As filed with the U.S. Securities and Exchange Commission on June 12, 2025 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No.3 to FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 KNOREX LTD. (Exact name of registrant as specified in its charter) Cayman Islands 7370 Not Applicable (State or Other Jurisdiction of Incorporation or Organization) Registration No. 333-283112 (Primary Standard Industrial (I.R.S. Employer Identification Number) 21 Merchant Road, #0 ...

Core Insights - The collaboration between Comscore, Adelaide, and PubMatic aims to enhance programmatic advertising by integrating Comscore's inventory rankings with Adelaide's attention metrics, allowing advertisers to achieve higher engagement and campaign impact [1][2][3] Group 1: Collaboration Details - Comscore's Comscore-Certified Deal IDs will now include Adelaide's attention-based metrics, optimizing placements in PubMatic's premium inventory [1][2] - This integration provides media buyers with access to high-quality inventory that is strategically optimized for engagement, ensuring effective campaign placements [2][4] Group 2: Company Statements - Comscore emphasizes its commitment to providing tools for performance and transparency in programmatic advertising, aligning with its mission to unify the ad ecosystem [3] - Adelaide's CEO highlights the ease of targeting premium inventory through the combination of their media quality metrics and Comscore's inventory quality signals [4] - PubMatic's VP notes that this initiative enhances transparency and efficiency in buying high-quality inventory, contributing to a more impactful digital ecosystem [4] Group 3: Company Background - Comscore is recognized as a trusted partner for media planning, transacting, and evaluation across various platforms, providing comprehensive cross-platform measurement [5]

Core Viewpoint - PubMatic, Inc. (NASDAQ: PUBM) is identified as a leading global programmatic supply-side platform (SSP) that facilitates publishers in monetizing their ad inventory through real-time auctions, with a belief that the market is currently mispricing the company's growth potential [1] Company Overview - PubMatic operates as a programmatic SSP, allowing publishers to optimize their advertising revenue through automated auctions [1] Investment Thesis - The investment analysis suggests that there is a significant growth runway for PubMatic, indicating that it may be undervalued in the current market [1]

Summary of Lamar Advertising Company (LAMR) FY Conference Call - May 13, 2025 Company Overview - **Company**: Lamar Advertising Company (LAMR) - **Industry**: Advertising, specifically Out-of-Home (OOH) advertising Key Points and Arguments Market Conditions - The mood at the OAAA Industry Conference was constructive, with no signs of trouble in the market [1] - Q1 results showed organic growth of just over 1%, with business strong enough to maintain guidance [2][3] - 75% of revenue is already under contract, typical for this time of year [3] Financial Performance - The company expects to achieve its goals for the year, with organic growth outlook remaining around 3% [4][5] - The impact of events like the Super Bowl and leap year was material, particularly affecting the Southwest region, which saw a 1% decline [9][10] - Political advertising is expected to contribute approximately $15 million in the second half of the year [11] Economic Outlook - Historical performance during garden variety recessions indicates that Lamar typically holds the line on rates and experiences only minor occupancy declines [14][15] - Current pacings suggest a steady year ahead, with no significant downturn anticipated [15] Sector Insights - Local auto dealers are adapting to inventory issues by shifting advertising focus from new car sales to service promotions [16][18] - Retail advertising saw a 6% increase in Q1, but potential tariff impacts on inventory are being monitored closely [19] - Legal services remain a strong vertical, accounting for about 10% of revenue, with a stable customer base [21][22] Competitive Landscape - Lamar is gaining market share from local TV and radio, with a noted shift in advertising dollars towards billboards [24][27] - National advertising has been slightly underperforming, attributed to changes in agency strategies [28][29] Programmatic Advertising - Programmatic advertising is expected to exceed $50 million in 2025, with a 30% increase in Q1 [33] - The company is testing programmatic on the local side, driven by demand from more sophisticated local customers [37] Digital Conversion and CapEx - Lamar plans to convert over 350 boards to digital in 2025, with consistent returns historically between 25% to low 30% [45] - The pace of conversions is primarily governed by regulatory permitting [46] M&A Activity - The company has completed $70 million in acquisitions and expects to surpass $200 million this year, driven by pent-up demand [54] - Acquisitions typically yield high margins, with forward multiples expected to be in the 10 to 11 range post-synergies [56] Capital Allocation - Lamar is focused on digital conversions, acquisitions, and purchasing land under billboards, with a projected $20 million for easements this year [62][63] Share Repurchase Program - A $150 million share repurchase program was initiated to avoid dilution from acquisitions, executed at an average price of $108 [68][70] Transit and Airport Business - Transit revenue is stable, primarily from bus wraps, while airport business remains steady despite potential impacts from international travel [71][73] - Combined revenue from transit and airport operations is approximately $160 million, contributing around 15-17% EBITDA margins [74] Additional Important Insights - The company is navigating minor cost increases due to tariffs but does not anticipate significant supply chain issues [51][53] - The recent sale of a 20% stake in Vistar to T-Mobile is expected to enhance outdoor measurement and attribution capabilities [39][40] This summary encapsulates the key insights and financial outlook for Lamar Advertising Company as discussed in the conference call, highlighting the company's resilience and strategic focus in the advertising industry.

Clear Channel Outdoor (CCO) FY Conference Summary Company Overview - **Company**: Clear Channel Outdoor (CCO) - **Date of Conference**: May 13, 2025 - **Key Speakers**: Scott Wells (President and CEO), David Saylor (EVP and CFO) Key Points Industry and Company Strategy - Clear Channel Outdoor is at a pivotal moment after completing the sale of most of its international businesses, focusing exclusively on the U.S. market [4][5] - The company aims to continue its digital transformation, pay down debt, and develop new verticals for organic growth [6][8] - A zero-based budgeting process is being implemented to further reduce corporate expenses [7][53] Market Trends and Demand - The company reported healthy demand across its markets, with steady dialogues with local marketers despite global volatility [8][9] - Emerging verticals include AI and a resurgence in the insurance sector, particularly auto insurance, which had previously declined during COVID [9][10][15] - San Francisco's market recovery is expected to provide a tailwind for growth [10][12] Revenue Guidance and Visibility - The company has over 85% visibility into Q2 revenue and is on track with its full-year revenue guidance [11] - The MTA contract acquired at the end of the previous year is expected to drive revenue growth, although it comes with lower margins initially [12][49] Digital Transformation and Programmatic Advertising - Digital conversions remain a key growth driver, with internal rates of return (IRR) in the low 30s [40] - The company is balancing static and digital inventory while increasing programmatic advertising, which adds some volatility but also opportunities [42][45] Financial Performance and Cost Management - Clear Channel Outdoor has eliminated $35 million in annual corporate expenses following the divestiture of international operations [53] - The company is focused on reducing leverage and improving margins, with expectations for year-over-year margin increases despite initial lower margins from new contracts [52][66] Future Growth and Partnerships - The company is exploring creative structures for asset management and partnerships, including potential joint ventures and preferred equity arrangements [58][60] - Clear Channel Outdoor is considering options for REIT conversion, contingent on achieving appropriate leverage levels [67] Debt Management and Capital Markets - The company ended the quarter with approximately $400 million in cash and plans to use excess cash for debt repayment [62][65] - Clear Channel Outdoor is actively monitoring capital markets for opportunities to refinance upcoming debt maturities [70][73] Conclusion - Clear Channel Outdoor is strategically positioned for growth in the U.S. market, focusing on digital transformation, cost management, and leveraging new partnerships while navigating the complexities of the advertising landscape [4][6][58]

Core Viewpoint - The Trade Desk (TTD) has experienced a significant decline in stock price, down 32.5% year to date, despite a strong Q1 performance that saw revenues increase by 25% [1][16]. Company Performance - TTD reported Q1 revenues of $616 million, exceeding management's guidance of at least $575 million, with adjusted EBITDA of $208 million, reflecting a 34% margin compared to 33% in the previous year [3][4]. - Customer retention for the quarter was over 95%, indicating strong client loyalty [3]. - The Kokai platform is now utilized by two-thirds of clients, ahead of schedule, and is expected to achieve 100% adoption by year-end [5]. - The acquisition of Sincera is expected to enhance TTD's programmatic advertising capabilities [6]. Financial Metrics - Net cash provided by operating activities was $291.4 million, with free cash flow at $230 million [4]. - Adjusted earnings per share increased by 27% year over year to 33 cents [4]. Market Environment - The digital advertising industry remains highly competitive, with major players like Alphabet and Amazon posing challenges to TTD's market position [8]. - Increasing macroeconomic uncertainty and trade tensions are anticipated to squeeze advertising budgets, potentially impacting TTD's revenue growth [7][10]. Revenue Composition - TTD's revenue sources are heavily concentrated, with 88% derived from North America and only 12% from international markets, limiting growth potential [9]. Cost Structure - Total operating costs surged by 21.4% year over year to $561.6 million, driven by investments in platform capabilities [10]. Valuation Concerns - TTD's stock is trading at a forward Price/Sales ratio of 12.99X, significantly higher than the industry average of 4.75X, indicating a lofty valuation [15][16]. Analyst Sentiment - Analysts have revised earnings estimates downward over the past 30 days, reflecting bearish sentiment towards TTD's stock [10][16].

Financial Data and Key Metrics Changes - Q1 revenue reached $616 million, representing a 25% year-over-year increase [48] - Adjusted EBITDA for the quarter was $208 million, reflecting a 34% margin [48] - Adjusted net income was $165 million, or $0.33 per fully diluted share [52] - Free cash flow was $230 million in Q1 [52] Business Line Data and Key Metrics Changes - CTV (Connected TV) remains the largest and fastest-growing advertising channel, representing a high 40s percentage share of the business [49] - Mobile accounted for a mid-30s percentage share of spend, while display represented a low double-digit share and audio around 5% [49] - The adoption of the Kokai platform accelerated, with about two-thirds of clients now using it, ahead of schedule [62] Market Data and Key Metrics Changes - North America represented approximately 88% of spend, while international markets accounted for about 12% [49] - International growth outpaced North America for the ninth consecutive quarter, particularly driven by CTV [50] Company Strategy and Development Direction - The company aims to capture market share in a more competitive landscape, especially as walled gardens face increased scrutiny [12][19] - The focus is on enhancing the supply chain through innovations like OpenPath and the acquisition of Sincerra [24][29] - The company is optimistic about the future of the open Internet and believes it is well-positioned to benefit from recent antitrust developments against competitors like Google [42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic uncertainties and continue to grow [54] - The company anticipates revenue of at least $682 million in Q2, reflecting a 17% year-over-year growth [55] - Management highlighted the importance of being a trusted partner for clients during uncertain times [78] Other Important Information - The company has no debt and ended the quarter with approximately $1.7 billion in cash and short-term investments [52] - A new COO, Vivek Tundra, has been appointed to help drive growth [40] Q&A Session Summary Question: Can you elaborate on the progress from product and go-to-market changes? - Management noted that Q1 was strong, with significant upgrades contributing to performance and Kokai adoption accelerating [60][62] Question: What are the implications of the Google trial verdict for DSPs? - Management believes the verdict will lead to a fairer market, allowing the company to compete more effectively [72][73] Question: How does the company view Q2 guidance amid uncertainty? - Management remains optimistic about growth opportunities and the ability to support clients through strategic consulting [78][80] Question: How is the competitive landscape evolving, particularly with Amazon? - Management sees Amazon's focus on Prime Video as a limitation and believes the company can capture market share by aligning interests with buyers [85][90] Question: What progress is being made with OpenPath? - Management highlighted the positive developments and new partnerships through OpenPath, despite the current uncertainty in the upfront market [93]

Financial Data and Key Metrics Changes - Q1 revenue reached $616 million, representing a 25% year-over-year increase [45] - Adjusted EBITDA for the quarter was $208 million, reflecting a 34% margin [45] - Adjusted net income was $165 million, or $0.33 per fully diluted share [49] - Free cash flow was $230 million in Q1 [49] Business Line Data and Key Metrics Changes - CTV (Connected TV) remains the largest and fastest-growing advertising channel, representing a high 40s percentage share of the business [46] - Mobile accounted for a mid-30s percentage share of spend, while display represented a low double-digit share and audio around 5% [46] - The adoption of the Kokai platform accelerated, with about two-thirds of clients now using it, ahead of schedule [60] Market Data and Key Metrics Changes - North America represented approximately 88% of spend, while international markets accounted for about 12% [46] - International growth outpaced North America for the ninth consecutive quarter, driven by CTV [47] Company Strategy and Development Direction - The company aims to capture market share in a more competitive landscape, particularly in the open Internet space [19][40] - Innovations like OpenPath and the acquisition of Sincerra are expected to enhance supply chain efficiency and transparency [24][28] - The focus remains on maintaining independence and objectivity to differentiate from competitors like Google and Amazon [45][82] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to navigate macroeconomic uncertainties and continue to grow [51] - The outlook for Q2 anticipates revenue of at least $682 million, reflecting a 17% year-over-year growth [51] - The company is optimistic about the open Internet's prospects following recent antitrust rulings against Google [19][70] Other Important Information - The company has no debt and ended the quarter with approximately $1.7 billion in cash and short-term investments [49] - A significant share repurchase program was executed, with $386 million of Class A common stock repurchased [50] Q&A Session Summary Question: Can you elaborate on the progress from product and go-to-market changes? - Management highlighted strong Q1 performance and noted that upgrades contributed to outperformance, with Kokai adoption ahead of schedule [56][60] Question: What are the implications of Google's antitrust verdict for DSPs? - Management believes the verdict will create a fairer market, allowing the company to compete more effectively against reduced competition from Google [65][70] Question: How does the company view Q2 guidance amid uncertainty? - Management remains optimistic, citing strong underlying business fundamentals and the ability to assist clients in navigating challenges [72][75] Question: How is the competitive landscape evolving, particularly with Amazon? - Management views Amazon's focus on Prime Video as a limitation, asserting that the company’s CTV growth is outpacing Amazon's advertising growth [80][82] Question: What progress is being made with OpenPath and expectations for the upfront? - Management anticipates a stronger performance for programmatic advertising during the upfronts, with ongoing improvements in OpenPath [90][92]

Financial Performance - Q1 2025 revenue was $63.8 million, a decrease of 4% year-over-year[8] - Adjusted EBITDA for Q1 2025 was $8.5 million, representing a 13% margin[8] - Net loss for Q1 2025 was $(9.5) million[8] - Cash flow from operations was $15.6 million in Q1 2025[8] Growth & Strategy - CTV revenue grew by over 50% year-over-year in Q1 2025[22] - Supply Path Optimization (SPO) share of total activity on the platform increased to over 55% in Q1 2025, compared to over 35% in Q1 2023[24] - Excluding the impact from a DSP buyer and political spend, underlying year-over-year revenue growth accelerated to 21% in Q1 2025[30, 33] Future Outlook - Q2 2025 revenue is projected to be between $66 million and $70 million, representing a growth rate between -2% and 4% year-over-year[48] - Adjusted EBITDA for Q2 2025 is expected to be between $9 million and $12 million, with a margin of 14% to 17%[48] - Full year capex outlook reduced by more than 15% to approximately $15 million[48]

Financial Data and Key Metrics Changes - Organic revenues grew slightly, in line with previous guidance, while OIBDA was $64 million and AFFO was $24 million [8][19] - Consolidated adjusted OIBDA totaled about $64 million, a 3% decline versus the prior year, but excluding certain costs, adjusted OIBDA would have increased [18][19] - Total net leverage was 4.8 times, within the target range of four to five times [20] Business Line Data and Key Metrics Changes - Billboard revenues were down 1%, impacted by the exit of a large New York billboard contract, while digital billboard revenues increased by 5.4% [8][9] - Transit revenues grew by 2.6%, with strong growth in New York MTA offset by weakness in other franchises [9][10] - Combined digital revenue performance grew almost 7%, representing nearly 33% of total organic revenues, up from about 31% last year [11] Market Data and Key Metrics Changes - Local revenues were down 3% year-on-year, while national revenues grew by 4%, driven by improved advertising sales efforts [11][12] - The strongest billboard region was identified as the South, while the West, particularly LA, faced challenges [10][44] Company Strategy and Development Direction - The company is focusing on four strategic imperatives: optimizing sales strategies, modernizing workflows, driving new demand from non-out-of-home advertisers, and ensuring operational excellence [7][22] - The management is committed to unlocking significant potential within the company and improving cost efficiencies [7][18] Management's Comments on Operating Environment and Future Outlook - The management expects second quarter revenues to be similar to the first quarter, with billboard revenues flattish to slightly down and transit up low to mid-single digits [22] - Despite economic uncertainties, there are no indications of cancellations or a likely recession, with expectations for mid-single-digit growth in reported 2025 consolidated AFFO [19][22] Other Important Information - The company announced a $0.30 cash dividend payable on June 30 to shareholders of record at the close of business on June 6 [21] - The company plans to exit another large but marginally profitable billboard contract in Los Angeles, which is expected to have a limited impact on adjusted OIBDA and AFFO [15][18] Q&A Session Summary Question: What percentage of ad categories are goods versus services, and which is more resilient in the current environment? - Management noted that most of their categories are services, with some postponements observed in automotive, government, and retail sectors, but no significant reductions [26][28] Question: How is media and entertainment spending trending in LA, and is the exit of the LA contract related to the fire? - Management emphasized the importance of the media and entertainment category in LA and clarified that the exit was not related to fire incidents, focusing instead on profitable contracts [31][33] Question: What is the status of the MTA contracts and the impact of congestion pricing on transit growth? - The MTA contract increased slightly, and while it's hard to trace the impact of congestion pricing, there are indications of higher ridership [35][36] Question: Can you elaborate on potential cost savings or operational efficiencies? - Management clarified that the focus is on demand generation and modernizing the tech stack rather than just efficiency, aiming for a laser-like focus on growth drivers [41][43] Question: Are there differences across geographies in revenue trends aside from exited contracts? - The West has been challenging, while the South and Midwest are performing well, with the East benefiting from strong MTA transit performance [44]