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CEO Vivek Shah provided a category-specific breakdown of the ad market, noting strength in Health (high-teens growth) and Gaming (mid-teens growth), with Tech also performing well. Regarding long-term targets, Shah reaffirmed the company's goal to be a double-digit total revenue growth company, with roughly half from organic growth and half from M&A, while targeting mid-30s adjusted EBITDA margins.

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CEO Vivek Shah clarified that the impact from AI Overviews is minimal, affecting a small fraction of total revenue, and noted it's still unclear if the impact is positive or negative. He emphasized that Ziff Davis is cited in about one-third of relevant AI Overviews. Shah also stated that programmatic advertising is intentionally a small part of the business (around 3% of revenue), as the company focuses on high-value, direct-sold endemic campaigns and performance-based marketing.

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CEO Vivek Shah stated the research confirms premium publisher content is disproportionately vital for training LLMs, reinforcing their stance that licensing is required for training, not just retrieval. CFO Bret Richter clarified there is no change in their dynamic capital allocation strategy, stating they remain flexible to deploy capital towards repurchases, M&A, or debt repayment as opportunities arise.

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Founder and CEO David Baszucki attributed the success not to a single factor but to hundreds of simultaneous improvements across the entire technology stack. For APAC's strength, he specifically cited significant enhancements in auto-translation quality, which unlocked growth in markets like Japan, alongside better infrastructure performance and increased server capacity in the region.

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CEO David Baszucki attributed the success not to one single factor but to hundreds of simultaneous improvements across the entire platform stack, from the 3D engine to discovery algorithms. For APAC specifically, he highlighted focused efforts on improving auto-translation quality, enhancing performance, and adding server capacity in the region, which have collectively improved the user experience.

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CFO Mike Guthrie stated that while advertising is an exciting area, the core business is growing so quickly that it dominates financial performance. Ad revenue will be broken out only when it becomes large enough to 'move the needle.' CEO David Baszucki outlined reinvestment priorities, focusing on using AI to lower infrastructure and personnel costs relative to bookings, while increasing payments to creators and slowly improving margins.

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CEO David Baszucki stated that while the ad product portfolio is expanding with offerings like streaming video ads and sponsored tiles, the business is not yet large enough to be broken out as a separate reporting line. CFO Mike Guthrie confirmed this, adding that there is very little contribution from advertising assumed in the 2025 guidance provided.

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CEO David Baszucki outlined three live advertising systems: traffic ads (sponsored tiles, search), video ads (moving to rewarded video), and the Shopify partnership for in-game commerce. CFO Mike Guthrie clarified that the 2025 outlook for 20%+ growth does not depend on advertising, as the core gaming business has a significant runway for organic growth on its own.

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CEO Jeff Kip stated that free organic search traffic is a declining asset, now under 10% of volume, with growth driven by effective paid marketing. Regarding the platform migration, he outlined a detailed execution plan based on five successful international migrations, expressing confidence that the core value proposition of providing leads to pros will ensure a smooth transition.

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CEO Jeffrey Kip expressed confidence in revenue trends, citing the improving trajectory of proprietary service requests and leads, coupled with expected growth in revenue per lead. He noted that easier year-over-year comparisons in the second half of the year will also contribute. On capital allocation, Kip stated the company will opportunistically buy back shares to offset dilution. Regarding acquisitions, he mentioned that while the focus is on integrating past purchases, they would consider strategically critical and accretive deals, though the stock is not seen as a major acquisition currency at this time.

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IAC CEO Joey Levin explained the spin-off is contemplated now because Angi is profitable, cash-flow positive, and on a strong strategic path. He noted benefits like a liquid currency and increased focus for IAC. Angi CEO Jeff Kip expressed confidence in returning to growth, citing a 30% increase in 'jobs done well' and a 60% rise in homeowner NPS. Kip acknowledged the FCC rule will cause a near-term revenue dip in Q1 2025 as they shift to a 'consumer choice' model, but expects to maintain profitability in 2025 and achieve revenue growth in 2026.

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Angi Inc. CEO Jeff Kip stated the company is in the 'bottom of the fourth' inning, focusing on achieving 'jobs done well' to drive long-term growth, and that revenue will turn after the experience is fixed. IAC Executive Christopher Halpin attributed Q2 profit upside to improved marketing efficiency, better technology, and targeting higher-quality pros. He guided Q3 revenue declines of about 15% with adjusted EBITDA north of $30 million.

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CEO Spencer Rascoff explained that Gen Z users desire lower-pressure ways to connect. He highlighted strong early traction for features like DoubleDate, where 90% of users are under 30 and women are four times more likely to match. He also pointed to an upcoming college-focused feature set, positive results from an interactive matching pilot in New Zealand, and a product roadmap focused on compatibility over simple photo assessment.

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CEO Spencer Rascoff expressed confidence in the team and the category's potential. His top priorities are: 1) Operating as 'one Match Group' to leverage scale, a significant shift from the previous siloed structure. 2) Growing Tinder's audience through organizational changes and product strategy. 3) Supporting Hinge's continued growth. 4) Focusing on employee engagement and company culture to drive urgency, innovation, and accountability, stating he is operating in 'founder mode'.

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Incoming CFO Steven Bailey shared that the 'first impressions' feature is showing good adoption and adding incremental revenue with reduced cannibalization. However, he clarified that the overall contribution from revised ALC features in 2025 is expected to be small, with the bulk of Tinder's revenue improvement driven by other monetization optimizations and improving MAU trends.

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CFO Gary Swidler explained that while Hinge and other brands are stable, the overall 2025 outlook depends heavily on Tinder. He noted that recent MAU weakness creates a weaker momentum heading into the new year. He deferred a detailed outlook to the upcoming Investor Day but stressed a company-wide focus on financial discipline and margin improvement.

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President Sanjeev Singh Sahni detailed his focus on embedding e-commerce principles and accelerating AI deployment to improve pricing, speed, and selection, highlighting recent rollouts like expanded instant quoting and TeamSpace in Europe. CFO James Miln confirmed the full-year marketplace growth outlook was raised to 23-24%, noting that while Q3 trends are strong, the guidance remains cautious on the overall macro environment.

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CEO Randolph Altschuler attributed the strong start to success in the enterprise segment, driven by technology like Teamspace and customers seeking supply chain stability. CFO James Miln clarified that accelerating order volume to new geographies like India and Turkey is a strategic investment that temporarily dampens Q1 gross margin but positions the company for long-term growth. He noted margins are expected to improve starting in Q2 and expand for the full year.

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CEO Randy Altschuler stated that since both political parties support strengthening U.S. manufacturing, he foresees no negative impact from the election and noted that a push for reshoring could be beneficial. CFO James Miln addressed the Q4 guidance by highlighting the strong year-to-date performance, a tougher year-over-year comparison from Q4 2023, and general mindfulness of the uncertain macro environment and holiday calendar.

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CEO Caryn Seidman Becker detailed that the administration values public-private partnerships for innovation at no taxpayer cost, focusing on security, traveler experience, privacy, and 'Made in America' companies, which positions CLEAR favorably. CFO Jennifer Hsu clarified that the slight 20 basis point sequential increase in gross dollar retention was a modest benefit following the completion of the next-generation ID upgrades, which had a small negative impact in the prior year. She also noted that the REAL ID launch did not have a meaningful impact on Q2 results.

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CEO Caryn Seidman-Becker expressed strong alignment with the administration's focus on American companies, highlighting CLEAR's ability to deploy end-to-end automation and eGates at no cost to taxpayers, which would be margin-positive. Executive Kenneth Cornick reported that the TSA PreCheck program is performing well, with 91 locations, a marketing opt-in rate over 90%, and a cross-sell rate to CLEAR Plus approaching 20% for new PreCheck enrollees.

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Executive Caryn Seidman-Becker detailed the TSA PreCheck expansion strategy, highlighting momentum with metrics doubling sequentially. She mentioned plans to scale in airports, out-of-airport retail like Staples, and other high-traffic locations, aiming for over 75 total locations by year-end. Regarding CLEAR Verified, she stated it's already contributing to gross profit dollar growth and expects it to be a 'significant contributor' in 2025, accelerated by new channel partnerships like Okta that speed up integration.

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CFO Joseph Sanborn acknowledged some carrier hesitancy early in Q2 due to tariff uncertainty but noted that carriers increased spend later in the quarter, a trend reflected in the Q3 guidance. He added that while a broad recovery is underway, laggard states like California are returning gradually, with a more significant impact expected in 2026.

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CEO Jayme Mendal explained that keeping certain changes improves lead quality and the consumer experience, aligning with their strategy to be a premium provider for agents. CFO Joseph Sanborn added that the decision would have a modest impact, with VMM expected to remain in the high 20s (28-29%) for the remainder of the year.

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CEO Jayme Mendal attributed the agency channel's strength to captive carriers encouraging growth among their agents as underwriting profitability improves. He noted this recovery is slower but steadier than the direct channel. CFO Joseph Sanborn clarified that while the FCC impact is a factor in the Q4 sequential decline, auto revenue would likely still be seasonally down, but "closer to flat," as some carriers are increasing spend while others are explicitly pulling back for the holidays.

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CEO Andrew Wilson responded that EA's strategy remains to meet players where they are and remove friction, which includes leveraging new opportunities. CFO Stuart Canfield added that EA is already successfully using alternative channels like web stores, particularly for FC Mobile, which positively impacts profitability.

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Neil Vogel, CEO of Dotdash Meredith, stated the cookie delay was not a significant issue and could be a net positive, as it allows D/Cipher to directly demonstrate its superior performance against cookie-based targeting. Christopher Halpin, an IAC executive, added that IAC had a constructive dialogue with Arkhouse and that the new board member, Tor Braman, brings valuable experience in technology and capital markets.

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Joseph Levin, CEO of IAC, cited personal reasons for the move and the professional belief in Angi's asymmetrical upside now that much of the difficult turnaround work is complete. Christopher Halpin, an IAC executive, confirmed the spin is targeted for March 31 and that IAC does not plan to take a dividend, leaving Angi with its existing cash balance. Jeff Kipp, CEO of Angi Inc., explained the Q1 outlook was impacted by an early implementation of a consumer-choice model but expressed confidence in returning to growth due to easier comps, new product initiatives, and improved customer experience.

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Founder and CEO Anthony Wood cited strong secular trends like the shift to streaming and programmatic advertising, diversified revenue streams including subscriptions, and the acquisition of Frndly. CFO Dan Jedda added that the outlook already assumes some macro weakness. President of Roku Media, Charlie Collier, noted a client-driven shift from long-term guaranteed ad buys to more flexible, short-term programmatic campaigns, a trend he believes Roku is well-positioned to capitalize on.

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CEO Anthony Wood and CFO Dan Jedda explained that platform revenue growth was driven by home screen innovations, deeper third-party DSP integrations like with The Trade Desk, and growing subscription sign-ups via Roku Pay. They stated that streaming household and ARPU metrics were removed because international account growth, which occurs at different monetization stages, was obscuring the strong underlying U.S. revenue growth and making the blended ARPU metric less representative of the business's health. The new focus will be on streaming hours, platform revenue, adjusted EBITDA, and free cash flow.

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Executive Steven Yi explained that the March strength wasn't due to a fundamental change but rather carriers' initial new-year conservatism wearing off, leading to increased budget allocation. Executive Patrick Thompson stated that the decision to scale back parts of the under-65 business is part of a proactive effort to enhance compliance programs, including updating partner codes of conduct and expanding monitoring, to stay ahead of evolving regulations.

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CEO Oran Holtzman expressed excitement for Brand 3, citing four years of development, advanced vision technology, a huge addressable market, and a wide, well-tested product range of OTC and prescription items. Global CFO Lindsay Drucker Mann clarified the guidance assumes a 50-100 basis point gross margin impact from current tariffs, including a fully loaded amount for China and 10% on Europe, which she described as manageable.

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CEO Craig Peters explained that generative AI adoption is growing modestly, with customers primarily using the technology to modify existing imagery rather than for text-to-image generation. CFO Jennifer Leyden attributed the Q4 outperformance to strong top-line revenue growth, which positively impacted EBITDA. Key revenue drivers included the ongoing recovery from the 2023 Hollywood strikes, a strong event year calendar, and new content deals that included AI licensing rights.

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Thomas Surran, President of Products and Solutions, explained that the company is revitalizing its core product lines, and recent launches like the Focus Pro thermostat have exceeded expectations. He outlined a multi-phase strategy for 2025 and beyond, focusing first on current lines, then new categories, and finally new markets. CEO Jay Geldmacher addressed the tariff question, highlighting a 'comprehensive playbook' that includes proactive customer discussions on pricing, commercial actions like inventory buy-aheads, and operational supply chain adjustments.

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Executive Steven Yi expressed a bullish outlook for the P&C vertical in 2025, driven by strong carrier profitability which he expects will fuel competition. He explained that Q4 saw aggressive spending from carriers who had already met profit targets, while Q1 began with more conservatism tied to new annual budgets. Yi anticipates momentum will build throughout the year as carriers shift focus from rate increases to new policy acquisition for growth.

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President Karl Slatoff detailed several NBA 2K improvements, including new mechanics and modes. CEO Strauss Zelnick stated they have a strong relationship with Nintendo and fully expect to support the new Switch console, noting that modern Nintendo platforms can cater to all audiences, unlike in the past.

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CEO Strauss Zelnick explained the sale was a strategic decision to focus resources on core, blockbuster intellectual properties, as Private Division's titles were not achieving the scale of 2K or Rockstar hits. CFO Lainie Goldstein added that the P&L impact is immaterial to the bottom line for the year.

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CEO Adam Foroughi attributed the accelerating pace of innovation to his world-class research science team leveraging the vast amount of new external and internal research in the AI field. He admitted the technology is beyond his own mathematical understanding but praised the team for unlocking immense opportunity. He also stated that the switch to probabilistic billing was for accuracy alignment and had no notable financial impact, as the deltas were nominal.

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CEO Bill Cobb explained that the AHS app is member-focused, designed to enhance the user experience and create service efficiencies, with initial marketing targeting the existing member base. CFO Jessica Ross and CEO Bill Cobb clarified that the new price increase is being rolled out through the renewals channel, while pricing in the real estate channel remains constant and the DTC channel is focused on promotional discounting.

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