Andrew Marok

Andrew Marok of Raymond James Financial asked about the confidence in the second-half guidance, which implies significant growth acceleration, and questioned the recent shift in tone towards being more open to M&A.

Answer

CEO Ofer Druker cited strong visibility into bookings, the positive impact of recent strategic hires, and growing data licensing revenues as drivers for H2 confidence. CFO Sagi Niri added that new, large mobile in-app partnerships are expected to contribute to H2 growth. Regarding M&A, Druker confirmed the company is now ready to consider acquisitions that add client base or market coverage, viewing it as another avenue for growth alongside buybacks.

Andrew Marok inquired about the market feedback from customers newly familiar with the Nexxen brand and how sales hiring supports this. He also asked if incremental investment would be needed to capitalize on a favorable outcome in the Google antitrust case.

Answer

CEO Ofer Druker attributed increased brand recognition to improved messaging post-rebranding and the growing importance of data, a core strength for Nexxen. Regarding the Google case, he stated that while a positive outcome is welcome, no extra investment is required as the company's current platform and headcount can absorb the potential increase in business.

Andrew Marok asked for feedback on the market's growing familiarity with the Nexxen brand and how sales force hiring supports this. He also questioned if incremental investment would be needed to capitalize on a favorable outcome in the Google antitrust case.

Answer

Ofer Druker, CEO, attributed increased brand recognition to improved messaging following the rebrand and the market's growing focus on data, a core strength for Nexxen. He stated that the company would not need to make extra investments to benefit from the Google verdict, as its platform is already built to scale and handle increased volume from both publishers and advertisers within its existing cost structure.

Andrew Marok asked about trends on the CTV supply side, specifically whether publishers are working with more supply partners and how this has impacted Nexxen's business.

Answer

CEO Ofer Druker explained that while CTV publishers are generally consolidating to fewer partners, Nexxen's advantage is its ability to provide unique demand from its own sales force, not just access to the same programmatic sources. He stated this value proposition is helping Nexxen grow its publisher base and CTV revenues as publishers seek partners who can bring incremental value.

Andrew Marok of Raymond James asked about trends on the CTV supply side, specifically whether CTV publishers are expanding their number of supply partners and how this has impacted Nexxen's business.

Answer

CEO Ofer Druker acknowledged that while CTV publishers are generally consolidating to fewer partners, Nexxen holds an advantage because it brings unique demand from its own sales force, not just access to the same demand pools as other SSPs. He noted a trend where publishers are now looking to add strategic partners who can provide this incremental, unique demand, which has been beneficial for Nexxen's growth in CTV.

Andrew Marok asked about the specific drivers behind Perion's 75% CTV growth in Q3 2025 and sought clarification on the wide guidance range for Q4 2025, including any insights into current October trends or holiday season expectations.

Answer

CEO Tal Jacobson attributed the strong CTV growth to the performance of Perion's CTV solutions and the Outmax algorithm (formerly Greenbids), noting a healthy customer pipeline. CFO Elad Tzubery stated that Q4 2025 is trending as expected, expressing confidence in meeting the guidance range and observing no current slowdown in advertiser spend, while acknowledging the importance of the upcoming holiday season.

Andrew Marok asked about the drivers behind the 75% CTV growth in Q3 2025, inquiring if it was due to budget shifts from Q2 into the second half. He also questioned the wide Q4 guidance range and what it implies about October and holiday season expectations.

Answer

CEO Tal Jacobson attributed CTV strength to performance CTV and the Outmax algorithm (formerly Greenbids), noting a healthy pipeline. CFO Elad Tzubery stated Q4 is trending as expected, expressing confidence in meeting guidance and observing no slowdown in advertiser spend, only timeline shifts. Tal Jacobson reiterated the raised guidance and mentioned waiting for the full impact of the shopping season.

Andrew Marok asked about the sustainability of the Web revenue segment given potential impacts from AI search, and questioned the go-to-market strategy for the new Performance CTV solution, specifically its focus on mid-market customers versus competitors in the SMB space.

Answer

CEO Tal Jacobson acknowledged that Web search is not a long-term growth segment but stressed Perion's channel-agnostic model will follow advertiser budgets to wherever audiences migrate. Regarding Performance CTV, he clarified that Perion is not currently targeting SMBs with a self-serve tool, but is instead focused on holding companies, independent agencies, and larger CMOs to deliver outcome-driven campaigns.

Andrew Marok asked about the market reception of the Perion ONE platform among CMOs, particularly regarding their excitement for the unified offering now enhanced with capabilities like UID 2.0 and the Greenbids acquisition.

Answer

CFO Elad Tzubery reported a very positive response from CMOs. He highlighted that the concept of a unified platform with AI-driven custom algorithms to reduce advertising waste, as offered by Greenbids, resonates strongly with market needs. Tzubery noted that CMOs appreciate a single platform solution and that combining Perion ONE with Greenbids is expected to drive faster adoption.

Andrew Marok inquired about the challenges in the Open Web business, questioning how much the new Perion One strategy could address these issues versus broader market headwinds. He also asked about the 2025 outlook, specifically regarding remaining costs or potential revenue disruption from the reorganization.

Answer

CEO Tal Jacobson acknowledged that the Open Web channel is not a growth area but expressed optimism that it would strengthen over time within the unified Perion One platform. CFO Elad Tzubery added that efficiency measures, including headcount reductions, were taken in Q1 2025. He noted that while some benefits are factored into the 2025 guidance, the full positive impact on margins and efficiency is expected in 2026.

Andrew Marok of Raymond James inquired about the progress of making Digital out-of-Home (DOOH) more programmatic and questioned the dynamics behind the significant growth deceleration in Connected TV (CTV), asking about potential CPM pressure and seasonality.

Answer

CEO Tal Jacobson explained that programmatic DOOH is growing faster than the overall format and highlighted synergies with their retail solution driving store traffic. Regarding CTV, Jacobson attributed the slower growth to seasonality, noting that Perion's strength in live sports events meant July and August were weaker months, with a pickup in September. He also acknowledged that while CPMs are slightly down, Perion compensates by purchasing more inventory.

Andrew Marok questioned the sources of incremental audiences for NBA 2K, asking if new player cohorts are being accessed and what 'inning' the company is in regarding reaching the total NBA audience. He also asked about the importance of the launch period for longer-lived titles like Borderlands and how player behavior differs from annual releases, especially given the PC optimization issues.

Answer

Karl Slatoff, President, explained that returning players are a huge cohort, with improvements in bringing them back, and noted success in international markets and increased engagement from the existing player base. He estimated they are 'somewhere in between' the first and seventh inning for NBA 2K. Strauss Zelnick, Chairman and CEO, acknowledged Borderlands 4's softer-than-desired launch due to PC issues, which Gearbox is addressing, but expressed confidence in solid lifetime unit sales and economic results in line with expectations.

Andrew Marok questioned the sources of incremental audiences for NBA 2K, asking about new player cohorts and the extent of market penetration. He also asked about the importance of the launch period for long-lived titles like Borderlands, and how player behavior differs from annual releases, especially concerning initial PC optimization issues.

Answer

Karl Slatoff, President, explained that returning players are a significant cohort, with ongoing improvements in re-engagement, and noted success in international markets and increased engagement from the existing player base driving recurrent consumer spending. Strauss Zelnick, Chairman and CEO, acknowledged that Borderlands 4's release was softer due to PC issues, which are being addressed, but expressed confidence that unit sales and economic results would align with expectations over the title's lifetime.

Andrew Marok of Raymond James questioned the decision to price Borderlands 4 at $70 and asked for an assessment of the broader pricing environment for AAA games.

Answer

Chairman and CEO Strauss Zelnick stated that Take-Two's pricing philosophy is to deliver more value than what they charge, aiming to exceed consumer expectations. He described variable pricing as a long-standing industry practice, with frontline titles launching at a premium before being discounted over time to reach the largest possible audience. The core principle remains the value proposition.

Andrew Marok asked about the potential of the Nintendo Switch 2 as a distribution partner and whether the 'Match Factory!' playbook is instructive for future Zynga releases or more idiosyncratic to that title.

Answer

CEO Strauss Zelnick expressed great optimism for the Switch 2, noting that Take-Two is launching a larger array of titles than ever before for a new Nintendo platform. On the mobile question, he explained that learnings are shared across all studios (Peak, Rollic, etc.) within the unified company, but each hit ultimately depends on creating something consumers want, which is the fundamental challenge.

Andrew Marok questioned the drivers behind NBA 2K's strong performance, asking to distinguish between cyclical console transition effects and fundamental game success. He also asked about the marketing approach for long-cycle franchises like Mafia and Borderlands.

Answer

President Karl Slatoff attributed NBA 2K's success primarily to game innovation and quality, while acknowledging a benefit from the console cycle. CEO Strauss Zelnick explained their marketing strategy involves treating every game as a new release, focusing on communicating both familiar and innovative elements to consumers without resting on past franchise success.

Andrew Marok asked for visibility into the growth drivers for fiscal 2027, given the strong slate already announced for fiscal 2026. He also inquired about the potential to replicate the 'Gravity Ball' paid mini-game concept in other franchises.

Answer

CEO Strauss Zelnick declined to detail the fiscal 2027 pipeline but affirmed the company's confidence in its durability. Regarding 'Gravity Ball,' he praised it as a creative innovation but stated it was too early to call it a trend that would be applied across the portfolio.

Andrew Marok asked for an assessment of the Rest of World advertising business, excluding the negative impacts from Wattpad. He sought to understand the current level of advertiser awareness and appetite in those markets.

Answer

David Lee, CFO & COO, clarified that Wattpad is the primary driver of the company's overall MAU decline and that its strategic role is IP sourcing rather than near-term revenue. He characterized the Wattpad-specific issues (country bans, search indexing) as temporary. Lee expressed long-term optimism for Rest of World advertising but stated that the company is currently focused on building foundational ad products and sales teams, and it is too early to factor significant growth from this area into guidance.

Andrew Marok asked if the most significant work on the new user onboarding process is finished and whether future changes will be incremental. He also inquired about the potential impact of proposed U.S. tariffs on foreign films on the company's IP adaptation business.

Answer

David Lee, CFO and COO, clarified that the product innovations are significant, not incremental, and their full impact is not yet reflected in the results, with the rollout planned for the back half of the year. He cited a 9% increase in episodes read from A/B testing as proof of their significance. On the topic of tariffs, Lee stated they are monitoring the situation but see no direct impact on their core business, highlighting the resilience of their micro-transaction model which is less susceptible to broad economic pressures.

Andrew Marok inquired about the content supply side, asking for an evaluation of new content in terms of quantity, monetization cohort behavior, and geographic mix, particularly as it relates to the paid content business.

Answer

David Lee, CFO and COO, described the content engine as robust across all markets. He specifically highlighted Japan, with 164 new original launches that were mostly local, as a key growth driver. He emphasized the power of the global flywheel, where locally created content from markets like Japan can be exported to a global audience, which in turn benefits creators and the core business. He also noted that crossover IP serves as powerful, low-cost marketing.

Andrew Marok from Raymond James asked about the current marketing environment in terms of ROI, which channels are performing well, and whether WEBTOON is winning 'timeshare' from other platforms or sees partnership opportunities there.

Answer

CEO Junkoo Kim explained that marketing has become more efficient, allowing for a 40% sequential increase in Q3 spend while remaining flat year-over-year. He highlighted high-ROI partnerships, like the one with Duolingo, as a key strategy. On timeshare, he stated that WEBTOON is focused on expanding the category it created rather than competing for share, as over 70% of its North American users feel its content is unavailable elsewhere. Partnerships are for cross-promotion with platforms that have similarly attractive audiences.

Andrew Marok of Raymond James Financial inquired about Viant AI's competitive differentiation in the performance TV market and the strategy for shifting the sales focus more upmarket.

Answer

CEO Tim Vanderhook highlighted the patented Household ID as a key differentiator for addressability and measurement in performance TV. COO Chris Vanderhook added that while the existing sales team was initially pulled into larger accounts by Viant AI's launch, the company is now actively hiring a dedicated enterprise team to pursue major advertisers, allowing the core team to maintain its focus on the mid-market.

Andrew Marok of Raymond James Financial inquired about the progress of upselling former Oracle customers and whether there is a critical mass point for adopting social optimization features.

Answer

CEO Lisa Utzschneider stated that IAS is seeing great momentum with former Oracle customers, focusing on cross-selling and upselling optimization solutions. She noted that the number of advertisers adopting pre-bid social optimization doubled quarter-over-quarter, with strong traction in EMEA. Utzschneider also highlighted a new partnership expansion with Meta to provide brand safety and suitability measurement for its Threads platform.

Andrew Marok inquired about advertiser demand for performance-oriented solutions amid current market volatility and whether new clients are still onboarded via open web measurement or are moving directly to social and optimization products.

Answer

CEO Lisa Utzschneider confirmed that the company's focus on performance products is succeeding, citing 24% growth in optimization revenue. She noted that while there is softness in open web display, social measurement grew 15%, and there is a clear budget shift from measurement to optimization as clients prioritize ROI and efficiency.

Andrew Marok asked for IAS's perspective on the health of the advertising market, particularly the CPG vertical, and what macroeconomic assumptions are factored into the 2025 guidance.

Answer

CEO Lisa Utzschneider expressed confidence in the guidance, noting that IAS saw strength in CPG and retail in Q4. She emphasized the stickiness of the business, with top advertisers having an average tenure of over eight years. The company's focus on performance and ROI is critical, as it helps brands maximize the efficiency of their ad spend in any economic environment.

Andrew Marok asked if a significant number of former Oracle advertisers are still uncommitted and represent a continuing opportunity. He also questioned recent reports about IAS raising prices and asked for an overview of the company's current pricing strategy relative to the value provided.

Answer

CEO Lisa Utzschneider confirmed that there is still runway to win more former Oracle business and the team is focused on both activation and upsell opportunities, particularly for brand safety solutions. Regarding pricing, she emphasized that IAS leads with demonstrating value and ROI, not price, and commands premium pricing for advanced products like Total Media Quality (TMQ) by proving its effectiveness, such as improving media quality on TikTok by 3x.

Andrew Marok of Raymond James asked about the drivers of Bumble app's ARPPU growth and sought a quantitative sense of the relative sizes of the 'Approve, Improve, and Remove' user buckets.

Answer

Interim CFO Ron Fior attributed ARPPU growth to deliberate monetization and pricing optimization changes. Founder & CEO Whitney Wolfe Herd added that the 'Improve' bucket constitutes the vast majority of users, while 'Remove' is under 10%. She highlighted that 'Approved' members monetize at double the rate of 'Improve' members, making the conversion of 'Improve' users a key strategic focus.

Andrew Marok sought more detail on the 'quality' initiative, asking if beyond removing bad actors, Bumble intends to cater to a specific subdivision of the relationship market.

Answer

Founder and CEO Whitney Wolfe Herd outlined a three-part quality strategy: removing bad actors, elevating good users with poor profiles through coaching, and highlighting the best-in-class users to each other. She clarified that Bumble aims to be 'the love company' for all healthy, safe, quality connections—from serious relationships to friendships—rather than a niche app for a specific type of relationship.

Andrew Marok asked how the trend of younger people being more hesitant to enter the dating market impacts the company's monetization plans.

Answer

Outgoing CEO Lidiane Jones responded that the company is deliberately focused on reigniting top-of-funnel engagement among all age groups. She stated that research shows younger users prioritize finding relevant matches and safety, which the current product roadmap directly addresses. She expressed confidence that the company is on the right path based on recent data.

Andrew Marok from Raymond James asked about the potential scale and timing of the recent ZoomInfo partnership and whether B2B customers are an over or underrepresented segment. He also asked a clarifying question about the gross margin assumptions in the Q3 EBITDA guidance.

Answer

COO Chris Innes described the ZoomInfo deal as one of several strategic partnerships driving customers to the platform but did not provide specific numbers. CFO Patrick Pohlen clarified that the Q3 EBITDA guide assumes a gross margin at the bottom end of their long-term 75-80% range. CEO Mark Douglas added that gross margin has natural leverage, as fixed costs don't scale with revenue, noting Q2's margin already surpassed the previous year's Q4 high.

Andrew Marok of Raymond James Financial inquired if other emerging initiatives beyond Vivid Picks were being reviewed as part of the cost reduction program. He also asked for a quantification of the impact of a poor playoff slate on the sports category's performance.

Answer

CEO Stan Chia confirmed that the entire portfolio of investments is under review to streamline operations, but the primary focus is on the large G&A base. CFO Lawrence Fey characterized the sports category weakness as a 'pile of issues,' including tough comps from last year's Copa America and Caitlin Clark's popularity. He estimated that a poor NBA finals matchup versus a marquee one could impact quarterly GOV by about one percent.

Andrew Marok asked about the outlook for Average Order Size (AOS) given macro headwinds and easier comps, and whether value-based messaging around the loyalty program could provide a meaningful lift.

Answer

CFO Larry Fey noted that Vivid Seats' AOS was flat in Q1, outperforming the industry, and suggested flat was a reasonable guess for the balance of the year. He agreed that the loyalty program's value proposition could resonate more in a soft consumer environment but emphasized that the primary challenge remains increasing customer awareness of the program and its benefits.

Andrew Marok asked if the 2025 guidance implies that marketing expenses could decrease on an absolute basis. He also inquired whether live events act as a leading or lagging indicator of macroeconomic pressure on consumer spending.

Answer

CFO Larry Fey stated that while marketing expense typically moves with volume, the guidance includes flexibility to increase investment beyond historical unit economics. Regarding macro effects, Fey described a 'bifurcated consumer,' noting that the core Vivid Seats business has been resilient, while the recently acquired Vegas.com, which serves a different demographic, has shown some early signs of softness.

Andrew Marok asked for details on the implied take rate guidance for Q4 2024 and questioned whether the 2024 concert market 'digestion year' is a cyclical trend or an idiosyncratic event.

Answer

CFO Lawrence Fey explained that the company balances take rate and volume, and the high average order size of events like the World Series can deflate the take rate percentage. He characterized the 2024 concert market as an 'event mix' issue, with different categories like sports, concerts, and theater having their own cycles that can create unpredictable oscillations, much of which is exogenous and not indicative of fundamental trends.

Andrew Marok of Raymond James asked about the distinction between the Madden and College Football player bases and followed up on reports about a potential return for EA's college basketball franchise.

Answer

CEO Andrew Wilson explained that while there is player crossover, there's a clear expectation for differentiated experiences, which EA delivers. Regarding college basketball, he acknowledged the opportunity and fan passion, stating they would love to apply their successful college football model (NIL, authenticity) to basketball and will share more when possible.

Andrew Marok asked how the delay of a major competitor's release out of fiscal '26 impacts EA's view of the competitive landscape and performance expectations for the Battlefield launch.

Answer

CEO Andrew Wilson stated that while he wouldn't comment on competitors' schedules, the launch window for Battlefield now appears 'clearer than it was before.' He reiterated that the company has been building towards a specific window and would not launch in a way that would truncate the game's value, expressing strong confidence in the planned FY26 release.

Andrew Marok asked about the specific drivers behind the slower-than-expected player acquisition for EA Sports FC 25 and inquired about the community's reception to the Battlefield Labs announcement.

Answer

CEO Andrew Wilson attributed the FC slowdown to players remaining in prior versions and gameplay balance issues with a competitive cohort, which were addressed in a successful January update. He noted the response to Battlefield Labs has been "overwhelmingly positive," aimed at rebuilding community trust and testing the large-scale game. CFO Stuart Canfield added that the Q4 outlook for FC is prudent and may not fully capture recent positive momentum.

Andrew Marok asked whether the strategic rethink of Apex Legends would involve incremental changes or a full 'Apex 2.0' rebuild, and also inquired about the potential for Dragon Age: The Veilguard to achieve breakout success.

Answer

CEO Andrew Wilson clarified that for Apex Legends, the strategy is to innovate within the existing game, as a 'version 2.0' approach is historically less successful for live services. Regarding Dragon Age: The Veilguard, he expressed confidence in its breakout potential, citing BioWare's return to its storytelling strengths, strong early reviews, and a favorable competitive landscape. CFO Stuart Canfield confirmed its original sales assumptions are maintained in the guidance.

Andrew Marok asked if the successful trajectory with Family Dollar increases confidence in other traditional grocery partnerships and whether its path is instructive for newer partners like Instacart and DoorDash.

Answer

Bryan Leach, Founder and CEO, affirmed that the progress in the dollar channel is very encouraging, particularly due to its symbiotic relationship with retail media. He explained that while learnings are shared across the network, the path for Instacart and DoorDash is different due to their distinct online-first models and different consumer demographics. However, he noted that positive performance indicators and best practices are leveraged in both directions across all publisher types.

Andrew Marok asked for a timeline to resolve the three key issues of measurement, sales execution, and CPG client cycles, and for milestones to track progress.

Answer

CEO Bryan Leach explained that the new measurement framework is already live with two major clients, with progress marked by their continued investment and adoption by more brands. He stated that sales execution issues are identified and will take a quarter or two to resolve, with progress showing in offer supply recovery. He noted that getting on CPG budget cycles is the least critical factor and will resolve over a couple of quarters.

Andrew Marok asked about the primary obstacles preventing CPG brands from allocating incremental, in-year budgets to a high-performing channel like Ibotta, and inquired about the key factors driving the significant reduction in time-to-market for new publisher integrations like Schnucks.

Answer

CEO Bryan Leach explained that the CPG industry's traditional annual planning cadence, a remnant of slow, historical measurement methods, is the main blocker. He noted that Ibotta's development of real-time ROI measurement tools aims to shift this to a more agile, 'always-on' model. Regarding faster integrations, he credited improved technical documentation, a library of reusable components from past rollouts, and more efficient project management.

Andrew Marok asked for the near-term growth outlook for social measurement, considering the company's increasing shift to activation solutions and the varying ramp phases of its social platform partnerships.

Answer

CEO Mark Zagorski acknowledged that the company is lapping very strong growth comps in social from the prior year. He explained that the new Meta pre-bid activation solution requires post-bid measurement to be enabled, creating a virtuous cycle that will drive growth in both social activation and measurement. He expects social activation growth to be stronger but sees both growing together.

Andrew Marok asked about the potential lift to key metrics like customer retention and spend from the recently announced expansion of URL-level reporting for clients.

Answer

CEO Mark Zagorski positioned the expansion of URL-level reporting as a transparency initiative rather than a direct revenue or growth driver. He emphasized that its purpose is to fulfill DV's responsibility to build trust and confidence in the advertising ecosystem, not to act as a business accelerator.

Andrew Marok asked about the key drivers behind the accelerated product development timeline compared to prior expectations and questioned how the company balances its significant $500 million share repurchase program with investor concerns about stock liquidity and float.

Answer

CEO George Arison attributed the faster product execution to a significant increase in team productivity, the addition of a new engineering team, and learnings from Gen AI. Regarding the buyback, he acknowledged liquidity concerns but noted the float has already doubled since the company went public. He stated the program reflects management's confidence and commitment to returning excess capital to shareholders, expressing his belief that the float will 'take care of itself' over time.

Andrew Marok asked how Grindr is balancing pricing and merchandising optimizations against user sensitivity, how much room remains for these improvements, and whether the company observed any disruptions related to the iOS 18 launch mentioned by a competitor.

Answer

CEO George Arison explained the strategy involves maintaining a robust free product while thoughtfully moving high-value features, like limiting messages in the 'Explore' feature, to paid tiers. He noted they test changes and will roll them back if needed, as they did with a 'Taps' experiment. CFO Vanna Krantz added that simple merchandising like a 'no ads' upsell has also driven conversion. Both executives confirmed they had not noticed any disruptions from the iOS 18 launch.

Andrew Marok asked about the optimal frequency for live ops events and what drives their engagement, and also requested more color on the trend of increasing diversity among top-performing experiences.

Answer

CEO David Baszucki stated the event cadence is likely higher than quarterly and is used to highlight both creators and new platform technology. Regarding content, he noted the distribution of top experiences is becoming 'flatter and wider.' CFO Mike Guthrie added that spending is also more broadly distributed among the Top 100 experiences, which he views as a healthy sign of better search and discovery algorithms at work.