Financial Data and Key Metrics Changes - Revenue in Q4 was approximately $352 million, reflecting an increase of 50% year-over-year on an as-reported basis, primarily due to the acquisition impact [15] - Ex-TAC gross profit in Q4 was $152 million, an increase of 122% year-over-year on an as-reported basis, but a decline of 19% on a pro forma basis [18] - Adjusted EBITDA in Q4 was $37 million, and adjusted free cash flow was approximately $3 million in the fourth quarter and $6 million for the year [21] Business Line Data and Key Metrics Changes - CTV revenue crossed the $100 million annual mark with growth hitting 55% in Q4, indicating strong performance in the living room segment [5] - Sales to enterprise customers saw a 300% jump compared to Q3, demonstrating significant growth potential [5] - Direct response advertisers are focused on ROAS, with a small but meaningful segment of arbitrage-based customers being turned away for higher quality [12] Market Data and Key Metrics Changes - The U.K. market has stabilized, and sales of performance campaigns to enterprise customers are accelerating [17] - The operational challenges primarily impacted the U.S. and U.K. markets, but improvements are being seen in Q1 [17][36] Company Strategy and Development Direction - The company aims to build a best-in-class digital advertising platform, focusing on premium marketplace growth and walking away from low-quality revenue [4] - The strategy for enterprise advertisers is built on three pillars: leading with CTV offerings, deepening relationships with agencies, and scaling performance business [7][11] - The company is investing in AI to enhance performance and productivity, aiming to simplify campaign setups and optimize outcomes [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to growth by Q4 2026, citing positive indicators from Q4 and early Q1 [14][36] - The company acknowledges the uncertainty of the overall environment but is focused on executing a well-defined plan to drive growth [22] Other Important Information - The company recorded a non-cash impairment to goodwill of around $350 million due to declines in share price and market capitalization, which does not impact liquidity or cash flows [19] - Restructuring is expected to save approximately $35 million-$40 million annually [20] Q&A Session Summary Question: Is the sales force fully staffed now, and what about exclusive deals with Samsung and LG? - Management is confident in the current leadership and team, and exclusive relationships exist with LG and Samsung in certain geographies, enhancing their competitive advantage [26][27] Question: Can you provide additional color on the stabilization of the business and trends in Q1? - Management sees improvement in Q1, particularly in CTV and performance sales, with a focus on reducing costs and realigning around growth drivers [32][36] Question: What are the assumptions behind the full year EBITDA guide? - The guidance of approximately $100 million of EBITDA does not imply full-year Ex-TAC growth, with expectations of returning to growth by Q4 [41][43] Question: Any specific ad verticals showing strength or weakness? - There is some weakness in CPG and automotive, while health and finance sectors show strength, but nothing material to report [46] Question: Can you elaborate on the Google TV opportunity? - The addition of Google TV is seen as a significant growth opportunity for CTV home screen, with expectations of continued strong growth [50]