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Analyst
Mark Zgutowicz
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters; questions recorded in 6).
- Questions
- 17on tracked calls
- Challenge rate
- 0%none of 17 questions
- Companies
- 6questioned at least once
- Reporting periods
- 6with 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 17 of 17 questions from 6 companies
GDDYGoDaddy10 questions · 5 reporting periods · 0 of 10 challenging
Calendar 2026 Q2
how much of your existing bookings are attached to those products that you mentioned are being de-emphasized
Show response
Mark sized the current impact at roughly a point of total bookings but said quantification is early in the process.
how much marketing actually occurred related to Airo in 2Q, and what do you have planned for the second half
Show response
Small Q2 marketing spend with plans to ramp in Q3/Q4; some Q2 cost timing benefit reverses into the second half.
Calendar 2026 Q1
when we should expect pricing to be reimplemented at Websites + Marketing, specifically, and whether you can quantify how much of the historical ARPU accretion
Show response
Aman said pricing changes must wait for customer experience parity on new W+M version. Mark declined to break down ARPU contribution by product due to bundling complexity. Partial, deferred timing and specifics.
Could you break down the unit economics there? Like what's the average transaction size? How much of that earn rate is coming from credit top-ups versus the initial plan purchase.
Show response
Aman confirmed product is gross margin positive from day one but declined to break down subscription vs credit economics as too early. Noted upgraded W+M tested well in domains funnel but current version is established champion that new version must beat. Partial on specifics.
Calendar 2025 Q4
Can you just maybe differentiate between pricing and bundling versus perhaps GPV impacts that you saw on A&C bookings growth.
Show response
Mark explained domain discount allocation affecting A&C bookings through attached product proration. Direct and transparent.
Just hoping you could maybe share some there and perhaps relative ARPU that you're seeing. And then when do you expect to formally GA Airo.ai
Show response
Aman declined to share specific KPIs, noting need for minimum traffic threshold before meaningful metrics. New website builder launching within days. Partial on metrics.
Calendar 2025 Q3
Is there any considerations we should have there in terms of how that may or may not impact gross margin?
Show response
Aman emphasized discipline on AI costs with alternate model capabilities and objective function optimization. Confident in maintaining 33% margin target.
is the forward acceleration more dependent today on new product adoption versus pricing and bundling
Show response
Mark attributed strength to cohort strategy with high-intent customers driving attach and order size. A&C margin variability attributed to product mix, nothing concerning.
Calendar 2024 Q4
aftermarket, you had a nice acceleration in 4Q, and I'm just curious what drove that. And what your assumptions are with aftermarket in 1Q and for 25.
Show response
Mark characterized aftermarket as low single-digit base grower with volatility from larger transactions. Direct.
I'm curious what your A and C and core platform adjusted EBITDA margin expectations are for 25.
Show response
Mark discussed the drivers of margin expansion without giving specific segment targets. Partial, directional but not the specific numbers asked for.
CARTMaplebear Inc.2 questions · 2 reporting periods · 0 of 2 challenging
Calendar 2025 Q4
how you see the time line for the ads opportunity in Europe developing given the lack of 1P data in the region?
Show response
Rogers said Europe leads with Storefront Pro and Caper, with advertising a fast follow once surfaces reach scale; no firm timeline.
Calendar 2025 Q1
I am just curious if you can provide any more color on the type of volume growth you are seeing there
Show response
Declined to break out restaurants separately (run as one business), but noted a June launch and moderating contribution in the back half.
SHOPShopify2 questions · 2 reporting periods · 0 of 2 challenging
Calendar 2025 Q3
is there a longer-term strategy in terms of a piece of that you want? Maybe if you could talk a little bit about that
Show response
Harley teased upcoming Shopify Editions to cover advertising strategy but did not disclose specific economics for ChatGPT partnership, maintaining that monetization flows through GMV and Payments as with any channel.
Calendar 2024 Q4
noticing that the '23 cohort accelerated in terms of its contribution to GMV accelerated quite a bit into '24 relative to what you saw from the '22 cohort
Show response
Jeff attributed cohort acceleration to expanding Merchant Solutions suite (Capital, Tax, B2B, POS) but declined to predict specific implications for the 2024 cohort.
DASHDoorDash1 question · 1 reporting period · 0 of 1 challenging
Calendar 2025 Q1
how your affordability initiatives are being directed to restaurant versus grocery and domestic versus international?
Show response
Tony gave a broad answer that affordability work spans every geography and category. Did not break out specific investment levels between segments.
SPOTSpotify Technology S.A.1 question · 1 reporting period · 0 of 1 challenging
Calendar 2024 Q4
how should we be thinking about podcast expense trajectory exiting 2024? And when can we expect accretion?
Show response
Christian confirmed podcast breakeven but flagged continued video investment, akin to the earlier audiobooks ramp.
TTDThe Trade Desk, Inc.1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q1
I'm just curious if there's any agency-related weakness outside of macro that might account for that deceleration
Show response
Green denied agency-related weakness driving the decel beyond what was discussed on Publicis. On CPG/auto comps: yes, easier comps will come but more impressive narrative is the discipline those companies are implementing, never seen biggest brands more focused on growth than right now.
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 |
|---|---|---|
| GDDY GoDaddy | 10 | 0%none of 10 questions |
| CART Maplebear Inc. | 2 | —Rate withheld: fewer than 3 questions |
| SHOP Shopify | 2 | —Rate withheld: fewer than 3 questions |
| DASH DoorDash | 1 | —Rate withheld: fewer than 3 questions |
| SPOT Spotify Technology S.A. | 1 | —Rate withheld: fewer than 3 questions |
| TTD The Trade Desk, Inc. | 1 | —Rate withheld: fewer than 3 questions |
- GDDYGoDaddy · 10 questions0%none of 10 questions
- CARTMaplebear Inc. · 2 questions—rate withheld: under 3 questions
- SHOPShopify · 2 questions—rate withheld: under 3 questions
- DASHDoorDash · 1 question—rate withheld: under 3 questions
- SPOTSpotify Technology S.A. · 1 question—rate withheld: under 3 questions
- TTDThe Trade Desk, Inc. · 1 question—rate withheld: under 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 | 4 | 0%none of 4 questions | 3 |
| 2025 Q1 | 2 | 0%none of 2 questions | 2 |
| 2025 Q2 | No questions recorded | — | — |
| 2025 Q3 | 3 | 0%none of 3 questions | 2 |
| 2025 Q4 | 3 | 0%none of 3 questions | 2 |
| 2026 Q1 | 3 | 0%none of 3 questions | 2 |
| 2026 Q2 | 2 | 0%none of 2 questions | 1 |
- 2024 Q44 questions · challenge rate 0% (none of 4 questions) · 3 companies
- 2025 Q12 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2025 Q2No questions recorded
- 2025 Q33 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2025 Q43 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2026 Q13 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2026 Q22 questions · challenge rate 0% (none of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Revenue Growth10
- Pricing5
- Product Launch4
- Demand4
- Margin3
- Cloud & AI3
- Cost Pressure2
- Competitive Dynamics2
- Geographic Expansion1