Barton Crockett • Rosenblatt Securities Inc.

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CEO Ofer Druker stated that Nexxen is not witnessing the same SSP issues due to its differentiated end-to-end model, which includes its own DSP, a direct sales force, and a robust enterprise self-service business, making it less reliant on any single external DSP. Regarding H2, he noted that while Q4 is typically strongest, current trends are in line with expectations and their diversified model provides confidence in meeting full-year targets.

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CEO Ofer Druker explained that growth is ramping up following the major Amobee integration and rebranding in 2024, and he expects acceleration over the next 1-2 years as execution improves. He dismissed the Super Bowl as a material one-off driver for Tubi, stating that overall content consumption trends are stable and not dependent on single events.

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CEO Tim Vanderhook assessed that Amazon's competitive threat is primarily limited to verticals with strong transaction data like CPG, suggesting the broader concern is overblown. COO Chris Vanderhook emphasized Viant's 'buy-side only' model as a key differentiator against all walled gardens. He also confirmed the $250 million figure represents gross ad spend, not contribution ex-TAC.

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CEO Tim Vanderhook and COO Chris Vanderhook cited Meta's open-sourcing of its incrementality model and high-profile brand case studies as evidence of the market shift. CFO Larry Madden confirmed the full-year outlook for margin expansion remains intact. Both Tim and Chris Vanderhook asserted that any concessions from Google short of a full breakup would be ineffective, as Google's integrated structure allows it to stifle competition.

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Chief Legal Officer Aaron Saltz stated it's a "very realistic possibility" that a court would want remedies implemented quickly, even pending appeal. CEO Michael Barrett clarified that he does not believe the strong DV+ performance is correlated with Google's issues, attributing the growth to internal execution and share gains from direct competitors.

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CFO David Doft confirmed that Q3 organic growth is expected to be negative, which was anticipated in the full-year plan due to event mix and construction at the Las Vegas Convention Center. CEO Hervé Sedky stated the construction should conclude by year-end, normalizing conditions for 2026. Doft also detailed that both This Is Beyond and InsurTech have additional events in the second half of the year, contributing further revenue. Regarding macro headwinds, Sedky described the impact as 'small overall,' noting that while China and Canada are soft, other regions are offsetting this, and 99% of the international revenue target is already secured.

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CEO Herve Sedky and CFO David Doft confirmed that while expected revenue declines from China and Canada are materializing, they are being offset by growth in other regions like Turkey, Brazil, and the UAE. Doft explained that strong Q1 EBITDA was driven by the InsurTech acquisition and a favorable event schedule shift, keeping them on track for their full-year guidance, albeit potentially at the higher end of the range.

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CFO David Doft clarified the guided EBITDA is pre-synergies, with any cost savings likely materializing in 2026. He explained that performance-based earn-outs are structured to lower the acquisition multiple as the businesses grow. He projected free cash flow of '$50 million plus' for 2025, highlighting improved leverage from the refinancing. Executive Herve Sedky positioned the 'This is Beyond' acquisition as being in the luxury sector as much as travel, and emphasized the acquired team's entrepreneurial strength as a key driver for future event launches under Emerald's accelerator strategy. He noted that while not focused solely on travel, Emerald's rich M&A pipeline could include other strong assets in that sector.

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CEO Herve Sedky and CFO David Doft addressed the questions. Herve Sedky explained the EBITDA guidance reduction was due to three factors: 1) SG&A costs for the discontinued events were already incurred in 2024, with margin benefits expected in 2025; 2) unexpected softness in the high-margin Content business; and 3) the financial impact of a hurricane-related event cancellation, with the timing of the insurance recovery being uncertain. Regarding 2025 pacing, Sedky expressed confidence, noting that growth for H1 2025 is not only stronger but also more broad-based across more events than at the same point last year. David Doft clarified that the Blockchain Futurist engagement is part of a new 'acqui-hire' strategy to accelerate new launches and reduce the EBITDA burn associated with the Xcelerator unit, a point Herve Sedky reinforced by confirming it is part of their accelerated launch strategy.

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Founder, Chairman & CEO Anthony Wood expressed excitement due to the large, untapped market of performance advertisers that traditionally did not use TV. CFO Dan Jedda added that while not yet individually material, the product is on a typical new product ramp, with advertiser count and revenue growing every month. He highlighted the potential of this self-service tool for small and medium-sized businesses.

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CEO Anthony Wood and President of Roku Media Charlie Collier described the relationship with The Trade Desk as a mutually beneficial partnership, while emphasizing a broader strategy of deep integration with all major DSPs. On tariffs, President of Devices Mustafa Ozgen and CFO Dan Jedda stated the impact would be minimal due to a diversified manufacturing footprint and would be immaterial to device gross margin.

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Chairman and CEO Mark Penn responded that the available new business pipeline continues to grow. He characterized the Q1 performance as 'exceptional' and stated that hitting over $100 million per quarter is a solid benchmark. Penn added that the pitch season is heaviest in the fall, supporting the second-half outlook. On the spin-off, he noted it was not an immediate consideration and depended on further growth.

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CEO Jennifer Witz clarified that while Pandora represents 55-60% of total ad revenue, podcasting has significant room to grow its share, driven by new talent and expanded distribution. She noted that while Pandora RPMs face pressure from the macro environment and CTV inventory, the company is focused on positioning audio to extend advertisers' reach through improved targeting and measurement, highlighting a new partnership with Innovid.

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CEO Jennifer Witz explained that a near-term drop in new car sales typically reduces vehicle-related churn. Furthermore, she stated that any decline in new car sales is expected to be partially offset by the used car market, where SiriusXM has a strong and growing presence. This provides confidence in their metrics for this year and next. Regarding automakers, she said they are monitoring the same public data, which shows strong recent sales, possibly due to consumer pull-forward.

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CEO Jennifer Witz expressed confidence in the auto market funnel, highlighting that used cars now represent about 50% of trial starts. She attributed conversion pressure to newer, younger consumers and competition from projection technologies, but noted that the company is focused on stabilizing rates through 360L rollouts, new pricing packages, and improved marketing capabilities to ultimately improve yield.

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CFO Tony Staniak clarified that the Q2 sales trend was affected by seasonality and some volume shifting into Q1, but the full-year outlook remains on track. J. Joel Quadracci, President, CEO, Chairman & Director, confirmed the $5 million cash from the Sacramento sale was received in Q2 and detailed the $16 million upfront payment for the Onur acquisition. He noted that estimates for future asset sales are factored into the year-end net debt guidance. Regarding postal rates, Quadracci explained that a return to CPI-capped increases would be a reversion to a pre-pandemic system and that while the process is complex, there is significant industry momentum for a more sustainable pricing model.

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CFO Anthony Staniak clarified that the expected Q2 slowdown is primarily due to normal business seasonality, with early summer being a low point, rather than a new tariff-related impact. Chairman, President and CEO J. Joel Quadracci addressed visibility, stating that clients lack a playbook for the current tariff situation and are awaiting more clarity. He confirmed Quad has minimal exposure to de minimis retailers. Regarding AI, Quadracci explained that the collaboration enhances their 'Audience Builder 2.0' tool, which leverages Quad's unique data stack to improve audience targeting and is already showing strong performance in case studies.

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CFO Tony Staniak projected a high single-digit revenue decline for Q1 2025, improving thereafter, and confirmed the European asset sale is expected to close in early 2025, with proceeds factored into the year-end 1.5x leverage target. He explained the leverage target preserves 'dry powder' for share buybacks or M&A. CEO J. Joel Quadracci stated that the company has mitigated short-term tariff risk by buying paper forward and noted that while the Postmaster General's resignation is a long-term positive, the upcoming postal rate hike is still expected to proceed.

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CFO Anthony Staniak confirmed an 8-9% Q4 revenue decline is implied in the full-year guidance and clarified the components of the asset sale proceeds, noting the European sale is not yet reflected in the cash flow statement. He stated the $60 million in cost savings realized in 2024 would create an incremental $15-$20 million tailwind in 2025. CEO J. Joel Quadracci added that it's too early for a 2025 outlook and expects the Google AI solution to begin impacting results into next year, starting with existing clients.

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CFO Spencer Neumann clarified that the guidance reflects timing, as the company manages to full-year margins. He explained that content and marketing expenses are expected to ramp up significantly in the second half of the year to support a heavy slate of major titles and live events.

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CFO Spence Neumann explained the guidance reflects timing issues. He stated that Netflix primarily manages to full-year margins and anticipates a ramp-up in content and marketing expenses in the second half of the year due to a heavy slate of major titles and live events. He also noted ongoing investments in building out ad sales infrastructure, but confirmed that year-over-year margin growth is still expected in every quarter, including Q4.

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CFO Spencer Neumann clarified that the difference is primarily due to timing. He explained that Netflix manages to full-year margins and anticipates a ramp in content and marketing expenses in the second half of the year to support a heavy slate of titles and live events, as well as investments in ad sales infrastructure.

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President & CEO Jeffrey Hirsch expects the total spend with Lionsgate to remain 'flattish,' with the Pay 1 movie deal being the largest component. He clarified that STARZ has always had a development team and has a production services deal with Lionsgate, so there are no incremental costs to creating its own IP. On the macroeconomy, he stated they have not seen an impact, as consumers often turn to in-home entertainment during tough economic times.

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CFO Jill Robinson clarified that while Q1 is highly seasonal, the company's annual goal is for revenue to grow faster than expenses. She noted the Pennant Park acquisition is not yet reflected in results but is immediately accretive and will drive future growth, with the purchase price disclosed in SEC filings.

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Executive Terence McGuirk characterized the ESPN/MLB situation as a 'nonevent' for the Braves' economics and expressed confidence in the market for those national rights. Regarding player salaries, he affirmed the Braves expect to remain a top-10 spending team, have 'dry powder' available, and that President of Baseball Operations Alex Anthopoulos has the resources needed to field a championship team.

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Executive Terence McGuirk characterized the ESPN and MLB situation as a 'nonevent' for the Braves with no economic impact, expressing confidence in the market for those rights. Regarding player salaries, he affirmed the Braves expect to remain a top-10 spending team, have crossed the competitive balance tax threshold previously, and possess 'dry powder' for potential late free-agent signings.

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President and CEO Terence McGuirk stated that the primary goal is winning a World Series, which is the greatest driver of value. Executive Derek Schiller added that growing top-line revenue through ballpark and media opportunities is a key metric and confirmed the company is 'laser-focused' on the Braves, not acquisitions. Regarding Diamond Sports, McGuirk noted they are monitoring the bankruptcy but are prepared for any outcome, viewing their large broadcast territory as an 'enviable position'.

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President and CEO Terence McGuirk stated that winning a World Series is the greatest driver of value. Executive Derek Schiller added that growing top-line revenue is a key metric, driven by projects at the ballpark, the Battery, and future media opportunities. Schiller confirmed the company is 'laser-focused' on the Braves and not pursuing acquisitions. Regarding Diamond Sports, McGuirk noted they are monitoring the bankruptcy but are prepared for any outcome, viewing their large broadcast territory as an 'enviable position' if rights revert to them.

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Chairman and CEO Perry Sook stated that DOJ officials privately acknowledge the current advertising market definition is indefensible and does not see it as an impediment. He also confirmed Nexstar is actively working on impression-based selling to remove structural impediments for ad agencies. President and COO Michael Biard added that new ad-supported streaming services further undermine the old market definition.

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Executive Perry Sook described the elimination of the national ownership cap as a 'huge opportunity' and confirmed his team is actively lobbying in Washington D.C. to modernize the rules to preserve local journalism. He firmly stated that Nexstar has 'very little interest' in expanding its cable network portfolio, emphasizing that the company's clear preference is to invest in and grow its core broadcast television assets.

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CEO Derek Chang acknowledged that the media landscape is evolving and that large streamers prefer global rights. He stated that if a regional deal with a strong partner offers a greater sum than individual country deals, Liberty would "pursue those opportunity seriously." He cited existing multi-country deals with partners like Sky in Europe as a precedent for this type of arrangement.

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CEO Derek Chang acknowledged that this is an evolving space and that large streamers consistently express a desire for global or broad regional rights. He stated that if a regional deal offers a greater sum than individual country deals, Liberty would "pursue those opportunity seriously." He cited existing multi-country deals with partners like Sky in Europe as a precedent for this type of arrangement, depending on the partner's strength across a given region.

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President and CEO Christopher Ripley clarified that optimism stems from the fact that previous deregulation rules, which were upheld by the Supreme Court, were never fully implemented due to a change in the FCC. He expects the new environment to simply adjudicate based on current, more favorable rules. On churn, he noted it remains in the mid-single digits but was encouraged by better-than-expected results from Charter and Comcast. Regarding the Tennis Channel DTC product, he stated 2025 will be an investment year, but with no incremental content costs, it should become an incremental contributor quickly. COO Rob Weisbord added the DTC product will enhance viewership with features like multiview.

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Ronald Duncan, CEO of GCI, explained that as a mobile network operator, GCI must remain competitive with AT&T on device subsidies to maintain its 40% market share and is evaluating if an enhanced subsidy could drive share gains. Gregory Maffei, Liberty's President and CEO, stated that Charter's attractive bundled pricing currently negates the need for significant handset subsidies, and he does not foresee a change in this strategy.

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Gregory Maffei, President and CEO, noted that Charter is already the most aggressive mobile pursuer among cable companies and is likely getting as much as it can from the business currently. On M&A, he said the door isn't closed, but pursuing roll-ups through Charter is generally preferred due to synergies, though a direct acquisition by Liberty Broadband is not impossible.

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