Robert Coolbrith • Evercore ISI

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CEO Vincent Pilette stated that while operational gains from system and process integration are largely complete, the major opportunity from cross-selling into Gen's base at zero customer acquisition cost (CAC) is still ahead. He noted that the first rebranded, integrated product is planned for launch in the fall, with more details to be shared at the September 8 investor briefing.

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CEO Vincent Pilette stated that while prioritizing growth, MoneyLion is already operating above its 20% margin target due to initial operational integrations. He noted the next margin uplift will come from cross-selling into Gen's installed base at a near-zero customer acquisition cost. Pilette also announced that the first rebranded, integrated product is on track to launch in the fall, with more details to be shared at the September 8th investor briefing.

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CEO Vivek Shah attributed the Health advertiser growth to successful expansion beyond core pharma into broader wellness and longevity brands, aided by acquisitions and new ad inventory on the Lose It! app. For the Connectivity segment, Shah explained the revenue-per-customer metric is a computed figure influenced by the mix between high-price-point services like Speedtest Intelligence and lower-priced ones like Ekahau, with recent growth likely driven by the former.

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CEO Vivek Shah explained that it is too early to determine the quality or conversion rate of traffic from AI Overviews due to a lack of tracking data. Regarding Tech & Shopping, he noted that strong performance was driven by both the CNET acquisition and strong organic growth from properties like PCMag (+10%), which was partially offset by a planned revenue decline in the B2B unit to improve its profitability.

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CEO Vivek Shah clarified that in 2024, the direct-to-consumer health business fared better than direct-to-provider, but he expects both to perform well in 2025. He noted GLP-1 revenue is not yet material but presents a strategic opportunity, especially bundled with the Lose It! app. Regarding Connectivity, Shah explained the Q4 miss was partly due to the lumpy nature of large data deals and a significant internal reorganization that involved leadership and organizational changes, which was done to set the business up for long-term growth.

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CEO Michael Barrett explained that programmatic is now a central part of upfront presentations, with adoption accelerating. Regarding the Google outcome, he stated that the primary focus would be on capturing the significant share shift opportunity in their core business before exploring adjacent opportunities.

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CFO David Day stated that managed service was 4% of contribution ex-TAC, down 20% YoY, and will continue declining as clients shift to programmatic. CEO Michael Barrett addressed curation, noting that large buyers are consolidating spend through exchanges like Magnite. He is unaware of any DSPs restricting this, as the demand is advertiser-driven, and limiting it would be counterproductive for the DSP.

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CFO David Day reported that managed service was 4% of Q3 contribution ex-TAC, down 20% YoY, and is expected to continue declining as clients shift to programmatic. CEO Michael Barrett noted that curation is gaining popularity due to SPO, and he does not foresee DSPs restricting these advertiser-demanded solutions, as buyers increasingly want to transact through their established exchange partners like Magnite.

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CEO Spencer Rascoff noted that Face Check is being studied in Canada, Colombia, and California to assess its impact on user perception of safety. CFO Stephen Bailey addressed alternative payments, stating that tests show a greater than 30% shift in transactions to the web, resulting in a more than 10% increase in net revenue. He estimated a potential AOI savings opportunity of at least $65 million in 2026 upon full rollout.

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President of Roku Media Charlie Collier stated that winners in performance advertising will be those who can prove results, positioning Roku well with its action-oriented ad formats. CFO Dan Jedda added that Roku Ads Manager serves a new market of advertisers who may not use a DSP. Jedda also revealed that TRC streaming hours grew around 80% in Q2, though he expects that rate to moderate as they lap tougher comps.

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CEO Lisa Utzschneider reported that pre-bid social optimization adoption is tracking to expectations, with advertisers seeing ROI up to 2x their investment, though meaningful revenue is not expected until 2026. She described the go-to-market for DPP as an automated solution that embeds contextual segments pre-bid to help advertisers find higher-quality media and achieve better outcomes.

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CEO Lisa Utzschneider clarified that IAS's focus is on performance 'activation'—linking media quality to ROI—rather than MTA. She noted that Sincera remains a strategic partner and that IAS has offered URL transparency, similar to Amazon's recent update, since 2021, viewing it as an area of continued innovation.

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CEO Aman Bhutani confirmed that because the commerce business primarily draws from GoDaddy's existing customer base, it naturally shares the same skew towards service-oriented businesses. Regarding Microsoft, he stated that GoDaddy's long-term contractual relationship means that external price increases do not have a direct impact on its financials or guidance.

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CEO Aman Bhutani hypothesized that the free value-add services Airo provides to domain buyers lead to higher retention. He confirmed the strategy is to drive expansion by upselling these customers to Airo Plus and that they are actively working on rolling out Airo to the broader existing customer base, a motion that typically follows success with new customers.

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President & COO Nir Zohar confirmed that Wix is winning more large agencies through targeted marketing and product education for Studio, and he expects this trend to continue. CFO Lior Shemesh clarified that the sequential change in Business Solutions bookings was not due to seasonality but rather "noise around Google Workspace," as incentives from Google are not received every quarter. He pointed to the accelerating transaction revenue as the key underlying trend.

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