Financial Data and Key Metrics Changes - For the full year 2025, the company delivered revenue of $2.9 billion, representing an 18% year-over-year growth [37] - In Q4, revenue was $847 million, reflecting a 14% year-over-year growth, and excluding political spend, revenue increased approximately 19% year-over-year [37][38] - Adjusted EBITDA for Q4 was approximately $400 million, or about 47% of revenue, with net income of $187 million, or $0.39 per diluted share [40] Business Line Data and Key Metrics Changes - CTV (Connected TV) grew at a faster rate than the overall business throughout 2025, representing about 50% of the business in Q4 [38] - Audio represented around 6% of the business and grew year-over-year at a rate higher than any other channel in Q4 [38] - Mobile accounted for approximately 30% of the business during the quarter, while display represented a low double-digit share [38] Market Data and Key Metrics Changes - The United States represented approximately 84% of revenue in Q4, while international revenue accounted for about 16% [38] - Strong momentum in EMEA (Europe, the Middle East, and Africa) and APAC (Asia-Pacific) reflects investments made in these regions over the last several years [39] - CPG (Consumer Packaged Goods) and auto were the softest verticals, while strong growth was observed in medical health, technology, and business and finance [39] Company Strategy and Development Direction - The company is focused on driving performance and innovation through its AI roadmap and Kokai platform, which is seen as a significant competitive advantage [35] - The introduction of Audience Unlimited aims to enhance the data marketplace for buyers and sellers, leveraging AI for better data utilization [22] - The company is committed to simplifying supply chains and measurement processes while maintaining transparency and effectiveness in advertising [28][30] Management's Comments on Operating Environment and Future Outlook - Management highlighted macroeconomic uncertainties affecting CPG and auto sectors, which may impact advertising budgets [48] - Despite challenges, management remains optimistic about long-term opportunities and the strength of relationships with major brands [52] - The company expects Q1 revenue to be at least $678 million, representing a 10% year-over-year growth, with adjusted EBITDA for Q1 estimated at approximately $195 million [42] Other Important Information - The company ended Q4 with about $1.3 billion in cash equivalents and short-term investments, with no debt on the balance sheet [40][41] - The company plans to continue opportunistic share repurchases while offsetting dilution from employee stock issuances [41] Q&A Session Questions and Answers Question: Can you talk about what you're seeing from CPG and auto verticals thus far in Q1? - Management noted that CPGs and autos are facing unique pressures due to cost inflation and consumer pressures, which may lead to adjustments in marketing budgets [48][49] Question: Can you provide more color on the Q1 EBITDA guide and thoughts on full-year operating expenses? - The Q1 EBITDA guide reflects timing issues and infrastructure investments, with expectations for full-year adjusted EBITDA margins to be in line with 2025 [53] Question: What are the biggest organizational improvements over the last 12 months? - Management emphasized the importance of clearer ownership and operational rigor, leading to a streamlined go-to-market strategy and improved accountability [61][62] Question: How have competitive pressures evolved across the DSP landscape? - Management indicated that competitive pressure has not significantly increased, emphasizing the company's focus on objectivity and alignment with buyers [66][70]

RT DogeDesigner (@cb_doge)Elon Musk on Politics:"Politics generally is very tribal, and people lose their objectivity, usually with politics like they generally have trouble seeing the good on the other side or the bad in their own side.This was one of the things that surprised me the most that you often simply cannot reason with people if they're in one tribe or the other. They simply believe that everything their tribe does is good and anything the other political tribe does is bad." ...

I'm loving this arc of the pope engaging with 21st century themes and offering simple but correct and meaningful advice.Pope Leo XIV (@Pontifex):The media cannot and must not separate itself from the destiny of truth. Transparency of sources and ownership, accountability, quality, clarity, and objectivity are the keys to truly opening citizens' rights for all peoples. ...

RT Pope Leo XIV (@Pontifex)The media cannot and must not separate itself from the destiny of truth. Transparency of sources and ownership, accountability, quality, clarity, and objectivity are the keys to truly opening citizens' rights for all peoples. ...

When even spy agencies have to put loyalty to the leader above objectivity and truth, the whole nation loses, and becomes less safe, says @andreaskluth (via @opinion) https://t.co/JUP7fcy6iN ...