Shyam Patil • Susquehanna International Group, LLP

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CEO Jeff Green expressed high confidence, stating that market uncertainty creates opportunities for The Trade Desk. He emphasized that programmatic advertising's measurable and agile nature is a key advantage in a performance-driven market. Green highlighted the favorable supply-demand imbalance, the power of TTD's data combined with AI, strong momentum in CTV and retail media, and a record pipeline for Joint Business Plans (JBPs) as key drivers for continued market share gains.

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CEO Jeff Green confirmed the upgrades contributed significantly to Q1 outperformance. He highlighted that Kokai adoption is ahead of schedule with two-thirds of clients now using it, leading to exceptional campaign performance, including a 24% lower cost per conversion. Green also noted that engineering teams are more effective, and the JVP (Joint Business Plan) pipeline is at an all-time high, validating the strategic changes.

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Co-Founder and CEO Jeff Green took full ownership of the miss, attributing it to a series of small, internal execution missteps made while preparing the company for a larger future opportunity. He emphasized the miss was not due to a shrinking market or competitive pressure. Green detailed corrective actions, including the largest reorganization in company history, a shift to more agile engineering teams, restructuring client-facing teams to clarify roles, and an increased leadership focus on operational scalability. He reiterated his long-term focus, citing the Sincera acquisition as a strategic move for future growth over short-term gains.

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CEO Jeff Green explained that while the macro environment presents uncertainty for CMOs, this scrutiny drives them toward TTD's data-driven platform for proven growth. He highlighted strong performance in CTV, Kokai adoption, and retail media as key strengths. Green noted that while the stock market is high, consumer confidence isn't uniform, creating pressure on brands that benefits TTD's value proposition. He also mentioned that key partnerships with Netflix, Disney, and Spotify are still in early "crawl" phases, suggesting significant future upside.

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CEO Vivek Shah explained that the enhanced transparency is a direct response to shareholder requests. He expressed hope that investors will analyze each of the five segments to appreciate their distinct growth and margin profiles, highlighting the double-digit growth in Health and Wellness and Connectivity. Shah encouraged analysts to conduct a sum-of-the-parts valuation, believing it would reveal the company's compelling underlying value.

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CEO Michael Barrett attributed recent success to Magnite's unique, modular product stack and a lean competitive set. Regarding the Google case, he stated it is difficult to predict the outcome before the judge rules on remedies and noted that the company sees significant merit in pursuing a separate civil action for damages.

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CEO Michael Barrett reiterated that Magnite is Netflix's sole sell-side programmatic partner and is expanding with them globally, expecting Netflix to become a top customer by the end of 2025. Regarding Disney, he characterized the expansion as a natural evolution of a long-term, trusted partnership, where Disney leverages Magnite's technology for capabilities it prefers not to build internally, signaling strong future growth potential.

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CEO Michael Barrett stated that Magnite is Netflix's sole sell-side programmatic partner, expanding with them internationally, and expects Netflix could become one of its largest customers by the end of 2025. Regarding Disney, he characterized the expansion as a natural extension of a long-term, trusted relationship, reflecting Disney's strategy to partner for certain capabilities rather than building them in-house.

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CEO Mark Douglas highlighted strong momentum from small and mid-sized businesses, noting that 77% of revenue now comes from inbound leads. He expressed excitement about efficiency gains from AI in targeting, creative, and sales. CFO Patrick Pohlen outlined a long-term gross margin target of 75-80%, driven by hosting and media cost reductions, and an adjusted EBITDA margin target of 35-40%, achieved through operating leverage in sales, marketing, and G&A.

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Founder, Chairman & CEO Anthony Wood attributed the strong quarter to the successful execution of the company's platform revenue growth strategy, highlighting 18% year-over-year growth and strength in video advertising. CFO Dan Jedda confirmed the company is on track for operating income positivity in Q4 2025, earlier than previously stated, and expects further margin improvement in 2026 with OpEx growth staying in line with 2025 levels.

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CEO Anthony Wood attributed the success to Roku's strategy of leveraging the home screen, expanding third-party ad partnerships, and growing subscription revenue. CFO Dan Jedda provided a detailed 2025 outlook, forecasting 12% full-year platform growth (15% ex-political) and expecting free cash flow to grow faster than adjusted EBITDA, which he called the company's "North Star metric."

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CFO Roei Golan stated that the competitor refresh cycle is a significant opportunity but was not materially factored into the 2025 guidance, suggesting it represents potential upside. CEO Nadav Zafrir added that it's an opportunity to sell not just firewalls but the entire Infinity platform and SASE solution.

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Founder and CEO Gil Shwed reported receiving 'very good' and 'all positive' feedback from the channel, particularly from recent channel conferences. However, he noted that while the sentiment from partners is improving, the program has not yet had a 'material big impact' on financial results.

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