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CEO Ian Siegel stated that AI Overviews have been a net positive, acting as a tailwind driving high-intent job seeker traffic. Regarding compliance, he affirmed that ZipRecruiter has a long history of deploying AI thoughtfully with robust guardrails and legal review, and he does not see recent industry lawsuits as a risk to the company.

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President David Travers noted that while employers have been taking slightly longer to hire since the peak of the 'great resignation,' this is not a recent change tied to the current macro outlook. Co-Founder and CEO Ian Siegel added that while some competitors have pulled back on advertising, ZipRecruiter's performance is more reflective of the overall market's appetite for hiring rather than shifts in competitive ad spend.

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CFO Tim Yarbrough confirmed that in a downside scenario, ZipRecruiter would adjust operating expenses and generate higher adjusted EBITDA margins, consistent with its disciplined approach of pulling back on investment during periods of softness. President David Travers addressed government hiring, stating it is not an outsized driver for the business, as their marketplace generally reflects the U.S. economy but skews toward SMBs rather than large federal agencies.

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CFO Mark McCaffrey stated the .co registry decision was a one-off based on profitability metrics, not a change in philosophy. He explained that second-half margin expansion faces tougher comparisons but the company remains on track for its 33% exit rate target. The raised free cash flow guidance is driven by strong bookings and high-value cohorts, reflecting operational strength rather than working capital changes.

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CFO Mark McCaffrey clarified that the primary strategy is attracting high-intent customers, not pursuing customer growth for its own sake. He stated that the expected return to positive customer growth later in the year is mainly a function of lapping previous divestitures and brand rationalization actions. He attributed the gross margin expansion to a favorable product mix, noting the margin typically fluctuates around 64% and is not driven by specific cost-saving measures.

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CFO Mark McCaffrey explained that significant margin benefits from infrastructure simplification were front-loaded in the prior year. The 2025 expansion is primarily driven by the favorable mix shift to the Applications & Commerce segment, balanced against strategic investments in marketing and product innovation, keeping them on track for their 33% target in 2026.

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CEO Aman Bhutani explained that the company's data-driven pricing and bundling methodology will be applied to new customer cohorts with products in the Core Platform. CFO Mark McCaffrey addressed the aftermarket, describing it as an inherently volatile business and attributing the quarterly slowdown to pressure on lower-level valuations, while maintaining the long-term view of it being a low single-digit grower.

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CFO Ellie Mertz clarified that the $200 million figure is a refined estimate for its investment in Services and Experiences, not a change in strategy. Regarding the new metric, she stated that the contribution from 'seats' booked is currently "immaterial" but the company is investing to make it a material contributor over time. A specific breakout was not provided.

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President & COO Nir Zohar and CFO Lior Shemesh affirmed that Wix can invest in growth while maintaining similar margins, noting Base44 is a profitable business and that AI costs are expected to decline. Lior Shemesh confirmed the plan is to repay the convertible notes with cash on hand, stating that the company has other means to raise capital in the future if necessary.

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CFO Lior Shemesh explained that while specific margin breakdowns aren't disclosed, the Self-Creator segment is highly profitable (above 30% FCF margin) and the Partner segment's profitability is improving, with long-term potential to exceed Self-Creators. He confirmed the plan to expand margins in 2025 through a combination of new product innovation and better market demand, which will drive higher growth without a proportional increase in costs.

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Co-Founder & Co-CEO Michael Mente explained that tariff stability provides more confidence to invest in new owned brand launches, particularly at higher price points. He anticipates a steady, managed increase in owned brand inventory and highlighted the synergistic role of physical stores in accelerating this initiative.

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CFO Jesse Timmermans confirmed international growth outpaced the U.S. in April but did not provide specific figures. Co-CEO Michael Karanikolas added that the negative sentiment and impact in the Canadian market are continuing. Regarding sourcing, management reiterated that the China mix for third-party goods is 'meaningfully lower' than for direct imports but did not quantify it further.

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CFO Jesse Timmermans described the October growth rate as being in the "same zone" as the Q3 exit rate, not a deceleration, but reiterated caution for the rest of the quarter. Co-CEO Michael Karanikolas confirmed that Revolve is always actively considering strategic and financially sound M&A opportunities and will act if the right one emerges.

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Osvaldo Giménez, Fintech President, clarified that NIMAL is breakeven and positive in Brazil, their largest and most mature credit card market. However, this is not yet the case in Mexico. He added that when they eventually launch in Argentina, the business will initially be NIMAL-negative before reaching breakeven over a few years.

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CFO Lanny Baker stated that the company expects to recover the opportunity cost from last year's strategic shift by the end of 2025. He confirmed that the velocity and size of experiment wins are now back to historically consistent levels, highlighting PLA segmentation and paid social efficacy as key successes, but declined to provide specific GMS impact figures.

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CFO Scott Schenkel detailed that restructuring affected approximately 4% of employees and 7% of contractors, with expected net EBITDA savings of $75 million over the next three quarters, some of which will be reinvested. CEO Ariane Gorin positioned activities as a key 'attach' opportunity for Brand Expedia but did not announce any specific new large-scale investment in the category.

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CEO Ariane Gorin outlined a three-pronged AI strategy: 1) enhancing their own products for travelers and partners, 2) ensuring brand presence in new GenAI-native search experiences, and 3) potentially powering new AI travel startups through partnerships. Regarding Latin America, she stated the Despegar situation does not change their perspective, emphasizing that Despegar is a great partner and that Expedia maintains its own brands and other partnerships in the region.

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CFO Julie Whalen confirmed that Vrbo's growth accelerated through the quarter, with 'incredible acceleration' after July, but declined to provide specific monthly comps. CEO Ariane Gorin shared that a positive surprise has been the strong brand love for Expedia, Hotels.com, and Vrbo. A challenge has been the work required to connect the new tech platform's capabilities to the brand value propositions of Hotels.com and Vrbo, though she noted the organization is responding quickly.

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CFO Mike Noonan described the third-party channel as highly incremental and additive, helping to fuel scale while the Viator point-of-sale remains the largest channel. CEO Matt Goldberg detailed AI partnership learnings: understanding LLM-based SEO with Perplexity, exploring agentic AI with OpenAI, multimodal interfaces with Amazon Alexa, and data valuation with Microsoft Azure, all to lay a foundation for future value creation.

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CFO Mike Noonan responded that the company is making efficient decisions to maximize growth, and that the margin progression is a natural result of the business model as repeat customers are acquired more cheaply. CEO Matt Goldberg added that AI partnerships are a key strategy to access incremental, high-intent traffic. He described the Perplexity deal as a long-term strategic play focused on traffic and revenue sharing, rather than short-term licensing fees, and confirmed collaborations with OpenAI to stay positioned for emerging agentic AI.

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CEO Matt Goldberg acknowledged that increased competition helps grow category awareness, benefiting all players. He stressed Tripadvisor's disciplined approach, leveraging its strong brand and operator base. On international expansion, Goldberg called it a key opportunity, especially given Brand Tripadvisor's large non-U.S. traffic, but said it's too early to detail 2025 investment levels. CFO Mike Noonan added that data would guide supply build-out in regions like EMEA.

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Executive David Reeder confirmed the outlook for low single-digit active customer growth in 2025 and suggested the absolute number of net additions would be broadly consistent throughout the year. He explained that the incremental capital expenditures in the 2025 forecast are primarily allocated to growth in the healthcare business, including investments to support pharmacy demand and the continued expansion of Chewy Vet Care clinics.

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CEO Sumit Singh clarified that Canada's contribution to net adds was immaterial. He attributed the growth to improved acquisition of new-to-Chewy customers, enhanced reactivation through new CRM capabilities, and better retention from an improved post-purchase experience. While declining to provide a specific split, he confirmed Chewy has the ability to funnel mobile web users to the app.

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COO & CFO Noel Watson stated that Formation Nation's impact is included in the full-year guidance, but a separate breakout is difficult as they are integrating quickly to shift the acquired business toward a subscription model, making the performance blended. CEO Jeffrey Stibel added that the guide is built on a conservative approach focused on achieving double-digit subscription growth, which provides levers for pricing changes without being overly aggressive in the forecast.

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CEO Michael Lohscheller assured that Polestar will comply with the new U.S. legislation, effective for model year '27, and will develop solutions to maintain its presence in the important U.S. market. He projected that the Polestar 3 and 4 would account for 60-65% or more of future sales. Lohscheller also clarified that while the new retail model adds margin costs, it is not a substantial increase and remains highly cost-efficient compared to traditional dealer networks.

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CFO Per Ansgar explained that Q2 gross margin was impacted by several factors, including a benefit from a prior inventory impairment and some revenue timing, offset by new impairments and higher amortization costs shifting from R&D to COGS. He noted the China market is tough but Polestar is balancing volume and margins for the Polestar 4. On working capital, he expressed confidence in maintaining leanness by shortening lead times through local production and process efficiencies, supported by undrawn trade financing facilities.

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CFO Jeff Hoffmeister clarified that there is no change in the marketing strategy or its payback guardrails. The decision to maintain the current FCF margin profile is a proactive choice to reinvest incremental dollars across the business for long-term growth—not just into marketing—in areas like R&D, product development, and international expansion.

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CEO Amnon Shashua noted that events like Tesla's robotaxi day reinforce the robotaxi vision and shine a light on Mobileye's own production-intent programs with partners like Volkswagen. An executive, likely Nimrod Nehushtan, added that OEMs see Mobileye as a leading candidate to help them compete. Regarding 2025 SuperVision volumes, Daniel Galves suggested the Q4 run rate is a good starting point but noted that visibility remains low due to market volatility.

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CFO Jason Cardew confirmed the 10-point share shift to domestic OEMs in China is expected between now and 2027. He explained that while some existing capacity could be repurposed, new capital expenditures might be necessary depending on the location of new customer plants. Regarding corporate costs, he noted the full-year guidance implies a slight increase in Q4 after a lower Q3, but the overall run-rate is expected to remain relatively stable.

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CFO Fredrik Westin acknowledged pricing is a key component of the outperformance but declined to provide a specific breakdown. CEO Mikael Bratt stated there is no significant difference in opportunity or content, as a premium vehicle remains a premium vehicle regardless of where it is manufactured.

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