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    Andrew Marok • Raymond James Financial, Inc.

    Andrew Marok's questions to Nexxen International Ltd (NEXN) leadership

    Andrew Marok's questions to Nexxen International Ltd (NEXN) leadership • Q2 2025

    Question

    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.

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    Andrew Marok's questions to Nexxen International Ltd (NEXN) leadership • Q1 2025

    Question

    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.

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    Andrew Marok's questions to Nexxen International Ltd (NEXN) leadership • Q4 2024

    Question

    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.

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    Andrew Marok's questions to Webtoon Entertainment Inc (WBTN) leadership

    Andrew Marok's questions to Webtoon Entertainment Inc (WBTN) leadership • Q2 2025

    Question

    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.

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    Andrew Marok's questions to Webtoon Entertainment Inc (WBTN) leadership • Q1 2025

    Question

    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.

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    Andrew Marok's questions to Webtoon Entertainment Inc (WBTN) leadership • Q4 2024

    Question

    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.

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    Andrew Marok's questions to Webtoon Entertainment Inc (WBTN) leadership • Q3 2024

    Question

    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.

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    Andrew Marok's questions to Viant Technology Inc (DSP) leadership

    Andrew Marok's questions to Viant Technology Inc (DSP) leadership • Q2 2025

    Question

    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.

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    Andrew Marok's questions to Integral Ad Science Holding Corp (IAS) leadership

    Andrew Marok's questions to Integral Ad Science Holding Corp (IAS) leadership • Q2 2025

    Question

    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.

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    Andrew Marok's questions to Integral Ad Science Holding Corp (IAS) leadership • Q1 2025

    Question

    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.

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    Andrew Marok's questions to Integral Ad Science Holding Corp (IAS) leadership • Q4 2024

    Question

    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.

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    Andrew Marok's questions to Integral Ad Science Holding Corp (IAS) leadership • Q3 2024

    Question

    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.

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    Andrew Marok's questions to Take-Two Interactive Software Inc (TTWO) leadership

    Andrew Marok's questions to Take-Two Interactive Software Inc (TTWO) leadership • Q1 2026

    Question

    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.

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    Andrew Marok's questions to Take-Two Interactive Software Inc (TTWO) leadership • Q4 2025

    Question

    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.

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    Andrew Marok's questions to Take-Two Interactive Software Inc (TTWO) leadership • Q3 2025

    Question

    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.

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    Andrew Marok's questions to Take-Two Interactive Software Inc (TTWO) leadership • Q2 2025

    Question

    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.

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    Andrew Marok's questions to Everest Consolidator Acquisition Corp (MNTN) leadership

    Andrew Marok's questions to Everest Consolidator Acquisition Corp (MNTN) leadership • Q2 2025

    Question

    Andrew Marok asked about the potential scale and timing of the recently announced ZoomInfo partnership and questioned whether B2B advertisers were an over or underrepresented segment. He also asked for a clarifying housekeeping question on gross margin assumptions in the Q3 guide.

    Answer

    COO Chris Innes characterized the ZoomInfo deal as a key partnership for driving new customer acquisition but did not quantify its expected impact. CFO Patrick Pohlen clarified that the Q3 EBITDA guidance assumes a gross margin near the bottom of their long-term 75-80% range. CEO Mark Douglas added that gross margin naturally expands with revenue due to fixed costs, noting Q2's margin already surpassed last year's Q4 peak.

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    Andrew Marok's questions to Vivid Seats Inc (SEAT) leadership

    Andrew Marok's questions to Vivid Seats Inc (SEAT) leadership • Q2 2025

    Question

    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.

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    Andrew Marok's questions to Vivid Seats Inc (SEAT) leadership • Q1 2025

    Question

    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.

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    Andrew Marok's questions to Vivid Seats Inc (SEAT) leadership • Q4 2024

    Question

    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.

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    Andrew Marok's questions to Vivid Seats Inc (SEAT) leadership • Q3 2024

    Question

    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.

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    Andrew Marok's questions to Electronic Arts Inc (EA) leadership

    Andrew Marok's questions to Electronic Arts Inc (EA) leadership • Q1 2026

    Question

    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.

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    Andrew Marok's questions to Electronic Arts Inc (EA) leadership • Q4 2025

    Question

    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.

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    Andrew Marok's questions to Electronic Arts Inc (EA) leadership • Q3 2025

    Question

    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.

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    Andrew Marok's questions to Electronic Arts Inc (EA) leadership • Q2 2025

    Question

    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.

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    Andrew Marok's questions to Ibotta Inc (IBTA) leadership

    Andrew Marok's questions to Ibotta Inc (IBTA) leadership • Q1 2025

    Question

    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.

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    Andrew Marok's questions to Ibotta Inc (IBTA) leadership • Q4 2024

    Question

    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.

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    Andrew Marok's questions to Ibotta Inc (IBTA) leadership • Q3 2024

    Question

    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.

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    Andrew Marok's questions to DoubleVerify Holdings Inc (DV) leadership

    Andrew Marok's questions to DoubleVerify Holdings Inc (DV) leadership • Q1 2025

    Question

    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.

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    Andrew Marok's questions to DoubleVerify Holdings Inc (DV) leadership • Q4 2024

    Question

    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.

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    Andrew Marok's questions to Grindr Inc (GRND) leadership

    Andrew Marok's questions to Grindr Inc (GRND) leadership • Q4 2024

    Question

    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.

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    Andrew Marok's questions to Grindr Inc (GRND) leadership • Q3 2024

    Question

    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.

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    Andrew Marok's questions to Roblox Corp (RBLX) leadership

    Andrew Marok's questions to Roblox Corp (RBLX) leadership • Q3 2024

    Question

    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.

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