• Strong secular shift to high-growth areas: The Q&A highlighted robust momentum in CTV, where revenues doubled year-over-year and now account for 20% of total revenue. This shift away from cyclical display business toward areas like CTV, mobile app, and commerce media provides a significant growth runway.
• Compelling growth in innovative products: The discussion emphasized Activate’s 6x year-over-year growth, underscoring its role in simplifying the supply chain and capturing new demand. This product not only drives efficiency but also creates incremental ad spend directly benefiting publishers.
• Operational efficiency and advanced technology adoption: Management’s focus on leveraging Gen AI for operational improvements and enhancing engineering productivity—targeting 5%–15% efficiency gains annually—positions the company to sustain healthy margins while reducing costs, supporting future profitability.

• DSP Buyer Bidding Shift Risk: A major DSP’s transition from dual (first‐ and second-price) bidding to solely first-price has led to softer-than-expected display revenue, raising concerns that if similar changes occur or the headwind persists, overall revenue growth could be adversely impacted.
• Reliance on Political Advertising: The Q&A highlighted that political ad spend drove significant revenue, especially in CTV. However, this reliance poses a risk if such political spending, which represented about 6% of revenue, becomes less pronounced or fails to recur, affecting revenue consistency.
• Competitive and Ecosystem Pressures: Discussions around the evolving digital advertising supply chain and blurred lines between DSPs and SSPs suggest increasing competitive pressures. This dynamic environment may lead to margin compression or reduced pricing power if industry consolidation shifts buyer-seller dynamics unfavorably.

1. **Headline Growth**  
   **Q:** Will reported growth rebound to 50% levels?  
   **A:** Management expects reported growth in the second half to be in the **high single digits**, with underlying business growing **15%+** and new partnerships adding incremental revenue despite DSP headwinds.  **[1422930_PUBM_3418640_14]** **[1422930_PUBM_3418640_17]** 

2. **Activate Growth**  
   **Q:** How did Activate achieve 6x year-over-year growth?  
   **A:** Leadership highlighted that Activate grew **6x YoY** by streamlining the digital supply chain, driving efficiency and incremental SSP revenue, while leveraging Gen AI to further lower costs.  **[1422930_PUBM_3418640_10]** 

3. **DSP Transition**  
   **Q:** Is the DSP bidding change a recurring risk?  
   **A:** Executives explained the DSP shift to first-price bidding is a one-off structural change, with most peers already transitioned, so similar risks are not expected moving forward.  **[1422930_PUBM_3418640_11]** 

4. **CTV Performance**  
   **Q:** How strong is CTV revenue performance?  
   **A:** Management noted CTV revenue more than doubled, now representing **20%** of Q4 total revenue, driven by marquee partners and accelerating programmatic adoption.  **[1422930_PUBM_3418640_9]** **[1422930_PUBM_3418640_15]** 

5. **Competitive Edge**  
   **Q:** How is the company enhancing its competitive position?  
   **A:** The team is strengthening its competitive moat by integrating proprietary technology with robust supply path optimization and diversified, high-value revenue streams across both DSP and SSP environments.  **[1422930_PUBM_3418640_16]** 

6. **CTV Mix**  
   **Q:** What share of CTV growth is driven by political ads?  
   **A:** Executives clarified that political ads account for about **6%** of overall revenue, with the political component constituting nearly one-third of CTV revenue, supplementing strong organic growth.  **[1422930_PUBM_3418640_15]** 

7. **Data Opportunity**  
   **Q:** What is driving the data opportunity?  
   **A:** The shift to first-party data and sell-side targeting amid cookie challenges is fueling data-driven growth; the company now integrates over **190 data partners**, boosting targeting precision.  **[1422930_PUBM_3418640_8]** 

8. **Adjusted EBITDA**  
   **Q:** Are margins maintained through operational efficiency?  
   **A:** Management attributes strong adjusted EBITDA to disciplined cost control, infrastructure ownership, and Gen AI–driven productivity, which together support ongoing margin expansion.  **[1422930_PUBM_3418640_13]** 

9. **CPM Trends**  
   **Q:** How did month-to-month CPM trends behave?  
   **A:** Despite isolated display softness from a DSP partner, CPMs remained positive throughout 2024, reinforcing confidence in high-engagement segments.  **[1422930_PUBM_3418640_7]** 

10. **CTV Ecosystem**  
    **Q:** How is the CTV ecosystem evolving programmatically?  
    **A:** Leadership described a shift toward programmatic guaranteed deals and auction packages, moving CTV toward a more open internet model that boosts publisher yields.  **[1422930_PUBM_3418640_12]** 

11. **Quarterly Comparisons**  
    **Q:** What were the Q1–Q2 underlying growth figures?  
    **A:** Q1 performance trended at about **15%+** underlying growth, with minimal DSP issues or political effects, setting a clear baseline for recovery.  **[1422930_PUBM_3418640_17]**