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    Tom White

    Senior Research Analyst at D.A. Davidson & Co.

    Tom White is a Senior Research Analyst at D.A. Davidson & Co., specializing in technology sector coverage with a primary focus on online marketplace and auto technology companies such as Zillow, Groupon, Yelp, and CarGurus. He covers 43 stocks, and his investment recommendations have a 43% success rate with an average return per transaction of 0.3%, according to TipRanks. White began his career as an equity research analyst at Macquarie and worked at several firms before joining D.A. Davidson less than a year ago. He holds relevant professional credentials and is recognized for his coverage of technology-driven automotive and online platform companies.

    Tom White's questions to TrueCar (TRUE) leadership

    Tom White's questions to TrueCar (TRUE) leadership • Q2 2025

    Question

    Tom White of D.A. Davidson & Co. inquired about TrueCar's growth strategy, particularly its used vehicle initiatives in the context of potential auto tariffs, and also asked for an update on capital allocation priorities, including the potential for resuming share buybacks.

    Answer

    President & CEO Jantoon Reigersman explained that the company is focused on enabling consumers to find the right car, new or used, and is helping dealers source more used vehicles. CFO Oliver Foley added that long-term growth levers remain unchanged but noted a near-term dealer focus on vehicle sourcing via products like 'Sell Your Car'. Regarding capital allocation, Foley stated that while maintaining a sufficient cash balance is prudent, the company is open to repurchasing shares and constantly evaluates it as part of its strategy.

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

    Tom White's questions to Cars.com (CARS) leadership • Q2 2025

    Question

    Tom White of D.A. Davidson Companies inquired about the drivers of dealer revenue, specifically asking for an explanation for the decline in ARPD despite dealer count growth, and asked about the potential for AccuTrade to penetrate a dealer's used vehicle sourcing.

    Answer

    CFO Sonia Jain attributed the ARPD dip to a mix shift, including adding independent dealers at a faster rate and growth in 'solutions-first' customers who initially have lower ARPD. She also noted some tempered discretionary media spend. CEO Alex Vetter explained that while the ultimate penetration of AccuTrade is evolving, the trend of dealers sourcing directly from consumers is durable, driven by the desire to bypass auction fees and improve profitability, citing that some large dealer groups are already sourcing the majority of their inventory this way.

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    Tom White's questions to eXp World Holdings (EXPI) leadership

    Tom White's questions to eXp World Holdings (EXPI) leadership • Q2 2025

    Question

    Tom White of D.A. Davidson Companies inquired about the significant sequential and year-over-year increase in operating expenses, the priority of margin expansion, and the role of the company's stock in its agent value proposition.

    Answer

    CFO Jesse Hill attributed the OpEx increase to approximately $6 million in one-time strategic investments and severance costs, noting that favorable operating expenses are expected in the second half of the year. On margins, Founder, Chairman, and CEO Glenn Sanford and eXp Realty CEO Leo Pareja emphasized focusing on aggregate gross margin dollars and capitalizing on the market downturn to expand the value proposition. Sanford also clarified that while the company's stock is a valuable differentiator, the overall platform is the primary attraction for agents.

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    Tom White's questions to eXp World Holdings (EXPI) leadership • Q3 2024

    Question

    Tom White of D.A. Davidson submitted questions asking for an update on international agent trends and the 2025 outlook, and also inquired about the expected gross margin impact from the new ICON and REVenue Share capping initiatives.

    Answer

    CEO Glenn Sanford addressed both questions. On international strategy, he noted that revenue was up significantly due to a focus on productive agents rather than total agent count, and he outlined plans for further country expansion and investment in agent-facing tools like homehunter.global. Regarding the new incentives, Sanford clarified they are not expected to impact gross margins, as they operate within the existing 50% revenue share payout structure and are aimed at improving retention among top-producing agents.

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    Tom White's questions to Criteo (CRTO) leadership

    Tom White's questions to Criteo (CRTO) leadership • Q2 2025

    Question

    Tom White asked about Criteo's ability to position CTV as a performance-based, accountable advertising medium and what differentiates its offering from entrenched competitors in the space.

    Answer

    CPO Todd Parsons explained that Criteo's key differentiator is its ability to connect CTV ad exposure directly to sales lift and cost-per-order, moving beyond simple awareness metrics. He emphasized that Criteo can demonstrate incremental return on ad spend (ROAS) from CTV campaigns, which is a unique value proposition that leverages the company's core strength in performance measurement across the full buyer journey.

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    Tom White's questions to Yext (YEXT) leadership

    Tom White's questions to Yext (YEXT) leadership • Q1 2026

    Question

    Tom White of D.A. Davidson Companies asked for more color on the drivers of the first-quarter revenue outperformance, specifically the sequential improvement in direct ARR. He also questioned the increased pace of share buybacks and how they rank in priority against other capital allocation opportunities like M&A, given the company's strong cash flow and new debt facility.

    Answer

    CFO Daryl Bond cited favorable foreign exchange rates and continued improvements in both gross and net retention as key drivers for the Q1 revenue and ARR outperformance. On capital allocation, Bond stated the stock remains a great investment. CEO Mike Walrath added that buybacks are not an 'either/or' situation with M&A, as the company's strong balance sheet and new debt facility with BlackRock provide flexibility to pursue both share repurchases and opportunistic, accretive acquisitions.

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    Tom White's questions to CarGurus (CARG) leadership

    Tom White's questions to CarGurus (CARG) leadership • Q4 2024

    Question

    Tom White asked about the evolution of the enhanced account management function, including potential hiring needs and whether dealers who adopt best practices would receive a larger share of leads.

    Answer

    Sam Zales, President and COO, clarified that the goal is to elevate all customers' success, not to divert leads to a select few. The initiative focuses on improved onboarding, consultative selling with data insights, and a small, specialized team for one-on-one training. He stressed the long-term strategy is to productize and templatize these learnings for broad scalability, rather than hiring an 'army of people.'

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