James Heaney • Jefferies

Answer

CEO Lisa Utzschneider explained that the Publisher segment's 36% growth was driven by several factors. These include expanding OEM partnerships, increased adoption of new CTV products like Publica Vault, and securing new international customers in EMEA and APAC. She added that the core IAS publisher solutions also experienced double-digit growth.

Ask Fintool Equity Research AI

Answer

CEO Lisa Utzschneider attributed the 33% publisher revenue growth to the value large OEMs find in Publica's differentiated offerings. She highlighted ongoing investment in product features that increase bidding competition in ad auctions, which enhances performance and is highly valued by OEM partners.

Ask Fintool Equity Research AI

Answer

CEO Lisa Utzschneider explained that hiring in 2025 is strategically focused on areas that drive accelerated growth. Key investment areas include R&D and data science to enhance performance and AI capabilities, as well as sales and go-to-market teams with a focus on programmatic, performance, and the mid-market segment.

Ask Fintool Equity Research AI

Answer

CEO Lisa Utzschneider outlined three primary drivers for the confident 2025 outlook: the scaling of products launched in 2024, the growing adoption of pre-bid optimization in social media (especially with Meta), and the full-year revenue contribution from recently won Oracle business. She also noted a target for the 2025 adjusted EBITDA margin to be similar to the 2024 forecast.

Ask Fintool Equity Research AI

Answer

Co-Founder, CEO & Chairperson Adam Foroughi noted that there has been no material impact yet from the lawsuit, as large gaming companies tend to move slowly, but he anticipates a compounding benefit to ad platforms in the coming quarters. CFO Matt Stumpf reiterated that their capital allocation strategy remains consistent: first, invest in organic growth initiatives and talent, and second, return capital to shareholders through share repurchases.

Ask Fintool Equity Research AI

Answer

CEO Adam Foroughi stated there has been no impact yet from the lawsuit, expecting it will take several quarters for major gaming companies to adapt and for benefits to materialize. CFO Matt Stumpf reiterated that the capital allocation strategy remains consistent: first, invest in organic growth and talent, and second, return capital to shareholders via share buybacks.

Ask Fintool Equity Research AI

Answer

Executive Adam Foroughi stated that the pace of new advertiser onboarding has intentionally slowed due to manual resource constraints. The immediate priority is launching the self-service dashboard to automate the process. On conversion windows, he explained that the platform excels at driving immediate transactions due to attribution limitations (e.g., cookie windows), and while this poses a challenge for high-consideration products, the current addressable market is so vast that it is not an immediate focus.

Ask Fintool Equity Research AI

Answer

CEO Adam Foroughi explained that the platform does not optimize for a specific take rate; it naturally expands as monetization improves. CFO Matt Stumpf noted that expenses are driven by usage, not seasonality, but as e-commerce becomes a larger portion of revenue, the company will become more exposed to traditional retail seasonality, such as a stronger Q4 holiday period.

Ask Fintool Equity Research AI

Answer

CFO Matt Stumpf reiterated that the company does not provide annual guidance and that the 20-30% range is a directional goal for gaming alone, with e-commerce being additive. CEO Adam Foroughi added that the growth rate can exceed 30% if technology enhancements occur more than once a year. Regarding generative AI, he confirmed it is on the roadmap and will be very impactful for personalizing ad creative, but could not provide a specific timeline or size the opportunity yet.

Ask Fintool Equity Research AI

Answer

President & CEO Steven Blanco stated that MSA took targeted price increases in the first half and plans further action in the second half to counter tariff impacts, with a goal of reaching a cost-price balance in early 2026. Interim CFO Elyse Brody added that price contributed a couple of points to revenue growth in Q2 and that the company remains on track for its full-year gross margin target of 47% to 48%. Regarding the Fire Service pipeline, Blanco declined to give specific percentages for competitive reasons but affirmed MSA is prepared to serve customers whether they buy now or wait for the new standard.

Ask Fintool Equity Research AI

Answer

IAC CFO & COO Christopher Halpin explained that the Search business is actively managed for margin, not top-line revenue. He noted that despite lower-than-guided revenue, the segment exceeded its adjusted EBITDA guidance by focusing on higher-margin channels. While the market remains volatile, Halpin expressed confidence in their ability to maintain profitability and meet their adjusted EBITDA guidance for the segment.

Ask Fintool Equity Research AI

Answer

Neil Vogel, CEO of Dotdash Meredith, described Jim Lawson as a 'star' hire from the ad-tech industry, brought on to provide commercial leadership for D/Cipher. Vogel stated Lawson's main objective is to build out and sell D/Cipher Plus, which extends their first-party data targeting capabilities across the open web. He emphasized that this is a key part of DDM's future growth strategy for 2026 and beyond.

Ask Fintool Equity Research AI

Answer

Christopher Halpin, an IAC executive, explained that Care.com's enterprise business is benefiting from a tailwind as care benefits become standard for employers, while the consumer business declined due to product deficiencies that a new CEO is now addressing. Regarding corporate costs, Halpin stated that the 2025 figure is elevated by approximately $50 million in non-recurring expenses related to Joey Levin's transition, the Angi spin, legacy litigation, and corporate streamlining, which will not be in the 2026 cost structure.

Ask Fintool Equity Research AI

Answer

CEO Andrew Wilson described the marketing as their largest investment ever for a Battlefield title, framing the game as a 'platform.' The strategy involves a massive creator-led reveal. CFO Stuart Canfield added that the associated marketing spend is driving Q2 operating expense growth and will be front-loaded in Q2 and continue into Q3.

Ask Fintool Equity Research AI

Answer

CFO Stuart Canfield attributed the operating leverage to launching large-scale owned IP like Battlefield, whose development costs are already in the P&L, allowing new revenue to flow through at high margins. CEO Andrew Wilson added that the Madden and College Football bundle was very successful and is part of a larger strategy to build a unified American football fan community, encouraging players to engage with both titles.

Ask Fintool Equity Research AI

Answer

CFO Lainie Goldstein reiterated the guidance for approximately 3% operating expense growth, driven by higher marketing for current and future titles, but noted this is outpaced by the 6% planned net bookings growth. She also clarified that the full-year guidance range provided was not narrower than what the company usually provides.

Ask Fintool Equity Research AI

Answer

CFO Lainie Goldstein explained that marketing spend is concentrated at launch but is now spread over a longer period for live service games. She noted that while budgets are stable, the marketing mix has shifted more towards digital and analytics, with expenses front-loaded at launch and then amortized over the title's life cycle.

Ask Fintool Equity Research AI

Answer

CFO Dan Jedda noted that while Q4 growth may be slower due to a tough comp, the underlying growth rate is similar to Q1's when excluding prior-year 606 adjustments. On the home screen, CEO Anthony Wood explained it's a key part of their strategy to drive both subscriptions and ad reach beyond M&E, citing a new recommendations row as a successful example. President of Roku Media, Charlie Collier, added that non-M&E brands like Hellmann's are now using premium home screen ad units.

Ask Fintool Equity Research AI

Answer

CFO Derek Andersen clarified that there is nothing material from the 'Simple Snapchat' rollout factored into the Q1 guidance for either revenue or user growth. He stated that the forecast is based on the existing momentum in the business, including strength in the direct-response ad platform, growth in the SMB segment, and recent increases in the global user community.

Ask Fintool Equity Research AI

Answer

CFO Derek Andersen detailed the process of testing and scaling new ad products, noting app purchase optimization is now a growing contributor. For Q4 guidance, he cited continued momentum in the DR business, no expected recovery in the weaker brand ad business, and the potential for near-term disruption from limited 'Simple Snapchat' testing as key factors.

Ask Fintool Equity Research AI

Answer

CFO Bryan Castellani attributed the conviction to three catalysts: subscribers, price, and share. He stated that subscriber growth remains the vast majority of the driver, with penetration in developed markets expected to grow from ~33% to nearly 50% and emerging markets from single to double digits. He noted that pricing assumptions in industry projections are modest, leaving room for upside from superfan tiers, wholesale price optimization, and improved family plan economics.

Ask Fintool Equity Research AI

Answer

CFO Gary Swidler described it as a core part of their portfolio strategy, constantly making trade-offs. He cited funding Tinder's turnaround and Hinge's expansion as key investments, which are being offset by cost-saving measures like the E&E consolidation and the exit from live streaming businesses.

Ask Fintool Equity Research AI