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Analyst
Jim Callahan
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters).
- Questions
- 15on tracked calls
- Challenge rate
- 0%none of 15 questions
- Companies
- 3questioned 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 3 companies
APPApplovin Corp12 questions · 7 reporting periods · 0 of 12 challenging
Calendar 2026 Q2
It looks like U.S. accelerated Q-over-Q, but international was closer to flat with 1Q.
Show response
Matt said international strengthened for several quarters then slowed modestly, nothing specific; Adam noted the web consumer business skews West. Direct.
Calendar 2026 Q1
I'd be curious what you'd kind of call out as like the biggest flag of kind of the improvement there
Show response
Adam attributed April acceleration primarily to model improvements rather than product rollouts. Model improvements drive ROAS which drives same-store growth.
how should we think about balancing needs between the consumer and gaming verticals on sort of the user acquisition side
Show response
Adam reiterated zero cannibalization, single auction model allocates optimally. Investing in both verticals simultaneously without tradeoff.
Calendar 2025 Q4
how does e-commerce reinforcement learning kind of compare? Is it faster, slower? Does it take longer?
Show response
Adam said ecommerce model works the same way but has much less data penetration and shorter history. Improvements currently come more from team-directed model changes than self-learning; customer ramp-up will accelerate data flywheel.
Can we expect that through 2026? Is that like a step function change that we think can continue?
Show response
Adam said APP's 70%+ growth fuels publisher UA spend which grows MAX ecosystem. Cited Unity Vector, Moloco, and Liftoff all growing quickly as evidence the overall market is expanding, not zero-sum.
Calendar 2025 Q3
what would you define as like low quality or an advertiser that wouldn't work sort of with the platform?
Show response
Adam said current quality bar is subjective team assessment; will broaden over time as advertiser density increases and reduces repetitive impressions.
are all the codes so far given out? Or is this something we can expect the partners to sort of continue doing through early 2026?
Show response
Adam said referral codes are dynamically issued based on quality of leads; good referral partners receive additional codes.
Calendar 2025 Q2
what have you learned through that process so far if that's informing the self-serve kind of tool set?
Show response
Adam described web ecosystem as fragmented vs standardized app MMPs; Shopify integration and attribution provider deals were critical readiness milestones.
anything to call out in terms of like model enhancements, tweaks, performance improvements?
Show response
Adam said no major step function but continuous iterative lifts; advertisers reinvest more each quarter due to strong ROAS.
Calendar 2025 Q1
your ability to sort of monetize a relatively, like, static base of inventory
Show response
Adam noted conversion rate could grow from 1% to 2-5% over time through more demand density, personalized creative, and better algorithms.
Calendar 2024 Q4
Can you talk about maybe, like, what kind of inventory is converting best, and if perhaps this is different from the inventory that converts better for gaming?
Show response
Adam clarified it's a unified auction across all categories on the same full-screen video supply.
Looks like you're rolling out 28-day models. Has there been any sort of early feedback here on the gaming side?
Show response
Adam confirmed 28-day models have been live for a couple quarters and are the most performant, driving increased spend.
TTWOTake-Two Interactive2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2026 Q2
what maybe the mix kind of looks like as we get closer to release of the game
Show response
Strauss said preorders are exceptional and the team is happy with the Standard/Deluxe mix but gave no specific figures.
how do we parse that out from what overall engagement looks like broadly on mobile
Show response
Strauss said engagement is fine and UA cost swings reflect competitors sometimes overspending, which can temporarily crowd Take-Two out on ROI discipline.
UUnity Software Inc.1 question · 1 reporting period · 0 of 1 challenging
Calendar 2025 Q2
it looks like the revenue by geo, there was sort of a big sequential step-up in China spend. Is this Vector related or something else?
Show response
Management said China grew ~$20M sequentially across both Create and Grow; direct.
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 | 12 | 0%none of 12 questions |
| TTWO Take-Two Interactive | 2 | —Rate withheld: fewer than 3 questions |
| U Unity Software Inc. | 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 | 2 | 0%none of 2 questions | 1 |
| 2025 Q1 | 1 | 0%none of 1 question | 1 |
| 2025 Q2 | 3 | 0%none of 3 questions | 2 |
| 2025 Q3 | 2 | 0%none of 2 questions | 1 |
| 2025 Q4 | 2 | 0%none of 2 questions | 1 |
| 2026 Q1 | 2 | 0%none of 2 questions | 1 |
| 2026 Q2 | 3 | 0%none of 3 questions | 2 |
- 2024 Q42 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q11 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q23 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2025 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q42 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2026 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2026 Q23 questions · challenge rate 0% (none of 3 questions) · 2 companies
Topics
Topics tagged on this analyst’s questions.
- Demand7
- Revenue Growth6
- Cloud & AI4
- Competitive Dynamics4
- Product Launch3
- Geographic Expansion2
- Innovation & R&D2
- Pricing1
- Cost Pressure1