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    Thomas White • D.A. Davidson & Co.

    Thomas White's questions to Airbnb Inc (ABNB) leadership

    Thomas White's questions to Airbnb Inc (ABNB) leadership • Q1 2025

    Question

    Thomas White asked for an update on how international expansion markets are tracking in terms of profitability relative to core markets and what specific types of investments are driving growth there.

    Answer

    CFO Ellie Mertz explained that the business model generates attractive contribution profit across a wide range of ADRs. While upfront brand campaigns can lower margins initially, markets scale into the marketing load over time. Investments fall into two buckets: product localization (e.g., payment methods) and full-funnel marketing (brand, performance, comms) to drive differential outcomes.

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    Thomas White's questions to Cars.com Inc (CARS) leadership

    Thomas White's questions to Cars.com Inc (CARS) leadership • Q1 2025

    Question

    Thomas White asked for more detail on the sequential improvement in the marketplace business during Q1, particularly the drivers of strength in February and March. He also asked for a clarification on whether the DealerClub user count is included in the reported total dealer count metric.

    Answer

    CEO Alex Vetter explained that after a soft start to the year, dealers responded to sustained high consumer traffic by re-engaging with the marketplace in February and March. He specified the pullback was on ancillary media, not core marketplace packages. CFO Sonia Jain confirmed this, adding that package tier distribution remains strong. She also clarified that DealerClub users are not currently included in the reported dealer count to maintain a clean subscription-based metric.

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    Thomas White's questions to Cars.com Inc (CARS) leadership • Q4 2024

    Question

    Thomas White inquired about the drivers of the full-year 2025 revenue guidance, seeking clarity on the implied growth for dealer revenues and the contribution from the recent DealerClub acquisition. He also asked for an explanation of the dealer revenue softness experienced in Q4 2024.

    Answer

    CFO Sonia Jain explained that approximately two-thirds of 2025 incremental growth is expected from dealer revenue, with growth weighted towards the second half of the year. She clarified that the guidance does not include a significant revenue contribution from DealerClub, as the immediate focus is on integration. CEO Alex Vetter attributed the Q4 dealer revenue softness to typical seasonality and dealer profit compression, which led to a pullback in media solutions, but noted that positive momentum was returning in Q1.

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    Thomas White's questions to Cars.com Inc (CARS) leadership • Q3 2024

    Question

    Thomas White asked for more detail on dealer revenue dynamics, questioning the impact of the CDK outage versus other factors, and inquired about the drivers and forward visibility of the strong OEM revenue performance.

    Answer

    CEO Alex Vetter pointed to strong October dealer growth as a sign of recovery and highlighted product innovation like New Car Hub as a key driver for OEM momentum into 2025. CFO Sonia Jain added that confidence in growth is rooted in product performance, such as the marketplace influencing roughly 30% of dealer sales. For OEM revenue, Mr. Vetter noted a one-time benefit in Q3 but emphasized broad, strong demand.

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    Thomas White's questions to Tripadvisor Inc (TRIP) leadership

    Thomas White's questions to Tripadvisor Inc (TRIP) leadership • Q1 2025

    Question

    Thomas White of D.A. Davidson & Co. asked about the most significant opportunities for incorporating AI into TripAdvisor's own consumer-facing products to enhance user retention, loyalty, and direct traffic.

    Answer

    CEO Matt Goldberg detailed a comprehensive, AI-first product strategy across the business. For Viator, this includes personalized recommendations and customer service. For Brand Tripadvisor, it involves integrating GenAI trip planning and an AI Travel Assistant to create a highly personalized platform. At TheFork, AI is used for discovery and matching. He emphasized this work is creating an AI-first culture that will drive future tailwinds.

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    Thomas White's questions to Trivago NV (TRVG) leadership

    Thomas White's questions to Trivago NV (TRVG) leadership • Q1 2025

    Question

    Thomas White from D.A. Davidson & Co. asked about the potential risks from AI hyperscalers versus the opportunities AI presents for trivago's business. He also followed up on whether the compounding benefits of brand investments create a 'halo effect' on non-branded channels.

    Answer

    Executive Johannes Thomas stated that while generative AI is useful for travel research, trivago's focus on brand investment serves as the best hedge against this potential risk. He emphasized that trivago is leveraging AI to enhance its own product through features like AI-powered hotel highlights and free-text search, which are already improving conversion. He confirmed that brand investments do create a halo effect, improving click-through rates in other channels, but the most powerful impact is the compounding growth of the branded visitor baseline over time.

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    Thomas White's questions to Trivago NV (TRVG) leadership • Q3 2024

    Question

    Thomas White asked for a ranking of the most successful drivers within the branded channel and requested a reminder of the pre-pandemic brand spend level to contextualize the potential for future investment. He also followed up to confirm the 2025 revenue growth target.

    Answer

    Executive Robin Harries explained that brand marketing is a mix of TV, social, and other channels, without disclosing a specific breakout. He emphasized the significant room to scale investments, as current activity is in far fewer countries than pre-pandemic. Executive Johannes Thomas added that public pre-pandemic spending figures illustrate this upside. Finally, Robin Harries confirmed the 2025 revenue growth target is 'closer to 10% than to 0'.

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    Thomas White's questions to Yext Inc (YEXT) leadership

    Thomas White's questions to Yext Inc (YEXT) leadership • Q4 2025

    Question

    Thomas White of D.A. Davidson sought clarification on how the Places Scout acquisition differentiates Yext's offering from other SEO tools, particularly in the new AI search environment. He also asked about the company's capital deployment strategy, weighing M&A against share buybacks.

    Answer

    CEO Michael Walrath explained that combining Places Scout's SEO data with Yext's AI capabilities creates a unique platform for measuring and influencing visibility on new AI answer engines, not just traditional search. Regarding capital, Walrath and CFO Darryl Bond reiterated a flexible approach, using strong free cash flow to opportunistically pursue M&A, share repurchases, or organic investment, depending on where they see the best value.

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    Thomas White's questions to Yext Inc (YEXT) leadership • Q3 2025

    Question

    Thomas White of D.A. Davidson asked for an update on Hearsay Systems' business trends and pipeline quality post-acquisition, and whether its compliance focus creates more resilient deal cycles. He also inquired about Yext's future M&A strategy and potential adjacent product areas.

    Answer

    CEO Mike Walrath reported that Hearsay's growth trends are as expected with no major surprises and that its compliance-driven business is becoming more critical as communication channels fragment. Regarding future strategy, Walrath stated that customer demand will guide both organic development and M&A, highlighting opportunities in healthcare and analytics while maintaining a disciplined approach.

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    Thomas White's questions to Yext Inc (YEXT) leadership • Q2 2025

    Question

    Thomas White from D.A. Davidson & Co. inquired about Yext's updated revenue guidance, asking if the revision was solely due to the Hearsay Systems acquisition and seeking clarification on Hearsay's implied full-year revenue. He also asked a higher-level question about the software vendor consolidation trend and Yext's appetite for future M&A.

    Answer

    CFO Darryl Bond confirmed the updated guidance includes two full quarters of Hearsay revenue and reflects the start of joint go-to-market motions. CEO Mike Walrath elaborated on the consolidation theme, stating that customer feedback on having too many siloed platforms validates the Hearsay acquisition. He affirmed that Yext will continue to assess both organic and inorganic growth opportunities based on customer needs and market dynamics.

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    Thomas White's questions to SmartRent Inc (SMRT) leadership

    Thomas White's questions to SmartRent Inc (SMRT) leadership • Q4 2024

    Question

    Thomas White asked for an update on the previously announced $10 million growth investment and sought current insights on the macroeconomic environment, particularly what the company is hearing from customers and prospects.

    Answer

    CFO Daryl Stemm explained that the $10 million investment has been primarily focused on developing smart operation solutions, with more features expected in Q2. CEO Shane Paladin shared that based on a recent meeting with a major customer, operators are being pragmatic, focusing on ROI, and are hopeful for tailwinds in the coming years.

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    Thomas White's questions to SmartRent Inc (SMRT) leadership • Q3 2024

    Question

    Thomas White sought to reconcile the planned $10 million investment with the company's stated goal of not returning to negative margins, asking about the investment's timeline and expected returns. He also questioned how the current Board's view on the WiFi product opportunity differs from that of the previous leadership.

    Answer

    Daryl Stemm, CFO and Interim Principal Executive Officer, clarified that the investment is focused on strengthening the sales team and reinvigorating core IoT and work management solutions to re-establish market leadership. John C. Dorman, Chairman of the Board, added that while a specific timeline for returns is not being provided, they see opportunities for the investment to accelerate ARR growth in 2025, indicating a shorter-term horizon.

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    Thomas White's questions to Criteo SA (CRTO) leadership

    Thomas White's questions to Criteo SA (CRTO) leadership • Q4 2024

    Question

    Thomas White asked for details on potential upside drivers to the 2025 guidance beyond Microsoft and requested elaboration on why agencies increasingly view Criteo as an 'enterprise play'.

    Answer

    CFO Sarah Glickman cited the scaling of new capabilities like Commerce Go as a potential upside driver. CPO Todd Parsons detailed the 'enterprise play,' explaining that Criteo offers agencies three distinct paths for commerce media spend: the automated Commerce Go, the Commerce Max DSP, and the Commerce Grid SSP. This comprehensive, commerce-focused suite positions Criteo as a key enterprise partner.

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    Thomas White's questions to Criteo SA (CRTO) leadership • Q3 2024

    Question

    Thomas White asked if the Commerce Max platform is displacing existing DSPs at advertising holding companies or accessing new budgets, and what the primary growth driver for the platform will be in the coming year.

    Answer

    CEO Megan Clarken described agency demand as a critical part of Criteo's flywheel, with momentum building as agencies see the superior performance of spending on Criteo's retail media network. Chief Product Officer Todd Parsons added that the product's advantage is making it easy for agencies to plan and allocate budgets across Criteo's large network of over 225 retailers.

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    Thomas White's questions to Booking Holdings Inc (BKNG) leadership

    Thomas White's questions to Booking Holdings Inc (BKNG) leadership • Q3 2024

    Question

    Thomas White asked why marketing on social media channels is now proving successful after years of experimentation and inquired about the potential scale and incrementality of this channel.

    Answer

    CEO Glenn Fogel explained that success is now being driven by better cooperation with social platforms, and while the spend is still relatively small, the company will continue to invest as long as ROIs remain strong. CFO Ewout Steenbergen added that AI is a key tool improving ad effectiveness and that a meaningful portion of the incremental marketing spend is now allocated to social channels.

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