Mark Mahaney

Glenn expressed enthusiasm about Penny and personalization but declined to quantify any conversion or CSAT gains, saying it is still very small.

Ewout provided granular data: high-end strong, lower-end improving with stable booking windows and flat ADRs. Outside Middle East-impacted areas, global travel markets remained very healthy.

Glenn attributed U.S. acceleration to disciplined multi-year product, brand and supply investments plus Connected Trip cross-selling with flights, ground transport, and attractions.

Glenn framed the deleverage as opportunistic long-term investment; Ewout cited performance marketing ROIs, 13% social media spend growth, and higher brand spend timing vs 2024.

Ewout confirmed social media spend is hundreds of millions but still a smaller percentage of total, declined to specify which platforms perform best, and affirmed Asia as the most important long-term market.

Ewout confirmed direct channel continues growing to mid-60% B2C, Google clicks still growing, social media spend up 25% QoQ, and BKNG was highlighted as key partner in ChatGPT agent mode demo.

Glenn framed attractions as the latest Connected Trip vertical, now scaling after flights and payments were built first, with significant room to grow against pure-play competitors.

Glenn acknowledged the tools are still beta-esque and didn't provide a specific timeline, but emphasized daily improvements and noted even hyperscaler products produce imperfect results.

Glenn highlighted accelerating flight growth but cautioned against projecting linear acceleration; emphasized connected trip value prop as the growth driver.

Glenn declined to share economics, describing the Operator partnership as very early stage and a learning exercise with a respected AI partner.

Asked about advertising revenue and performance marketing; Luis said he has warmed to both ads and ad spend, seeing a sizable, under-monetized ads opportunity.

Munson said ~69% reflects deliberately embedding more AI content and is a reasonable year-exit level, with optimization able to move it either way; direct.

Luis dismissed both: ~85% category share and low country penetration (2% US) suggest far from saturation. Direct.

Asked whether Q4 deceleration reflects the deliberate free-to-pay slowdown rather than higher paid-sub churn; Luis confirmed the Q4 change is mostly the shift to longer-term initiatives, not retention loss.

Owned that he gave too little context on the AI message externally, and dismissed saturation concerns, noting highly penetrated markets grow fastest and TAM remains large.

Luis said math and music DAUs (previously ~3 million) are higher and growing faster than language learning; pricing is always A/B tested.

Skaruppa confirmed the guide assumes positive ARPU all year, with the larger multi-year driver being the shift of users to Family Plan and Max.

Balaji: about $3.5B repurchased YTD, roughly $4B pivoted to Delivery Hero stock in Q2; buyback rebuild is 'months, not quarters' away. Direct.

Dara declined to quantify, framing AI as thousands of small improvements (Cart Builder roughly doubling order size, personalized destinations) and very early. Partial.

Dara described early balance sheet commitments for profitable economics, with eventual financialization via PE and banks, comparing AV fleet ownership to hotel REIT models.

Balaji cited three drivers: insurance shifting to leverage enabling price stability, barbell strategy with low-end and high-end both growing 40%, and sparse market expansion at 1.5x dense market growth.

Prashanth detailed multiple insurance improvement drivers: safety tech in all U.S. markets, tort reform progress in Georgia, Nevada, Texas, and captive insurance creating pricing tension.

Dara highlighted Chinese players (WeRide, Pony, Baidu) running AVs in challenging conditions, plus partnerships with May Mobility, VW, and Momenta for European deployment.

Derek Andersen said advertising growth was stable relative to Q1 and Q2 with runway from more geographic reach, B2B and Vrbo extension, and additional monetized surfaces, though Vrbo advertising is very early. He said World Cup bookings came in late and were relatively modest overall, showing up more in ADRs than room nights.

Ariane emphasized marketing personalization plus product innovation (natural language flows, AI agents). Scott detailed 50bps leverage on B2C GBV through discipline, incrementality focus, and channel reallocation. Ariane added Super Bowl campaign 'most watched ad on YouTube with over 200,000,000 viewers.'

Scott outlined multiple margin levers: B2C marketing optimization, cost of sales efficiencies via AI, overhead leverage, and mix benefit from ads/insurtech. Ariane confirmed AI leads quality is good but volume still small.

Ariane highlighted B2B, advertising, Brand Expedia momentum maintained. Consumer business not yet showing desired results. Scott noted 150bps margin improvement in first half with more opportunity ahead.

Ariane acknowledged both brands were meaningfully disrupted during replatforming and Expedia is still winning back travelers, but expressed conviction in continued momentum.

Olsavsky said all capacity being put into service immediately with long arc of additional revenue from backlog and commitments. AWS at 35% operating margin up 40 basis points year over year with headwind from AI depreciation offset by efficiencies. Jassy said passionately believes every customer experience will be reinvented with AI. Customers need data in cloud to use AI expansively creating big tailwinds. Has confidence investments will yield strong ROIC as proven with core AWS business. Expects inference services to keep getting optimized with higher utilization and price normalization over time.

Jassy described total grocery business excluding Whole Foods and Fresh at over $100 billion GMS making Amazon top 3 U.S. grocer. Perishable same-day delivery expanded to 1,000 cities heading to 2,300 by year end. Whole Foods growing faster than most grocers with attractive profitability trajectory. Daily Shop smaller format with 3 good early launches. On headcount said layoffs were culture driven not financial or AI driven. Committed to operating like the world's largest start-up by removing layers and increasing ownership.

Fildes confirmed backlog at $195 billion up about 25% year over year. Jassy said single biggest constraint is power with intermittent chip and component issues. Expects capacity to get better each quarter but full resolution will take several quarters. On Alexa Plus said millions of customers now have access with rest of U.S. in coming months and international later in year. Usage much more expansive with meaningfully higher number of calls. Sees opportunities in device sales shopping advertising and potential subscription beyond current Prime and $9.99 non-Prime tiers.

Jassy confirmed CapEx run rate and framed AI as once-in-a-lifetime business opportunity. Acknowledged constraints from third-party chips, power, and component shortages. AI business at multibillion-dollar ARR growing triple digits. Predicted constraints start to relax second half of 2025.

Ravi confirmed Deliveroo growth is the highest in years and that unit economics improved alongside it.

Tony said it was combined effect of many small improvements shipped daily. Partnership with Deliveroo team working really well. Tons more opportunity where they need to ship even more.

Ravi said minimum cash is roughly $1 billion for working capital. Anything above that is deployed for long-term free cash flow per share growth if IRR thresholds are met.

Tony acknowledged breadth opportunity beyond restaurants but emphasized sequencing and focus. SevenRooms initially focused on restaurants as part of commerce platform expansion.