Jason Bazinet • Citigroup

Answer

CEO Sean Reilly confirmed the guidance change was due to "a little bit of both" softer operations and the Vancouver exit. EVP & CFO Jay Johnson added that while the net reduction is similar to the Vancouver impact, it includes offsetting tailwinds from acquisitions and share repurchases. Regarding the UPREIT, both executives affirmed it is a "big deal" and a "very favorable structure" expected to boost M&A activity by offering a tax-efficient option for sellers.

Ask Fintool Equity Research AI

Answer

Executive Sean Reilly explained that the performance of digital advertising, their shorter-cycle business, serves as a key leading indicator ('canary in the coal mine'), and it currently remains solid. He confirmed that the legal services vertical has grown significantly, now representing approximately 10% of their business, and characterized these clients as savvy and consistent advertisers.

Ask Fintool Equity Research AI

Answer

Executive Jay Johnson attributed the AFFO-earnings gap to higher non-cash stock compensation expense, driven by a rising stock price and better-than-budgeted company performance. Executive Sean Reilly addressed programmatic margins, acknowledging the higher cost of sale (~10% vs. 6%) is offset by higher CPMs that customers pay for richer campaign data. Reilly expects this cost percentage to decrease as sales volume grows.

Ask Fintool Equity Research AI

Answer

Chairman & CEO Perry A. Sook explained that while increasing CW O&Os is not the top strategic priority, it is a positive byproduct of certain M&A. Regarding deal timing, he noted that waiver processes exist under current rules and any proposed transaction would include remedies, acknowledging that rules could change during the approval process.

Ask Fintool Equity Research AI

Answer

Chairman and CEO Perry Sook confirmed unanimous industry support for deregulation via the NAB board. He dismissed the Chevron ruling concern as a 'red herring,' viewing it as a positive for industry by enabling judicial review of agency actions. President and COO Michael Biard added that congressional letters encouraging the FCC to act further support their view that the agency is not limited.

Ask Fintool Equity Research AI

Answer

Executive Perry Sook explained that the approach is twofold. Changing the national ownership cap would likely require new legislation from Congress. However, he noted that other in-market ownership rules and regulations could potentially be addressed at an administrative level through the FCC's processes. Mr. Sook confirmed that Nexstar will pursue all available angles with both regulatory agencies and Congress to achieve reform.

Ask Fintool Equity Research AI

Answer

Founder and CEO David Baszucki explained that Roblox utilizes a hybrid infrastructure model, combining its own bare-metal servers with cloud bursting capabilities. This allows the platform to efficiently scale for peak loads, such as the 30 million concurrent players recently observed, without incurring the full capital cost of maintaining that capacity 24/7.

Ask Fintool Equity Research AI

Answer

CEO David Baszucki explained that Roblox is handling over 30 million concurrent players by using an optimal mix of its own bare-metal infrastructure combined with bursting into cloud providers. This hybrid approach allows the platform to absorb demand surges efficiently without incurring the full capital expenditure required to handle peak loads 24/7.

Ask Fintool Equity Research AI

Answer

CEO David Baszucki stated that Roblox saw minimal impact during the 2007-2008 downturn, attributing this to the platform's low-cost entertainment model where most users don't spend money. He positioned innovation as a long-term driver for market share growth rather than a short-term tool to counter macro pressures. CFO Mike Guthrie added that while investors will make their own macro assessments, the company's performance has remained strong.

Ask Fintool Equity Research AI

Answer

CEO David Baszucki described the relationship as completely synergistic, answering 'yes, yes, yes, yes' to both factors being responsible. He used the analogy of Roblox creating a 'fertile platform' with good soil and weather, which in turn enables creators to build amazing things that can flourish. He emphasized that both elements happen in synergy and are essential for growth.

Ask Fintool Equity Research AI

Answer

CEO Adam Foroughi responded that there's no way to know the exact timeline, but highlighted a key difference: the non-gaming model started with zero data in new categories and performed well, unlike the gaming model which had significant data at launch. He emphasized that as more non-gaming advertisers join, the new data will create a powerful flywheel effect, improving both the non-gaming and gaming models through cross-category correlations.

Ask Fintool Equity Research AI

Answer

Co-Founder, CEO & Chairperson Adam Foroughi stated there is no specific timeline, as the models are architecturally different. He highlighted that the non-gaming model has already proven effective with very little initial data. He emphasized the powerful 'flywheel effect' where new data from non-gaming advertisers will not only improve that model but also provide valuable cross-category signals to enhance the core gaming model, creating a strong foundation for long-term growth.

Ask Fintool Equity Research AI

Answer

Executive Adam Foroughi explained that 2022 is not a relevant comparison as it was before the launch of the AXON model. He attributed the Q2 guidance to typical seasonality, where Q2 is historically the slowest quarter for sequential growth. Foroughi emphasized that the business is in a high-growth phase, driven by model improvements and the upcoming self-service dashboard, making past performance less indicative of future trends.

Ask Fintool Equity Research AI

Answer

CEO Adam Foroughi declined to provide a specific number but indicated it was not in the thousands, highlighting the small go-to-market team of about 20 people. He confirmed that developing self-serve and automated tools is the key to opening the platform to a much larger number of advertisers, which will also help attract more supply from game publishers.

Ask Fintool Equity Research AI

Answer

CEO Adam Foroughi acknowledged the need to build brand awareness in the new e-commerce category but expressed confidence in a strong organic growth trajectory, similar to their approach in gaming. He emphasized that the product's exceptional performance, which is already generating significant buzz on social media from pilot customers, will be the primary driver of adoption, attracting advertisers who desperately need new, effective marketing channels.

Ask Fintool Equity Research AI

Answer

CEO Meredith Kopit Levien reaffirmed that the 15 million subscriber goal by 2027 remains the company's aim, citing persistent demand and a large, growing audience of registered users as a path to conversion. CFO William Bardeen confirmed the Amazon deal is factored into the financial guidance, noting it contributes to the forecasted Q3 acceleration in the affiliate and licensing revenue stream.

Ask Fintool Equity Research AI

Answer

EVP and CFO Will Bardeen explained that the company uses a data-driven approach, analyzing subscriber engagement signals to determine the next price point, which could be the full price, an intermediate price, or an extended promotion. President and CEO Meredith Kopit Levien added that this process is managed by increasingly sophisticated data science.

Ask Fintool Equity Research AI

Answer

CEO Carsten Koerl responded that he does not see a fundamental shift. He stated the company will continue to leverage its strong distribution to outperform the ~10% global market growth. He sees continued opportunity from all vectors, including the connection between media and betting, iGaming integration, and upselling via products like MTS, all enhanced by AI. He believes the existing four-pillar growth strategy remains robust.

Ask Fintool Equity Research AI

Answer

CFO Christian Luiga reiterated that long-term gross margin expansion will come from several areas: the advertising business (in both music and podcasts), monetization of the music marketplace and the podcast Spotify Partner Program (SPP), continued monetization of audiobooks, and the introduction of 'a la carte' purchasing options.

Ask Fintool Equity Research AI

Answer

CEO Philippe Krakowsky highlighted the immense power of combining IPG's data assets (Acxiom) with Omnicom's commerce capabilities. He also pointed to the combined entity's media scale, complementary geographic strengths, and significantly enhanced capacity to invest in platforms and AI. He asserted that the pro forma portfolio will be "very complete" with an unmatched ability to solve client problems, positioning the new company to invest in future opportunities rather than filling existing gaps.

Ask Fintool Equity Research AI

Answer

CFO Ellen Johnson explained that the low working capital use was primarily due to disciplined management and the inherent volatility of cash flows, rather than a structural change. She noted that the timing of payments around quarter-end can cause significant swings and mentioned a minor positive influence from restructuring activities, but emphasized that core processes remain consistent.

Ask Fintool Equity Research AI

Answer

CEO Philippe Krakowsky reiterated that the cost to achieve the savings would be equivalent to the savings amount. He explained that the noncash portion would relate to items like real estate and potentially writing off certain rationalized technology assets, but confirmed it would not involve stock-based compensation.

Ask Fintool Equity Research AI

Answer

Mark Shapiro, President and COO, strongly refuted the "bond" analogy, promising the management team "will not sit still." He listed numerous growth vectors, including global partnerships, live ticket revenue, new promotions like the AAA JV, leveraging IMG's 200+ partners, growing On Location, and creating new ancillary programming. He assured that future media deals will have annual escalators and the company will remain active in creating shareholder value.

Ask Fintool Equity Research AI

Answer

CEO Stefano Domenicali and CEO Derek Chang both emphasized the resilience of the sponsorship business. They cited the credibility of the F1 global platform, the long-term nature of the contracts, and the high quality of partners seeking broad global exposure. They confirmed they have not seen any slowdown in conversations despite macroeconomic uncertainty.

Ask Fintool Equity Research AI

Answer

CEO Stefano Domenicali and CEO Derek Chang stressed that sponsorship deals are long-term, contractual agreements, not short-term buys like advertising. They highlighted the strength and credibility of the F1 platform, which provides unique global exposure for partners. They confirmed they have not seen any slowdown in partnership discussions despite macro uncertainty, attributing this resilience to the deep, collaborative relationships and the long-term value proposition F1 offers.

Ask Fintool Equity Research AI

Answer

CFO Larry Fey clarified that the shift in mix was almost entirely driven by recent acquisitions. He noted that Vegas.com is predominantly a theater business and Wavedash is mostly concert and theater, which has altered the overall category percentages. Fey confirmed there has been no significant like-for-like strategic shift away from sports.

Ask Fintool Equity Research AI

Answer

CEO Mark Locke confirmed that M&A capacity refers to the company's existing cash balance, not potential leverage. He specified that the primary focus is on opportunities that are immediately cash accretive, reinforcing that Genius is in a strong position and will only pursue deals that are strategically and financially attractive.

Ask Fintool Equity Research AI

Answer

CEO Mark Locke characterized the relationship with the NFL as 'very strong,' emphasizing the early contract renewal and the league's active role as a shareholder. He highlighted that access to the NFL's rich data has been crucial for product innovations like BetVision and that the partnership is delivering excellent results for both parties, implying performance has met or exceeded expectations.

Ask Fintool Equity Research AI

Answer

Matthew Siegel, CFO, responded that the MTA was a significant driver of revenue and EBITDA growth in the previous year, with revenue up approximately 12%. He noted that performance has continued to be strong in early 2025, attributing the success to strong sales execution and increased focus, rather than definitively to congestion pricing or return-to-office trends.

Ask Fintool Equity Research AI

Answer

President and CFO Joe Berchtold confirmed the strategy is to move 'further upstream' toward ownership. He explained that while the approach varies by deal, the company is actively pushing to own the property and building where possible, or to fund the capital build-out to minimize lease payments, representing a clear push for greater ownership within its venue portfolio.

Ask Fintool Equity Research AI

Answer

CFO Lainie Goldstein confirmed that there have been no changes to the company's accounting policies for software capitalization. The balance represents the cost of games that have achieved technological feasibility and will be amortized upon their release.

Ask Fintool Equity Research AI

Answer

CEO Robert Thomson expressed pride in the partnership, stating it has fundamentally changed the audiobook market by expanding the audience. He noted that overall audio revenue grew 13% and that News Corp is a beneficiary of the behavioral changes and adaptations by both Spotify and Audible.

Ask Fintool Equity Research AI

Answer

CFO Thomas Barry stated that more of the new savings are expected to flow to the bottom line compared to the previous initiative, although some level of reinvestment will continue. CEO Jennifer Witz added that the guided satellite CapEx savings are separate from this and represent an incremental improvement to free cash flow.

Ask Fintool Equity Research AI

Answer

CEO Robert Kyncl expressed confidence by comparing music to the video industry. He noted significant growth runway remains in mature markets like the U.S., where music penetration (around 30%) lags TV (around 50%). In high-growth markets like India, he sees massive potential as GDP growth translates to higher ad revenue and subscription conversion, citing India's 100 million TV households versus only 15 million music subscribers as evidence of the opportunity.

Ask Fintool Equity Research AI

Answer

CEO Matthew Bromberg expressed strong optimism about Unity's long-term value, citing its unique position across the entire content creation lifecycle. He emphasized that by making development more efficient, Unity can stimulate industry growth. While not directly confirming it would outpace the market, he highlighted a significant "runway for us to grow," particularly in user acquisition and monetization.

Ask Fintool Equity Research AI

Answer

CEO Anthony Wood explained that The Roku Channel's success is heavily tied to its deep integration with the Roku OS, which drives discovery and makes it 'much more profitable' on Roku devices. While it is available on some third-party platforms, the focus remains on its home platform. He also confirmed that the company puts 'a tremendous amount of effort' into ensuring that nearly all devices in the field run the same software, making new features widely accessible.

Ask Fintool Equity Research AI