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    Laura Martin

    Research Analyst at Needham & Company

    Laura Martin is Managing Director, Senior Internet and Entertainment Analyst at Needham & Company, specializing in coverage of leading internet and media companies such as Apple, Meta, and CuriosityStream. She has published research on over 60 stocks with a 48.13% success rate and achieved notable calls, including generating a 326.7% return on a CuriosityStream rating, and is consistently recognized among top sector analysts. Martin began her career in media investment banking at Drexel Burnham Lambert, held senior analyst roles at Credit Suisse First Boston and Soleil Securities—earning multiple Institutional Investor national rankings—served as EVP at Vivendi Universal, and joined Needham & Company in 2009. Holding both the CFA and CMT designations, as well as an MBA from Harvard and a BA from Stanford, she is a recognized industry expert with extensive licensing and technical credentials.

    Laura Martin's questions to OB leadership

    Laura Martin's questions to OB leadership • Q2 2025

    Question

    Inquired about the limited use of free cash flow for debt repurchase despite a significant discount, and questioned whether the 20% revenue decline in the U.S. is a structural or temporary issue.

    Answer

    The company stated that the debt repurchase was a starting point using immediately available excess cash and more could follow. The U.S. decline is attributed to controllable, operational issues that are being addressed, with leading indicators already showing positive trends.

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    Laura Martin's questions to OB leadership • Q1 2025

    Question

    Asked about the timeline for converting positive client meetings into revenue, the potential impact of tariffs, and trends in advertising on news sites.

    Answer

    The company expects revenue from new cross-selling opportunities to ramp up and contribute to growth in the second half of the year. No meaningful impact from tariffs has been observed. There is a positive trend of advertisers returning to news sites, using more granular technology for brand safety.

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    Laura Martin's questions to OB leadership • Q4 2024

    Question

    Requested a breakdown of the projected synergies between cost and revenue, clarification on the plan to use 'Teads' as the go-to-market name, and an update on whether advertising spend is returning to the news genre.

    Answer

    Of the projected $65M-$75M in annual synergies by 2026, $60M is from costs (personnel, non-compensation, traffic acquisition) and $5M-$15M is the EBITDA impact from revenue synergies, which is considered a conservative estimate. The company confirmed it will operate under the name Teads, which will eventually involve a formal name and ticker change, to leverage the Teads brand's association with quality and video. Regarding news, the company sees some small, positive trends of ad money returning but emphasized that its inventory mix is much broader than just news.

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    Laura Martin's questions to OB leadership • Q4 2024

    Question

    Asked whether the company is seeing a trend of advertisers cutting budgets from news content, and questioned how "performance" is defined and measured for their CTV offering, specifically whether it can be tied directly to a purchase like a retail media network.

    Answer

    Executives stated they have not seen any real change in advertiser spending on news and believe technology can mitigate brand safety concerns. Regarding performance CTV, they explained that "performance" is defined by client needs and can include various outcomes like foot traffic, leads, or subscriptions, which they can measure by linking CTV ad exposure to actions on advertiser websites.

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    Laura Martin's questions to Nexxen International (NEXN) leadership

    Laura Martin's questions to Nexxen International (NEXN) leadership • Q4 2024

    Question

    Inquired about the specifics of the data product that saw 100% growth, its relation to ACR data, the company's plans for adopting U.S. GAAP accounting standards, and the composition of the 10% of revenue that is not programmatic.

    Answer

    The data product growth is on a small base and relates to tools like discovery and ID graph, often involving ACR data, though the preference is to bundle data with media. The company is actively considering a move to U.S. GAAP sooner rather than later. The 10% of non-programmatic revenue consists of legacy performance activities, mainly influencer advertising.

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    Laura Martin's questions to CTV leadership

    Laura Martin's questions to CTV leadership • Q3 2024

    Question

    Questioned if the software-only offering would become a long-term revenue headwind, asked about the monetization model for the Nielsen partnership, and inquired about the competitive impact of a potential Google ad tech divestiture.

    Answer

    The company views the software-only model as a long-term positive for scalability and margins, despite short-term revenue pressure. The financial terms of the Nielsen deal are not public but are contractually structured for future revenue. The Google antitrust case is seen as a net positive for Innovid as it educates the market on the need for an unbiased platform, regardless of the outcome.

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    Laura Martin's questions to CTV leadership • Q4 2023

    Question

    Asked about the competitive landscape with Google, specifically whether Google's focus on GenAI helps or hurts Innovid. Also asked for clarification on the payment model for the new creative optimization feature used by Disney.

    Answer

    Google's focus on the broader 'AI arms race' and de-investment in some ad tech areas is seen as a positive for Innovid, as it reinforces Innovid's value proposition as a neutral platform where clients can control their own data. The Disney creative optimization feature is part of a measurement arrangement, which has a fixed SaaS-like fee and a variable usage-based component. The company expects the new functionality to drive higher usage, thereby increasing revenue from the variable part of the contract.

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