Lee Horowitz

Glenn declined to reveal specific product rollout timelines, but Ewout cited measurable early signals across engagement, conversion, cancellation rates, and customer satisfaction.

Glenn drew parallels to the Google disintermediation threat that never materialized, cited mid-60% direct booking mix, Genius program value (30%+ Level 2/3 travelers), and the complexity of travel execution.

Glenn confirmed they would lean into any macro weakness, citing 16 consecutive quarters of faster alt-accom growth than the market leader and $900M positive EBITDA during pandemic year.

Glenn declined to quantify a ceiling for direct mix, noting it will never reach 100% but multiple agentic AI partners could actually increase supply of customer channels and lower acquisition costs.

Glenn acknowledged the disintermediation concern, cited 25 years of adapting to threats, and emphasized proprietary data and partnerships with AI players.

Ewout confirmed broad-based strength across all regions, attributing growth to combined listing proposition and traveler preference.

Jamie attributed the gap predominantly to the macro environment: UK with low consumer confidence and elevated inflation, Germany with declining consumer confidence and no real GDP growth expected, plus idiosyncratic challenges in German auto and manufacturing sectors.

Jamie described expanding adoption beyond collectibles into luxury watches, jewelry, handbags and pre-loved apparel, noting the community-driven nature of eBay Live where authentic sellers connect with enthusiast buyers, with features like autocharge and combined shipping reducing friction.

Steve emphasized the global diversity of the ad platform and its multiple product levers, noting the current environment is contemplated in their full-year commentary.

Jamie noted current trading card growth is driven by sold item growth not ASP inflation, making it more sustainable than the 2021 ASP-driven surge.

Jamie declined to comment on specific economics but characterized the partnership as more than buying ads, noting it is still early days and gradually scaling.

Management confirmed continued focus category momentum with plans to go deeper in fashion and expand to new categories like vehicles.

Ariane emphasized travel's high-stakes nature as competitive moat: proprietary reviews (70% of travelers check), servicing excellence (1-3 min call answer during storms/shutdown). Scott declined BU-level guide but said no material shift expected between business units.

Scott emphasized agility, ready to lean in if conversion improves, and ready to continue productivity gains. Ariane detailed brand-by-brand momentum: Vrbo promotion suite (20% of bookings), Hotels.com fastest growth in 2+ years, Expedia record attach.

Ariane outlined flywheel of better product driving more direct traffic, higher conversion, better retention. Sharper brand value propositions make marketing more effective.

Ariane affirmed loyalty is important. Explained tuning OneKey by brand and geography. Removed Blue tier always-on earn on Vrbo due to insufficient repeat behavior justification.

Scott acknowledged B2C will be pressured but not hugely negative. Ariane added pricing pressure from negative ADRs and lower air ticket prices contributes to the outlook.

Scott declined to break out margin components. On Vrbo growth outlook, Ariane expressed conviction in differentiated value proposition but declined brand-level directional guidance.

Ellie said RNPL cancellation curves tracking close to test expectations. Aggregate nominal cancellation rate increase is approximately 1% (from ~16% to ~17%). RNPL lengthening lead times and modestly increasing ADR. Brian said AI search is live to small percent of traffic now, will design ad units around new AI search paradigm.

Ellie said 2025 was heaviest investment year for launch, 2026 will have continued investment but less heavy with revenue scaling. Brian said every incremental business will be more efficient to launch. Core business not remotely mature, for every 1 home guest, 9 stay in hotels.

Ellie confirmed significant flexibility to reallocate marketing spend monthly between channels and markets based on efficiency signals.

Ellie explained brand marketing is fixed cost per market, not variable like performance marketing. Core market spend grows slower than revenue, freeing budget for expansion markets.

Tony outlined three missions: bring everything in the city to consumers (retail, fulfillment services, autonomy), build merchant software (Storefront, SevenRooms, Drive), and drive in-store traffic (Going Out, reservations).

Tony said payback bar unchanged, just more projects found product-market fit. Ravi confirmed discipline: investments must improve retention/frequency and drive FCF/IRR. Software payback shorter; tech stack drives feature velocity.

Tony said retail is a sizable business growing super fast but still a baby as a product. May be the leader in third-party retail. Compared current state to where grocery was in 2021.

Tony said drone partnerships (Google Wing and others) are exciting. Vehicle is only 20% of complexity; end-to-end system is key. More to share later.

Directly addressed the CPG uncertainty (tariffs, regulation) and framed large-brand pullback as an opening for emerging brands to gain share.

Reiterated price-parity retailers grow faster; strategies are increasingly granular, with Instacart advising retailers on market-share trade-offs.