Sign in

    Thomas Champion

    Director and Senior Research Analyst at Piper Sandler

    Thomas Champion is a Director and Senior Research Analyst at Piper Sandler, specializing in internet commerce and digital media companies. He covers major publicly traded firms including Airbnb, Alphabet, Amazon, AppLovin, Booking Holdings, DoorDash, eBay, Expedia, Instacart, Lyft, Meta, Netflix, Pinterest, Reddit, Roblox, Roku, Snap, Trade Desk, Uber, Unity, Vimeo, and Zillow, providing in-depth equity research for institutional clients. Champion began his Wall Street career at JP Morgan and Credit Suisse, then spent seven years at Cowen before joining Piper Sandler in 2020. He holds a bachelor’s degree from Princeton University and an MBA from the Wharton School of the University of Pennsylvania.

    Thomas Champion's questions to Expedia Group (EXPE) leadership

    Thomas Champion's questions to Expedia Group (EXPE) leadership • Q2 2025

    Question

    Thomas Champion of Piper Sandler Companies asked for more detail on the positive inflection in the One Key loyalty program and what marketing discipline in the second half entails.

    Answer

    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.

    Ask Fintool Equity Research AI

    Thomas Champion's questions to Reddit (RDDT) leadership

    Thomas Champion's questions to Reddit (RDDT) leadership • Q2 2025

    Question

    Thomas Champion from Piper Sandler Companies asked about user engagement trends like time spent and for a breakdown of the drivers behind the sequential increase in sales and marketing expenses.

    Answer

    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.

    Ask Fintool Equity Research AI

    Thomas Champion's questions to Reddit (RDDT) leadership • Q2 2025

    Question

    Thomas Champion from Piper Sandler Companies asked for commentary on user engagement and time spent, and questioned the drivers behind the sequential increase in sales and marketing expenses in Q2.

    Answer

    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.

    Ask Fintool Equity Research AI

    Thomas Champion's questions to Reddit (RDDT) leadership • Q1 2025

    Question

    Thomas Champion questioned how Google's index treats Reddit's machine-translated content. He also asked why the company isn't investing more aggressively given its strong revenue growth and high incremental EBITDA margins.

    Answer

    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.

    Ask Fintool Equity Research AI

    Thomas Champion's questions to Reddit (RDDT) leadership • Q3 2024

    Question

    Thomas Champion of Piper Sandler noted that management's comments on the market sounded more positive and asked for confirmation, the key signposts that emerged during the quarter, and any early take on the 2025 market.

    Answer

    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.

    Ask Fintool Equity Research AI

    Thomas Champion's questions to EBAY (EBAY) leadership

    Thomas Champion's questions to EBAY (EBAY) leadership • Q2 2025

    Question

    Thomas Champion of Piper Sandler asked about the trend in total listings volume given platform improvements aimed at reducing friction, and also requested an update on the Caramel acquisition and the broader vehicles opportunity.

    Answer

    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.

    Ask Fintool Equity Research AI

    Thomas Champion's questions to EBAY (EBAY) leadership • Q1 2025

    Question

    Thomas Champion of Piper Sandler inquired about the drivers behind the significant growth in total listings and the intra-quarter demand trends, specifically the improvement in March.

    Answer

    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.

    Ask Fintool Equity Research AI

    Thomas Champion's questions to EBAY (EBAY) leadership • Q3 2024

    Question

    Thomas Champion requested an update on eBay's business in China, its third-largest market by revenue, and asked about any business impact from the discontinuation of the American Express payment arrangement.

    Answer

    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.

    Ask Fintool Equity Research AI

    Thomas Champion's questions to Unity Software (U) leadership

    Thomas Champion's questions to Unity Software (U) leadership • Q1 2025

    Question

    Thomas Champion from Piper Sandler & Co. sought clarity on the transition timeline involving Unity Vector, legacy Unity ads, and the ironSource network. He also asked how this transition aligns with R&D resources and whether the current organizational structure is now considered optimal.

    Answer

    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.

    Ask Fintool Equity Research AI

    Thomas Champion's questions to Unity Software (U) leadership • Q4 2024

    Question

    Thomas Champion asked how Unity Vector specifically addresses the previously cited deficiencies in the ML stack and data infrastructure, and what role the ironSource network plays in this transition.

    Answer

    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.

    Ask Fintool Equity Research AI

    Thomas Champion's questions to IAC (IAC) leadership

    Thomas Champion's questions to IAC (IAC) leadership • Q1 2025

    Question

    Thomas Champion asked for an update on how Care.com's leadership is addressing challenges in its consumer business and for more detail on the trends observed in DDM's programmatic 'spot market'.

    Answer

    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.

    Ask Fintool Equity Research AI

    Thomas Champion's questions to IAC (IAC) leadership • Q4 2024

    Question

    Thomas Champion asked for an update on trends within Dotdash Meredith's advertising verticals and whether the growth of D/Cipher provides greater revenue visibility. He also asked Joey Levin for his thoughts on the future of search given the evolution of AI.

    Answer

    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.

    Ask Fintool Equity Research AI

    Thomas Champion's questions to IAC (IAC) leadership • Q2 2024

    Question

    Thomas Champion asked about user engagement trends on Dotdash Meredith properties and the opportunity to use ML for personalization. He also inquired whether a potential Fed rate cut would serve as a tailwind for the Angi business.

    Answer

    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.

    Ask Fintool Equity Research AI

    Thomas Champion's questions to Vimeo (VMEO) leadership

    Thomas Champion's questions to Vimeo (VMEO) leadership • Q1 2025

    Question

    Thomas Champion from Piper Sandler Companies inquired about Vimeo's self-serve business, focusing on the impact of recent pricing changes on retention and the bookings growth outlook for 2025. He also asked about the company's plan to reinvest up to $30 million and the criteria for deploying the full amount.

    Answer

    Executive Philip Moyer stated that the price increases, which included added value, resulted in lower churn and that this trend is expected to continue, driving similar growth. Executive Gillian Munson 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, with current guidance implying an investment in the 20s.

    Ask Fintool Equity Research AI

    Thomas Champion's questions to Snap (SNAP) leadership

    Thomas Champion's questions to Snap (SNAP) leadership • Q1 2025

    Question

    Thomas Champion asked for more detail on the drivers behind the 4-point acceleration in North American revenue growth and inquired about the strategic shift away from the 'Simple Snap' UI test.

    Answer

    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.

    Ask Fintool Equity Research AI

    Thomas Champion's questions to Angi (ANGI) leadership

    Thomas Champion's questions to Angi (ANGI) leadership • Q3 2024

    Question

    Thomas Champion asked for elaboration on the unification of Angi's Ads Pro and Leads Pro products and its connection to the 'jobs done well' metric.

    Answer

    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.

    Ask Fintool Equity Research AI

    Thomas Champion's questions to Roblox (RBLX) leadership

    Thomas Champion's questions to Roblox (RBLX) leadership • Q3 2024

    Question

    Thomas Champion asked for key learnings from new virtual economy initiatives, such as dynamic pricing and paid access, and which are most beneficial to Roblox and its developers.

    Answer

    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.

    Ask Fintool Equity Research AI

    Thomas Champion's questions to ZILLOW GROUP (ZG) leadership

    Thomas Champion's questions to ZILLOW GROUP (ZG) leadership • Q2 2024

    Question

    Thomas Champion from Piper Sandler asked new CEO Jeremy Wacksman about his top medium-term goal and inquired about the margin profile of enhanced markets and their role in achieving GAAP profitability.

    Answer

    CEO Jeremy Wacksman stated his primary goal is to continue and accelerate the current strategy without major changes. CFO Jeremy Hofmann explained that the path to GAAP profitability is driven by the overall cost structure, not just enhanced markets. He highlighted controlling the ~$1B fixed cost base and reducing stock-based compensation as the key levers for achieving GAAP profitability over time.

    Ask Fintool Equity Research AI

    Thomas Champion's questions to VZIO leadership

    Thomas Champion's questions to VZIO leadership • Q3 2023

    Question

    Asked for a long-term perspective on the TV device price war and whether device margins will recover. Also requested an update on the VIZIO account feature.

    Answer

    The intense price pressure from component oversupply has eased, but competition for CTV market share will continue. Device margins could return to positive over time, but the current strategy of investing for customer lifetime value is effective. On VIZIO account, it now has over 40% of SVOD/TVOD apps integrated with over 200% subscriber growth YoY, and the company is actively working with developers to drive further adoption.

    Ask Fintool Equity Research AI