro base. Kip emphasized that this type of platform migration is a core competency for Angi, similar to migrations already completed in Europe.

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CEO David Baszucki explained that price optimization experiments surprisingly showed that reducing prices, rather than increasing them, often drives higher overall revenue for developers. He also announced that upcoming paid access experiences will offer developers a 70% revenue share. CFO Mike Guthrie added that the positive impact is visible in metrics like the 6% year-over-year growth in bookings per daily active user.

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CEO Jeremy Wacksman stated his primary goal is to continue and accelerate the current successful strategy of rolling out enhanced markets and growing the rentals and mortgages businesses, with no major changes planned. CFO Jeremy Hofmann explained the path to GAAP profitability relies on leveraging the company's ~$1B fixed cost base as revenue grows, combined with a disciplined focus on reducing stock-based compensation (SBC) spend year-over-year.

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