EarningsEBITDA guidance came in soft at $375m at the mid-point, 5% below consensus due to continued investments.
Market PerformanceDASH shares declined ~15% AMC, given lower-than-expected EBITDA margin in 2Q24E on higher headcount for engineering talent/platform costs, and lack of visibility on consumer spend in 2H24E given stickier inflation.
Operational ExpensesRising operational expenses and platform costs are attributed to the focus on engineering talent, impacting the EBITDA margin.