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    Zach Cummins • B. Riley Securities

    Zach Cummins's questions to QuinStreet Inc (QNST) leadership

    Zach Cummins's questions to QuinStreet Inc (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 Inc (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 Inc (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 Inc (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 Backblaze Inc (BLZE) leadership

    Zach Cummins's questions to Backblaze Inc (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 Inc (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 Magnite Inc (MGNI) leadership

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

    Zach Cummins's questions to Taboola.com Ltd (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 Ltd (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 Ltd (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 Corp (ZETA) leadership

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

    Question

    Zach Cummins of B. Riley Securities asked about the typical mix of direct versus indirect spend when landing a new independent agency. He also inquired about the strategy and potential for expansion in the public sector vertical.

    Answer

    CFO Chris Greiner explained that landing an independent agency is similar to an enterprise client, often starting with pilots before moving to a multi-year platform deal that is primarily focused on direct channels. CEO David Steinberg added that Zeta is building an experienced team to target the public sector, leveraging relationships from its political business, and expects it to become a meaningful business in the coming years.

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    Zach Cummins's questions to Zeta Global Holdings Corp (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 Corp (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 EverQuote Inc (EVER) leadership

    Zach Cummins's questions to EverQuote Inc (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 Inc (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 Inc (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 Inc (THRY) leadership

    Zach Cummins's questions to Thryv Holdings Inc (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 Inc (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 Inc (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 Inc (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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