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Analyst
Michael McGovern
Period: Reporting periods mapped to calendar 2025 Q1 – 2026 Q2 (6 quarters; questions recorded in 5).
- Questions
- 13on tracked calls
- Challenge rate
- 0%none of 13 questions
- Companies
- 3questioned at least once
- Reporting periods
- 5with 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 3 companies
CVNACarvana Co.8 questions · 5 reporting periods · 0 of 8 challenging
Calendar 2026 Q2
how are the challenges different between investing in a higher production growth region versus a low growth region
Show response
Called it a self-metering problem: constrained regions naturally see demand reduce, so it comes down to how fast production opens and execution.
Calendar 2026 Q1
is there some sort of shift in just how efficiently you're able to train these new reconditioning hires and keep that growth elevated in reconditioning headcount
Show response
Ernie described a station-based skill specialization approach, broader talent pool access, Carli system improvements, and manager tool investments to reduce learning curves and speed up training.
how much more efficiency you can gain there longer term? Which parts of the chain have decreased the most in terms of labor hours per unit
Show response
Ernie said labor is the #1 driver of recon costs. HPU is back to Q2 2025 all-time best after Q4 drift. Room exists for improvement across all centers and by closing top-vs-bottom quartile gap, but it will take time.
Calendar 2025 Q3
can you discuss kind of what you expect for GPU or EBITDA per unit or anything that you could give us kind of what that investment, if you will, looks like
Show response
Confirmed same-day delivery is technology/process focused, not a significant cost investment. Infrastructure already built out; mainly about nailing every step of complex transaction quickly.
Curious if there's anything that you've been able to see on that front, demand trends between the 2, especially since your unit guidance implies some deceleration
Show response
Does not see validating data for K-shaped consumer narrative in sales or credit performance data. Trends look more consistent across cohorts than the narrative suggests.
Calendar 2025 Q2
Can you provide a little bit more detail on what that means? Is that just like a number of vehicles in your inventory?
Show response
Defined selection as immediately available units on website. Still small vs long-term target given massive number of unique SKU combinations in used cars.
can you provide a little bit more detail on what exactly goes into that bucket of costs? Is that mostly labor and logistics?
Show response
Detailed ops cost breakdown: fulfillment (hauler network, last-mile delivery), customer care, title/registration, warranty. AI improving customer care and document processing.
Calendar 2025 Q1
do you expect any impact from the auto part tariffs on your reconditioning costs or on retail GPU?
Show response
Wait-and-see on parts tariffs. Shared industry costs historically passed through. Retail GPU seasonality: Q4/Q1 lower, Q2/Q3 higher as normal.
DASHDoorDash4 questions · 2 reporting periods · 0 of 4 challenging
Calendar 2025 Q2
it looks like the AOV or basket size has continued to see this uptick in growth for a couple of quarters in a row now
Show response
Ravi attributed AOV increase to new verticals mix shift with larger baskets as users expand to more use cases. Product improvements driving larger basket adoption.
Any insight into how that launch has gone in L.A. and Chicago or any other new thoughts on robotic delivery methods?
Show response
Tony said robotics partnerships have gone great with strong potential. Biggest learning is need to solve end-to-end system including last-10-feet problem. No specific metrics shared.
Calendar 2025 Q1
Has that driven a big impact in those states and just how do you view the possibility of that expanding more broadly?
Show response
Tony described portable benefits initiative starting in Pennsylvania, expanding to other states, with momentum at federal level. Dashers want flexibility plus benefits access.
Can you just provide an update on your efforts there in autonomy and how you view the long-term opportunity?
Show response
Tony highlighted 8 years of work on autonomy. Key challenge is first/last 10 feet problem. Form factors differ from robotaxis. Partnership ecosystem developing.
EBAYeBay1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q2
is there a time frame for when we might see ad growth converge a little bit with GMV growth?
Show response
Asked whether the ~3% ad-penetration target is a ceiling and when ad growth converges with GMV; Jamie said 3% is a midterm goal and ads will keep outpacing GMV growth.
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 |
|---|---|---|
| CVNA Carvana Co. | 8 | 0%none of 8 questions |
| DASH DoorDash | 4 | 0%none of 4 questions |
| EBAY eBay | 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 Q1 | 3 | 0%none of 3 questions | 2 |
| 2025 Q2 | 4 | 0%none of 4 questions | 2 |
| 2025 Q3 | 2 | 0%none of 2 questions | 1 |
| 2025 Q4 | No questions recorded | — | — |
| 2026 Q1 | 2 | 0%none of 2 questions | 1 |
| 2026 Q2 | 2 | 0%none of 2 questions | 2 |
- 2025 Q13 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2025 Q24 questions · challenge rate 0% (none of 4 questions) · 2 companies
- 2025 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q4No questions recorded
- 2026 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2026 Q22 questions · challenge rate 0% (none of 2 questions) · 2 companies
Topics
Topics tagged on this analyst’s questions.
- Cost Pressure4
- Demand3
- Margin3
- Innovation & R&D3
- Revenue Growth2
- Labor Market2
- Cloud & AI2
- Geographic Expansion1
- Pricing1
- Macroeconomic1
Show all 14 topics
- Credit1
- Inventory1
- Trade Tariffs1
- Regulation Policy1