Jason Kreyer • Craig-Hallum Capital Group

Answer

CFO Sagi Niri stated that while the extent is unknown, Nexxen will inevitably gain from any remedies as it would open up previously inaccessible inventory, but this potential upside is not factored into guidance. He confirmed the company continuously invests in its SSP. CEO Ofer Druker added that the timeline for any changes is uncertain, so the primary focus remains on organic execution to win business.

Ask Fintool Equity Research AI

Answer

CFO Sagi Niri explained that while some softness was seen in April due to geopolitical uncertainty, Nexxen's diversification across verticals provides stability. He noted the Q1 EBITDA beat resulted from strong top-line performance, a reversal of doubtful allowance, margin expansion, and a deliberately slower pace of hiring amid market uncertainty, confirming a cautious stance on the full-year guidance.

Ask Fintool Equity Research AI

Answer

CEO Gary Nugent confirmed that bookings momentum and revenue pacing support the guidance, citing visibility across subscription, consulting, and transactional revenues. He identified audience experience and data analysis as the primary areas benefiting from AI. CFO Dan Norick stated that second-half balance sheet priorities are focused on deleveraging and building cash reserves.

Ask Fintool Equity Research AI

Answer

CEO Gary Nugent identified the repositioning of Netline as a specific success and highlighted a broader trend of 'branded demand,' where customers integrate brand and demand activities, playing to the combined company's strengths. CFO Dan Noreck noted that profitability is trending with revenue, with sequential improvement expected from Q1 to Q2. Regarding AI, Nugent described it as a growing market opportunity and a tool for internal efficiency, with many use cases already in production to improve editorial, research, and go-to-market functions.

Ask Fintool Equity Research AI

Answer

CEO Gary Nugent described the market as a continuation of the 2024 pattern, without significant improvement or deterioration. He stated that confidence for H2 2025 stems from internal investments in a new go-to-market model and product strategy, which will leverage the combined company's scale to win larger customers. Nugent also noted both tactical and strategic cross-selling successes, including the ability to submit larger proposals to clients, thereby increasing average deal sizes.

Ask Fintool Equity Research AI

Answer

CEO Tim Vanderhook stated that the primary monetization opportunity for the full AI suite is expanding down-market to the millions of smaller advertisers currently served by walled gardens. COO Chris Vanderhook confirmed that the Q3 guidance does not assume the three previously paused advertisers will resume spending and that the market has been otherwise stable regarding tariff-related pauses.

Ask Fintool Equity Research AI

Answer

CEO Tim Vanderhook explained that ViantAI is expected to drive significant wallet share gains and net new customer wins by dramatically improving agency workflow and media planning efficiency. CFO Larry Madden confirmed the revenue and contribution ex-TAC delta is a temporary effect of onboarding larger clients under percentage-of-spend models, which requires gross accounting treatment during the initial high-service period, indicating a strong pipeline.

Ask Fintool Equity Research AI

Answer

COO Chris Vanderhook explained that the IRIS_ID provides deep contextual relevance by analyzing video content, enabling ad performance boosts similar to walled gardens and allowing publishers to create superior ad products. CEO Tim Vanderhook added that the IRIS_ID, which provides data about content, and the Viant Household ID, which provides data about the household, will be used in combination to create powerful, enhanced targeting capabilities.

Ask Fintool Equity Research AI

Answer

CFO Robert Andersen addressed the deal delays, stating that near-term uncertainty made customers hesitant to commit to longer-term agreements. CEO Jon Kirchner explained the ad strategy involves a combination of direct sales for high-value inventory like homepage units and leveraging programmatic partners to build scale and mitigate the challenging ad environment while the user base grows.

Ask Fintool Equity Research AI

Answer

Jon Kirchner, CEO, expressed confidence in reaching the 2 million unit goal by year-end and the 7 million unit goal by the end of 2025, despite some partner-driven timing shifts pushing volume later into the year. He noted that while monetization revenue is not yet material due to the current footprint size, user engagement is encouraging, and the necessary components are in place to monetize effectively as the platform scales.

Ask Fintool Equity Research AI

Answer

CEO Michael Barrett explained that platforms are realizing they under-monetize by not using third-party demand and that advertisers prefer programmatic channels. Regarding Netflix, he described it as an "incredible partnership" and reiterated that Netflix could become one of Magnite's largest clients on a run-rate basis by year-end.

Ask Fintool Equity Research AI

Answer

CFO David Day explained that Q1 is typically a seasonal low point for year-over-year CTV growth and noted a strong rebound in the DV+ business. CEO Michael Barrett added that the CTV guidance is market-representative. Regarding SMBs, Barrett described it as an early-stage journey for advertisers to adapt to CTV metrics, but emphasized the industry-wide push to expand the advertiser base. He positioned Magnite as a crucial SSP providing global supply access, uniquely advantaged by its programmatic mediation layer with top streamers.

Ask Fintool Equity Research AI

Answer

CEO Michael Barrett explained that in DV+, direct connections have stabilized, with significant spend still flowing through unified auctions. In CTV, direct connections are bespoke, and Magnite often remains integral, minimizing economic impact. On curation, he noted that publisher adoption is rapidly increasing as the end of third-party cookies approaches, and Magnite's ability to aggregate niche audiences at scale represents a significant and encouraging growth opportunity.

Ask Fintool Equity Research AI

Answer

CEO Michael Barrett explained that in DV+, direct connections have stabilized into a two-pipe strategy, while in CTV, bespoke connections mean Magnite sees little economic loss. He noted that UID success does not cut Magnite out. On curation, he stated revenue has grown over 100% YoY as the industry shifts toward sell-side audience aggregation, driven by signal loss and the approaching deprecation of third-party cookies.

Ask Fintool Equity Research AI

Answer

CEO David Steinberg explained that the strategy involves using internal case studies from successful OneZeta clients to demonstrate the significantly higher ROI and NPS scores to other customers. He stated that the elite team being built by the new Chief Growth Officer is showing customers a clear roadmap to building the same 'flywheel' for themselves. His ultimate goal is for every client to become a OneZeta client over time.

Ask Fintool Equity Research AI

Answer

CEO David Steinberg explained the strategy is to grow wallet share from 1% to 2% of their scaled customers' total marketing spend, noting some clients are already above 5%. CFO Chris Greiner highlighted cohort data showing customers on the platform for over three years spend an average of $2.6 million, demonstrating a clear growth path. Steinberg emphasized that Zeta's AI drives both efficiency and superior revenue growth, compelling customers to shift budgets from competitors.

Ask Fintool Equity Research AI

Answer

CEO David Steinberg confirmed a 'halo effect' from political work, as campaign staff move into government or corporate roles, creating new relationships. CFO Christopher Greiner noted that the cash flow headwind from agency growth is expected to continue, as the opportunity with both large holdcos and independent agencies is still in its early days.

Ask Fintool Equity Research AI

Answer

CEO Jayme Mendal acknowledged increased competitive pressure but stated the company is managing it well, citing 25% VMD growth and a sequential VMM increase. Regarding a budget flush, Mendal noted that while carriers should have room, no specific indications have been received. CFO Joseph Sanborn added this phenomenon is more common with public companies.

Ask Fintool Equity Research AI

Answer

Executive Joseph Sanborn explained that Q1 VMM was temporarily impacted by the one-to-one consent dynamics early in the quarter but improved as the quarter progressed, supporting the higher Q2 guidance. He reiterated a full-year VMM outlook in the high 20% range. Executive Jayme Mendal added that AI/ML benefits VMM through both operational efficiency, such as needing fewer staff for traffic management, and improved bidding precision from their ML platform, which helps preserve and expand margins.

Ask Fintool Equity Research AI

Answer

CEO Jayme Mendal noted a convergence in growth mindset between direct and agent-based carriers and expects healthy growth from both channels. He also explained that while changes in the traffic landscape can be a positive, the company's current view is for VMM to remain in the high 20s due to a focus on quality.

Ask Fintool Equity Research AI

Answer

CFO Joseph Sanborn explained that VMM margin pressure was expected as the market normalized, but strong execution and bidding technology kept it strong in Q3. He anticipates modest pressure in Q4 and early 2025 due to FCC changes, with stabilization mid-year. CEO Jayme Mendal shared that testing confirmed the FCC rule will lead to fewer but higher-converting leads, justifying higher prices. He expressed confidence in their transition plan and ability to emerge in a stronger competitive position.

Ask Fintool Equity Research AI

Answer

Chairman and CEO Mark Penn explained that Stagwell's increased scale now qualifies it for major government contracts, an area it couldn't previously access. Citing his experience at WPP, he suggested government work could eventually represent 10-15% of the business. He described it as a 'very considerable opportunity' with the first wins trickling in and several other pitches in final stages.

Ask Fintool Equity Research AI

Answer

Chairman & CEO Joe Walsh stated that after years of focusing solely on product investment and debt repayment, the company can now consider new sales and marketing investments and share buybacks, calling the latter 'very much on the table.' CFO Paul Rouse reiterated that deleveraging remains a priority. Walsh added that the Marketing Center, combined with lead-generation tools, has been a major success by helping clients measure advertising ROI.

Ask Fintool Equity Research AI

Answer

President Grant Freeman explained that in the current 'Goldilocks' environment, where there is fear of a future slowdown, customers are highly receptive to growth-oriented products like Marketing Center. CEO Joe Walsh clarified that the guidance reduction was a prudent and cautious measure based on general market uncertainty and media headlines, not on any specific negative trends observed in the business.

Ask Fintool Equity Research AI

Answer

CEO Joe Walsh explained that the Keap cross-sell process is in its early stages but is underway, with Thryv's Marketing Center being offered to Keap customers needing lead generation and Keap's automation being offered to Thryv customers to better manage leads. He clarified that "larger businesses" means moving from 3-employee to 8-employee firms, where the key demand is for more powerful reporting, a need addressed by the new Reporting Center.

Ask Fintool Equity Research AI

Answer

CEO Joe Walsh explained that Keap's automations extend beyond marketing to service operations, sales, and recruiting, targeting larger SMBs with around $750k+ in revenue. He stated that a 'not small group' of Thryv's 96,000 subscribers are potential targets, which would serve as an upsell path and help prevent customer churn to higher-end platforms. This aligns with Thryv's strategy to move upmarket from solopreneurs to businesses with 15-20 employees.

Ask Fintool Equity Research AI

Answer

CEO Lisa Utzschneider expressed satisfaction with the integration of former Oracle clients, highlighting a 70%+ close rate and strong product adoption across all business lines. She noted that these clients have shown high stickiness and that former Grapeshot clients, in particular, are adopting IAS's Context Control product at a higher rate than other accounts.

Ask Fintool Equity Research AI

Answer

CEO Lisa Utzschneider attributed the strong 30% growth in the publisher segment in Q4 to new Publica product features. She specified that these features are designed to increase bidding competition within ad auctions, which is driving scaled adoption among publishers. She also credited the new Publica CRO for bringing fresh ideas and strengthening the client-product feedback loop.

Ask Fintool Equity Research AI

Answer

CEO Lisa Utzschneider reported 'very positive feedback' on the Meta pre-bid product and estimated the pre-bid social opportunity is twice the size of the post-bid measurement market. Regarding GAM, she explained that the IAS Curation launch allows brands to use IAS's contextual data to consolidate bidding on high-quality inventory, calling it a key innovation in their long-standing partnership with Google.

Ask Fintool Equity Research AI

Answer

Executive Matt Ehrlichman explained that the successful reinsurance renewal, which lowered costs and risk, was due to the carrier's strong historical performance and differentiated data, which was shared with over 40 reinsurance partners. Executive Matthew Neagle noted that while they don't break out the specific drivers of premium growth, it's fueled by both strategic price increases, like the 16% in Texas, and significant momentum in new business premium, which doubled year-over-year.

Ask Fintool Equity Research AI

Answer

COO Matthew Neagle detailed the growth strategy, which involves expanding within Texas and 21 other states, recruiting more agents with new performance-based commission structures, and leveraging Home Factors data to target lower-risk homebuyers. CEO Matt Ehrlichman added that the 20% take rate is a strong starting point that will drive significant profitability, with potential opportunities for it to increase in the future.

Ask Fintool Equity Research AI

Answer

COO Jed Nachman explained that Yelp is investing in both product and go-to-market resources for multi-location services, acknowledging it's a longer sales cycle but has significant headroom. CEO Jeremy Stoppelman detailed that AI benefits are seen across the business, with Yelp Assistant being the most impactful consumer feature, driving a lift in project submissions, alongside improved ad matching and operational efficiencies.

Ask Fintool Equity Research AI

Answer

CEO Doug Valenti explained that while preparing for TCPA was disruptive, the company learned a lot from testing new consumer contact approaches that will be used to improve the business. He also confirmed that media supply is catching up to demand as media companies shift focus back to auto insurance, and he does not expect a significant supply/demand mismatch to be a constraint going forward.

Ask Fintool Equity Research AI

Answer

CEO Doug Valenti explained that the growth is driven by a much broader footprint of clients spending at significantly greater scale, indicating a new stage of market development. He detailed that increasing media supply involves ramping up both partner channels and owned-and-operated properties. This includes aggressive SEM campaigns and leveraging a recent acquisition to expand in display, native, and social channels, all of which are expected to be accretive to margins as supply catches up with demand.

Ask Fintool Equity Research AI