Tom Champion

Asked to frame the long-term GMV opportunity and active-buyer prospects; Jamie pointed to the 2-year stack and share gains in focused categories, C2C and Live.

Jamie highlighted ongoing trust investments (AG, guaranteed fit, secure checkout in vehicles), shipping expansion, payments technology and seller financing. Peggy noted AI is driving efficiency to create investment capacity without pressuring bottom line.

Jamie highlighted $2M+ single-event record on Black Friday, expansion to 7 countries, integration into core buyer journey, and benefits including seller trust-building, new buyer acquisition, and increased engagement, with diversification beyond collectibles into fashion and watches.

Jamie noted expansion into Facebook Search (higher-intent surface) and broader inventory and category sharing on the Marketplace feed, with both teams encouraged by continued progress and new learnings.

Jamie noted active buyers grew 1% to 134 million, GMV per enthusiast exceeded $3,200, enthusiasts don't churn even in challenging macro, and mid-value buyers (cohort below enthusiasts) have grown every quarter since early 2024.

Jamie said they continued to scale the test and improve the integrated checkout experience in Q3, with significant improvements seen every time they worked on the funnel.

Jamie described targeting the $75 billion collectible car market within the $1 trillion+ used car market, with Caramel providing end-to-end financing, delivery, identity authentication, and title transfer, plus synergies with the $10B+ P&A business.

Jamie highlighted C2C experience improvements in U.K. and Germany, full funnel marketing, and magical listing driving over 0.5 million AI-powered listings per day as key drivers of continued double-digit listings growth.

Jamie attributed listings growth to C2C seller base expansion driven by magical listing, reduced shipping friction, and UK/Germany C2C value proposition improvements.

Huffman conceded product-driven daily user adds were offset by search referral declines, then reiterated the 1 billion global and 100 million U.S. targets.

Wong answered directly, attributing strength to advertiser message resonance, tool adoption and diversification across verticals, channels and geographies.

Jen said the market is broadly stable with no acute vertical weakness, though some advertisers plan shorter month-to-month cycles.

Jen said per-impression value is the same for logged-in and logged-out; the real lever is engagement, not login state.

Jen framed Reddit Pro/publisher tools as primarily adding content and engagement that is accretive and feeds into advertising over time.

Drew attributed the step-up to variable costs on higher revenue, ~100 net hires and a low-double-digit-million marketing test.

Drew said the North Star is revenue growing twice as fast as costs and they will invest more when good ideas arise, given ample cash.

Management cited strong cash generation and a high M&A bar; direct.

Management detailed ML investment and a supply/demand go-to-market reorganization; direct.

Management framed Vector as a fundamental tech-stack change improving competitiveness; direct.

Ariane confirmed inbound nearly recovered to prior-year levels. Europe-to-U.S. recovered from Q2, APAC-to-U.S. accelerated, Canada still pressured but improved through the quarter.

Ariane confirmed OneKey members growing high single digits with no negative impact from pulling Vrbo Blue earn. Scott outlined plans to redeploy marketing costs across countries, brands, and channels.

Neumann deferred the 2026 number to the January Q4 call per normal cadence; financial objectives are unchanged, sustain healthy revenue growth, expand margins and increase free cash flow.

Peters cited stable retention, unchanged plan mix and take rates, and recent price changes in line with expectations; engagement healthy and Netflix historically resilient in tougher economies.

Ravi said AI is driving productivity across functions with model routing and budget caps in place, and the gains are reinvested into the business.