Wyatt Swanson • D.A. Davidson & Co.

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CEO Luis von Ahn acknowledged the negative feedback but explained it comes from a small cohort of highly engaged free users who had learned to 'game' the old system to avoid paying. He stated that the new system is working as intended by monetizing heavy usage, and the positive metrics (DAU, revenue, time spent) support the change. Regarding the DAU/MAU ratio, both von Ahn and CFO Matt Skaruppa confirmed it was a combination of factors: improved DAU retention and a more normalized MAU base in Q2 following an inflated Q1 from the 'Dead Duo' viral campaign.

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CEO Luis von Ahn acknowledged the feedback, explaining it was expected and primarily from a minority of power users who could no longer use the app as extensively for free. He reiterated that core metrics for revenue, DAUs, and learning time are all positive. On the DAU/MAU ratio, von Ahn and CFO Matthew Skaruppa explained it was a combination of improved DAU retention and a normalization of MAUs following an unusually high Q1 driven by a viral campaign.

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CEO Luis von Ahn stated that the chess course will launch 'in the next few weeks,' first on iOS and then Android, with wide availability by year-end. Marketing will mirror the approach for math and music, combining word-of-mouth with viral social media campaigns. He expects its initial revenue contribution to be small, growing in line with its daily active user base.

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CEO Luis von Ahn stated that growth is occurring in every geography and is not correlated with market maturity, indicating no markets are tapped out. He identified Asia (including Japan, Korea, India, and China) as the most underpenetrated region due to a later start. The strategy to capture this opportunity involves implementing the company's successful social media-driven marketing playbook, localized for each market.

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CFO Matt Skaruppa responded that overall blended subscriber retention on the platform has remained stable. He noted that while there is not yet enough data to definitively comment on Max retention at scale, the company is confident that its lifetime value (LTV) will be superior to that of the Super plan.

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Jason Trevisan, CEO, responded that while CarGurus is aware of Amazon's activities, the used car market is significantly more complex and less structured than the new car market, requiring deep dealer trust that CarGurus has cultivated over two decades. He stated that the company has not seen any change in trends related to Hyundai vehicles on its platform.

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Glenn Sanford, Founder, Chairman and CEO, emphasized the company's variable cost structure allows for flexibility but stated they would not kill growth momentum, especially in international markets, by cutting back. He projected that AI will allow eXp to operate with one-third to one-half of its current staff within five years. Leo Pareja, Chief Strategy Officer, addressed commissions, stating they have not seen any meaningful change post-settlement, viewing the adjustments as primarily procedural and educational.

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Chairman and CEO Tamir Poleg explained that the business is resilient because over 50% of transactions come from 'cappers' who pay a flat fee, mitigating the impact of lower commission rates. He also suggested that industry-wide commission pressure could accelerate agent growth at Real. Regarding the election, both Mr. Poleg and President Sharran Srivatsaa emphasized the company's proven ability to grow regardless of external market or political factors, stating their focus remains on internal execution and value creation.

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