Viant Technology (NasdaqGS:DSP) FY Conference November 19, 2025 02:00 PM ET Company ParticipantsChris Vanderhook - COOTim Vanderhook - CEOConference Call ParticipantsAlec Brondolo - AnalystAlec BrondoloI think we're good to get started. Appreciate everyone joining us. My name is Alec Brondolo. I cover small and mid-cap internet for Wells Fargo. I'm very pleased to be joined by Tim and Chris Vanderhook, Chief Executive Officer and Chief Operating Officer, respectively. Guys, thank you so much for joining us. ...

Summary of Ibotta's Fireside Chat Company Overview - **Company**: Ibotta - **Industry**: Consumer Packaged Goods (CPG) and Performance Marketing - **Key Executive**: Chris Riedy, Chief Revenue Officer Core Insights and Arguments 1. **Attraction to Ibotta**: Chris Riedy was drawn to Ibotta due to its potential in performance marketing and its partnerships with major retailers like Walmart, Instacart, and DoorDash, which enhance consumer engagement and marketing effectiveness [9][12][13] 2. **Shift in Sales Strategy**: Post-IPO, the company recognized the need for measurable outcomes in marketing spend, leading to the development of a new performance marketing approach called "Live Lift" [15][14] 3. **Live Lift Product**: This product focuses on measuring incremental sales generated by promotions, allowing brands to assess the cost-effectiveness of their marketing campaigns [16][17][18] 4. **Sales Cycle Dynamics**: The traditional sales cycle for promotions has been lengthy, but the Live Lift product aims to shorten this cycle by enabling quicker campaign launches and adjustments based on real-time data [27][28][30] 5. **Client Engagement**: Ibotta is shifting its approach to engage directly with C-suite executives and brand managers rather than relying solely on procurement or center of excellence roles, ensuring a better understanding of client needs [20][21][22] Important but Overlooked Content 1. **Market Challenges**: The current macroeconomic environment poses challenges for CPG clients, including inflation and changing consumer demands, which may impact growth in 2026 and 2027 [47][48][49] 2. **Third-Party Validation**: Ibotta is working with third-party measurement providers like Circana to validate the effectiveness of its campaigns, which is crucial for building trust with clients [34][36] 3. **Integration with Retail Media**: Ibotta's offerings are seen as complementary to retail media strategies, enhancing the overall marketing effectiveness for brands by driving awareness and conversion [57][60] 4. **Distribution Partnerships**: The company has established relationships with major distribution partners like Walmart and DoorDash, focusing on collaboration to enhance customer offerings [61][65] Conclusion Ibotta is positioning itself as a leader in performance marketing within the CPG sector by leveraging data-driven insights and innovative products like Live Lift. The company is adapting its sales strategies to meet the evolving needs of its clients while navigating a challenging macroeconomic landscape.

Summary of MNTN Conference Call Company Overview - **Company**: MNTN - **Industry**: Connected TV (CTV) Advertising Key Points Market Opportunity - MNTN identifies a significant market in television advertising, noting that 5.5 billion people watch TV, more than those who drive automobiles [4][4] - The company has created a new Total Addressable Market (TAM) by enabling small and mid-sized businesses (SMBs) to access television advertising, with 97% of MNTN's customers being new to TV advertising [4][4] Customer Acquisition Strategy - MNTN estimates that approximately 1.5 million small businesses in the U.S. can utilize streaming TV for advertising [5][5] - The platform is designed to attract customers by focusing on their desire for new traffic rather than just TV ads [5][5] - MNTN's primary lead generation comes from streaming its own branded TV commercials, leading to organic customer acquisition [9][9] Customer Engagement and Performance Metrics - Customers typically measure success through Return on Ad Spend (ROAS), aiming for a common target of $3,000 in revenue for every $1,000 spent [9][9] - The platform allows customers to create campaigns and measure their impact, which encourages increased spending as they see positive results [9][9] Creative Solutions - MNTN has introduced Quick Frame AI, significantly reducing the time and cost to create TV ads, making it accessible for SMBs [17][18] - The cost of creating a TV ad has decreased from thousands of dollars to hundreds, and the time required has been reduced from 40 days to less than a day [17][18] Competitive Landscape - MNTN emphasizes that the fastest-growing segment of the CTV industry is SMBs, which they have helped to create [20][20] - The company focuses on optimizing ad placements and measuring performance across various metrics, including audience engagement and revenue generation [21][21] Financial Performance - MNTN reported a gross margin increase of 7% year-over-year, with adjusted EBITDA margins expected to expand alongside revenue growth [46][46] Future Growth and Market Position - MNTN aims to continue expanding its market share by focusing on performance marketing for SMBs rather than competing in the enterprise space [51][51] - The company is committed to investing in technology and AI to enhance its platform and maintain its competitive edge [32][32] Misconceptions and Market Dynamics - A common misconception among investors is comparing MNTN to larger companies in the industry; MNTN's unique position is highlighted by the fact that 97% of its customers are new to TV advertising [61][61] - The company believes that while larger brands may dominate initial advertising budgets, the growth potential for SMBs remains significant and sustainable [63][63] Conclusion - MNTN is positioned as a leader in the CTV advertising space for SMBs, leveraging technology to provide accessible and effective advertising solutions, with a strong focus on performance metrics and customer satisfaction [4][4][20][20]

•Q3 2025 revenue of $47.0 million; YTD 2025 revenue of $146.9 million •Q3 2025 Commerce Media Solutions revenue grew 81% to $18.8 million, representing 40% of consolidated revenue from $10.4 million or 16% of consolidated revenue in Q3 2024 •Commerce Media Solutions annual revenue run rate now exceeds $85 million, with gross margin of 22% reflecting a sequential improvement of 400 basis points compared to Q2 2025 •Expect adjusted EBITDA profitability in Q4 2025 as well as full-year double-digit revenue g ...

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $83.3 million, a decline of 16% year-over-year, but adjusted EBITDA was 44% above the midpoint of guidance [20][21] - Adjusted EBITDA for Q3 was $16.6 million, representing an adjusted EBITDA margin of 20% [25] - Non-GAAP gross margin was 80%, down nearly 800 basis points year-over-year [23] Business Line Data and Key Metrics Changes - Redemption revenue was $72.1 million, down 15% year-over-year, with third-party publisher redemption revenue at $49.3 million, down 4% year-over-year, and direct-to-consumer redemption revenue at $22.8 million, down 31% year-over-year [21] - Total redeemers increased to 18.2 million, up 19% year-over-year, indicating growth in third-party redeemers [22] Market Data and Key Metrics Changes - The macro environment remains challenging for CPG companies, with consumer sentiment near an all-time low, impacting spending behavior [7][8] - Clients are adopting a cautious approach, leading to a wait-and-see strategy regarding discretionary spending [8] Company Strategy and Development Direction - The company is transforming into a full-service performance marketing platform for the CPG industry, focusing on automation and scale for 2026 [4][5] - A strategic partnership with Circana was announced to enhance measurement capabilities, allowing clients to receive independent lift studies [5][9] - The launch of LiveLift aims to help brands drive incremental sales at scale, with positive initial client feedback [6][10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the ongoing macroeconomic challenges and the need for rigorous measurement of marketing ROI [8][9] - The company expects to bring LiveLift to market in a more scaled and automated fashion in 2026, with a focus on making it easier for clients to execute campaigns [18][19] Other Important Information - Non-GAAP operating expenses were down 1% year-over-year, but investments related to transformation were up approximately 11% [24][25] - The company ended Q3 with $223.3 million in cash and cash equivalents and repurchased approximately 1.4 million shares [25][26] Q&A Session Summary Question: Understanding LiveLift's timeline and impact - Management confirmed that they are on track for about 20 LiveLift pilots by year-end, with 83% of completed pilots leading to further campaign investments [32][33] - The timeline for clients to move from pilot to budget allocation can take up to 12 months, influenced by campaign performance and client budget cycles [34] Question: Insights on macroeconomic headwinds - Management noted that consumer sentiment is low, and clients are taking a cautious approach due to ongoing macroeconomic uncertainties, including tariffs and SNAP disruptions [36] Question: Integration of AI within the platform - AI is being used to model pre-campaign projections and optimize campaign parameters, significantly improving efficiency in campaign setup [37][38] Question: Roadmap for reducing friction across the platform - Management emphasized the need to streamline processes and improve client interactions, focusing on making it easier for clients to work with the company [39][40] Question: Contribution from Instacart and DoorDash - The partnerships with Instacart and DoorDash are progressing well, with significant growth in redeemers attributed to these channels [46][47]

Core Insights - MNTN has been recognized as a 2025 Inc. Power Partner Award winner, highlighting its role in supporting entrepreneurs and aiding company growth in the B2B sector [1][2]. Company Overview - MNTN is a technology platform focused on performance marketing for Connected TV, making television advertising accessible and measurable for businesses [2][7]. - The company aims to simplify TV advertising, allowing brands to generate traffic, leads, and revenue effectively [4][7]. Recognition and Impact - The Inc. Power Partner Awards honor B2B organizations that excel in assisting startups and entrepreneurs across various business aspects, including hiring, compliance, and fundraising [3][4]. - MNTN's recognition reflects its commitment to helping small businesses navigate the complexities of advertising and marketing [4][5]. Innovations and Developments - MNTN has introduced QuickFrame AI, a creative orchestration engine that enables marketers to create complete TV commercials in minutes, enhancing the efficiency of ad production [5][14]. - The company has expanded its Partner Program to include over 40 leading performance marketing agencies, further solidifying its position in the market [5]. Market Position - MNTN's technology has allowed 97% of its brands to engage in television advertising for the first time, indicating a significant shift in the advertising landscape [5]. - The company continues to innovate with advancements in targeting technology and attribution systems, aiming to redefine advertising possibilities on television [5].

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $215 million, representing a 12% year-over-year increase, exceeding the guidance range of $189-$197 million [7] - Non-GAAP operating income for Q3 was $41 million, above the guidance range of $23 million-$27 million [8] - GAAP operating income for Q3 was $34 million, with trailing 12-month adjusted free cash flow increasing and a cash balance of $121 million at the end of Q3 [8][9] Business Line Data and Key Metrics Changes - Banking revenue increased by 96% year-over-year, while personal loans revenue rose by 91% year-over-year [7] - The insurance business saw a 3% year-over-year increase, slightly better than expected [7] - SMB products and credit cards experienced a decline year-over-year due to organic search headwinds [7] Market Data and Key Metrics Changes - The company is seeing momentum with referrals from large language models (LLMs), which convert at a higher rate than traditional organic traffic [5] - Traffic from LLMs is currently small but shows potential for growth, prompting continued investment in this channel [5] Company Strategy and Development Direction - The company aims to expand its reach to below-prime consumers, enhancing its product offerings and operational efficiency [4][6] - There is a focus on converting traffic into a loyal audience through personalized engagement strategies [6] - The company plans to return to typical levels of brand marketing spend in Q4 after reevaluating its brand strategy [8][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term prospects, emphasizing sustainable growth, strong free cash flow generation, and disciplined capital allocation [7] - For Q4, the company expects revenue in the range of $207 million-$250 million, with continued strength in banking and personal loans, but challenges in credit cards and SMB [9][10] - Non-GAAP operating income for Q4 is expected to be between $20 million and $24 million, reflecting improvements in shopping funnels and operational efficiency [10] Other Important Information - The company completed $19 million in share repurchases during the quarter, reflecting confidence in long-term prospects [9] - Management noted that the brand is a significant asset and is continuously looking for ways to enhance its impact [20] Q&A Session Summary Question: Insights on LLM traffic growth and investments - Management indicated that LLM traffic is converting at stronger rates and investments are similar to those made for organic search [12][14] Question: Drivers of banking category growth - The increase in banking demand is attributed to both consumer and partner demand, with improvements in product funnels to match user intent [16][18] Question: Reevaluation of brand spend - The company underspent on brand marketing by $8 million in Q3 due to a reevaluation of its brand strategy, with plans to return to typical spending levels in Q4 [19][20] Question: Content strategy for below-prime consumers - The company has historically had content for all consumers, and the focus is on filling out the marketplace to better serve unmet needs [21][22]

Financial Data and Key Metrics Changes - The company reported Q3 revenue of $70 million, representing a 31% year-over-year increase after adjusting for the divestiture of Maximum Effort [13] - Gross margin increased to 79%, up from 72% in Q3 of 2024, reflecting a 720 basis point improvement [14] - Adjusted EBITDA was $16 million, a 52.9% increase from $10.5 million in Q3 of 2024, with an adjusted EBITDA margin of 22.8% [16] Business Line Data and Key Metrics Changes - The Performance TV business averaged 39% year-over-year growth over the past six quarters [9] - The number of active Performance TV customers grew by 67% year-over-year, reaching 3,316 [15] - The average revenue per user (ARPU) for Q3 was $20,904, consistent with expectations [15] Market Data and Key Metrics Changes - The company is focused on small and medium-sized businesses, which now account for 15% of revenue, up from 6% in Q4 of the previous year [30] - The expansion rate for existing customers remains well above 115%, indicating strong customer retention and increased spending [15] Company Strategy and Development Direction - MNTN aims to democratize television advertising for small and medium-sized businesses, which have historically been excluded from TV advertising [3][4] - The company has built a self-serve platform that allows advertisers to launch and manage campaigns across over 200 premium streaming networks [5][11] - The introduction of QuickFrame AI is expected to lower creative costs and accelerate the ad creation process, enhancing customer engagement [8][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's momentum and the underlying health of the business, expecting Q4 revenue between $85.5 million and $86.5 million, representing a 34% year-over-year growth rate at the midpoint [17] - The company anticipates continued growth in the performance TV market, driven by increased customer adoption and improved marketing efficiency [19][20] Other Important Information - The company ended Q3 with $179 million in cash and cash equivalents and no debt outstanding [16] - The divestiture of Maximum Effort has positively impacted gross margins, contributing to the overall financial performance [14][42] Q&A Session Summary Question: What is driving the high growth rate in CTV? - Management highlighted accelerating new customer growth, improved targeting technology, and the launch of QuickFrame AI as key drivers of growth [19][20] Question: What impact do you expect from the QuickFrame AI launch? - QuickFrame AI is expected to shorten the time to go live for customers, lower creative costs, and increase the volume of creative produced [22][23] Question: Can you discuss the Q4 revenue guidance and its drivers? - The guidance reflects strong seasonal performance and ongoing customer acquisition efforts, with expectations for continued growth in the business [25][26] Question: How is the agency business performing? - The agency channel has grown organically, with a dedicated team now in place to support independent agencies focused on performance marketing [32][36] Question: What role do SSP partnerships play in your strategy? - SSP partnerships help fill gaps in supply relationships and enhance access to premium content, which is crucial for customer satisfaction [38][39]

Financial Data and Key Metrics Changes - The company reported a positive operating income in Q3 for the first time since fiscal 2021 [11] - Adjusted EBITDA for Q4 is projected to be $145 million, the highest ever for adjusted EBITDA [11] - Full-year EBITDA margins are expected to improve by 200 basis points year-over-year to approximately 8.4% [11] - The trailing 12-month free cash flow exceeded $440 million, indicating strong cash generation [12] Business Line Data and Key Metrics Changes - Platform revenue growth was reported at 17% year-over-year for Q3, with guidance for Q4 indicating a growth rate of 15% [20][62] - The company is focused on three key areas for platform revenue growth: enhancing the home screen, increasing ad demand, and growing subscription revenue [5][9] - Premium subscriptions are performing well, with new tier-one services expected to launch in 2026 [9][29] Market Data and Key Metrics Changes - The company has a significant presence, with Roku being used in half of broadband households in the U.S. [6][39] - The advertising business is growing, with approximately 90% of advertisers on the Ads Manager being new to Roku in Q3 [19] - The Roku Channel continues to be the second most popular app on the platform by streaming hours, indicating strong engagement [78] Company Strategy and Development Direction - The company aims to maintain double-digit platform revenue growth while increasing profitability in 2026 and beyond [5] - There is a strong focus on improving the home screen and user interface to enhance viewer engagement and monetization [6][26] - The company is investing in performance marketing and integrating generative AI into its ad system to improve targeting and performance [27][71] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory for 2026, citing multiple initiatives that are already launched or in development [21] - The company views the fragmentation of sports content across apps as an opportunity to simplify the viewing experience for users [39][44] - Management noted that the advertising market is showing positive trends, with strong performance in video advertising contributing to revenue growth [59] Other Important Information - The company has $2.3 billion in cash and short-term investments, providing a strong financial position for future investments [11] - A net share settlement program was initiated to offset about 40% of gross dilution [12] - The company is focused on maximizing shareholder value through disciplined capital allocation and share buybacks [12] Q&A Session Summary Question: Trends in the platform business and growth drivers for Q4 and 2026 - Management highlighted confidence in maintaining double-digit platform revenue growth and outlined key monetization initiatives [5][11] Question: Capital allocation priorities and share buybacks - The company repurchased $50 million of shares in Q3 and is focused on offsetting dilution while maximizing ROI [11][12] Question: Size and growth rates of third-party DSPs and Ads Manager - Management emphasized the importance of deepening integrations with DSPs and noted that Ads Manager is seeing new advertisers [19][20] Question: Impact of the new home screen on engagement and monetization - The new home screen aims to enhance user experience and drive higher monetization through improved engagement [25][26] Question: Opportunities in the sports content space - Management sees significant opportunities in sports streaming and aims to simplify the viewing experience for users [39][44] Question: ARPU growth expectations - Management expects ARPU to grow faster than platform revenue growth due to ongoing monetization initiatives [48][49] Question: Macro environment trends and advertising performance - Management noted positive trends in advertising and strong performance in video advertising, with expectations for continued growth [59][60]

Core Insights - AppLovin (APP) is transitioning from a mobile gaming company to an AI-driven advertising leader, marked by the launch of its rebranded ad division, Axon [1][7] - Axon Ads Manager offers a self-service platform for advertisers, focusing on AI-driven audience targeting and performance measurement, positioning itself as a transparent alternative to Meta and Google [2][3] - AppLovin's Q2 2025 revenues increased by 77% year-over-year to $1.3 billion, with a $1 billion ecommerce ad run rate, indicating strong client budget scaling [3][7] Company Developments - The introduction of Axon Ads Manager is aimed at enhancing campaign management and optimization through AI, emphasizing ROI-focused strategies [2][7] - Major clients such as Wayfair and Ashley Furniture are reportedly increasing their advertising budgets significantly, contributing to AppLovin's growth [3] - The self-serve model is expected to alleviate scaling challenges and create new revenue opportunities for AppLovin in the ad tech sector [3] Competitive Landscape - Meta Platforms is enhancing its AI-driven advertising campaigns to counter AppLovin's advancements, leveraging its extensive user base [4] - The Trade Desk is expanding its OpenPath platform, providing transparent programmatic access and positioning itself as a neutral alternative to major ad ecosystems [4] - The competition in AI advertising is intensifying, with AppLovin's Axon emerging as a significant contender [4] Financial Performance - AppLovin's stock has increased by 90% year-to-date, outperforming the industry average growth of 36% [5] - The company has a forward price-to-earnings ratio of 44, which is above the industry average of 26, indicating a premium valuation [8] - The Zacks Consensus Estimate for AppLovin's earnings has been rising, reflecting positive market sentiment [10][11]