Financial Data and Key Metrics Changes - The company reported Q2 2025 consolidated revenue of $44.7 million, reflecting a 19% decline compared to Q1 2025 [6] - Media margin for Q2 was $11.9 million, a decrease of 13% from Q1 2025 [6] - Adjusted EBITDA was negative $2.8 million, showing a 300k improvement from Q1 2025 [6][19] Business Line Data and Key Metrics Changes - Commerce Media Solutions revenue grew 121% year-over-year to $16.1 million, now representing 36% of total consolidated revenue, up from 12% in Q2 2024 [15][11] - Owned and operated revenue decreased approximately 49% in the quarter, primarily due to strategic shifts [17] - Commerce Media margin was $3.2 million or 20% of Commerce Media Solutions revenue, down from 30.4% in Q2 2024 [17] Market Data and Key Metrics Changes - The company anticipates that Commerce Media Solutions will become the majority of revenue by 2026 [7] - The commerce media market is projected to grow over $100 billion in the next five years, expected to account for 25% of all digital media spend by 2026 [11] Company Strategy and Development Direction - The company is shifting its focus towards Commerce Media Solutions, which is seen as a transformational pivot and a competitive advantage in a growing market [9][10] - The strategic pivot is supported by a recent equity financing of over $10 million to bolster the balance sheet and fuel growth [10][20] - The company aims to achieve positive adjusted EBITDA by Q4 2025 and for the full year 2026 [14][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of Commerce Media Solutions, expecting continued triple-digit growth [14] - The company is optimistic about the partnerships being established, which are expected to drive long-term dividends [12] - Management acknowledged the challenges faced in the owned and operated segment due to regulatory headwinds and pricing volatility [7][25] Other Important Information - The company ended Q2 2025 with $4.9 million in cash and cash equivalents, alongside $2.4 million in restricted cash [19] - Total net long-term debt was $19.9 million as of June 30, 2025, down from $31.9 million at the end of 2024 [20] Q&A Session Summary Question: What drove the declines in the owned and operated segment? - Management attributed the decline to the FTC settlement, which restricted media buying capabilities and increased pricing volatility on biddable platforms [23][25] Question: How is the partnership with Revise progressing? - The partnership is still in early stages but is showing good momentum with onboarding merchant partners [26][28] Question: What are the dynamics affecting margin pressures in Commerce Media? - Management indicated that margin pressures are due to early-stage solutions, competitive pricing strategies, and lower margins in new partnerships [32][34] Question: Can you discuss new placements beyond post transactions? - The company is exploring loyalty plays and post-event monetization opportunities, which are still in early development [41][42] Question: How does first-party data differentiate the company from competitors? - First-party data allows for better consumer targeting and monetization, driving better results for partners and enhancing revenue sharing [47][51]

Fluent (FLNT) FY Conference Summary Company Overview - Fluent is a digital advertising company focused on customer acquisition for major brands [2][4] - The company has pivoted towards a new digital marketing channel called Commerce Media, which has rapidly grown from $0 to $50 billion in less than four years and is expected to double again [5][13] Key Financial Metrics - Fluent achieved a $65 million annual run rate in its Commerce Media business and expects to double this in 2025 and again in 2026 [6][19] - The company has historically grown its legacy business at a compounded average growth rate of over 12% for the first 12 years [4] - The transition to Commerce Media is anticipated to return Fluent to double-digit revenue growth with improving margins and profitability [6][19] Strategic Pivot - The strategic pivot from legacy business to Commerce Media is driven by the need for higher growth and higher margins [34][36] - Fluent's first-party data asset is a key competitive advantage, allowing for better consumer targeting and ad relevance [26][49] - The company has integrated its technology into partner websites, enabling a performance-based revenue model with no upfront costs [15][16] Market Dynamics - The Commerce Media market is projected to grow from $50 billion to $100 billion by 2027 [13] - Fluent's business model allows for a revenue share split, typically $60 to the media partner and $40 to Fluent [10][45] - The company is positioned to benefit from tailwinds in digital advertising, particularly in the context of privacy and data compliance [14][18] Partnerships and Growth Opportunities - Fluent has launched a strategic partnership with Rebuy, a top Shopify app, which opens access to 12,000 merchants and enhances market penetration [22][23][42] - The company is exploring opportunities in additional verticals such as travel, finance, and entertainment beyond its current focus on retail, ticketing, grocery, and restaurants [21][22] Case Studies and Performance Metrics - A case study with a large sports retailer showed a 35% increase in revenue per consumer compared to competitors, highlighting the effectiveness of Fluent's data-driven approach [31] - Another case study with a gaming company demonstrated a 650% quarter-over-quarter growth in new users, indicating the scalability of Fluent's solutions [33] Conclusion - Fluent is undergoing a significant transformation towards a higher growth, higher margin business model through its Commerce Media solutions, leveraging its first-party data and technology integration to drive better results for advertisers and partners [39][40]

Group 1 - Criteo S.A. is considered meaningfully undervalued due to internal improvements and exposure to long-term growth trends [1] - The company has successfully repositioned itself into a broad-based commerce media model over the past few years [1] Group 2 - The analyst has over 13 years of diverse financial analysis experience across various sectors, including Auto, Industrials, and IT [1] - The analyst's background includes managing investor relations and strategic finance for a listed IT company with a market cap of approximately USD 2.5 billion [1] - The analyst has developed strong expertise in market analysis, valuation models, and investment strategy [1]

Company Overview - Fluent, Inc. is a leader in commerce media, connecting top-tier brands with highly engaged consumers through exclusive ad inventory and robust first-party data [3] - The company utilizes proprietary machine learning to unlock additional revenue streams for partners and empower advertisers to acquire valuable customers at scale [3] - Founded in 2010, Fluent specializes in performance marketing to drive monetization and increase engagement throughout the customer journey [3] Upcoming Event - Don Patrick, the CEO of Fluent, will attend the 45th Annual Canaccord Genuity Growth Conference on August 13, 2025, at the InterContinental Boston [1] - Mr. Patrick will participate in a fireside chat at 12:00pm ET and will be available for one-on-one meetings throughout the day [1] Webcast Information - A live webcast of the fireside chat will be available at a specified link, with a replay accessible after the event [2]

Core Insights - Magnite partners with REMAX to enhance its commerce media business, focusing on monetizing digital inventory and utilizing first-party home buyer data to connect brands with high-intent home buyers [1][2] Group 1: Partnership and Strategy - REMAX becomes the first real estate franchisor to launch a commerce media network, aiming to revolutionize the intersection of real estate and advertising while capitalizing on the retail media trend [2] - The collaboration will leverage Magnite's curation tools to enhance media supply with REMAX's proprietary homebuyer data, allowing for the creation of premium audience segments based on attributes like income, age, and homebuying stage [2][3] Group 2: Audience Targeting and Efficiency - The partnership enables advertisers to utilize REMAX's data against Magnite's premium inventory, providing precise targeting and streamlined programmatic workflows [2][3] - REMAX audience segments reflect real-time home buyer intent signals, which are crucial for sectors such as mortgage lending, insurance, and financial services, enhancing targeting effectiveness [3] Group 3: Network and Market Reach - The REMAX Media Network, launched in December 2024, encompasses digital and offline activations across the U.S. and Canada, offering a unique platform for advertisers to connect with consumers [4] - The collaboration with Magnite is designed to maximize the value of REMAX's home buyer data, allowing advertisers to reach audiences across various platforms, thereby improving match rates and cost efficiency [4]

Core Insights - Criteo and dentsu have announced an expanded global partnership aimed at enhancing commerce and performance media campaigns for dentsu's clients, marking the first time a top holding company will utilize Criteo's complete Commerce Media Platform stack [1][2][3] Partnership Details - The partnership will provide dentsu's brands and retailers with AI-enhanced audiences, buying tools, consultancy services, and measurement capabilities to improve commerce outcomes [2] - Dentsu will integrate Criteo's commerce SKU signals and product intelligence into its media solutions, aiming to help clients grow in the Algorithmic Era [3] Technology and Tools Utilization - Dentsu will leverage Criteo's SKU-Based Planning Tool to streamline campaign activation, management, and optimization across over 200 global retailers [5] - The Commerce Growth Performance Buying Platform will be used by dentsu to execute performance deals across video and display ad formats, enhancing customer attraction and retention [5] - Access to custom supply packages of premium publishers' inventory will allow dentsu to improve targeting and performance across campaigns run on third-party demand-side platforms [5] Consultancy and Support - Dentsu clients will benefit from Criteo's consultancy services, which will provide insights to help retailers build and scale their media networks effectively [5]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $55.2 million, a decrease of 16% year-over-year, with $5.2 million of that decline attributed to exited businesses in 2024 [16][17] - Commerce Media Solutions revenue increased by 99% to $12.7 million, indicating strong growth momentum [17] - Owned and operated revenue decreased by 30% year-over-year to $31.1 million, primarily due to challenges in acquiring media from social media channels [17][18] - Gross margins decreased compared to the prior year due to media cost pressures and a shift in revenue mix [18] - Adjusted EBITDA for Q1 2025 was a loss of $3.1 million, compared to a positive adjusted EBITDA of $0.7 million in Q1 2024 [19][20] - Net loss for Q1 2025 was $8.3 million, compared to a net loss of $6.3 million in the prior year [22] Business Line Data and Key Metrics Changes - Commerce Media Solutions now represents 23% of consolidated revenue, up from 10% a year ago [12] - Media margin for Q1 2025 was $13.7 million, or 24.9% of revenue, down from $22.1 million or 33.6% of revenue in the previous year [18] - Commerce Media gross margin was $3.1 million, or 24.6% of revenues, compared to $2 million or 31.3% of revenues in Q1 2024 [19] Market Data and Key Metrics Changes - The commerce media market is projected to grow to $100 billion over the next five years, accounting for more than 25% of digital media spend by 2026 [10] - The company is navigating cost pressures from international tariffs and broader retail inflation, creating uncertainty in the industry [12][13] Company Strategy and Development Direction - The company is focusing on growth opportunities in commerce media solutions, leveraging its owned and operated marketplaces as a foundation for expansion [5][6] - A strategic partnership with Rebuy Engine aims to enhance revenue opportunities and access a large Shopify ecosystem [6][10] - The company anticipates a shift in revenue mix towards commerce media solutions, which is expected to improve margins over time [9][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to year-over-year consolidated revenue growth and positive adjusted EBITDA in the second half of 2025 [9][12] - The company is optimistic about the growth potential in the commerce media industry, viewing it as a significant opportunity for long-term revenue growth [14][24] - Management acknowledged the challenges posed by economic uncertainty but believes that new commerce partners will help offset potential declines in consumer spending [51] Other Important Information - The company ended Q1 2025 with $6.1 million in cash and cash equivalents and reduced total debt to $25.6 million [22][23] - The company is strategically utilizing debt as a source of capital as the business scales [23] Q&A Session Summary Question: Can you share more about the Rebuy Engine partnership and its expected financial contributions? - Management highlighted the strategic importance of the partnership, providing access to a new sales channel in Shopify and enhancing revenue opportunities [26][30] Question: What are the key contributors to accelerating CMS revenue growth back to triple digits? - Management indicated that acquiring new commerce partners and leveraging technology investments will drive growth [32] Question: Can you discuss efforts to expand supply channels for the owned and operated segment? - Management noted ongoing challenges due to regulatory impacts but is exploring new nontraditional platforms to stabilize the business [34][39] Question: What level of stabilization is needed in the O&O segment to achieve positive EBITDA? - Management confirmed that the O&O business remains profitable and expects revenue growth from commerce media to drive overall profitability [46] Question: How does economic uncertainty affect commerce media signings? - Management observed an acceleration in the pipeline during economic uncertainty, indicating a faster conversion of potential clients [55][56] Question: What does the future business model for commerce media look like? - Management expects strong operating leverage and a shift towards contribution margin positivity in 2025 [61][62]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $55.2 million, a decrease of 16% year-over-year, with $5.2 million of that decline attributed to exited businesses in 2024 [16] - Commerce Media Solutions revenue increased by 99% to $12.7 million, indicating strong growth momentum [17] - Owned and operated revenue decreased by 30% year-over-year to $31.1 million, primarily due to challenges in acquiring media from social media channels [17] - Gross margins decreased compared to the prior year due to media cost pressures and a shift in revenue mix [18] - Adjusted EBITDA for Q1 2025 was a loss of $3.1 million, compared to a positive adjusted EBITDA of $0.7 million in Q1 2024 [20] - Net loss for Q1 2025 was $8.3 million, compared to a net loss of $6.3 million in the prior year [21] Business Line Data and Key Metrics Changes - Commerce Media Solutions now represents 23% of consolidated revenue, up from 10% a year ago [12] - Media margin for Q1 was $13.7 million, representing 24.9% of revenue, down from 33.6% in the previous year [18] - Commerce Media gross margin was $3.1 million or 24.6% of revenues, compared to $2 million or 31.3% in Q1 2024, showing strong growth despite lower margins [19] Market Data and Key Metrics Changes - The commerce media market is projected to grow to $100 billion over the next five years, accounting for over 25% of digital media spend by 2026 [10] - The company is navigating cost pressures from international tariffs and broader retail inflation, creating uncertainty in the industry [12] Company Strategy and Development Direction - The company is pivoting towards growth opportunities in commerce media solutions, leveraging its owned and operated marketplaces [5][6] - A strategic partnership with Rebuy Engine aims to enhance revenue opportunities and expand market share within the Shopify ecosystem [6][10] - The company anticipates a stabilization of its owned and operated business while focusing on the growth of commerce media solutions [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to year-over-year consolidated revenue growth and positive adjusted EBITDA in the latter half of 2025 [9] - The company is optimistic about the potential of the commerce media marketplace, viewing it as a significant growth opportunity [14] - Management acknowledged the challenges posed by economic uncertainty but believes new commerce partners will offset potential declines in consumer spending [47] Other Important Information - The company ended Q1 2025 with $6.1 million in cash and cash equivalents and reduced total debt to $25.6 million [21][22] - The partnership with Rebuy is expected to provide significant upside, with initial clients already live on the platform [67] Q&A Session Summary Question: Can you share more about the Rebuy Engine partnership and its expected financial contributions? - The partnership is seen as a major milestone, providing access to a large sales channel in Shopify, with initial integrations already live [25][26] Question: What are the key contributors to accelerating CMS revenue growth back to triple digits? - The focus is on acquiring new commerce partners and leveraging technology investments made over the past two years [30] Question: What efforts are being made to expand supply channels for the owned and operated segment? - The company is exploring new nontraditional platforms and working with demand partners to improve media buying strategies [32][35] Question: How does the economic environment affect commerce media signings? - There is an acceleration in the pipeline during economic uncertainty, with faster movement through sales phases [51][52] Question: What is the outlook for the enterprise pipeline in commerce media? - The pipeline has doubled in size, with larger opportunities compared to the previous year, reflecting strong brand building and results [72]

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 - In full year 2024, total billings decreased by 0.7% year over year, while annual adjusted EBITDA was $2.5 million positive for the second time on a full year basis [20] - In Q4, total billings were $116.3 million, an 11.2% decrease year over year, but exceeded guidance due to improvements in delivery and pipeline wins [21][22] - Revenue decreased by 16% to $74 million in Q4, with U.S. revenue down 19.9% due to lower billings and higher redemptions [24][25] Business Line Data and Key Metrics Changes - The UK business saw a 27.2% revenue growth in Q4, marking the fourth consecutive quarter of double-digit growth [24] - Bridge revenue declined by 12.7% compared to the prior year due to the loss of key accounts [24] - Adjusted contribution was $40.7 million, down 12%, but the adjusted contribution margin improved by 2.5 points due to a more favorable partner mix [25] Market Data and Key Metrics Changes - MAUs were 167.3 million for Q4, a decrease of 0.4%, primarily driven by winding down DASH and a smaller FI partner [26] - ARPU was $0.44, down 16.7% as a result of increased consumer incentives [26] - The company expects Q1 to represent the trough in performance, with billings guidance indicating a negative growth of 10% to 13% [27][29] Company Strategy and Development Direction - The company is focused on a turnaround plan to return to growth, divesting non-core businesses and investing in partnerships and data engineering capabilities [7][8] - A new office in Taiwan is being established to leverage local talent aligned with growth priorities [8] - The company aims to strengthen its competitive position by enhancing its commerce media platform and expanding its network [6][19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged executional challenges in 2024 but expressed confidence in the company's unique value proposition and the potential for growth in 2025 [20][19] - The company anticipates a transformative year in 2025, focusing on product and tech stack innovation, expanding its network, and improving execution [19][32] - Management noted a consumer pullback in discretionary spending but highlighted strength in everyday spend categories [60] Other Important Information - The company ended Q4 with $65.6 million in cash and cash equivalents, providing over $100 million in liquidity [26] - Operating cash flow was positive at $3 million, while free cash flow was negative $1.5 million, showing sequential improvement [25] - The company is committed to maintaining cost discipline while making strategic investments in key areas [31] Q&A Session Summary Question: Delivery performance improvements - Management confirmed sequential improvements in delivery, with campaigns now hitting ROAS goals and under delivery continuing to improve [36][37] Question: Significance of new NeoBank partnership - Management emphasized the importance of every partner, noting that the new neobank will add diverse demographic segments and is expected to be fully ramped up shortly [40][42] Question: Future operating expenses outlook - Management expects operating expenses to remain below $40 million for the rest of the year, normalizing from Q4 levels due to reduced incentive compensation [44][45] Question: Stability of consumer incentives - Management indicated that consumer incentives should remain stable in the low 60% range as engagement improves [50][52] Question: Impact of Dosh on profitability - Management clarified that Dosh's closure would not have a significant impact on profitability, allowing the team to refocus on more critical initiatives [53][55] Question: Advertiser mentality amidst economic uncertainties - Management noted a consumer pullback in discretionary spending but highlighted the strength of everyday spend categories and the diversified advertiser base [60][62] Question: Potential of micro-targeting solutions - Management expressed optimism about the unique capability of combining datasets to unlock new CPG budgets and provide more value to consumers [63][64] Question: Contribution of new large U.S. FI partner - Management stated that the new partner would not significantly contribute to Q1 numbers but is expected to ramp throughout the year [67][68] Question: Drivers of pipeline strength - Management highlighted improvements in delivery and supply as key drivers of pipeline strength, with a focus on expanding partnerships beyond financial institutions [69][70]