Financial Data and Key Metrics Changes - In Q2 2025, TV revenue grew over 35% to $67.8 million, with total revenue reaching $68.5 million, driven by customer acquisition and increased usage [7][16] - Gross margin improved to 77%, up from 70% in 2024, reflecting a 700 basis point increase [17] - Adjusted EBITDA grew 92% year over year to a record $14.5 million, with an adjusted EBITDA margin of 21% compared to 14% in 2024 [19][20] - The company ended the quarter with $175 million in cash and cash equivalents and no debt outstanding [20] Business Line Data and Key Metrics Changes - Performance TV revenue growth of 35% indicates strong customer adoption, particularly among small and medium-sized businesses [16] - The number of live customers on the platform increased by 85% year over year, with 97% of new customers having never advertised on TV before [9][10] Market Data and Key Metrics Changes - Nearly half of all TV time in the US is now streamed, yet only a third of TV ad budgets have followed, indicating a significant market opportunity for performance TV [9] - The company is targeting small and mid-sized businesses, which are increasingly recognizing the potential of TV advertising [95] Company Strategy and Development Direction - The company aims to democratize TV advertising, making it accessible and effective for brands of all sizes, particularly small and mid-sized businesses [5][6] - The strategy includes leveraging AI for targeting and creative processes to enhance customer acquisition and reduce costs [27][28] - The company is focused on maintaining operating leverage while investing in technology and development to drive future growth [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's momentum and market opportunity, highlighting the shift towards performance TV as a viable growth channel [14][21] - The management noted that small and mid-sized businesses are expected to drive growth in TV advertising, similar to trends seen in job creation [96] Other Important Information - The company has a strong balance sheet with no debt and significant cash reserves, positioning it well for future investments [20] - The company is committed to strategic investments in R&D and go-to-market capabilities to support growth [21] Q&A Session Summary Question: Can you discuss the momentum you're seeing and what excites you most? - Management noted that small and mid-sized businesses are increasingly assuming they can use television for advertising, reflecting strong forward momentum [25][26] Question: How do you see margins trending and what are the key levers? - Management indicated a long-term gross margin target of 75% to 80%, with expectations for further improvements through reductions in hosting and media costs [30][31] Question: What impact has lowering the minimum spend had on the business? - The minimum spend per campaign has decreased from $25,000 to $500, allowing more small and medium-sized advertisers to access the platform [39] Question: Can you comment on net revenue retention rates? - While not quantified, management indicated that net retention rates are very strong, particularly among small businesses [45][46] Question: What is the growth outlook from the ZoomInfo deal? - The partnership with ZoomInfo is expected to drive advertisers to the platform, enhancing customer acquisition [51] Question: How is the go-to-market strategy evolving post-IPO? - The go-to-market strategy has become faster, leveraging AI tools for quicker customer onboarding [65] Question: Where is the biggest growth in new customers coming from? - Growth is seen in small franchises and local businesses, aided by the introduction of radius targeting [89] Question: How does the company define performance for its advertisers? - Over 80% of customers use return on ad spend as their key metric, with a focus on driving sales and conversions [76][85]

Financial Data and Key Metrics Changes - In Q2 2025, TV revenue grew over 35% to $67.8 million, with total revenue reaching $68.5 million, driven by customer acquisition and increased usage [6][15] - Gross margin improved to 77%, up from 70% in 2024, reflecting a 700 basis point increase [16] - Adjusted EBITDA grew 92% year over year to a record $14.5 million, with an adjusted EBITDA margin of 21% compared to 14% in 2024 [18][19] - The company ended the quarter with $175 million in cash and cash equivalents and no debt outstanding [19] Business Line Data and Key Metrics Changes - Performance TV revenue growth of 35% indicates strong customer adoption, particularly among small and medium-sized businesses [15] - The number of live customers on the platform increased by 85% year over year, with 97% of new customers having never advertised on TV before [9][15] Market Data and Key Metrics Changes - Nearly half of all TV time in the US is now streamed, yet only a third of TV ad budgets have followed, indicating a significant market opportunity [8] - The company is targeting small and mid-sized businesses, which have historically been excluded from TV advertising [9][94] Company Strategy and Development Direction - The company aims to democratize TV advertising by making performance TV accessible and effective for brands of all sizes [4][6] - The strategy includes leveraging AI for targeting and creative processes to lower costs and improve efficiency [26][62] - The company is focused on expanding its market presence by lowering minimum spend requirements to attract more small and medium-sized advertisers [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's momentum and market opportunity, emphasizing the alignment of their strategy with modern marketing needs [13][20] - The management highlighted the importance of data and AI technology in driving customer acquisition and performance marketing [95] Other Important Information - The company has a strong balance sheet and is committed to strategic investments in R&D and marketing to support future growth [19][20] - The company expects Q3 revenue in the range of $69.5 million to $70.5 million, representing a 22.5% year-over-year growth at the midpoint [19] Q&A Session Summary Question: Can you discuss the momentum you're seeing and what excites you most? - Management noted that small and mid-sized businesses are increasingly recognizing their ability to leverage TV advertising, with 77% of revenue now coming from inbound leads [25] Question: How do you see margins trending and what are the key levers? - Management indicated a long-term gross margin target of 75% to 80%, with expectations for further improvements through reductions in hosting and media costs [28][30] Question: What impact has lowering the minimum spend had on the business? - The minimum spend per campaign has been reduced from $25,000 to $500, allowing for greater customer access and improved targeting [36] Question: Can you comment on net revenue retention rates? - While specific figures were not disclosed, management indicated that net retention is very strong, particularly among small businesses [42] Question: What is the impact of the ZoomInfo deal? - The partnership with ZoomInfo is expected to drive advertisers to the platform, enhancing customer acquisition efforts [46] Question: How is the go-to-market strategy evolving post-IPO? - The go-to-market strategy has become faster, leveraging AI tools to enable quicker customer onboarding [64] Question: How does the company define performance for its advertisers? - Over 80% of customers use return on ad spend as their key metric, with a focus on driving sales and conversions [75][81]

Financial Data and Key Metrics Changes - Revenue for Q2 totaled $2.14 billion, down 2% year-over-year, with similar results across subscription and advertising revenue streams [17] - Adjusted EBITDA was $668 million, down 5% year-over-year, reflecting a healthy margin of 31% [18] - Free cash flow rose 27% to $402 million, driven by timing of payments, lower capital expenditures, and elimination of prior overhead [18] - The company maintained a net debt to adjusted EBITDA ratio of 3.8 times [25] Business Line Data and Key Metrics Changes - SiriusXM revenue was $1.61 billion, down 2% from the prior year, driven by a smaller self-pay subscriber base [22] - Self-pay net subscriber additions were negative 68,000, an improvement of 32,000 compared to the prior year, with a churn rate of 1.5% [23] - In the Pandora and off-platform segment, revenue was $524 million, down 3% year-over-year, with podcast advertising revenue increasing nearly 50% [24][14] Market Data and Key Metrics Changes - The advertising market faced challenges due to economic uncertainties, with overall advertising down approximately 2% from Q2 2024 [12][13] - Podcast ad revenue climbed almost 50% year-over-year, indicating strong growth in that segment despite overall advertising declines [14] Company Strategy and Development Direction - The company is focused on enhancing content offerings and subscriber engagement, with new talent and programming initiatives [6][7] - A new ad-supported subscription plan, SiriusXM Play, is being rolled out, expected to be available in nearly 100 million vehicles by year-end [11] - The company is investing in technology enhancements, including AI capabilities for advertising and customer service [78][79] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term success of the business despite anticipated headwinds in the advertising market [6][27] - The company is closely monitoring macroeconomic trends that could impact advertising revenue [26] - Full-year guidance remains unchanged, with expectations of approximately $8.5 billion in total revenue and $2.6 billion in adjusted EBITDA [26] Other Important Information - The company returned approximately $137 million to shareholders through dividends and share buybacks [25] - A comprehensive technology and workforce realignment was undertaken, including a non-cash write-off of $100 million in capitalized software assets [20] Q&A Session Summary Question: Inquiry on free cash flow guidance and its full-year impact - Management noted a sizable beat in free cash flow for the quarter, attributing it to timing and ongoing cost structure optimization [30][31] Question: Strategy for attracting younger audiences - Management highlighted the success of podcasts and new content aimed at younger demographics, with a focus on monetization in that space [32][34] Question: Podcasting and digital advertising developments - Management reported strong growth in podcasting, with efforts to improve programmatic ad tech capabilities [39][41] Question: Update on G&A expenses and podcast ad revenue strength - Legal expenses impacted G&A, while podcasting revenue growth was attributed to increased marketer adoption and content monetization [58][61] Question: Clarification on net adds and acquisition initiatives - Management confirmed improvements in both acquisition and retention, with ongoing initiatives expected to contribute positively [67][70] Question: AI utilization in advertising and broader business - Management discussed leveraging AI for customer service and advertising, with ongoing improvements in targeting and campaign scaling [78][79] Question: Rollout pace of ad-supported subscription plan - Management outlined a targeted rollout strategy for the new ad-supported plan, aiming for significant vehicle penetration by year-end [90][91]

Summary of DoubleVerify (DV) 2025 Update / Briefing Company Overview - **Company**: DoubleVerify (DV) - **Industry**: Digital Advertising and Media Verification Key Points and Arguments 1. **Forward-Looking Statements**: The briefing includes several forward-looking statements regarding DV's strategic vision and financial outlook [1][3] 2. **CEO's Vision**: CEO Mark Zagorski emphasized the need for clarity and transparency in the increasingly complex digital advertising landscape, stating that DV aims to provide tools that help advertisers navigate this complexity [11][12] 3. **Financial Performance**: DV reported a 15% growth in the previous year and a 17% growth in Q1, with guidance for Q2 set at a midpoint of 17%, maintaining a "Rule of 40+" since its IPO [13][14] 4. **Product Launches**: DV introduced the Media Advantage Platform (MAP), which integrates verification, optimization, and outcomes to address the challenges faced by advertisers [20][22] 5. **Market Opportunity**: The Total Addressable Market (TAM) for DV has expanded from $21 billion in core verification to over $27 billion when including optimization and outcomes solutions [32][33] 6. **Customer Relationships**: DV has established strong relationships with major brands, including Kenview (formerly Johnson & Johnson), highlighting the importance of trust and transparency in their partnerships [43][67] 7. **Complexity in Advertising**: The digital advertising landscape is described as fragmented, with over 60% of advertising teams using six to fifteen tools to manage campaigns, leading to a lack of clarity and increased pressure to prove ROI [25][26][27] 8. **AI Integration**: DV has doubled its AI-powered implementations, enhancing project development cycles and improving operational efficiency [15][17] 9. **Performance Metrics**: The company aims to provide advertisers with real-time insights into campaign performance, emphasizing the importance of quality media for both short-term ROI and long-term brand equity [52][54] Additional Important Content 1. **Challenges for Advertisers**: Advertisers face increasing pressure to deliver results while managing a complex media landscape, with many relying on multiple tools that do not communicate effectively [24][26][28] 2. **Trust Issues**: A survey indicated that 59% of advertising decision-makers have lost trust in social media, highlighting the need for independent verification and transparency [27] 3. **Integration of Solutions**: DV's MAP aims to unify various advertising solutions, allowing for better optimization and measurement across different platforms, including social media [75][78] 4. **Client Success Stories**: The briefing included testimonials from clients like TikTok, emphasizing the need for integrated measurement and the importance of creative quality in advertising [88][90] 5. **Future Directions**: DV plans to expand its offerings into new channels, including retail media and ad-supported AI, to capture more market share and drive growth [40][41][39] This summary encapsulates the key insights and strategic directions discussed during the DoubleVerify briefing, highlighting the company's commitment to addressing the complexities of digital advertising through innovative solutions and strong client partnerships.

Industry Overview - The digital advertising market is expected to grow at a compound annual growth rate (CAGR) of 15.4% from 2025 to 2030, driven by mobile penetration, social media proliferation, and programmatic advertising expansion [2] - Video advertising is projected to remain the dominant format as brands increasingly leverage visual storytelling [2] The Trade Desk (TTD) - TTD reported revenues of $616 million in Q1 2025, a 25% year-over-year increase, exceeding management's guidance of at least $575 million [4] - Adjusted EBITDA for TTD was $208 million, reflecting a 34% margin compared to $162 million and a 33% margin in the previous year [4] - Customer retention rate was over 95% for the reported quarter [4] - TTD's net cash from operating activities was $291.4 million, with free cash flow at $230 million [5] - Adjusted earnings per share increased by 27% year-over-year to 33 cents [5] - The Kokai platform is utilized by two-thirds of clients, achieving lower cost per conversion by 24% and lower cost per acquisition by 20% [5] - TTD's revenue is heavily reliant on North America, with 88% of revenues coming from this region, limiting international market expansion [7] - Total operating costs surged by 21.4% year-over-year to $561.6 million, which may impact profitability if revenue growth does not keep pace [8] Criteo (CRTO) - Criteo's AI-driven Performance Media business and capabilities in Retail Media are strong growth drivers [9] - The Commerce Media Platform includes both demand-side and supply-side solutions, allowing Criteo to capture value across the ad tech value chain [9] - Criteo's media spend was $4.3 billion over the last 12 months, with $919 million in Q1 2025 [10] - Retail Media on-platform revenues grew by 17% year-over-year, supported by partnerships with 70% of the top 30 U.S. retailers [10] - Criteo onboarded 300 new brands in Q1, bringing the total to over 3,800 for Retail Media [11] - The company launched a new AI-powered automation toolset, Commerce GO!, designed to streamline campaign launches [12] - Criteo differentiates itself by offering direct retailer access and a transparent platform built around first-party data [13] Share Performance and Valuation - Year-to-date, CRTO has declined by 33.6%, while TTD has seen a decline of 37.1% amid macroeconomic uncertainties [14] - Valuation metrics indicate TTD is overvalued with a Value Score of F, while CRTO has a Value Score of A [16] - TTD's forward 12-month price/earnings ratio is 38.32X, significantly higher than CRTO's 5.97X [17] Analyst Estimates - Analysts have revised CRTO's earnings estimates downward for the current quarter, indicating a trend of negative revisions [18] - TTD has experienced relatively lower downward revisions in earnings estimates compared to CRTO [20] Investment Recommendation - Criteo is positioned as the stronger investment option due to its better valuation, focus on partnerships, and expanding retail media presence [22]

Financial Performance - The company reported strong financial performance in Q4, beating expectations on both revenue and operating income, with revenue of $189 million, up 10% year-over-year [28][29] - Operating income was $23 million, reflecting a 43% increase, and operating margin expanded by three points to 12% [28][11] - For FY 2025, the company achieved 13% revenue growth, marking the third consecutive year of hitting the 10% to 15% growth target [6][7] - Free cash flow reached a record $153 million, a 51% year-over-year increase, demonstrating improved working capital management [11][37] Business Line Performance - Subscription revenue grew by 9% to $145 million, while marketplace and other revenue increased by 14% to $44 million [29][33] - The company added 13,100 subscription customers during the year, with significant growth in the $1 million plus customer cohort [7][9] - The reduction in contraction rate contributed to revenue growth, achieving the lowest level of dollar churn and downsell ever [10] Market Performance - The data marketplace, which accounted for 77% of marketplace revenue, grew by 13%, reflecting continued strength in U.S. digital ad spending [33] - The company did not detect any change in customer behavior due to macroeconomic conditions in Q4 or April [33] Strategic Direction and Industry Competition - The company aims to achieve the "Rule of 40" by FY 2028, targeting 10% to 15% revenue growth and 25% to 30% operating margin [12][25] - Key initiatives include enhancing the data collaboration network and launching cross media intelligence solutions to improve advertising measurement [14][18] - The company is focused on expanding its clean room solutions, which have shown to significantly increase annual recurring revenue (ARR) for customers [23][89] Management Commentary on Operating Environment and Future Outlook - Management expressed optimism about FY 2026, highlighting strong demand signals and a robust sales pipeline despite macroeconomic uncertainties [32][39] - The company anticipates revenue for FY 2026 to be between $787 million and $817 million, reflecting growth of 6% to 10% [39] - Management noted that the macro environment is a key swing factor in revenue guidance, with a stable economy assumed for the high end of the range [39][41] Other Important Information - The company successfully renewed 20 multimillion-dollar annual contract value (ACV) contracts, with over half being multi-year contracts [9][100] - The balance sheet remains strong with zero debt and cash and short-term investments totaling $421 million [37] Q&A Session Summary Question: Customer reaction to cross media intelligence - Management expressed optimism about the cross media intelligence solution, noting strong early feedback and increased customer conversations [52][54] Question: Key factors impacting revenue guidance - Management indicated that the macro environment is the primary swing factor between the low and high ends of the revenue guidance range [57][59] Question: New customer acquisition strategies - Management highlighted that the decline in customer count was primarily due to smaller customers, while the million-dollar plus customer count continued to grow [66][68] Question: Impact of Google’s cookie announcement - Management stated that the announcement was largely a non-event for customers, as the industry has been moving away from cookies for years [71][72] Question: Sales pipeline and customer hesitation - Management noted some customer hesitation in Q4 but reported that many deals that slipped have already closed in early Q1 [76][78] Question: Clean room adoption and customer segmentation - Management indicated that clean room adoption is primarily a function of time and execution, with larger companies leading the way [86][88] Question: Net retention rate outlook - Management expects net retention to stabilize between 100% and 105% in the near term, with potential for improvement as new strategies are executed [93][94]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $89.3 million, exceeding initial expectations due to strong performance in CTV and digital out of home channels [17][18] - Adjusted EBITDA for Q1 2025 was $1.8 million, also higher than expectations, reflecting operational control and margin discipline [18][20] - Net loss on a GAAP basis was $8.3 million, compared to a net income of $11.8 million in Q1 2024 [21] - Non-GAAP net income was $5.4 million, down from $22.6 million in Q1 2024 [21] Business Line Data and Key Metrics Changes - Digital out of home revenue increased by 80% year over year, now representing 19% of total revenue, up from 6% last year [19] - CTV revenue grew by 31% year over year, accounting for 12% of total revenue compared to 5% last year [19] - Retail media vertical grew by 33% year over year, outperforming the broader market [16] - Web revenue declined by 28% year over year, now representing 46% of total revenue, down from 37% in the same quarter last year [19] Market Data and Key Metrics Changes - The company reported a strong performance in its core growth channels, with digital out of home and CTV continuing to outperform the market [16][19] - The acquisition of GreenBids is expected to significantly enhance the company's total addressable market and performance capabilities [24][25] Company Strategy and Development Direction - The company is focused on building Perion One as an outcome-driven platform for modern digital advertising, integrating AI-powered optimization and creative insights [6][9] - The acquisition of GreenBids is seen as a strategic move to enhance technology and expand into lower funnel performance opportunities [24][25] - The company is committed to investing in customers, technology, and people to drive long-term value [15][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the healthy pipeline for the rest of 2025, contributing to the raised guidance [31][35] - The company anticipates stabilization in web revenue starting next quarter, with expectations for continued growth in core channels [19][22] - The guidance for full year 2025 has been raised, reflecting improved outlook and stronger market position [26] Other Important Information - The company has a strong cash position of nearly $360 million, providing flexibility for growth and capital allocation [18][23] - The board approved an expansion of the share repurchase program to $125 million, reinforcing long-term confidence in the company's value [23] Q&A Session Summary Question: Guidance and Display Revenue Stabilization - Management raised guidance based on strong Q1 performance and healthy pipeline, expecting web revenue to stabilize [31][32] Question: Impact of GreenBids on Revenue - GreenBids is expected to contribute positively, with synergies already being realized, but full impact will be seen in 2026 [39][40] Question: Timeline for GreenBids Technology Integration - Integration of GreenBids technology into Perion One is immediate, with expected acceleration in customer acquisition over the next few quarters [44][45] Question: Familiarity and Excitement of CMOs with PerionOne - Positive responses from CMOs regarding the unified offering and custom algorithms, indicating strong market demand [51][52] Question: Strategy for Expanding Total Addressable Market (TAM) - The acquisition of GreenBids opens new capabilities in walled gardens, aligning with market shifts towards performance-based campaigns [58][61]

Financial Data and Key Metrics Changes - Revenue in Q1 was approximately $286 million, reflecting a 32% year-over-year increase, primarily driven by the acquisition of Teads [19][20] - X TAC gross profit for the quarter was $103.1 million, an increase of 98% year-over-year, indicating that profit growth is outpacing revenue growth [21][22] - Adjusted EBITDA for Q1 was $10.7 million, representing a greater than 7x increase year-over-year [23] Business Line Data and Key Metrics Changes - The company closed Q1 with over 50 Joint Business Partnerships (JBPs), including new commitments with major brands like Ferrero and Philip Morris International [11] - CTV revenue grew over 100% year-over-year, now representing approximately 5% of total ad spend [14] Market Data and Key Metrics Changes - The U.S. business, which represents around 30% of total revenue, showed improvement in trends during Q1 [20] - The company has access to over 300 million TV screens globally, with significant partnerships enhancing its CTV offerings [14] Company Strategy and Development Direction - The vision for the new Teads is to create an open Internet advertising platform that connects fragmented channels to drive measurable business outcomes [6][9] - The company is focused on integration, efficiency, and execution post-merger, aiming for $60 million in annualized cost savings by 2026 [15][23] Management's Comments on Operating Environment and Future Outlook - Management noted improvements in demand levels and positive trends in the legacy Teads business since the merger [29][44] - The company expects to see continued growth in the second half of the year, driven by cross-selling opportunities and improved performance metrics [70][73] Other Important Information - The company recognized $16 million in acquisition-related costs and $7 million in restructuring charges during the quarter [22] - Free cash flow was a use of cash of approximately $7 million, impacted by acquisition-related costs [24] Q&A Session Summary Question: Can you expand on the macro environment and advertiser focus between brand and performance? - Management observed improvements in demand levels and noted that advertisers are scrutinizing their budgets more closely, which is seen as a positive for the company [29][31] Question: How much of the JVP wins are a result of the new combination versus existing pipeline? - Management indicated that the growth in JVPs is a combination of the merger's value proposition and existing relationships, with significant excitement around the combined capabilities [36][38] Question: Can you discuss the trends in the legacy Teads business? - Management highlighted that the legacy Teads business has shown month-over-month improvement since the merger, with a focus on execution and restructuring contributing to this growth [44] Question: What is the strategy for expanding the Moments vertical video product? - The company views vertical video as a significant growth opportunity and plans to invest in expanding this product across new publishers [64] Question: How does the Google lawsuit ruling impact the company? - Management believes the ruling could provide a headwind to SSPs, potentially benefiting the company due to its exclusive supply relationships [62] Question: What are the near-term opportunities for the CTV business? - The company sees significant potential in performance CTV, leveraging its unique capabilities and partnerships to capture market share [76]

Financial Performance - Criteo's Q1 2025 Contribution ex-TAC reached $264 million, a 7% year-over-year increase[18] - The adjusted EBITDA margin was 35%, exceeding the company's guidance[18] - Revenue was $451 million[33] - Net income was $40 million[33] - Non-GAAP Diluted EPS was $1.10, a 38% increase[33] - Free cash flow was $45 million, a 367% increase[33] Segment Performance - Retail Media media spend increased by 21% year-over-year, reaching $335 million[21, 36] - Retail Media Contribution ex-TAC increased by 18% year-over-year, reaching $59 million[36] - Performance Media Contribution ex-TAC increased by 4% year-over-year, reaching $206 million[19, 36] Retail Media Leadership - Criteo partners with over 200 retailers, including 70% of the top 30 U S retailers and 50% of the top 30 EMEA retailers[21]

Financial Data and Key Metrics Changes - Revenue in Q4 2024 increased 14% to $153 million, with a 40% adjusted EBITDA margin [6][37] - Full year 2024 revenue grew 12% to $530.1 million, achieving a 36% adjusted EBITDA margin [6][38] - Adjusted EBITDA for Q4 increased 29% to $61.4 million, with a margin increase from 35% to 40% year-over-year [44][49] - Net income for Q4 was $15.3 million or $0.09 per share, compared to $10.2 million or $0.06 per share in Q4 2023 [45][49] Business Line Data and Key Metrics Changes - Optimization revenue grew 11% to $70.6 million in Q4 [39] - Measurement revenue increased 12% to $59.1 million, with social media revenue growth at 25% [40] - Publisher revenue rose 30% to $23.4 million, driven by new product adoption and increased political spend [41] - International revenue grew 13% to $49 million, representing 32% of total revenue [42] Market Data and Key Metrics Changes - 32% of Q4 revenue came from markets outside of the Americas, with 45% of measurement revenue from international sources [17][42] - The US CTV market is projected to exceed $47 billion by 2028, indicating significant growth potential [15] Company Strategy and Development Direction - The company aims for continued double-digit growth in 2025, focusing on performance, reach expansion, and innovation [7][27] - Plans to expand into China and enhance operations in key APAC markets, unlocking significant digital ad spend opportunities [18][69] - The introduction of new capabilities in measurement and optimization products is expected to drive future growth [7][27] Management's Comments on Operating Environment and Future Outlook - Management noted a positive impact from political spending on the publisher side, while advertiser spending improved in retail and CPG sectors [104] - The shift towards real-time bidding in CTV is viewed as a tailwind for the business, with strong growth in publisher performance [105][106] - The company expects to deliver double-digit profitable growth in 2025, supported by ongoing investments in differentiated products [33][50] Other Important Information - The appointment of Jill Puttman as interim CFO was announced, bringing extensive finance experience to the role [34][83] - The company reduced long-term debt by $30 million to $35 million during the quarter [46] Q&A Session Summary Question: Impact of political spending and CTV shift - Political spending had limited impact on advertiser business but benefited the publisher side, with strong growth in retail and CPG [104] - The shift to real-time bidding in CTV is seen as beneficial, with a 30% year-over-year growth in the segment [105][106] Question: Pricing dynamics and measurement growth - The company experienced competitive pricing dynamics during RFPs, with strong adoption of total media quality (TMQ) across social platforms [110][111] - The pre-bid product on Meta has shown a 71% reduction in wasted ad spend, indicating strong early adoption [115] Question: Long-term visibility with pre-bid and post-bid products - The focus on performance and linking media quality signals with cost data enhances revenue forecasting and visibility [124][125] - The company is seeing strong adoption of pre-bid products, which is expected to improve overall business visibility [124] Question: Growth outlook by segment - Total advertiser revenue is expected to have double-digit growth, with measurement anticipated to see single-digit growth initially [128]