Flytrap Investment Research

Like Charlie Munger, all we want to know is where we're going to die (in the world of investing), so we'll never go there

[The Business Comment @thebizcomment]

$UBER CFO Balaji Krishnamurthy:

[The Business Comment @thebizcomment]

$SBUX Chairman and CEO Brian Niccol:

[The Business Comment @thebizcomment]

Philippe Wothke (President - APAC) $MNST

[The Business Comment @thebizcomment]

$RBLX vs. $TTWO

[The Business Comment @thebizcomment]

$TTWO CEO Strauss Zelnick:

[The Business Comment @thebizcomment]

$CHWY CEO Sumit Singh

[The Business Comment @thebizcomment]

Turning Point Brands $TPB CEO:

"...the consumption patterns of existing consumers continues to grow as Modern Oral becomes a greater share of their nicotine requirements...We're seeing consumer uptake from other tobacco products, specifically cigarettes and even vapes. So I think it's just a tremendous opportunity where sort of both provide growth vectors for the (nicotine pouch) category"

Source: Q4'25 earnings call

[The Business Comment @thebizcomment]

$DPZ CEO:

"...when you read the literature on GLP-1s, it's really more kind of breakfast and lunch-focused and dinner for us is a sharing occasion. So perhaps that's why we're not seeing any impact (on our business)...Obviously, with it coming out in pill form we're going to wait and see if there's any implication there"

Source: Domino's Pizza Inc. Q4'25 earnings call

[The Business Comment @thebizcomment]

$ABNB Q4'25 earnings call

[The Business Comment @thebizcomment]

$META CEO: "I don’t think that video is the ultimate kind of final format. I think we’re going to get more formats that are more interactive and immersive and you’re going to get them in your feeds...There’s definitely a version of the future where any video that you see, you can tap on and jump into it and...experience it in a more meaningful way. And I think that the investments that we’ve done in a lot of the virtual reality software and Horizon as well as a number of other areas around the company are actually going to pair well with these AI advances to be able to bring some of those experiences to hundreds of millions and billions of people through mobile"

Source: Meta Platforms Q4'25

[The Business Comment @thebizcomment]

$RDDT (Reddit Inc.) Q4'25 earnings call key quotes compilation

#Reddit

[The Business Comment @thebizcomment]

$RDDT CEO Steven Huffman

[The Business Comment @thebizcomment]

$NFLX Co-CEO Greg Peters:

"We are still under 10% of TV time in all major markets in which we compete. We've got hundreds of millions of households around the world still to sign up. We're just about 7% of the addressable market in terms of consumer and ad spend"

Source: Netflix Inc. Q4'25 earnings call

[The Business Comment @thebizcomment]

$COST Q1'26 earnings call:

"Fresh and food and sundries saw higher inflation in commodities such as beef, seafood, and coffee, but this was offset by lower inflation in eggs, cheese, butter and produce. In non-foods, we saw low single-digit inflation for the third consecutive quarter, primarily driven by gold and imported goods"

- Gary Millerchip (CFO - Costco Wholesale Corp.)

[The Business Comment @thebizcomment]

$DOL Q3'26 earnings call:

"With 68 net new store openings in the first 9 months of fiscal 2026, we have already opened more stores than we typically do in a year. We are on track to achieve our exceptionally higher target of between 70 to 80 net new stores for the full fiscal year"

- Neil Rossy (CEO - Dollarama Inc.)

[The Business Comment @thebizcomment]

Paramount Skydance M&A Announcement Call:

"How is it they didn't explain the mechanism by which debt between Global Networks and studios and streaming would be allocated to the extent that the banks and the market cannot fully finance the Global Networks business? This is a risk in the Netflix proposal"

- Andrew Gordon (COO and Chief Strategy Officer)

$PSKY

[The Business Comment @thebizcomment]

Paramount Skydance M&A Announcement Call:

"Paramount+ today is 79 million global subscribers. WBD has 122 million. When you basically dedupe that, you get to round numbers, 200 million global subs at close, which puts us on par with Disney, but still significantly below Netflix at 310 million or Amazon at about that number...Our deal is completely pro-competitive, it's pro creative talent, it's pro consumer as opposed to the combination with Netflix would give them such a scale that it would be bad for Hollywood and bad for the consumer and is anticompetitive in every way that you can fundamentally look at it"

- David Ellison (Chairman and CEO)

$PSKY

[The Business Comment @thebizcomment]

Josh Wolfe (Co-founder - Lux Capital):

"I think the large-scale, large-language model players today...are overspending. But I think that 50% of your inference will be on-device. And there was a paper about a year and change ago that said you could do large-language models on-device using Flash, NAND, and other kinds of memories. The winners here are SK Hynix. I think they're probably the most nimble on the Korean side. They also bought Intel's NAND Flash business for a few billion dollars, have 60% of the market share, benefiting today from attach rates on high-bandwidth memory for GPUs. Next is Samsung, which is probably the Intel of the space, a little bit more bureaucratic and slow-moving. And then you've got Micron in the US, which will probably face restrictions just in US export and geopolitical issues"

Source: Robinhood Conference 2025

[The Business Comment @thebizcomment]

$KO CEO: "...we've done well in the recent years. But everyone that didn't do well in the last few years is not withdrawing from the industry. They're not giving up. They're like, okay, there's a lot of money here. I need to find my way to a white space or do something different...It's like, okay, they want our lunch, how are we going to stay ahead"

Source: Morgan Stanley Global Consumer and Retail Conference

[The Business Comment @thebizcomment]

$KO at the Morgan Stanley Global Consumer and Retail Conference:

"...the long-running process of the IRS tax case, the appeal, should play out by the end of 2026 or early 2027. So that will be an important milestone in terms of how much capital is there available more or less than we have today. So I think we're not going to do anything in all likelihood strange between now and then because we just need to get to that point. But if something comes up on the bolt-on (M&A) side, then we'll be opportunistic"

- James Quincey (Chairman and CEO - The Coca-Cola Company)