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Analyst
Lloyd Walmsley
Period: Reporting periods mapped to calendar 2025 Q3 – 2026 Q2 (4 quarters).
- Questions
- 13on tracked calls
- Challenge rate
- 15%2 of 13 questions
- Companies
- 5questioned at least once
- Reporting periods
- 4with 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 13 of 13 questions from 5 companies
ABNBAirbnb5 questions · 4 reporting periods · 1 of 5 challenging
Calendar 2026 Q2
give us a sense of maybe anecdotes on markets where you’re seeing particular conversion rate improvement
Show response
Mertz detailed the top-20-city hotel supply push; Chesky said AI search enters a small test this month and will expand through the year via an opt-in toggle.
Calendar 2026 Q1
where are you guys in terms of just ironing out the kinks here on the API or otherwise
Show response
Ellie said backend is working well; the bigger opportunity is on the front end, surfacing hotels at the right time to the right guest.
how do you see Airbnb competing in hotel? Like why would a consumer who is intent on a hotel shop on Airbnb
Show response
Brian argued existing traffic alone could build a giant hotel business by converting travelers who don't find a suitable home. Conversion rate is significantly lower than Booking.com.
Calendar 2025 Q4
are you sort of committed to building or rebuilding those connectivity layers?
Show response
Brian said AI-powered personalization enables opening the aperture without diluting brand. People who want only unique homes see homes; hotel seekers see hotels. Strategy evolved beyond backfill to broader platform for boutiques and independents. Amazon analogy: started with books, expanded categories on rebuilt platform.
Calendar 2025 Q3
do you see a path to really expand the hotel merchandising and booking experience beyond the backfill
Show response
Brian said hotels will expand beyond backfill through personalization, business travelers and last-minute stays prioritize hotels, while repeat visitors want local experiences. Focused on boutique/independents, especially in Europe. Future vision is AI-powered personalization matching use case to supply type.
DASHDoorDash4 questions · 3 reporting periods · 0 of 4 challenging
Calendar 2026 Q1
you can give us an update on what you are seeing in the ads business on a 1P basis and syndicating ads outside of Dash
Show response
Tony confirmed ads at record high with fastest growth ever. CPG advertiser and off-site opportunities expanding including in-store activities.
Can you elaborate on some of the things you are doing—have you found any big unlocks or anticipate any big unlocks
Show response
Tony acknowledged miles to go in grocery experience vs in-store shopping. Cited inventory visibility and pricing at item-level as fundamental challenges.
Calendar 2025 Q4
beyond the first quarter guidance you can help us with just how to think about a framework for GOV growth for the balance of the year
Show response
Ravi pointed to strong MAU growth, order frequency, and DashPass as growth drivers. Did not provide specific GOV growth guidance beyond Q1. Said product improvements driving underlying cohort engagement.
Calendar 2025 Q3
Is this going to require like a lot of build-out of new facilities? Or do you just sort of take control, pick and pack inside some of the partner facilities?
Show response
Tony said no one-size-fits-all: some retailers want new geographies, others want to densify existing ones, others want better use of square footage. Customizing per retailer.
BKNGBooking Holdings2 questions · 2 reporting periods · 1 of 2 challenging
Calendar 2026 Q2
I don't think you all have called out SEO pressure before. And so the question there is sort of do you think this is a shift to AI search
Show response
Glenn tied SEO pressure to Google display and AI overview changes but stressed direct mix held in the mid-60s and SEO was always a small component.
Calendar 2025 Q4
Are you still seeing growth in paid search -- traditional paid search channels
Show response
Glenn confirmed search remains healthy; Ewout detailed reinvestment areas, GenAI, fintech, Asia/US, loyalty, attractions, OpenTable international, noting $300M net EBITDA impact largely self-funded.
EXPEExpedia Group1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q2
as you all look at the AEO channel, it sounds like it's more meaningful for you all and growing faster than what some of your peers are seeing
Show response
Ariane Gorin credited early organizational focus on AEO plus brand value proposition and technical work, calling it too early to declare winners. Derek Andersen, new to Expedia, said the leading consumer and B2B brands and the team's execution over the past two years exceeded what he expected coming in.
SNAPSnap Inc.1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q2
how you think about the trade-off between growing the profitability and free cash flow of the company overall
Show response
Evan said the FCF inflection lets Snap invest in Specs, offset dilution and strengthen the balance sheet simultaneously; 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 |
|---|---|---|
| ABNB Airbnb | 5 | 20%1 of 5 questions |
| DASH DoorDash | 4 | 0%none of 4 questions |
| BKNG Booking Holdings | 2 | —Rate withheld: fewer than 3 questions |
| EXPE Expedia Group | 1 | —Rate withheld: fewer than 3 questions |
| SNAP Snap 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 |
|---|---|---|---|
| 2025 Q3 | 2 | 0%none of 2 questions | 2 |
| 2025 Q4 | 3 | 0%none of 3 questions | 3 |
| 2026 Q1 | 4 | 25%1 of 4 questions | 2 |
| 2026 Q2 | 4 | 25%1 of 4 questions | 4 |
- 2025 Q32 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2025 Q43 questions · challenge rate 0% (none of 3 questions) · 3 companies
- 2026 Q14 questions · challenge rate 25% (1 of 4 questions) · 2 companies
- 2026 Q24 questions · challenge rate 25% (1 of 4 questions) · 4 companies
Topics
Topics tagged on this analyst’s questions.
- Competitive Dynamics7
- Demand4
- Product Launch4
- Cloud & AI3
- Capex Investment2
- Revenue Growth2
- Capital Allocation1
- Innovation & R&D1
- Margin1
- Supply Chain1