Core Insights - StackAdapt and iHeartMedia have formed a partnership to integrate iHeartMedia's audio inventory into the StackAdapt platform, allowing marketers to access broadcast radio alongside digital audio, podcasts, and streaming inventory in real-time [1][2] Group 1: Partnership Overview - The integration simplifies audio planning and activation, enabling advertisers to plan, forecast, buy, measure, and report on all audio channels within StackAdapt, thus eliminating manual processes [2] - This partnership allows advertisers to target iHeartMedia's broadcast inventory using first-party audience segments and behavioral data, creating a unified audio strategy [4][6] Group 2: Market Reach and Impact - iHeartMedia's broadcast radio stations reach 278 million ad-supported listeners monthly, providing brands access to diverse audiences across the country [4] - The collaboration is particularly beneficial for political advertisers seeking to reach voters effectively during the 2026 election cycle by combining the reach of AM/FM broadcast with programmatic precision [5] Group 3: Industry Trends - The partnership reflects a resurgence in local and community-driven content, with AM/FM radio holding 64% of all daily ad-supported audio listening, driven by strong local programming [6] - The integration positions StackAdapt as a leader in audio advertising, having been ranked the 1 Audio Advertising Platform on G2 in 2025, indicating a growing demand for unified, data-driven audio solutions [3]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $739 million, representing an 18% year-over-year growth, and a 22% growth when excluding political spend from the previous year [39] - Adjusted EBITDA for the quarter was approximately $317 million, or about 43% of revenue [39] - Adjusted net income for Q3 was $221 million, or $0.45 per diluted share [41] - Free cash flow for Q3 was $155 million, with a strong cash and liquidity position of about $1.4 billion in cash and short-term investments at the end of the quarter [42] Business Line Data and Key Metrics Changes - CTV (Connected TV) continues to be the largest and fastest-growing channel, representing around 50% of the business in Q3 [39] - Mobile accounted for a low 30% share, display for a low double-digit share, and audio for around 5% [39] - The company is seeing strong growth in retail media and significant adoption across various verticals [5] Market Data and Key Metrics Changes - North America represented 87% of the business, while international markets accounted for about 13% [40] - Growth in international markets, particularly EMEA and APAC, is outpacing growth in North America [40] - Strong growth was noted in verticals such as medical health, automotive, and technology [40] Company Strategy and Development Direction - The company is focused on leading the open internet and enhancing operational efficiency through new leadership and structural changes [31][63] - Investments are being made in AI and product innovations to drive growth and improve client performance [38][39] - The company aims to capture a larger share of the $1 trillion advertising TAM as more dollars shift to programmatic [36] Management's Comments on Operating Environment and Future Outlook - The management describes the current macro environment as a "tale of two cities," with some brands facing pressure from tariffs and inflation, while others are experiencing strong momentum [72] - The company is optimistic about the potential of the open internet and believes that independent DSPs will capture the majority of open internet spend [28] - The focus remains on building a more accountable and metrics-driven culture to support long-term growth [66] Other Important Information - The company has repurchased nearly $2 billion through its share repurchase program since the first authorization in 2023 [42] - New product features and upgrades are expected to significantly contribute to growth in the coming years [27] Q&A Session Summary Question: Clarification on Amazon as a competitor and the evolving competitive environment - Management acknowledges Amazon and Google as significant players but emphasizes that their focus is primarily on owned and operated inventory, while The Trade Desk focuses on decisioned, data-driven buying across the open internet [49][51] Question: Areas for impact in the next couple of years - The CFO highlights the importance of disciplined resource allocation and a metrics-driven approach to drive growth and ROI [54][55] Question: Broader advertising and macro environment trends for 2026 - Management notes strong momentum across the business but acknowledges pressures in certain sectors due to external factors like tariffs and inflation [72]

Q3 2025 Financial Performance - Contribution ex-TAC reached $166.8 million, a 12% increase year-over-year[16] - CTV Contribution ex-TAC was $75.8 million, up 18% year-over-year[16] - DV+ Contribution ex-TAC was $90.9 million, a 7% increase year-over-year[16] - Net income was $20.1 million, or $0.13 per diluted share, compared to $5.2 million, or $0.04 per diluted share in Q3 2024[16] - Adjusted EBITDA was $57.2 million, a 13% increase year-over-year, with a 34% Adjusted EBITDA margin[16] - Non-GAAP earnings per share were $0.20, compared to $0.17 for Q3 2024[16] Q4 2025 Guidance - Total Contribution ex-TAC is projected to be between $191 million and $196 million, representing growth of 6% to 9%[19] - CTV Contribution ex-TAC is expected to be between $87 million and $89 million, representing growth of 12% to 14%[19] - DV+ Contribution ex-TAC is anticipated to be between $104 million and $107 million, representing growth of 2% to 5%[19] Full-Year Expectations - The company continues to expect total Contribution ex-TAC growth above 10%[22] - The company expects mid-teens percentage growth of Adjusted EBITDA[22]

Core Insights - Roku is expected to report third-quarter 2025 results on October 30, with projected total net revenues of approximately $1.2 billion, reflecting a 13% year-over-year increase [1][9] - The company anticipates Platform revenues to grow by 16% year-over-year, while Devices revenues are expected to decline by 3% [1][9] - Total gross profit for the third quarter is estimated to be around $520 million, with adjusted EBITDA expected to be approximately $110 million [1] Revenue Expectations - The Zacks Consensus Estimate for third-quarter revenues is set at $1.21 billion, indicating a year-over-year growth of 13.46% [2] - The consensus estimate for earnings is 7 cents per share, showing a significant improvement from a loss of 6 cents per share in the previous year [2] Performance Indicators - In the last reported quarter, Roku achieved an earnings surprise of 143.75%, consistently beating the Zacks Consensus Estimate in the past four quarters with an average surprise of 75.42% [3] - The upcoming results are expected to benefit from strong growth in video advertising and demand diversification, with platform revenues growing 18% year-over-year in the previous quarter [4] Advertising and Integration Developments - Roku's integration with Amazon's demand-side platform (DSP) is expected to enhance programmatic access and optimize ad pricing, contributing to improved monetization efficiency [5] - The Roku Channel (TRC) has been a significant growth driver, ranking 2 in the U.S. by engagement and 3 globally by reach, with continued audience engagement expected [6] Challenges in Devices Segment - The Devices segment is anticipated to face a 3% year-over-year decline, with negative gross margins in the mid-teens due to increased material costs and tariffs [7] - Despite a favorable shift towards higher-margin platform revenues, the softness in the Devices segment is likely to impact overall gross margin performance [7] Earnings Prediction Model - The current model does not predict a conclusive earnings beat for Roku, with an Earnings ESP of 0.00% and a Zacks Rank of 3 [8][10]

As filed with the Securities and Exchange Commission on October 27, 2025. Registration Statement No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Direct Digital Holdings, Inc. (Exact name of registrant as specified in its charter) (State or Other Jurisdiction of Incorporation or Organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification Number) 1177 West Loop South, Su ...

Summary of Sabio Holdings Conference Call Company Overview - **Company**: Sabio Holdings (OTCPK:SABO.F) - **Market Cap**: $17.49 million as of the conference date [2] - **Employees**: 124 globally, with a significant presence in North America [2] - **Revenue Growth**: From $13.2 million at IPO in 2021 to $49.6 million last year, representing a 33% increase [4][5] - **Debt**: Total debt of $8.16 million, with $6 million as part of an accounts receivable credit facility [3] Financial Performance - **Adjusted EBITDA**: Profitable for the last five years, with a notable EBITDA swing from a loss of $1.3 million in 2023 to a gain of nearly $4 million last year [4][27] - **Recurring Revenue**: 92% of revenue is recurring, with over 70% of clients increasing their spending year-over-year [10][28] - **CAGR**: 39% compound annual growth rate since going public [5] Business Model and Strategy - **Core Business**: Focuses on ad-supported streaming, working with major brands like General Motors, Ford, and McDonald's [3][10] - **Creator Television**: Launched in January, it is one of the fastest-growing creator-led channels in the FAST (Free Ad-Supported Streaming Television) space [9][15] - **Data Utilization**: Utilizes an 80 million Household Graph for targeted advertising, significantly larger than Nielsen's 40,000 panel [12] - **Programmatic Advertising**: 95% of ad dollars in ad-supported streaming are transacted programmatically, enhancing operational efficiency [21] Market Opportunities - **Creator Economy**: Targeting a $250 billion opportunity in the creator economy, leveraging partnerships with content creators to diversify revenue streams [6][9] - **International Expansion**: Significant growth in Europe, with expectations for UK revenue to triple, having already quadrupled in the first half of the year [21][28] - **Election Year Dynamics**: Anticipated growth in 2024 due to the election cycle, with historical performance showing 66% growth in election years [20][22] Challenges and Outlook - **Market Conditions**: Acknowledgment of challenges in Q3 due to tariffs and overall market unease, but optimism for recovery in Q4 and beyond [39][40] - **Valuation**: Currently trading at a steep discount compared to U.S. peers, presenting a potential investment opportunity [29] - **Future Projections**: 2025 is viewed as an investment year, with expectations for significant payoffs in 2026 [20][30] Key Takeaways - **Strong Client Relationships**: Partnerships with top brands ensure a stable revenue stream and growth potential [10] - **Innovative Advertising Solutions**: Combining ad-serving capabilities with analytics to provide unique insights and targeted advertising [14] - **Commitment to Growth**: The leadership expresses confidence in the company's trajectory and commitment to long-term growth despite short-term challenges [38][39]

Core Insights - The Trade Desk (TTD) and PubMatic (PUBM) are key players in the programmatic advertising ecosystem, with TTD focusing on demand-side platform (DSP) services and PUBM on sell-side platform services [1][8] - Both companies are significantly exposed to the growing Connected TV (CTV) and retail media trends, making them interesting for investors in the expanding digital ad market [2] Group 1: The Trade Desk (TTD) - TTD is cautious about the impact of macroeconomic conditions on large global brands, which may pressure revenue growth due to reduced programmatic demand [3] - The competitive landscape is intensifying, with major players like Google and Amazon dominating the DSP space, posing challenges for TTD [4] - Despite challenges, TTD's expanding CTV presence is a strong advantage, as CTV is the fastest-growing segment in digital advertising [5] - TTD has established partnerships with major companies like Disney, NBCU, and Roku, focusing on live sports streaming as a key part of its CTV strategy [6] - The AI-powered Kokai platform is enhancing TTD's competitive edge, with over 70% client adoption expected to be completed this year [7] Group 2: PubMatic (PUBM) - PubMatic is diversifying its DSP mix and investing in CTV and emerging revenue streams, with CTV revenues accounting for nearly 20% of total revenues [8][9] - The company has expanded partnerships with 26 of the top 30 global streamers, indicating its ability to secure premium inventory [9] - PubMatic's revenues from emerging streams have more than doubled year over year, representing 8% of total second-quarter revenues [10] - The Activate platform is becoming a significant growth driver, with buying activity more than doubling as advertisers seek better control and transparency [11] - PubMatic expects third-quarter revenues of $61-$66 million, down from $71.8 million year-over-year, due to a revised bidding approach from a major client [12] Group 3: Share Performance and Valuation - Year-to-date, PUBM and TTD have experienced losses of 43.3% and 55.3%, respectively, amid macroeconomic uncertainties [13] - Valuation metrics indicate TTD is overvalued with a price/book ratio of 9.52X, while PUBM has a more favorable ratio of 1.56X [15] - PUBM currently holds a Zacks Rank 3 (Hold), while TTD has a Zacks Rank 4 (Sell), suggesting PUBM may be a better investment choice at this time [18]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the digital advertising sub-sector in the Americas, specifically analyzing the Q3 2025 earnings season and making stock recommendations for companies within this industry [1][2]. Company Ratings and Price Targets - **MAX**: Downgraded from Buy to Neutral with a 12-month price target of $12.00 (previously $14.50) [1] - **IBTA**: Downgraded from Neutral to Sell with a 12-month price target of $26 (previously $30) [1] - **Unity (U)**: Initiated coverage with a Neutral rating and a 12-month price target of $38 (previously $32.50) [1][2]. - **Alphabet (GOOGL)**: Maintained Buy rating, raised price target to $288 from $234 [50]. - **Meta Platforms (META)**: Maintained Buy rating, raised price target to $870 from $830 [50]. - **Pinterest (PINS)**: Maintained Buy rating with a price target of $43 [50]. - **Opera (OPRA)**: Maintained Buy rating with a price target of $24.50 [50]. - **AppLovin (APP)**: Neutral rating with a price target of $630 [50]. - **Ibotta (IBTA)**: Downgraded to Sell with a price target of $26 [50]. Core Industry Insights - **Performance Trends**: Sustained momentum in performance-oriented budgets, particularly in direct response channels, was noted throughout Q3, with strong performance in July and August [2]. - **Brand Advertising**: Continued headwinds from a weaker brand advertising environment, especially from large advertisers, but easing revenue headwinds were observed in September, potentially improving Q4 [2]. - **Experimental Budgets**: Volatility in experimental budgets remains, with smaller platforms experiencing stalled or downside volatility [2]. - **Programmatic Platforms**: The value of programmatic platforms like Meta's Advantage+ and Alphabet's Performance Max continues to grow, attracting more industry budgets [2]. Industry Vertical Performance - **Retail & eCommerce**: Advertisers are deploying marketing dollars against stable end demand trends, particularly in less discretionary verticals [3]. - **Online Travel**: Normalizing around mid to high single-digit growth in 2H 2025, with marketing budgets adjusting accordingly [5]. - **Automotive**: Stable spending aligned with usual seasonality in Q3 [5]. - **Consumer Packaged Goods (CPG)**: Mixed trends with stable marketing and the rise of emerging brands [5]. Key Themes and Risks - **AI and Automation**: Increasing adoption of AI-driven programmatic systems is a significant theme, with potential impacts on advertising budget trends [5][6]. - **Direct Response vs. Brand Advertising**: Direct response spending remains resilient, while brand advertising is more volatile and subject to cuts during economic downturns [16]. - **User Engagement**: User growth and engagement trends are stable to rising, particularly in international markets, with short-form video driving engagement [16][30]. Pricing Trends - Q3 pricing trends across the digital advertising landscape showed slight growth year-over-year, with average CPMs for Meta's platforms experiencing a decrease of approximately 4% quarter-over-quarter but an increase of 3% year-over-year [20][25]. Conclusion - The digital advertising sector is experiencing a mix of challenges and opportunities, with a focus on performance-oriented budgets and the impact of AI on advertising strategies. Companies like GOOGL and META are positioned positively, while others face varying degrees of risk and opportunity based on their exposure to different advertising verticals and market dynamics [7][50].

Core Insights - illumin Holdings Inc. has appointed Brian Garrigan as Chief Revenue Officer (CRO) to enhance its sales and client success strategies [1][3] - Garrigan has over a decade of experience in adtech, previously serving as SVP of Sales at Simpli.fi, where he contributed to the company's growth and innovation in programmatic media [2][4] - The company aims to expand its market presence across North America, Latin America, and Europe under Garrigan's leadership, focusing on strengthening client relationships and revenue performance [3][4] Company Overview - illumin is an advertising technology company that aims to redefine programmatic advertising by providing a unified, customer-centric platform [5] - The company connects various advertising channels, including programmatic, CTV, email, and social media, to deliver actionable insights to marketers [5] - Headquartered in Toronto, Canada, illumin serves clients across multiple regions, including North America, Latin America, and Europe [5]

Core Insights - The Trade Desk (TTD) stock has declined 54.5% year to date, significantly underperforming the Zacks Internet Services industry's growth of 30.4% and the S&P 500's gain of 15% [1][8] - The stock is trading at a significant discount to its 52-week high of $141.53, closing at $53.49, which is closer to its 52-week low of $42.96 [4] - The decline is attributed to a cautious ad spending environment and macroeconomic uncertainties affecting advertising budgets [5][8] Price Performance - TTD's stock performance has lagged behind peers such as Amazon (AMZN), Magnite (MGNI), and PubMatic (PUBM), with AMZN and MGNI gaining 1.1% and 20% respectively, while PUBM is down 43.7% [1] - The stock's current valuation is considered stretched, with a forward 12-month price/sales ratio of 8.04X compared to the industry's 6.46X [12] Competitive Landscape - The competitive environment is intensifying, with major players like Google and Amazon dominating the space, leveraging their control over inventory and first-party user data [6] - Smaller competitors like Magnite and PubMatic are also expanding their presence in Connected TV (CTV) and retail media, increasing competition for ad dollars [6] Growth Drivers - Despite challenges, TTD has several growth drivers, including CTV, retail media, international expansion, and its Kokai AI platform [13][21] - CTV is highlighted as a fast-growing segment, with programmatic CTV delivering high returns on ad spend, supported by partnerships with major companies like Disney and Netflix [14][17] - The Kokai platform is gaining traction, with over 70% of clients using it, expected to enhance campaign precision and efficiency [18] Financial Outlook - For the third quarter of 2025, TTD anticipates revenues of at least $717 million, indicating a 14% year-over-year growth [20] - Total operating costs surged 17.8% year over year to $577.3 million, raising concerns about profitability if revenue growth does not keep pace [9] Strategic Initiatives - TTD is focusing on securing long-term partnerships with major advertisers and agencies, with nearly 100 joint business plans in the pipeline [15] - The company is also innovating with its UID2 initiative, an open-source alternative to third-party cookies, and the Audience Unlimited feature to enhance data accessibility for advertisers [19]