Jason Helfstein

Daniel named car as the single biggest source of excitement and pointed to the Investor Day for detail, then added a broader compounding-execution answer.

Daniel challenged the premise rather than answering on margin, redirecting to gross profit; Nick then gave modelling drivers, so the substance arrived indirectly.

AV insurance launched in a couple of places so far, rollout throughout the year. Conversion rates almost 2x average. Still relatively modest financial impact but will expand to more states.

QS ceding rate phasing down: Q1 ~30%, Q2 ~25%, normalizes at ~20% in Q3 per July 2025 renewal. July 1 renewal in process; likeliest outcome is no change or greater retention.

Management denied conservatism in EBITDA guide. Investing in three major R&D initiatives (cross-sell platform, pricing machine, local platform) that consume the efficiency gains. Operating expenses ex-growth spend growing in low single digits.

Management rates AI deployment high by current industry standards but sees enormous potential ahead. EBITDA breakeven in Q4 2026 is locked and not moving. OpEx tick-up from tech personnel inflation and interest expense, not a step change.

Management explained QS was primarily for capital management not risk management. Other reinsurance structures for risk concentration remain unchanged. The shift was enabled by insurance entities becoming profitable and capital-generating.

California impact in line with prior estimates. Tariff guidance assumes modest headwind with single-digit loss impact. Car geographic expansion continuing but management prioritizing experimentation over naming specific states.

Management confirmed everything on track with Investor Day plan. FAIR plan assessment factored into CA fire impact. Rate increases expected to be smooth throughout 2025.

Chris said marketplace and enterprise operate as one integrated platform; Emily reaffirmed ads growth above GTV but declined to guide next-year percent of GTV.

Chris reaffirmed the 11% to 14% Q2 ad guide and the 4% to 5% of GTV long-term ad target, citing headroom across on-platform, Carrot Ads, in-store and data; Emily called Instacart+ a continued, not increased, focus.

Rogers attributed ad strength to GTV growth and diversification across 9,000 brands, Carrot Ads and off-platform partners.

Maher said membership growth continues with no competitive impact; Rogers reiterated no overall shift toward small baskets, 75% remain large. Direct.

Directly answered: seeds planted (performance, measurement, diversification, scale); macro would help but self-help levers exist to reach 4-5%.

More than 600 retail banners on Storefront; ad upside driven by the full strategy working, high performance attracting budget and supply.

Fidji attributed slower ad growth to a challenged F&B macro versus broader retail media, and pointed to performance and innovation as the path, but gave no concrete route to 15-20%.

Ravi did not disclose the specific AOV figure, instead describing rising basket sizes across older and newer cohorts as the product improves.

Tony emphasized building healthy marketplace first then ads follow. Ravi said every dollar of efficiency is reinvested at healthy rates, no separate treatment for ad dollars.

Tony said no challenges to Dasher funnel or supply regardless of reports. Investing in Dasher authenticity for many years with highest standards maintained.

Tony described 80/20 framework: 80% is making the product more useful, 20% is partner ecosystem (Chase since 2018-19, T-Mobile more recently). Partner strategy requires best-in-class product first.

Tony sees large conversion opportunity within existing base. Product improvement drives frequency which naturally increases subscriber willingness.

Ravi pushed back on blended GOV/MAU metric, saying cohorted view is more accurate. New users start with lower frequency before graduating. Retention and frequency both improving.

Huffman confirmed the framing outright and tied it to ad revenue durability despite search volatility, but did not commit to new disclosure metrics.

Steve pushed back that DAU, especially U.S. DAU, is the top focus, with onboarding, feeds, search and translation the levers.

Jen said Reddit continually invests in sales productivity and chases high-ROI demand, mindful of customer digestion of new products.

Steve had no new licensing news and declined to comment on litigation, saying Reddit's job is to protect its data.

Steve said however users reach Reddit, they want the Reddit perspective, which he framed as a net opportunity.

Steve (answering a stand-in for Jason Helfstein) called logged-in conversion and retention a multi-year success story.

Green framed the deceleration as a cyclical issue concentrated in a handful of large customers rather than a systemic problem, given TTD serves the top 500 advertisers. He pointed again to green shoots, over 200 JBPs (+38% YoY, growing six times overall), top-100 accounts growing double digits, double-digit CTV and audio growth, EMEA/APAC almost 30% year-to-date, and China over 100%, without directly quantifying the macro-versus-execution split.

Green said agentic opportunity is more about optimization and transaction variables than commercial terms. Frameworks decided beforehand then repeated trillions of times via agents. On JBPs and agency discussions: declined to comment on whether record signings relate to agency negotiations but expressed optimism about ongoing agency discussions.

Green forcefully rejected 'brands irrelevant' thesis as non sequitur, arguing quality and consistency still matter. On AI scale vs Amazon/Google: trust and buyer data are key ingredients, not parent company size. Competitors' DSPs are part-time jobs that create objectivity conflicts with their cloud and consumer AI products.

Green argued AI search impact on inventory is de minimis given massive supply-demand imbalance and open internet is bigger than browsers (CTV, music, sports). Believes AI search fragmentation will create new premium ad opportunities similar to CTV. Kayyal said Q4 guide grounded in October/November trends, no change to guidance philosophy.

Green parsed Amazon's three advertising roles (search engine, Prime Video content, DSP), arguing the DSP is a much smaller business with worse objectivity problems than Google since Amazon competes with most Fortune 500 companies.

Peters declined to give a 2026 ads guide but said 2025 upfront commitments more than doubled (lands partly in 2025 and 2026) and programmatic growth is running even higher.

Peters cited stable retention, unchanged plan mix, and price changes in line with expectations; framed the $7.99 ads plan as adding downside resilience.

Peters pushed back: upside was broad-based, live events drove only a small minority of net adds and retention behavior of event signups looks like normal big-title signups.