Josh Beck

Ariel clarified product-development scaling is not mostly AI-driven, framed AI as a strategic accelerator and efficiency lever; Osvaldo detailed credit-card NIMAL cohort maturity.

Ariel outlined three cost drivers: volume density, slow shipping network for idle capacity, and tech/productivity improvements. On AI, described LLM search deployment driving higher conversions and ad returns.

Ariel confirmed results aligned with plans. New buyers since June are buying more items across more categories with higher retention than pre-change cohorts.

Martin clarified the 8% cost reduction is sequential, not YoY, driven primarily by scale and fixed cost dilution. Ariel confirmed robotics deployment in warehouses with positive productivity results.

Ariel quantified 5pp margin compression in each of Brazil and Mexico from credit card investment, logistics infrastructure, and currency devaluation. Cross-border trade business is relatively small.

Martin explained two offsetting forces: maturing portfolios improving versus sequential growth creating upfront provisioning pressure (23% sequential growth last quarter vs 9% this quarter).

Ariel confirmed strong satisfaction with logistics performance, noting warehouses take a few years for peak utilization but Q4 demand meant faster-than-typical ramp.

Aman described two-track approach: guided experience for micro businesses and deeper vibe coding for designers/developers. WordPress agent coming soon. Comprehensive answer.

Aman confirmed still in early testing with some successful paths and others requiring more customer education. Direct about early stage.

Aman positioned AI as opportunity for GoDaddy given brand, customer base, and platform. Discussed internal AI transformation and Ask Airo capabilities. Enthusiastic and strategic.

Aman confirmed broad testing across customer cohorts with growing number of third-party partnerships. Direct but without naming specific areas.

Aman explained strong discovery and engagement metrics bolstered confidence to accelerate monetization timeline. Detailed and enthusiastic response.

Aman emphasized significant remaining GPV penetration opportunity within existing customer base. Very bullish on runway.

Kishan Patel (on for Josh Beck) asked about Google traffic tailwinds post core updates amid peer AI-overview headwinds; Stoppelman said Yelp bucked the trend because its highly monetizable categories see AI overviews less prominently (Google protecting its own revenue), and traffic is largely organic with de minimis paid.

Nachman said RR&O needs a healthier consumer and relief from high input costs to stabilize, expecting in-restaurant dining to return with Yelp positioned via AI.

Schwarzbach said Hatch's rapid growth means margin is not the immediate focus; retention payouts are added back to adjusted EBITDA and margins should converge over time.

Schwarzbach said the broad macro picture and dine-out frequency are key indicators, with restaurant input and labor inflation still pressuring budgets.

Stoppelman outlined AI vectors: cross-category Yelp Assistant, Yelp Host/Receptionist SaaS, and off-Yelp data licensing and APIs.

Nachman confirmed the DoorDash deal works as a deep-linked ordering integration that expands Yelp's restaurant footprint and improves consumer experience.

Tony gave no numeric ceiling, framing autonomous penetration as an execution question of mastering both operations and technology.

Ravi detailed $50M gas rewards impact for Q1 and Q2, H1 investment pushouts, and unchanged full-year EBITDA margin trajectory.

Tony emphasized grocery profitability coming from natural scale and cohort maturation, not reliance on any single revenue source like ads.

Tony said great partnership with Deliveroo team. Shipping improvements daily from lessons learned at DoorDash and Wolt. Already seeing benefits across all audiences.

Tony said AI changes plus three-company consolidation made it obvious in 2024. Building single tech stack while maintaining Roo service quality requires temporary extra investment.

Unusually specific: model size, refresh cadence, share of user activity ingested, and a candidate set currently limited to a week.

Huffman named conversion, onboarding, and login/account-recovery fixes as the specific drivers, and acknowledged absolute retention still has room.

Steve said ML work spans the whole feed stack and processes, aimed at doubling U.S. DAU to 100 million from 50 million.

Jen said large advertisers have significant headroom across geographies, brand portfolios and the lower funnel.

Steve said Reddit wants to strip onboarding steps and lean on its ML feed, calling it one of the biggest retention levers.

Chris expects the assistant to lift conversion, retention, basket size and frequency over time, and said AI is now core to advertising innovation.

Chris said Cart Assistant, now reaching 25% of U.S. consumers, is driving time savings, discovery and product research but is still early with engagement data being studied; search improvements center on richer catalog data.

Rogers said price-parity retailers outperform marked-up ones with better retention, citing recent Hy-Vee and Rales moves.