Tom Champion

Tom Champion requested an update on eBay Live, inquiring about its long-term benefits in terms of dollar volume of transactions, new customer demographics, or platform engagement. He also asked for an update on the Facebook partnership.

Answer

CEO Jamie Iannone described eBay Live as an exciting opportunity contributing to double-digit growth in Focus Categories, expanding into new markets (Australia, Germany, France, Italy, Canada), and hosting high-profile activations. He noted it helps sellers build trust and grow their core business, attracts new buyers, and drives engagement, citing a single event with over $2 million in sales. Iannone believes eBay Live can be a meaningful growth factor and an increasingly important part of enthusiast shopping. Regarding the Facebook partnership, he reported continued progress, with eBay inventory expanded into Facebook Search in Q1, reflecting higher-intent user engagement, and increased volume and categories of inventory shared, benefiting eBay sellers and Facebook Marketplace users.

Tom Champion requested an update on eBay Live, inquiring about its long-term benefits in terms of dollar volume of transactions, attracting new customer demographics, or increasing platform engagement. He also asked for an update on the Facebook partnership.

Answer

CEO Jamie Iannone described eBay Live as an exciting opportunity contributing to double-digit growth in Focus Categories, expanding into new markets (Australia, Germany, France, Italy, Canada), and driving significant GMV (e.g., $2 million in a single event). He noted it helps sellers build trust and grow their core business, attracts new buyers, and increases engagement. Mr. Iannone stated that eBay Live is expected to be a meaningful growth factor and an increasingly important part of how enthusiasts shop. Regarding the Facebook partnership, he reported continued progress, with eBay inventory expanding into Facebook Search in Q1, reflecting higher-intent user engagement, and increased volume/categories shared on Facebook Marketplace, benefiting eBay sellers and Facebook users.

Tom Champion asked when eBay expects improved inventory and personalization features to translate into a higher number of active and enthusiast buyers, and requested an update on the Facebook Marketplace partnership.

Answer

CEO Jamie Iannone noted a 1% growth in active buyers, emphasizing the focus on converting them to enthusiast buyers, where GMV per enthusiast buyer grew to over $3,200 annually. He also mentioned consistent improvements in enthusiast growth and growth in mid-value buyers. For Facebook Marketplace, he expressed optimism, citing continued scaling of the test and improvements in the integrated checkout experience.

Tom Champion asked when improved inventory and personalization features are expected to translate into higher active and enthusiast buyer numbers, and requested an update on the Facebook Marketplace partnership.

Answer

CEO Jamie Iannone noted that trailing 12-month active buyers grew 1% to $134 million, with a strong focus on converting active buyers to enthusiast buyers. He reported consistent, gradual improvements in year-over-year enthusiast growth, with GMV per enthusiast buyer exceeding $3,200 annually, and mid-value buyers growing since early 2024, supported by full-funnel marketing. Regarding Facebook Marketplace, he expressed optimism, stating that the partnership continues to scale, with ongoing efforts to optimize the integrated checkout experience, benefiting both eBay sellers and Facebook users.

Tom Champion asked about the intermediate and longer-term dynamics driving Roku's confidence in a solid multi-year revenue growth CAGR beyond 2026, and sought clarification on the remaining amount on the share buyback program.

Answer

Anthony Wood, Founder and CEO, cited advertising growth from linear-to-streaming shifts, new home screen monetization, and subscription growth driven by aggregation and Premium Subscriptions. He also highlighted Ads Manager opening new SMB ad markets via AI. Dan Jedda, CFO and COO, confirmed $250 million remains on the buyback, noting strong free cash flow and a clear path to offsetting dilution for FY 2026.

Tom Champion asked about the monetization opportunity with logged-out users and whether removing the reporting distinction implies monetization parity with logged-in users, along with the mechanisms to achieve this.

Answer

Jen Wong, COO, clarified that logged-in and logged-out users see ads with similar impression value; the differential lies in engagement. She explained that the strategy is to increase engagement for all users through personalization, regardless of login status, which will lead to more impressions and value.

Tom Champion inquired about the monetization opportunity with logged-out users, asking if removing the reporting distinction implies monetization parity between logged-in and logged-out users, and the mechanisms to achieve this.

Answer

Jen Wong, COO, clarified that both logged-in and logged-out users see ads with similar impression value. The strategy is to increase engagement for all users through personalization, blurring the logged-in/logged-out distinction, which will lead to more impressions and value as engagement rises.

Tom Champion of Piper Sandler requested an update on international-to-U.S. travel dynamics, specifically from Canada, and whether these trends are normalizing, along with an outlook for next year.

Answer

CEO Ariane Gorin reported healthy travel corridors, with inbound travel to the U.S. nearly returning to last year's levels. She noted that Europe-to-U.S. growth recovered from Q2, and APAC-to-U.S. travel accelerated from Q2. Canada-to-U.S. volume remained pressured but showed improvement as the quarter progressed.

Tom Champion asked for an update on the international to U.S. travel dynamic, specifically from Canada, and its normalization, along with the outlook for next year.

Answer

CEO Ariane Gorin reported healthy corridors across the board. Inbound travel to the U.S. was nearly back to last year's levels, with Europe to U.S. growth recovering from Q2 and APAC to U.S. accelerating. She noted that Canada volume into the U.S. remained pressured but showed improvement as the quarter progressed.

Tom Champion asked for Netflix's preliminary outlook on revenue and operating income growth for the full year 2026.

Answer

CFO Spence Neumann stated that full 2026 guidance would be issued on the next call in January. He reiterated that Netflix's financial objectives remain unchanged: sustaining healthy revenue growth, expanding margins, and increasing free cash flow.

Tom Champion inquired about Netflix's early outlook on revenue and operating income growth for 2026.

Answer

CFO Spencer Neumann stated that full-year 2026 guidance would be issued on the next call in January. He reiterated unchanged financial objectives: sustained healthy revenue growth, expanding margins, and increasing free cash flow. He noted that last year's Q3 guidance was unique due to upcoming membership reporting changes.

Tom Champion inquired about the outlook for returning the enterprise customer count to growth in the second half of the year, potential impacts from macroeconomic turmoil, and whether changes in the search landscape are affecting the enterprise business. He also asked for an update on the company's investment plans for the year, particularly regarding R&D.

Answer

CEO Philip Moyer stated that while some customers churn, Vimeo is successfully winning new enterprise clients and refining its packaging to create a seamless upgrade path from self-serve. He acknowledged minor macroeconomic challenges but emphasized Vimeo's strong value proposition. Regarding search, he noted that while the environment is challenging, Vimeo's ad spend is highly efficient, and new AI tools are being developed to help customers with SEO. CFO Gillian Munson explained that the company is investing more efficiently than anticipated, allowing for an increase in the full-year adjusted EBITDA guidance without reducing investment enthusiasm. Moyer added that product and codebase consolidation is also driving efficiency and accelerating the pace of innovation.

Asked for more detail on the offline sales strategy in Brazil and for commentary on the macroeconomic environment, distinguishing between company execution and market dynamics.

Answer

The executive explained the offline strategy is a targeted effort to capture new customers from the large offline market and convert them to online users. The macroeconomic outlook is positive and in line with plans, with expectations for accelerating growth and operational leverage, making them slightly more optimistic than 90 days prior.