Financial Data and Key Metrics Changes - In Q2 2025, revenue increased by 77% year-over-year to approximately $1.26 billion, while adjusted EBITDA nearly doubled to $1.02 billion, achieving an 81% adjusted EBITDA margin [13][14]. - Free cash flow reached $768 million, up 72% year-over-year, with a slight decrease from the previous quarter due to timing of bond interest payments and taxes [14][15]. - The company ended the quarter with $1.2 billion in cash and cash equivalents, including $425 million from the sale of its apps business [14]. Business Line Data and Key Metrics Changes - The majority of revenue growth was driven by the core gaming business, which continues to grow at a rate of 30% to 40% [14][36]. - E-commerce, while performing well, was constrained in onboarding new customers to prepare for the self-serve launch, maintaining around 10% of the business [36][37]. Market Data and Key Metrics Changes - The Max Marketplace has consistently shown double-digit growth, outpacing the in-app purchasing gaming market growth rates of 3% to 5% [6][24]. - The company plans to open its platform to most major international markets on October 1, 2025, expanding its reach beyond the United States [10][38]. Company Strategy and Development Direction - The company is focused on expanding its platform with the launch of the Axon Ads Manager, which aims to simplify the advertising process and enhance user experience [8][11]. - The strategy includes building world-class products and launching them when they meet high standards, with a goal of achieving 20% to 30% year-over-year growth driven by gaming and expanding into new markets [6][12]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining strong growth rates due to improvements in technology and demand, with expectations of significant opportunities outside the core gaming market [5][7]. - The company anticipates a substantial ramp-up in e-commerce as it opens its platform to new advertisers, particularly during the holiday shopping season [36][37]. Other Important Information - The company has been actively managing its share count, reducing the weighted average diluted common shares outstanding from 346 million to 342 million [15]. - The self-service platform is expected to significantly increase advertiser count and revenue, with a referral-based opening planned for Q4 2025 [32][33]. Q&A Session Summary Question: Plans for paid marketing to acquire advertisers - Management indicated that the decision to start paid marketing is driven by the strong performance of their platform and the potential to reach small businesses globally [18][20]. Question: Supply growth and mediation share - Management clarified that supply growth is driven by improvements in technology and demand rather than taking share from other platforms, with the Max mediation platform experiencing swift growth [23][24]. Question: Impact of self-serve platform on overall business - Management expects the self-serve platform to have a material impact, particularly as it allows for rapid onboarding of new advertisers and increased revenue [28][33]. Question: E-commerce contribution to growth - Management confirmed that e-commerce remains around 10% of the business, with growth limited by the onboarding process but expected to ramp up significantly in Q4 [36][37]. Question: International expansion and customer onboarding - Management anticipates a gradual increase in international customer onboarding, leveraging existing relationships and referrals from current advertisers [109][110]. Question: User acquisition spend changes post-Apple vs. Epic lawsuit - Management noted no immediate changes in user acquisition spend from gaming companies, expecting a gradual impact over the next few quarters [97][99]. Question: Capital allocation strategy - The company plans to continue investing in organic growth initiatives and return capital to shareholders through share buybacks [101]. Question: Differences in onboarding international customers - Management indicated that onboarding will be broad-reaching, with no constraints on the types of advertisers as the platform opens up [111][112].

Financial Data and Key Metrics Changes - In Q2 2025, revenue increased by 77% year-over-year to approximately $1.26 billion, while adjusted EBITDA nearly doubled to $1.02 billion, achieving an 81% adjusted EBITDA margin [12][14]. - Free cash flow reached $768 million, up 72% year-over-year, with cash and cash equivalents totaling $1.2 billion, including $425 million from the sale of the apps business [13][14]. - The company anticipates Q3 2025 advertising revenue between $1.003 billion and $1.34 billion, with adjusted EBITDA between $1.007 billion and $1.09 billion, targeting an 81% adjusted EBITDA margin [14][15]. Business Line Data and Key Metrics Changes - The majority of revenue growth was driven by the core gaming business, while e-commerce performance was strong but limited due to constrained onboarding of new customers in preparation for the self-serve launch [12][13]. - Gaming continues to grow at a rate of 30% to 40%, exceeding the long-term goal of 20% to 30% [39]. Market Data and Key Metrics Changes - The Max Marketplace has consistently shown double-digit growth, significantly outpacing the in-app purchasing gaming market growth rates of 3% to 5% [5][24]. - The company plans to open its platform to most major international markets on October 1, 2025, expanding beyond the current U.S.-only web advertising campaigns [8][41]. Company Strategy and Development Direction - The company is focused on expanding its platform with the launch of the Axon Ads Manager, which aims to simplify the advertising process for businesses of all sizes [6][9]. - The strategy includes building world-class products and launching them when they meet high standards, with a focus on patient and disciplined execution for sustainable growth [11]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining 20% to 30% year-over-year growth driven by gaming, while also excited about opportunities to expand outside the core market [5][11]. - The company anticipates a substantial ramp-up in e-commerce as the holiday shopping season approaches, with expectations for increased advertiser onboarding [40]. Other Important Information - The company closed the sale of its apps business to Triple Dot Studios, with financial results for the apps business included in discontinued operations [12]. - The company repurchased approximately 900,000 shares for a total cost of $341 million, reducing the weighted average diluted common shares outstanding [14]. Q&A Session Summary Question: Plans for paid marketing to acquire advertisers - Management indicated that the decision to start paid marketing is driven by the strong performance of their platform and the potential to reach small businesses globally, utilizing their own advertising models for recruitment [17][20][22]. Question: Supply growth in the Max Marketplace - Management clarified that supply growth is driven by improvements in technology and demand, rather than taking share from other platforms, with the audience inside Max growing swiftly [24][25]. Question: Impact of self-serve platform launch - Management expects the self-serve platform to significantly increase advertiser count and drive growth, with a referral-based opening planned for Q4 2025 [31][36]. Question: E-commerce contribution to revenue - Management confirmed that e-commerce is expected to remain around 10% of the business for the year, with limited onboarding impacting growth rates [39][40]. Question: International expansion and onboarding pace - Management anticipates a gradual increase in international onboarding as the platform opens up, with a mix of referrals from existing customers [100][105].