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Analyst
Alex Brignall
Period: Reporting periods mapped to calendar 2025 Q1 – 2026 Q2 (6 quarters; questions recorded in 4).
- Questions
- 5on tracked calls
- Challenge rate
- 20%1 of 5 questionsLimited sample
- Companies
- 3questioned at least once
- Reporting periods
- 4with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 5 of 5 questions from 3 companies
BKNGBooking Holdings2 questions · 2 reporting periods · 0 of 2 challenging
Calendar 2026 Q2
the LLMs raising kind of a broader mix of independent content, and they rely more on kind of inspirational content
Show response
Glenn pointed to reliable, long-standing content as a differentiator in LLM results but acknowledged referrals are not yet showing much.
Calendar 2025 Q4
if you could talk about their views on being a merchant of record, that would be hugely helpful
Show response
Glenn delivered a detailed argument for why LLMs won't move down-funnel: complexity of supplier connectivity, payments across 100+ methods and 50+ currencies, regulatory burden across 200+ countries.
EXPEExpedia Group2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2026 Q1
your growth continued in line with Q4 in the early sort of January and February and then must have decelerated materially
Show response
Scott confirmed Jan-Feb continued at Q4 pace, March saw ~5 points of impact, and April rebounded with improved bookings and reduced cancellations. Still expects further volatility in outlook.
Could you talk a little bit about that? We've heard the big hotels try to talk up their own native apps
Show response
Ariane was not surprised by OpenAI scaling back checkout. Views evolution toward paid advertising as net positive since it's a space EXPE knows well. Booking and servicing complexity reinforces OTA advantage.
ABNBAirbnb1 question · 1 reporting period · 1 of 1 challenging
Calendar 2025 Q1
I would have imagined that all else equal, which of course is not, that the margin target for the full-year would have seen a tailwind
Show response
Ellie noted euro tailwind offset by LatAm FX headwinds, revenue hedging limiting pass-through, and other volume/ADR puts and takes. Not straightforward pass-through.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| BKNG Booking Holdings | 2 | —Rate withheld: fewer than 3 questions |
| EXPE Expedia Group | 2 | —Rate withheld: fewer than 3 questions |
| ABNB Airbnb | 1 | —Rate withheld: fewer than 3 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2025 Q1 | 1 | 100%1 of 1 question | 1 |
| 2025 Q2 | No questions recorded | — | — |
| 2025 Q3 | No questions recorded | — | — |
| 2025 Q4 | 1 | 0%none of 1 question | 1 |
| 2026 Q1 | 2 | 0%none of 2 questions | 1 |
| 2026 Q2 | 1 | 0%none of 1 question | 1 |
- 2025 Q11 question · challenge rate 100% (1 of 1 question) · 1 company
- 2025 Q2No questions recorded
- 2025 Q3No questions recorded
- 2025 Q41 question · challenge rate 0% (none of 1 question) · 1 company
- 2026 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2026 Q21 question · challenge rate 0% (none of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Cloud & AI3
- Competitive Dynamics3
- Macroeconomic1
- Demand1
- Fx1
- Margin1