Jason Bazinet

Adam confirmed AppLovin is using targeted third-party partnerships (e.g., an e-commerce analytics company) to onboard the right advertisers rather than buying long-tail traffic. Direct.

Adam provided qualitative framing of $100B IAP market and ad-supported convergence trajectory but acknowledged sizing the impact precisely was difficult.

Adam said P times Q modeling is premature; shared 30-day LTV-to-CAC breakeven and 57% qualified-to-live conversion rate as early proof points. Will share more metrics once at stable scale.

Adam valued the metric more as proof that automated onboarding works without complaints than as an extrapolation tool for future revenue.

Adam noted gaming model has years of iteration while ecommerce is months old; cross-category data flywheel will accelerate convergence.

Adam explained Q2 is seasonally weakest with fewest holiday days, noting last year's only single-digit QoQ quarter was Q2.

Adam declined to give exact number but implied more than tens, fewer than thousands. Highlighted 20-person ecommerce go-to-market team.

Angelastro disputed the premise with the EBITA, EPS and margin numbers, then attributed the balance to ongoing reinvestment. Answered.

John candidly acknowledged disposed business margins are probably below the 10% stated at Investor Day. Explained the core/non-core distinction filters on growth, margin, and client necessity. Phil clarified revenue decline in dispositions reflects timing of completed sales not business performance.

Phil clarified the 10% EBITA margin is the weighted average across the full $3.2 billion. The larger disposal group is probably below 10% and the majority-to-minority group above 10%.

John explained the $600M buyback cap is an arbitrary agreement from the IPG merger pact where both sides agreed to limits. Post-close, Omnicom will be more flexible and free to react.

John dismissed competitive fears as competitor-fed narratives, noting no significant client at risk. Phil added that client changes are very disruptive especially in uncertain environments.

Phil confirmed expectation to return to $600M buyback level in FY2025 despite transaction-related blackout periods. John added he's the largest individual shareholder.

Baszucki said past DevEx increases reliably lifted content quality as creators can trust the economics, implying a compounding but gradual gestation.

Chopra declined 2026 guidance, citing tailwinds (momentum, new tech) and headwinds (tough comps, new safety policies), reaffirming unchanged long-term objectives.

Baszucki said a mix of bare-metal infrastructure with burst-mode cloud absorbs surges above 30M concurrent without paying CapEx 24/7.

Baszucki cited minimal impact in the 2007 or 2008 downturn and low-cost, largely free entertainment as reasons for macro resilience.

Alex expressed strong confidence in long-term growth, framing the emerging-market funnel work as supporting rather than slowing subscriber growth.

Gustav answered clearly that a full catalog is not required, citing Spotify's own history and the planned research-preview launch approach.

Alex stressed value-to-price and best-product philosophy over specific metrics; Gustav cited an engagement lead over competitors; Daniel noted Spotify's multi-vertical value beyond music. Partial.

Christian named advertising, music marketplace, podcast SVP, audiobooks monetization and a-la-carte as the long-term gross margin expansion levers.

Strauss declined to give a preorder-to-bookings ratio, saying the level is unprecedented enough that translation is genuinely unknown.

Strauss acknowledged GTA 4, GTA 5, and Red Dead titles all exceeded internal expectations, but cautioned that not all titles beat expectations, emphasizing appropriate humility in the entertainment business.

Lainie confirmed expectation of sequential growth establishing a new baseline but deferred detailed guidance beyond FY2026 to the May earnings call. Noted even modest release schedule shifts can have significant period effects.

Lainie confirmed no accounting policy changes; $1.9B capitalized software reflects investment in games to be amortized over their lifetimes.

Berchtold said growth split evenly between existing venue performance improvement and new additions. Not ready to update 2027-2029 targets yet but this year demonstrates venue strategy power.

Rapino emphatically denied any consumer bifurcation. Shows already on sale for next year selling as fast as ever across all income segments.

Berchtold confirmed push toward upstream ownership where possible, from dirt-level ownership to building ownership to capital build-outs.