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Analyst
Bernie McTernan
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters).
- Questions
- 15on tracked calls
- Challenge rate
- 7%1 of 15 questions
- Companies
- 5questioned at least once
- Reporting periods
- 7with 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 15 of 15 questions from 5 companies
APPApplovin Corp4 questions · 3 reporting periods · 0 of 4 challenging
Calendar 2025 Q4
are you seeing any changes in the type size of customers that are entering because of self-service versus the prior managed service?
Show response
Adam described smaller businesses now onboarding; cited Israeli cookware company scaling from $4M to $16M to projected $80M revenue. Also expanding into fintech and lead gen categories beyond ecommerce.
Calendar 2025 Q2
this 80%, 90%, 100% incremental margins? Is that still the right way to think about the business?
Show response
Adam said new supply integration will be net revenue while paid marketing will be a visible cost line, but only deployed when LTV-to-CAC spread is highly lucrative.
Calendar 2024 Q4
Any feedback that you're hearing from the gaming companies as you're moving into e-commerce and other verticals?
Show response
Adam said publishers are excited about non-gaming ads replacing competitor gaming ads, with some publicly commenting on impression mix shift.
Is that an opportunity for you guys that you can help actually make games -- or ads that look more like mobile gaming ads for e-commerce and other verticals?
Show response
Adam deferred creative optimization to AI/machines, noting machine-generated variations will exceed what humans can produce.
DKNGDraftKings Inc.4 questions · 4 reporting periods · 1 of 4 challenging
Calendar 2026 Q2
hopefully you could dive into that a little bit more talking about the structural advantage and network effect that come from being a vertically integrated prediction market operator.
Show response
Robins explained the LTV flywheel from owning the stack (brokerage, exchange, market-maker), capturing unit economics and faster product development.
Calendar 2026 Q1
the shareholder letter mentions that consumers are losing more in prediction markets than OSB.
Show response
Robins attributed the faster loss rate to professional market makers providing most liquidity, drawing a parallel to protecting the fantasy ecosystem.
Calendar 2025 Q3
What do you think the battle will be on in prediction markets?
Show response
Robins said exchanges fight for liquidity while front-end FCMs/IBs compete on CAC-to-LTV; Railbird gives DraftKings both pieces.
Calendar 2025 Q2
given the Simplebet acquisition closed late last year, this will be the first NFL season of you guys owning the assets.
Show response
Robins credited Simplebet's team and technology with DraftKings' live-betting lead and expected the past year's work to show this NFL season.
CARTMaplebear Inc.3 questions · 2 reporting periods · 0 of 3 challenging
Calendar 2026 Q2
You became Google's first grocery partner for Gemini integration and AI mode shopping functionality.
Show response
Chris framed Gemini, OpenAI and Anthropic tie-ups as very early demand channels with nothing material near term; specifics were limited.
if you could just shed some light on the Instaleap part in The UK.
Show response
Chris said Instaleap's picking tech orchestrates multi-platform delivery and expects to scale it to more markets; direct.
Calendar 2025 Q1
if you could just remind us of your enterprise strategy and if these are discrete revenue opportunities
Show response
Framed enterprise as both a GTV/revenue driver and a strategic integration asset; Wynshop powers more storefronts with upsell synergies.
DASHDoorDash3 questions · 2 reporting periods · 0 of 3 challenging
Calendar 2025 Q4
EBITDA a lot higher in the second half of the year. I would say that's probably typical to normal seasonal trends
Show response
Ravi confirmed typical seasonal pattern. Additional factors: front-loaded Deliveroo investment, and faster pace of profitability expansion in new verticals (GP positive H2) and international ex-ROO (CP positive H2).
Do you think the use case for delivery AVs will be broader than robotaxis and mobility
Show response
Tony said Dot specifically designed for suburbs in form factor and assignment logic. Drone projects cover even rural regions with longer distances. Multiple form factors for different use cases.
Calendar 2024 Q4
the acceleration 4Q bookings just wanted to know, you know, what made 4Q so strong, any trends to point to
Show response
Ravi attributed Q4 strength to stable restaurant growth, faster new verticals/international growth, 42M MAUs growing double-digit. Q1 comp affected by leap year and ~1% FX headwind.
EBAYeBay1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q1
Is this mostly C2C? Or is there -- or is the strength more broad-based? And then within C2C, is this primarily being driven by magical listings
Show response
Jamie emphasized growth is broad-based with each strategic priority seeing double-digit growth individually. C2C strength driven by marketing around magical listing which shows 50% more listings per lister and 95% customer satisfaction.
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 |
|---|---|---|
| APP Applovin Corp | 4 | 0%none of 4 questions |
| DKNG DraftKings Inc. | 4 | 25%1 of 4 questions |
| CART Maplebear Inc. | 3 | 0%none of 3 questions |
| DASH DoorDash | 3 | 0%none of 3 questions |
| EBAY eBay | 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 |
|---|---|---|---|
| 2024 Q4 | 3 | 0%none of 3 questions | 2 |
| 2025 Q1 | 1 | 0%none of 1 question | 1 |
| 2025 Q2 | 2 | 0%none of 2 questions | 2 |
| 2025 Q3 | 1 | 0%none of 1 question | 1 |
| 2025 Q4 | 3 | 0%none of 3 questions | 2 |
| 2026 Q1 | 2 | 50%1 of 2 questions | 2 |
| 2026 Q2 | 3 | 0%none of 3 questions | 2 |
- 2024 Q43 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2025 Q11 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q22 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2025 Q31 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q43 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2026 Q12 questions · challenge rate 50% (1 of 2 questions) · 2 companies
- 2026 Q23 questions · challenge rate 0% (none of 3 questions) · 2 companies
Topics
Topics tagged on this analyst’s questions.
- Competitive Dynamics6
- Product Launch5
- Demand4
- Cloud & AI3
- M&A3
- Revenue Growth3
- Margin2
- Innovation & R&D2
- Geographic Expansion1
- Capital Allocation1