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CEO Ofer Druker explained that the modest CTV growth reflects an industry-wide supply/demand imbalance affecting CPMs, and framed the VIDA partnership as a long-term investment moving into a commercial scaling phase. He stated the new $35M investment aims to accelerate VIDA's North American footprint. Regarding the open internet, he acknowledged challenges from AI search but highlighted that Nexxen's strategic focus on the less-affected CTV and mobile in-app markets mitigates this risk.

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CFO Sagi Niri clarified that the data product growth, while large percentage-wise, is from a relatively small base and includes tools like their ID graph. CEO Ofer Druker added that while the data tools are mostly related to ACR data, they prefer to bundle data with media rather than sell it standalone. Sagi Niri also stated the company intends to move to U.S. GAAP "sooner than later" and that the 10% non-programmatic revenue consists of legacy performance activities, mainly influencer advertising.

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COO Chris Vanderhook confirmed the $250 million pipeline is entirely incremental spend from large US advertisers, with wins starting in 2026. CEO Tim Vanderhook outlined adoption goals, aiming for high adoption of AI Planning, daily use of AI Measurement, and 100% adoption of AI Decisioning within two years of launch. Both executives argued that cost savings drive budget reinvestment and better performance, ultimately increasing total spend on Viant's platform and creating a strategic advantage.

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CEO Tim Vanderhook and COO Chris Vanderhook explained that Lockr is an industry utility designed to reduce integration friction for publishers, allowing them to easily activate their first-party data across the entire programmatic ecosystem, not just with Viant. They positioned it as a tool to help the open internet compete against walled gardens by bringing net new demand. CFO Larry Madden added that IRIS.TV's Q4 revenue contribution was modest, at approximately 1% of the total.

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CFO Lawrence Madden clarified that the revenue and TAC discrepancy was due to gross revenue accounting for a handful of new, high-service customers, which is a standard onboarding practice. CEO Tim Vanderhook added that these clients typically transition to a percent-of-spend model. COO Chris Vanderhook identified the primary growth driver as existing customers scaling their spend, particularly in CTV through the Direct Access program. He noted that strong new customer acquisition, amplified by the attention on ViantAI, is also a significant contributor.

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CEO David Gandler explained that the Molotov acquisition successfully integrated technology teams, unified the tech stack, and brought in the current CTO. While profitability has been the main priority, Fubo is actively negotiating for French sports rights and plans to roll out its ad technology to Molotov by late 2025 or early 2026. Regarding the ideal service, Gandler emphasized Fubo's focus on a 'super aggregated' model with both standalone and bundled offerings to provide value at various price points in a fragmented market.

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CEO David Gandler explained the 'Rest of World' (Molotov) strategy prioritizes profitability and technology synergies for future international expansion. CFO John Janedis clarified that the ad revenue decline was a direct result of losing ad inventory from the dropped Warner Bros. Discovery and TelevisaUnivision networks, stating that normalized Q1 ad revenue would have been up slightly.

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CEO David Gandler clarified the bundle is an expansion of their 'super aggregation' strategy to attract customers along the demand curve, not a pivot from sports. CFO John Jenadis added that Q4 ad results were impacted by content portfolio changes but the direct business was up double-digits. He noted healthy sports pricing but some softness in entertainment CPMs, with an improving market tone heading into March.

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Co-Founder and CEO David Gandler explained that the fubo Free tier is currently limited to manage the new product and learn from user behavior without disrupting the primary conversion funnel for its paid sports service, which could increase subscriber acquisition costs. He acknowledged it will likely move in front of the paywall eventually. Regarding the vMVPD model, Gandler affirmed its long-term value, stating fubo's goal is to offer a wide range of services, and many consumers will continue to value a bundled, aggregated package for its convenience and breadth of content.

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CEO Michael Barrett considered it "far fetched" for Amazon to surpass the Netflix opportunity anytime soon but affirmed it is a meaningful relationship. He confirmed that Mountain has been a classic DSP partner for years, buying CTV supply through Magnite's platform.

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CEO Michael Barrett explained that the initial AI tools are designed to increase revenue from existing clients. CFO David Day clarified the ~$60M CapEx increase is for moving CTV functions to on-premise servers for cost efficiency, not for AI. Regarding the open internet, Barrett asserted it is healthy, framing the dispute with The Trade Desk as a difference in vision, not a fundamental conflict. He positioned Amazon as a fast-growing partner and a validation of the open internet's strength.

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CFO David Day explained that after achieving its sub-1x net leverage goal, the company's focus is shifting to managing equity dilution via share repurchases. CEO Michael Barrett added that while the company is exploring generative AI, current cost efficiencies, such as a 30% reduction in DV+ cost per ad request, are driven by machine learning and filtering, with more AI developments to come.

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CFO David Day stated that after achieving its sub-1x net leverage goal, the company's focus is shifting to managing equity dilution through share repurchases. CEO Michael Barrett explained that while a task force is exploring generative AI, current cost efficiencies, such as a 30% reduction in DV+ processing costs, are driven by machine learning and filtering. He noted that true GenAI adoption is a work in progress with more updates to come.

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CFO Stephen Walker clarified that the 2% growth metric is diluted by new advertisers who start at lower spending levels and is not a 'same-store' figure. CEO Adam Singolda addressed the open web concerns, stating Taboola has minimal direct search exposure (around 5%) and sees an opportunity for publishers to leverage on-site LLMs. Regarding capital allocation, Mr. Walker explained they use their credit facility to maintain a roughly cash-neutral position, allowing them to aggressively repurchase shares, which they view as a highly compelling use of capital.

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CEO Adam Singolda stated that a more privacy-focused web without cookies benefits scaled platforms with first-party data like Taboola, and any Google breakup could be an opportunity. He noted positive feedback on Realize, especially its CPC pricing for display ads, which is attracting new clients. CFO Stephen Walker added that tariffs have had a ~1% impact, mainly on Chinese advertisers targeting the U.S., which is factored into the current guidance.

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CEO Adam Singolda positioned Taboola as a solution for the "open web" outside of walled gardens like Amazon, viewing such moves as opportunities. He differentiated Taboola's performance focus from the branding-centric nature of CTV, arguing that performance advertisers need dedicated solutions, positioning Taboola to own the performance space outside of search, social, and in-app gaming.

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CEO Adam Singolda explained that the goal for Taboola News is to become a double-digit source of traffic for publishers, positioning it as a key distribution channel alongside search and social. He also detailed that the AI tool Abby simplifies the complex advertiser onboarding process, with a long-term vision to act as an AI account manager. CFO Stephen Walker clarified that China represents a low single-digit percentage of revenue (3-4%), with the portion at risk from potential U.S. tariffs being even smaller, around 1-2%.

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COO Chris Innes clarified that over 80% of customers use return on ad spend (ROAS) as their primary metric, focusing on sales. CEO Mark Douglas explained that it's not a zero-sum game, as clients use MNTN alongside other platforms, with MNTN capturing about 15% of a typical customer's budget. He positioned Amazon's TV ad business as non-competitive, as it is focused on its own inventory and advertisers, whereas MNTN's platform is network-agnostic.

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Founder, Chairman & CEO Anthony Wood affirmed the power of Roku's first-party data but stated the company is focused on growing its standalone business. He explained that all DSP deals are customized to the partner's specific technology and goals, and no deal precludes them from working with others. President of Roku Media Charlie Collier added that this open, interoperable strategy has proven effective and has significant upside.

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On Frndly, CEO Anthony Wood positioned it not as a traditional vMVPD but as a popular bundle of paid linear channels that is growing, a trend also seen in FAST channels. CFO Dan Jedda added it will be accretive to adjusted EBITDA. On data, President of Roku Media, Charlie Collier, stated the best use of data is to enhance their own platform's performance for advertisers. CEO Anthony Wood clarified that advertisers using third-party DSPs do get access to Roku's data for targeting within those campaigns.

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CFO Dan Jedda highlighted that the subscription business is large and growing, with a focus on both premium and direct-to-consumer subscriptions via Roku Pay. President of Roku Media Charlie Collier addressed political ads, stating that the cycle demonstrated Roku's strength in performance-based, targeted advertising, suggesting a continued shift to CTV is likely.

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CEO Anthony Wood and President of Roku Media Charlie Collier responded. Wood asserted that Roku's diversified platform model, which includes distribution, advertising, and unique sponsorships, insulates it from the CPM pressures that affect standalone streaming apps. Collier added that Roku's scale allows it to benefit from market dynamics. Regarding AI, Wood confirmed they are actively exploring generative AI to enhance the Roku Ad Manager, viewing it as a major opportunity to empower small and medium-sized businesses to create TV ads easily.

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Chairman and CEO Mark Penn addressed the questions, explaining that 'the machine' will simplify mid-level tasks, condensing the labor stack for greater efficiency. Regarding a spin-off, he stated it is 'a ways off,' pending significant revenue growth and product development. On government work, Penn noted that while it involves more paperwork, the contracts are often multi-year, providing stability, and margins are comparable to corporate work due to their larger scale.

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CEO Mark Zagorski argued that DV's platform now covers the key advertiser needs of safety, optimization, and outcomes measurement, positioning it well for vendor consolidation. Regarding CTV pricing, he acknowledged the volume growth and stated that as DV gets closer to providing more granular, program-level data, the opportunity to increase prices will grow, but he made no commitment on timing.

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CEO Steve Huffman confirmed that Reddit uses a mix of commercial, open-source, and self-made AI models, viewing the commoditization of the technology as a benefit. He stated that open-source models do not threaten the licensing business because all foundation models, open or not, require a continuous supply of fresh, up-to-date human-generated data to remain relevant. Reddit provides this unique, ongoing stream of authentic human experience and conversation, which AI cannot replicate.

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CEO Jeff Green dismissed this concern, highlighting that TTD currently represents just over 1% of the estimated $1 trillion global advertising market, leaving 99% of the pie to pursue. He stated the biggest impediment to growth is an inefficient supply chain, not a lack of partners. He reiterated that TTD's focus is on making the ecosystem more efficient by partnering with companies that add more value than they extract, which ultimately strengthens the open internet against walled gardens.

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