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    Zach Cummins

    Senior Research Analyst at B. Riley Securities

    Zach Cummins is a Senior Research Analyst at B. Riley Securities, specializing in the software and business services sectors with coverage of companies such as AudioEye, BackBlaze, DHI Group, EverQuote, FiscalNote, Logility, Magnite, Outbrain, PubMatic, QuinStreet, Taboola, Telos, Thryv, and Zeta Global. He has been recognized as a top five earnings estimator in his sector by the StarMine Analyst Awards and ranked among the Top 100 Wall Street Analysts by TipRanks in 2020, demonstrating strong performance and recommendation accuracy. Cummins began his career at B. Riley as an associate analyst in 2015 and was promoted to research analyst in 2018, bringing over eight years of equity research experience. He holds a B.B.A. in accounting and finance from Idaho State University and has received industry accolades for his earnings forecasts and investment calls.

    Zach Cummins's questions to TELOS (TLS) leadership

    Zach Cummins's questions to TELOS (TLS) leadership • Q2 2025

    Question

    Zach Cummins of B. Riley Securities inquired about the potential impact of recent DHS security line changes on TSA PreCheck demand, visibility into the DMDC program's revenue mix, and the company's capital allocation priorities, particularly M&A.

    Answer

    Executive Vice President of Security Solutions Mark Griffin stated they do not expect the DHS rule change to negatively affect TSA PreCheck enrollments, as speed remains the key benefit. Executive VP & CFO Mark Bendza noted that visibility into the DMDC mix is improving, with a weighting towards software, and that the primary capital allocation priority is using free cash flow for share buybacks, though they remain open to disciplined tuck-in or transformational M&A.

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    Zach Cummins's questions to TELOS (TLS) leadership • Q1 2025

    Question

    Zach Cummins of B. Riley Securities inquired about any changes to the new business outlook, the margin profile of the DMDC program during its ramp-up, and the performance and rollout pace of the TSA PreCheck enrollment centers.

    Answer

    EVP and CFO Mark Bendza explained that the DMDC program will be dilutive to overall margins, with lower-margin revenue streams ramping up first, causing sequential margin contraction. EVP of Security Solutions Mark Griffin noted the new business pipeline remains over $4 billion, but new 2025 wins would likely have a minimal single-digit revenue impact this year. Mark Bendza also highlighted that TSA PreCheck is a significant driver of the company's improved cash flow.

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    Zach Cummins's questions to TELOS (TLS) leadership • Q4 2024

    Question

    Zach Cummins asked about the impact of the new U.S. administration on single-award government contracts and requested more detail on the 2025 revenue framework, particularly the accounting for the DMDC and DHS program awards.

    Answer

    Chairman and CEO John Wood explained that while the new administration is generally positive for Telos, it has caused near-term delays in single-award contracts, shifting the company's focus to task orders on existing vehicles. EVP and CFO Mark Bendza clarified that the 2025 revenue estimate for the DMDC and DHS programs was adjusted due to a higher mix of software versus hardware. Software revenue is often recognized over a performance period rather than all at once, affecting the first-year revenue recognition but not the total contract value or cash flow timing.

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    Zach Cummins's questions to TELOS (TLS) leadership • Q3 2024

    Question

    Zach Cummins asked for more details on the recent restructuring, including which business lines were discontinued, and inquired about the size of the new business pipeline for the Secure Networks segment heading into the key government buying season.

    Answer

    Chairman & CEO John Wood stated that the company discontinued its advanced cyber-analytics and Ghost solutions due to low sales traction. EVP & CFO Mark Bendza added that revenue from these lines was de minimis, so there will be no revenue headwind. Regarding the pipeline, Bendza described roughly 20 opportunities with a nine-figure total contract value. EVP of Security Solutions Mark Griffin further clarified the total pipeline is approximately $4.1 billion across 245 opportunities.

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    Zach Cummins's questions to QUINSTREET (QNST) leadership

    Zach Cummins's questions to QUINSTREET (QNST) leadership • Q4 2025

    Question

    Zach Cummins from B. Riley Securities asked for details on the breadth of the auto insurance recovery beyond the top carriers and questioned the drivers behind the expected margin expansion in fiscal 2026.

    Answer

    CEO Douglas Valenti and CFO Gregory Wong confirmed the recovery is broad-based. Valenti highlighted a record number of carriers spending over $1 million per month, while Wong noted that auto insurance grew over 60% year-over-year even excluding the largest carrier. Regarding margins, Valenti detailed several initiatives, including media optimization, developing new proprietary media capacity, growing new higher-margin products like QRP, and maintaining flat non-variable operating expenses.

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    Zach Cummins's questions to QUINSTREET (QNST) leadership • Q3 2025

    Question

    Zach Cummins asked for details on the Auto Insurance business's sequential performance, the evolution of QuinStreet's margin strategy in that segment, and recent spending trends across different insurance carriers.

    Answer

    CFO Greg Wong stated that Auto Insurance revenue was down just over 10% sequentially from an exceptionally strong December quarter. CEO Doug Valenti added that the company is adapting its strategy to protect margins by emphasizing proprietary media and a private exchange model. He also noted that spending has broadened, with Greg Wong highlighting that the auto business excluding the largest client grew over 150% year-over-year.

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    Zach Cummins's questions to QUINSTREET (QNST) leadership • Q2 2025

    Question

    Zach Cummins asked about the margin impact from TCPA preparations and if the Home Services outlook has improved, and also requested color on the spending contribution from top auto insurance carriers versus the broader group.

    Answer

    CEO Doug Valenti confirmed that the Home Services outlook for the second half is now better with the TCPA changes stayed, and this is reflected in the updated guidance. He noted that while a couple of carriers are significantly larger, a dramatically broader base of large carriers is now more engaged and sophisticated in the digital channel than ever before.

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    Zach Cummins's questions to QUINSTREET (QNST) leadership • Q1 2025

    Question

    Zach Cummins asked about the primary drivers of the strong Q1 growth in the Home Services vertical and the company's expectations for this segment, especially with the upcoming TCPA changes. He also requested clarification on the quarter's free cash flow, noting the timing of cash collections mentioned by management.

    Answer

    CEO Doug Valenti attributed Home Services growth to strong execution on key initiatives in a large market. He acknowledged TCPA will have its most direct impact on this vertical but stated the company is well-prepared, with expectations that higher lead value and pricing will offset other effects long-term. CFO Greg Wong clarified that the cash balance was impacted by the timing of approximately $22 million in payments received one day after the quarter ended and expects to return to positive cash generation going forward.

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    Zach Cummins's questions to AUDIOEYE (AEYE) leadership

    Zach Cummins's questions to AUDIOEYE (AEYE) leadership • Q2 2025

    Question

    Inquired about AudioEye's partnership strategy in the EU, which member states are showing the most traction, and for an update on progress related to the DOJ's Title II rule.

    Answer

    In the EU, the company is targeting 300-500 web development agencies as ideal partners and is seeing broad traction across major countries like France, Germany, Italy, and the UK. Regarding the DOJ's Title II rule, key partners like Final Sight and Civic Plus have implemented aggressive go-to-market plans with building pipelines, and momentum is expected to increase in the second half of the year and into 2026.

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    Zach Cummins's questions to AUDIOEYE (AEYE) leadership • Q1 2025

    Question

    Asked about the key assumptions driving confidence in ARR acceleration, the near-term gross margin impact from a customer platform migration, and early traction in the public sector following the DOJ's Title II rule.

    Answer

    Confidence in ARR growth stems from strong performance in the direct enterprise channel and the heating up of the EU market, plus expected acceleration from reseller partners in the second half. Gross margins will see a temporary, one-time dip in Q2 due to costs associated with the platform migration but are expected to recover to the high 70s in the second half. Public sector traction is being driven primarily through key partners like Finalsite and CivicPlus.

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    Zach Cummins's questions to AUDIOEYE (AEYE) leadership • Q4 2024

    Question

    Inquired about the performance trends and investment plans for the Enterprise channel, and asked for early indicators of demand related to the upcoming European Accessibility Act deadline.

    Answer

    The Enterprise channel is experiencing strong growth with record leads and improving close rates, supported by investments made in early 2024. Regarding the European opportunity, pipelines are building dramatically, early deals are closing, and the company sees potential for revenue to significantly exceed current models.

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    Zach Cummins's questions to Backblaze (BLZE) leadership

    Zach Cummins's questions to Backblaze (BLZE) leadership • Q2 2025

    Question

    Zach Cummins asked about the current stage of the go-to-market transformation and sought clarification on the updated adjusted EBITDA guidance, specifically regarding any incremental investments planned for the second half of the year.

    Answer

    CFO Marc Suidan described the transformation as being in the 'walk' phase, moving towards 'run,' with the team largely in place but processes still being refined. CEO Gleb Budman added that pipeline and deal size metrics show significant progress. Suidan noted that the guidance reflects a slight acceleration of CapEx into Q3 to support B2 OverDrive demand but affirmed the company is on track for Q4 adjusted free cash flow positivity.

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    Zach Cummins's questions to Backblaze (BLZE) leadership • Q3 2024

    Question

    On behalf of Zach Cummins, Ethan Widell asked for more details on the Opti9 partnership's role in market expansion and whether the company plans to continue expanding its sales team amidst cost-cutting initiatives.

    Answer

    CEO Gleb Budman described the Opti9 partnership as a key regional and channel expansion in Canada, providing backend storage for the country's largest Veeam MSP. CFO Marc Suidan confirmed that the company will reinvest a portion of its over $8 million in cost savings to expand sales capacity, specifically by hiring more sales reps to capitalize on improved productivity.

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    Zach Cummins's questions to DHI GROUP (DHX) leadership

    Zach Cummins's questions to DHI GROUP (DHX) leadership • Q2 2025

    Question

    Zach Cummins of B. Riley Securities inquired about the Q2 booking performance for ClearanceJobs and the company's confidence in a second-half recovery. He also asked about the strategic value of the Agile ATS acquisition and the expected timeline for stabilizing the Dice business following recent restructuring.

    Answer

    CEO Art Zeile explained that ClearanceJobs bookings were impacted by federal budget uncertainty, but the newly approved, larger budget has restored client confidence. He positioned the Agile ATS acquisition as a key adjacent tool for the half of CJ's customers who lack a specialized applicant tracking system. Regarding Dice, Zeile noted that while the environment is challenging, the tech job market appears to be stabilizing, with encouraging signs of sequential growth from major staffing firms, a key customer segment for Dice.

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    Zach Cummins's questions to DHI GROUP (DHX) leadership • Q2 2025

    Question

    Asked about the Q2 booking performance and second-half outlook for ClearanceJobs, the strategic rationale and potential impact of the Agile ATS acquisition, and the timeline for stabilizing the Dice business post-restructuring.

    Answer

    Management acknowledged a choppy Q2 for ClearanceJobs due to federal budget uncertainty but expressed confidence for the second half now that a large budget is approved. The Agile ATS acquisition is seen as a strategic, adjacent product that can be bundled with ClearanceJobs to serve about half of its existing customer base and also be sold to Dice customers. For Dice, the market appears to be stabilizing, with positive signs from key staffing firm customers, though a full rebound depends on the broader economy.

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    Zach Cummins's questions to DHI GROUP (DHX) leadership • Q3 2024

    Question

    Zach Cummins of B. Riley Securities inquired about the renewal dynamics with major staffing clients, the recent downtick in renewal rates, and the potential risk this poses for the key Q4 and Q1 renewal season. He also asked about the source of management's confidence in a return to bookings growth next year.

    Answer

    Executive Art Zeile acknowledged the risk in renewals, noting that while most churn is from smaller firms, reduced usage by a few large staffing clients can materially impact the renewal rate. He expressed optimism for 2025, citing positive tech labor market data, historical workforce growth trends, and a sense of pent-up demand for both new projects and voluntary employee attrition. CFO Raime Muhle also briefly commented.

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    Zach Cummins's questions to MAGNITE (MGNI) leadership

    Zach Cummins's questions to MAGNITE (MGNI) leadership • Q2 2025

    Question

    Zach Cummins of B. Riley Securities inquired about the specific use cases for the LLM Magnite is developing for categorizing CTV inventory and whether it's expected to drive efficiency or revenue.

    Answer

    CEO Michael Barrett explained the LLM will automatically crawl and categorize video content, solving the challenge of inconsistent labeling. This will allow for the real-time creation of custom segments, creating a larger targetable audience which is expected to lead to more revenue spent on the platform.

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    Zach Cummins's questions to MAGNITE (MGNI) leadership • Q4 2024

    Question

    Zach Cummins inquired about any notable mix shifts within the CTV business during 2024 and its potential evolution, and also asked for clarification on Magnite's role in a recent partnership announcement with X (formerly Twitter).

    Answer

    CEO Michael Barrett confirmed the CTV business mix has been "quite stable." He anticipates that while Magnite's role in bringing demand will grow over time, the large premium streamers who sell their own deals will dominate the mix in 2025. Regarding X, Barrett characterized the news as a "premature" press article, stating it "wasn't a partnership announcement" and that more information would be provided later.

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    Zach Cummins's questions to MAGNITE (MGNI) leadership • Q3 2024

    Question

    Zach Cummins requested an update on the Mediaocean partnership and asked about the sustainable long-term growth rate for the DV+ business.

    Answer

    CEO Michael Barrett stated the Mediaocean partnership is progressing as expected, with client testing underway and more substantial revenue not anticipated until H1 of the next year. CFO David Day expressed confidence in the DV+ business, stating it can continue to take share and that its growth rate could increase, driven by investments in new formats and curation.

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    Zach Cummins's questions to MAGNITE (MGNI) leadership • Q3 2024

    Question

    Zach Cummins requested an update on the Mediaocean partnership and asked about the sustainable long-term growth rate for the DV+ business.

    Answer

    CEO Michael Barrett reiterated that the Mediaocean partnership has a long sales cycle and is currently in a testing phase, with substantial spend not expected until the first half of next year. CFO David Day expressed confidence in DV+, stating it can continue to be a share-taker and that growth rates could increase from current levels, supported by investments in new formats and curation.

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    Zach Cummins's questions to Taboola.com (TBLA) leadership

    Zach Cummins's questions to Taboola.com (TBLA) leadership • Q2 2025

    Question

    Zach Cummins from B. Riley Securities asked for an update on the overall tariff environment, particularly the impact from China, and inquired about the status of the share repurchase program, including any updates on approvals from Israeli authorities.

    Answer

    CFO Stephen Walker stated that the guidance for the second half assumes the modest headwind from China, which had a sub-1% impact on revenue, will continue. Regarding the buyback, he confirmed the new $200 million authorization was a proactive measure to get ahead of Israeli regulatory processes but provided no specific update or timeline on receiving an exemption for the 25% holder rule related to Yahoo.

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    Zach Cummins's questions to Taboola.com (TBLA) leadership • Q1 2025

    Question

    Zach Cummins of B. Riley Securities questioned which business segments would be most resilient in a challenging macro environment, the drivers behind the implied second-half ex-TAC gross profit decline, and the remaining capacity of the share repurchase program.

    Answer

    CEO Adam Singolda asserted that Taboola's focus on performance advertising makes it resilient, as brand advertising is typically cut first in downturns. CFO Stephen Walker attributed the conservative 2H ex-TAC guidance to a prudent approach amid macro uncertainty and the slower growth of the core native market, noting Realize is expected to re-accelerate growth later. He also confirmed approximately $140 million remains on the share repurchase authorization.

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    Zach Cummins's questions to Taboola.com (TBLA) leadership • Q4 2024

    Question

    Zach Cummins inquired about the expected timeline for the Realize platform to re-accelerate growth to double-digit rates and asked about the company's capital allocation priorities between buybacks and debt reduction.

    Answer

    CFO Steve Walker explained that it's too early to provide a specific timeline for Realize's growth impact, noting the 2025 guidance was set conservatively to allow time for traction. He reiterated that share buybacks are the #1 priority for capital use, viewing it as the best ROI, and mentioned they are exploring other ways to address debt, such as refinancing.

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    Zach Cummins's questions to Zeta Global Holdings (ZETA) leadership

    Zach Cummins's questions to Zeta Global Holdings (ZETA) leadership • Q2 2025

    Question

    Zach Cummins inquired about the typical direct versus indirect spend mix when landing new independent agencies and asked about the company's strategy for expanding into the public sector.

    Answer

    CFO Chris Greiner stated that new independent agencies typically onboard like enterprises, moving quickly to platform deals with a primary focus on direct channels. CEO David Steinberg noted that for the public sector, Zeta has built a specialized team and is leveraging relationships from its political business, expecting it to become a meaningful vertical over time.

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    Zach Cummins's questions to Zeta Global Holdings (ZETA) leadership • Q1 2025

    Question

    Zach Cummins of B. Riley Securities asked if the new scaled customers in Q1 were primarily organic or from LiveIntent. He also inquired if the macro uncertainty was accelerating opportunities with major holding companies as they lean into more durable, data-driven marketing.

    Answer

    CFO Chris Greiner explained that the customer base is now fully blended, with some contribution from LiveIntent, but noted the organic business is the primary driver. CEO David Steinberg confirmed that the trend toward data-driven marketing is meaningfully accelerating their business with holding companies. He noted that Zeta is often their most profitable partner, and the ability to prove ROI is driving deeper engagement and scaling with a third major holding company.

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    Zach Cummins's questions to Zeta Global Holdings (ZETA) leadership • Q4 2024

    Question

    Zach Cummins of B. Riley Securities asked about the growth opportunity with the top five global agency holding companies versus mid-market agencies, and inquired about plans for quota-carrying headcount growth through the Zeta 2028 plan.

    Answer

    CEO David Steinberg described the opportunity with the large agency holdcos as 'very, very large' while also noting that Zeta is adding mid-market agencies faster than expected. CFO Chris Greiner stated that the 2028 plan assumes 10-15% annual growth in quota carriers, which reflects efficiency gains compared to the 22% CAGR from 2021-2024, emphasizing a continued focus on quality over quantity in hiring.

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    Zach Cummins's questions to Zeta Global Holdings (ZETA) leadership • Q3 2024

    Question

    Zach Cummins of B. Riley Securities asked about client interest and adoption trends for the new generative AI agents. He also requested an update on the system integrator (SI) channel as a future growth lever.

    Answer

    CEO David Steinberg described the AI agent adoption rate as the fastest he's seen for any company product, contributing to strong net revenue retention. Regarding SIs, he noted that two are now active and the channel is working, but it remains a long-cycle sale and is not yet factored into 2025 growth plans.

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    Zach Cummins's questions to Zeta Global Holdings (ZETA) leadership • Q3 2024

    Question

    Zach Cummins from B. Riley Securities asked about customer interest and adoption trends for Zeta's expanded lineup of generative AI agents, and also requested an update on the progress of building out the system integrator (SI) channel.

    Answer

    CEO David Steinberg described the adoption of AI agents as unprecedentedly strong, contributing to high net retention as clients actively build their own agents. On the SI channel, he noted that two partnerships are already up and running and the model is working, but it remains a long-cycle effort not yet factored into 2025 forecasts.

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    Zach Cummins's questions to EverQuote (EVER) leadership

    Zach Cummins's questions to EverQuote (EVER) leadership • Q2 2025

    Question

    Zach Cummins of B. Riley Securities asked for more context on Q2 carrier spending dynamics and inquired about the company's M&A strategy in light of its strong balance sheet and new share repurchase program.

    Answer

    CEO Jayme Mendal clarified that most carriers are in growth mode and he expects a full panel of carriers by year-end. CFO Joseph Sanborn added that while the new $50 million buyback reflects confidence in the business, the company will also selectively consider M&A that accelerates its core strategy in the P&C market.

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    Zach Cummins's questions to EverQuote (EVER) leadership • Q1 2025

    Question

    Zach Cummins asked about the performance of the agent channel following the new platform rollout and what baseline assumptions for the second half of the year include regarding challenged states like California or New York.

    Answer

    Executive Jayme Mendal reported that the agent business is healthy with 20-30% growth, driven by a strategy to build a 'one-stop growth shop' with value-add products that are gaining traction. Executive Joseph Sanborn confirmed that baseline assumptions have not changed and do not include a recovery in California or New York. He identified potential tariffs as a wildcard but noted carriers appear healthy enough to absorb the impact, and there was no news on other lagging carriers coming online.

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    Zach Cummins's questions to EverQuote (EVER) leadership • Q3 2024

    Question

    Zach Cummins asked about the spending intentions of the broader auto carrier set for the upcoming year. He also inquired about the drivers behind the strong growth in the home and renters insurance vertical.

    Answer

    CEO Jayme Mendal stated that underwriting profitability is healthy across the industry, and virtually every carrier is focused on growth for next year, setting the stage for increased competition. Regarding the home vertical, he attributed its 30% growth to a balanced increase in both traffic and monetization, stemming from a renewed focus and resourcing that began last year. He noted that improving underlying market dynamics in home insurance should also support future growth.

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    Zach Cummins's questions to Thryv Holdings (THRY) leadership

    Zach Cummins's questions to Thryv Holdings (THRY) leadership • Q2 2025

    Question

    Zach Cummins from B. Riley Securities questioned the drivers behind the strong SaaS adjusted EBITDA margin outperformance in the quarter and the outlook for the second half. He also asked for early feedback and the ideal customer profile for the newly announced Workforce Center product.

    Answer

    CFO Paul Rouse attributed the high SaaS margin to a strong print quarter in Marketing Services, which absorbed a larger share of allocated costs, and cautioned that this effect will reverse in the second half. Chairman & CEO Joe Walsh described Workforce Center as a product designed for businesses with under 25 employees, aiming to increase customer stickiness and reduce churn rather than being a major revenue driver.

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    Zach Cummins's questions to Thryv Holdings (THRY) leadership • Q1 2025

    Question

    Zach Cummins inquired about the retention rates and follow-on success with the large cohort of Marketing Services customers migrated to SaaS in 2024. He also asked if there was any contrast in resilience between the core Thryv and acquired Keep customer bases.

    Answer

    CEO Joe Walsh stated that migrated Marketing Services customers show no difference in churn rates compared to other new clients and exhibit strong add-on spending habits after 6-12 months. He noted that the Keep customer base, while more online-focused, has also proven resilient so far, and the acquisition integration is proceeding well with synergies on track.

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    Zach Cummins's questions to Thryv Holdings (THRY) leadership • Q4 2024

    Question

    Zach Cummins asked about the future progression of ARPU for the core Thryv SaaS business and for more detail on the paid SaaS add-on products that are driving multi-product adoption.

    Answer

    CEO Joe Walsh acknowledged that ARPU can be noisy due to marketing services conversions but expressed confidence that ARPU growth will be a key story in 2025, driven by a focus on upselling the installed base. He detailed that other paid products include "growth packages," which are add-ons to the Marketing Center designed to drive inbound leads for customers. Walsh emphasized that these tools, combined with Keap's automation, create a powerful, transparent growth platform for small businesses.

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    Zach Cummins's questions to Thryv Holdings (THRY) leadership • Q3 2024

    Question

    Zach Cummins inquired about the progression of gross margin in the core Thryv SaaS business and the expected pace of future expansion, particularly with the increase in multi-center adoption.

    Answer

    CEO Joe Walsh noted the significant SaaS gross margin improvement to over 72%, up from the low 60s previously. He attributed the expansion to increased scale and multi-center adoption. He also stated that Keap's higher gross margins will further boost the combined figure and that margins are not expected to go backward. Updated long-term guidance on this metric will be provided at the upcoming Analyst Day.

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    Zach Cummins's questions to OB leadership

    Zach Cummins's questions to OB leadership • Q1 2025

    Question

    Asked for more detail on the second-half guidance for growth and EBITDA, and about the company's differentiated offering and opportunities in the CTV market.

    Answer

    The company reaffirmed its expectation for a return to pro forma growth in H2, driven by business improvements and synergies. Adjusted EBITDA is expected to ramp significantly in H2 due to cost synergy realization. The CTV differentiation lies in exclusive home screen placements, with a future focus on performance CTV.

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    Zach Cummins's questions to OB leadership • Q4 2024

    Question

    Inquired about the reasons for Teads' Q4 underperformance and the company's confidence in stabilizing the business, particularly in the U.S. He also asked a follow-up question about the deleveraging timeline and target leverage ratio given the revised deal terms.

    Answer

    Executives attributed Teads' Q4 softness to temporary, one-off issues: political instability in France and merger-related distraction and employee turnover in the U.S. They expressed high confidence in returning to growth, noting positive trends in January. On leverage, the company started at under 2.5x and is targeting a 1-1.25x ratio, which is considered prudent given the combined entity's strong cash flow generation.

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    Zach Cummins's questions to PubMatic (PUBM) leadership

    Zach Cummins's questions to PubMatic (PUBM) leadership • Q1 2025

    Question

    Zach Cummins inquired about volume trends with the key DSP partner during the first quarter, including any outsized impact on display formats, and asked about the evolution and future potential of relationships with mid-market DSPs.

    Answer

    CFO Steven Pantelick reported that volumes with the key DSP partner have been stable and were slightly better than expected in Q1, with the financial impact set to be lapped by mid-year. CEO Rajeev Goel added that areas like CTV have seen dramatic growth with this partner. Goel also noted a significant shift in the market, with a growing mid-market of advertisers and agencies making independent decisions, creating a strong growth opportunity for PubMatic's platform globally.

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    Zach Cummins's questions to PubMatic (PUBM) leadership • Q4 2024

    Question

    Zach Cummins focused on Connected TV (CTV), asking where the company is seeing the most success, what types of media streamers are particularly attractive, and about the long-term growth runway for the segment.

    Answer

    CEO Rajeev Goel stated that success comes from PubMatic's platform being built to handle all programmatic transaction types as CTV shifts away from insertion order-based buying. He noted that PubMatic now works with 80% of the top 30 global streamers, up from 70% in the prior quarter, including major players like Roku and Disney+ Hotstar. Goel sees a long growth runway driven by live sports, data curation, and the 'Activate' platform.

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    Zach Cummins's questions to FiscalNote Holdings (NOTE) leadership

    Zach Cummins's questions to FiscalNote Holdings (NOTE) leadership • Q4 2024

    Question

    Zach Cummins from B. Riley Securities asked for details on the pro forma balance sheet following the planned divestitures of Oxford Analytica and Dragonfly, and sought clarification on what is excluded from the 2025 guidance.

    Answer

    CFO and CIO Jon Slabaugh explained that the divestiture will cause a roughly $29 million reduction to the senior term loan, lowering quarterly cash interest expense to approximately $2 million. He clarified that Q1 2025 guidance is GAAP but includes about $3 million in revenue from the divested assets that will not be present in subsequent quarters.

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