Group 1: Rubrik - Rubrik achieved a sales growth of 55% in the last quarter and is currently trading at 79 times free cash flow (FCF) [1] - The company is recognized as the No. 1 player in its niche, holding a "leader" designation from Gartner and has an impressive +80 Net Promoter Score, ranking it among the top 1% of enterprise software companies [1] Group 2: Rocket Lab - Rocket Lab's sales grew by 48% in the last quarter, and its next-generation Neutron rocket is expected to launch in the first quarter of 2026 [4] - The company holds a market cap of approximately $25 billion and is positioned as the No. 2 player in a space industry projected to exceed $1 trillion by 2035 [2] Group 3: Dutch Bros - Dutch Bros reported a 25% sales growth in the last quarter, but its stock has dropped by 33% from its all-time high due to decelerating revenue growth [7] - The company aims to expand to 2,029 total shops by 2029, doubling its current total, and is now funding store construction through its own cash flow [8] Group 4: Halozyme Therapeutics - Halozyme Therapeutics holds a near monopoly on subcutaneous drug deliveries, significantly reducing the time required for drug administration [9] - The company has increased sales by 38% annually over the last decade and is trading at 15 times FCF, indicating strong growth potential [10] Group 5: Global-e Online - Global-e Online facilitates international sales for brands, with its technology being utilized by major e-commerce platforms like Shopify [11] - Despite a 28% sales growth in the last quarter and a 40% drop in share price from its peak, the company remains a dominant player in its niche, trading at 42 times FCF [12] Group 6: Wingstop - Wingstop has experienced a decline in same-store sales for two consecutive quarters, leading to a 37% drop in its stock price [13] - Management believes the company can quadruple its store count, indicating potential for future growth despite recent challenges [15] Group 7: The Trade Desk - The Trade Desk's stock has fallen by 69%, but it still managed a 26% sales growth over the past year [16] - The company is trading at 25 times forward earnings, with improving adoption rates for its new AI-powered platform, Kokai [17] Group 8: Kinsale Capital - Kinsale Capital specializes in excess and surplus insurance lines, achieving 45% annualized net income growth over the last decade [18] - The company is currently trading at its lowest-ever P/E ratio of 19, making it an attractive investment opportunity [20] Group 9: SPS Commerce - SPS Commerce has delivered 99 consecutive quarters of sales growth but has guided for only 8% growth in 2026, resulting in a 59% drop in stock price [21] - The company trades at 21 times free cash flow, significantly below its five-year average, suggesting a potential buying opportunity [22] Group 10: MercadoLibre - MercadoLibre has shown a 39% sales increase in its last quarter and has become a core player in the Latin American economy with 77 million active e-commerce buyers [23] - The company is trading at 52 times forward earnings, which is considered reasonable given its strong growth trajectory [24]

Core Insights - Cie's portfolio company Nativo has entered into a definitive agreement to be acquired by Life360 for approximately $120 million in cash and stock, marking a successful outcome for Cie's venture studio model [1][3] - Nativo, founded in 2010, has established itself as a leading platform for delivering contextually relevant advertising experiences that integrate seamlessly with publisher content [2] - The acquisition will combine Life360's family and location insights with Nativo's advertising technology, enhancing brand messaging to families across multiple channels [3] Company Overview - Cie operates as a venture studio, providing innovation lab and accelerator services for entrepreneurs aiming to transform disruptive ideas into successful ventures [4] - The company combines Silicon Valley expertise with the experience of seasoned entrepreneurs and venture capitalists, driving positive outcomes across various business challenges [5] - Cie's venture portfolio includes notable companies such as Cie Games, ASAP Tire, Titan School Solutions, and Nativo, showcasing its successful track record in the industry [6]

Financial Data and Key Metrics Changes - Nexxen reported a contribution ex-TAC of $92.6 million in Q3, an 8% increase year-over-year or 14% ex-political, marking a Q3 record [16] - Programmatic revenue reached a Q3 record of $89.6 million, up 10% year-over-year or 15% ex-political [16] - Adjusted EBITDA was $28.6 million in Q3, reflecting a 30% adjusted EBITDA margin as a percentage of contribution ex-TAC [18] - Non-IFRS diluted earnings per share were $0.20 in Q3 compared to $0.27 in Q3 2023 [19] - The company generated $35.8 million in net cash from operating activities in Q3, down from $39.9 million in Q3 2023 [19] Business Line Data and Key Metrics Changes - Contribution ex-TAC from non-programmatic business declined roughly $1 million year-over-year [16] - CTV revenue declined 17% year-over-year in Q3 to $24.5 million [16] - Desktop revenue increased 67% year-over-year, while mobile revenue rose 3% [18] - Self-service contribution ex-TAC grew 11% year-over-year amid greater enterprise DSP adoption [18] - Contribution ex-TAC from data products increased 154% [18] Market Data and Key Metrics Changes - The company observed year-over-year decreases in CTV and display, as well as reduced spending within government, retail, and education verticals [16] - Competitive pressures in CTV have led to lower CPMs, affecting revenue [40] - The company expects significant CTV revenue growth opportunities in 2026 and beyond, particularly following the renewal of the VIDAA partnership [17] Company Strategy and Development Direction - Nexxen is focused on enhancing its omnichannel DSP, improving automation, performance, and user experience to attract more enterprise partners [7] - The company aims to reduce reliance on third-party DSPs and strengthen its end-to-end revenue opportunities [10] - Nexxen plans to release new DSP innovations and expand infrastructure in 2026 [14] - The strategic partnership with VIDAA has been renewed and expanded through 2029, providing exclusive access to ACR data and third-party ad monetization [10] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment in lowering guidance due to near-term headwinds, including softness in select channels and changes in a leading DSP customer's spending behavior [13] - The company remains confident in its long-term strategy and positioning, emphasizing the importance of its unique data and media assets [22] - Management believes that the combination of CTV, in-app mobile media, and enhanced data capabilities will drive growth in 2026 and beyond [32][78] Other Important Information - Nexxen repurchased approximately 1.8 million shares in Q3, investing about $18.1 million [19] - The company invested $20 million in VIDAA in Q3, with an additional $15 million planned for Q3 2026 [20] - Nexxen is exploring M&A opportunities focused on accelerating programmatic revenue growth and enhancing data capabilities [20] Q&A Session Summary Question: Steps to address DSP headwinds - Management outlined a clear path to enhance CTV media capabilities and self-service solutions to reduce reliance on third-party DSPs [27][29] Question: Current trend in CTV - Management acknowledged softness in CTV categories and increased competition leading to lower CPMs, but expressed optimism for growth in 2026 [38][40] Question: Impact of DSP spending on future guidance - Management clarified that reduced spending from a major DSP is expected to be isolated to Q4 2025 and will not materially impact 2026 performance [71][72] Question: Data licensing partnerships - Management discussed the growth potential of data licensing partnerships with Yahoo and Trade Desk, emphasizing the profitability of these initiatives [63][65] Question: Non-programmatic business impact - Management confirmed that the non-programmatic business operates in silos and does not provide benefits to the programmatic business [58][60]

Financial Data and Key Metrics Changes - Nexxen reported a contribution ex-TAC of $92.6 million in Q3, an 8% increase year-over-year or 14% ex-political, marking a Q3 record [16] - Programmatic revenue reached a Q3 record of $89.6 million, up 10% year-over-year or 15% ex-political, driven by data products and self-service [16] - Adjusted EBITDA was $28.6 million in Q3, reflecting a 30% margin as a percentage of contribution ex-TAC [19] - Non-IFRS diluted earnings per share were $0.20 in Q3 compared to $0.27 in Q3 2024 [19] - The company lowered its full-year 2025 guidance, expecting contribution ex-TAC in the range of $350 million-$360 million, representing approximately 3% growth at the midpoint [20][21] Business Line Data and Key Metrics Changes - Contribution ex-TAC from non-programmatic business lines declined by roughly $1 million year-over-year [16] - CTV revenue declined 17% year-over-year in Q3 to $24.5 million, impacted by decreased activity from third-party DSP partners and competitive CPMs [16][17] - Desktop revenue increased 67% year-over-year, while mobile revenue rose 3% [18] - Self-service contribution ex-TAC grew 11% year-over-year amid greater enterprise DSP adoption, and contribution from data products increased 154% [18] Market Data and Key Metrics Changes - The company observed year-over-year decreases in CTV and display, as well as reduced spending within government, retail, and education verticals [16][17] - Competitive pressures in the CTV market have led to lower CPMs, affecting revenue generation [40] Company Strategy and Development Direction - Nexxen is focusing on enhancing its omnichannel DSP, improving automation, performance, and user experience to attract more enterprise partners [7][10] - The company is doubling down on its DSP, Discovery, and broader data platform to drive enterprise adoption and reduce reliance on third-party DSPs [13][22] - Strategic partnerships, particularly with VIDAA, are expected to provide long-term growth opportunities through exclusive data and media access [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment in lowering guidance due to near-term headwinds, including softness in select channels and changes in DSP customer spending behavior [13][21] - The company remains confident in its long-term strategy and positioning, expecting to navigate current challenges and emerge stronger in 2026 and beyond [24] Other Important Information - Nexxen repurchased approximately 1.8 million shares in Q3, investing about $18.1 million through its share repurchase program [19] - The company invested $20 million in VIDAA in Q3, with an additional $15 million planned for Q3 2026 [20] Q&A Session Summary Question: Steps to address DSP headwinds - Management outlined a clear path to enhance self-service solutions and reduce reliance on third-party DSPs, emphasizing the launch of new CTV products and the growth of self-service offerings [27][29] Question: Current trend in CTV - Management acknowledged softness in CTV categories and increased competition leading to lower CPMs, but expressed optimism for growth in 2026 due to strategic partnerships and new product offerings [38][41] Question: Impact of DSP changes on future guidance - Management clarified that the reduced spending from a major DSP is expected to be isolated to Q4 2025 and will not materially impact performance in 2026 [22][71] Question: Data licensing partnerships - Management discussed the growth potential of data licensing partnerships with Yahoo and Trade Desk, highlighting the profitability of these initiatives [63][66] Question: Non-programmatic business impact - Management confirmed that the non-programmatic business operates in silos and does not provide benefits to the programmatic business [58][60]

Financial Data and Key Metrics Changes - Nexxen reported a contribution ex-TAC of $92.6 million in Q3, an 8% increase year-over-year or 14% ex-political, marking a Q3 record [14] - Programmatic revenue reached a Q3 record of $89.6 million, up 10% year-over-year or 15% ex-political [14] - Adjusted EBITDA was $28.6 million in Q3, reflecting a 30% adjusted EBITDA margin as a percentage of contribution ex-TAC [16] - Non-IFRS diluted earnings per share were $0.20 in Q3 compared to $0.27 in Q3 2023 [17] - Cash and cash equivalents stood at $116.7 million with no long-term debt as of September 30 [17] Business Line Data and Key Metrics Changes - Contribution ex-TAC from non-programmatic business lines declined by approximately $1 million year-over-year [15] - CTV revenue decreased by 17% year-over-year in Q3 to $24.5 million, impacted by reduced activity from third-party DSP partners and competitive CPMs [15] - Desktop revenue increased by 67% year-over-year, while mobile revenue rose by 3% [16] - Self-service contribution ex-TAC grew by 11% year-over-year amid greater enterprise DSP adoption, and contribution ex-TAC from data products increased by 154% [16] Market Data and Key Metrics Changes - The company observed year-over-year decreases in CTV and display, as well as reduced spending within government, retail, and education verticals [15] - Competitive pressures in the CTV market have led to lower CPMs, affecting revenue [35] Company Strategy and Development Direction - Nexxen is focusing on enhancing its omnichannel DSP, improving automation, performance, and user experience to attract more enterprise partners [6] - The company is doubling down on its DSP, Discovery, and broader data platform to drive enterprise adoption and reduce reliance on third-party DSPs [12] - A renewed partnership with VIDAA extends exclusive global access to ACR data and secures third-party ad monetization exclusivity, providing a competitive advantage [10] - Nexxen plans to release new DSP innovations and expand infrastructure in 2026, while also pursuing new strategic commercial partnerships [13] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment in lowering guidance due to near-term headwinds, including softness in select channels and changes in a leading DSP customer's spending behavior [12] - Despite challenges, management remains confident in the company's long-term strategy and positioning, emphasizing the importance of exclusive data and advanced technology solutions [22] - The company expects contribution ex-TAC from the VIDAA partnership to increase in 2026, supported by ACR data licensing revenue [21] Other Important Information - Nexxen repurchased approximately 1.8 million shares in Q3, investing about $18.1 million through its share repurchase program [17] - The company invested $20 million in VIDAA in Q3, with an additional $15 million planned for Q3 2026 [18] Q&A Session Summary Question: Steps to address DSP headwinds - Management outlined a clear path to address DSP headwinds, including launching a new product for programmatic TV ads and enhancing self-service solutions [24][27] Question: Current trend in CTV - Management acknowledged softness in CTV due to competition and political factors, but expressed optimism for growth in 2026 with new partnerships and innovations [33][36] Question: Impact of DSP changes on future guidance - Management clarified that the reduced spending from a major DSP is expected to be isolated to Q4 2025 and will not materially impact 2026 performance [20][41] Question: Data licensing partnerships - Management discussed the growth potential of data licensing partnerships with Yahoo and Trade Desk, emphasizing the profitability of these initiatives [49][50] Question: Non-programmatic business impact - Management confirmed that the non-programmatic business operates in silos and does not provide benefits to the programmatic business [47]

Core Insights - Nexxen International Ltd. reported financial results for Q3 and the first nine months of 2025, highlighting strong performance driven by omnichannel growth and increased demand for data solutions [1][3] - The company renewed and expanded its strategic partnership with VIDAA, which is expected to enhance its CTV capabilities and drive future growth [3][11] - Nexxen lowered its full-year 2025 financial guidance due to lower-than-expected activity from certain third-party DSP partners [6][11] Financial Performance - Q3 2025 Contribution ex-TAC reached $92.6 million, an 8% increase year-over-year, while programmatic revenue was $89.6 million, up 10% year-over-year [5][12] - Adjusted EBITDA for Q3 2025 was $28.2 million, down 11% year-over-year, representing a 30% margin [5][12] - The company reported a total comprehensive income of $3.8 million for Q3 2025, a 77% decrease compared to the same period in 2024 [12][23] Operational Highlights - Nexxen launched the industry's first solution for programmatic Smart TV home screen activation, enhancing its advertising capabilities [3][11] - The company repurchased 1,796,215 Ordinary Shares during Q3 2025, completing a $50 million share repurchase program and initiating a new $20 million program [9][11] - Nexxen's cash and cash equivalents stood at $116.7 million as of September 30, 2025, with no long-term debt [5][12] Strategic Initiatives - The renewed partnership with VIDAA secures exclusive rights for video and display ad monetization in North America and extends access to ACR data through at least 2029 [11][11] - Management is shifting resources towards its DSP and data platform to enhance enterprise adoption and reduce reliance on third-party partners [11][11] - The company is exploring strategic opportunities to accelerate programmatic revenue growth and expand its data and CTV capabilities [11][11]

Core Insights - AppLovin launched its Axon 2.0 software in early 2023, which incorporates artificial intelligence and has significantly advanced the company's business, leading to its inclusion in the S&P 500 [1][2] - As of September 5, AppLovin had a market capitalization exceeding $150 billion and a trailing-12-month net income of over $2.7 billion, meeting the criteria for S&P 500 inclusion [2] - The Axon software unit has higher profit margins compared to the company's previous business units, contributing to substantial profit growth, with a year-over-year quarterly revenue growth rate close to 30% and a 68% increase in revenue in Q3 2025 [3] S&P 500 Inclusion Impact - AppLovin has been part of the S&P 500 for about a month, and historically, stocks tend to experience a short-term boost upon inclusion, typically lasting around a month [4][5] - Long-term performance following S&P 500 inclusion shows no clear pattern, with examples like Bio-Rad Laboratories and Tyler Technologies illustrating that inclusion does not guarantee positive future returns [6][7] - AppLovin is diversifying beyond its gaming niche, which is a significant development for investors to monitor [8]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $110.5 million, representing an 8% year-over-year growth [15] - Contribution ex-TAC was $51 million, up 7% year-over-year, maintaining a healthy 46% margin [15][20] - Adjusted EBITDA increased 63% year-over-year to $12.1 million, reflecting improved operational leverage [14][20] - Non-GAAP net income was $12.5 million, resulting in a non-GAAP diluted earnings per share of $0.28, a 22% year-over-year increase [21] Business Line Data and Key Metrics Changes - CTV revenue grew 75% year-over-year, driven by demand for advanced formats [17] - Retail media revenue increased by 40% year-over-year, reflecting strong momentum in this vertical [18] - Digital out-of-home revenue rose 26% year-over-year, now accounting for 22% of total revenue [18][19] - Web revenue declined by 11% year-over-year due to lower advertiser appetite for standard display and video formats [19] Market Data and Key Metrics Changes - The retail media market in the US is projected to be a $60 billion opportunity, growing at double-digit annual rates [8] - CTV and digital out-of-home channels combined represented 37% of total revenue, up from 28% in the same quarter last year [18] Company Strategy and Development Direction - The company is focused on becoming the platform of choice for modern CMOs, unifying media, data, and outcomes through the Perion One strategy [5][6] - New products like Outmax and Soda are designed to enhance performance-driven advertising and optimize monetization for publishers [4][10] - The company is expanding its share repurchase program to $200 million, reflecting confidence in long-term value [3][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth and profitability, supported by operational efficiency and scalable technology [15][24] - The company aims to capture more market share in 2026 and beyond, with expectations for continued strong performance from core growth engines [27][30] Other Important Information - The company has a strong cash position of $315 million, providing financial flexibility for growth and capital allocation [22] - The share buyback program has repurchased a cumulative total of 10.4 million shares for $94.2 million, underscoring confidence in long-term value [22][23] Q&A Session Summary Question: What are the drivers behind the CTV strength in Q3? - Management noted that performance CTV and the new algorithm, Outmax, are performing well, contributing to significant growth [26] Question: Why is the Q4 guidance range wide? - Management indicated that the quarter is trending in line with expectations and expressed confidence in meeting guidance during the holiday season [27] Question: How does the company view the web business decline? - Management clarified that the web business decline was primarily due to strategic decisions made earlier in the year, and they expect a potential return to growth in the future [38] Question: How is the company using AI internally? - Management stated that AI is increasingly integrated into R&D and operations, aiming to reduce manual work and enhance efficiency [40] Question: What is the potential of Soda and the Digital Out-of-Home Player? - Management explained that these products are designed to be integrated into the tech stack of inventory owners, increasing predictability and visibility into revenue streams [42]

Q3 2025 Financial Performance - Revenue increased by 8% year-over-year to $110.5 million[48] - Contribution ex-TAC increased by 7% year-over-year[17] - Adjusted EBITDA increased significantly by 63% year-over-year[17, 46] to $12.1 million[48] - Non-GAAP Net Income was $12.5 million[48] - Diluted Non-GAAP EPS reached $0.28, an 8% year-over-year increase[48] Growth Engines Momentum - CTV revenue grew substantially by 75% year-over-year[17, 45, 50], reaching $16.6 million[63] - Retail Media revenue increased by 40% year-over-year[45, 55] - DOOH revenue increased by 26% year-over-year[45, 52, 63], reaching $24.1 million[63] Capital Allocation - The company expanded its share repurchase program by $75 million, bringing the total to $200 million, pending regulatory approval[17] - The implied return of the $75 million buyback expansion is 18%, with an aggregate implied return of 49% for the total $200 million plan, based on a market cap of $410 million[90] Strategic Initiatives - Strategic partnership with Albertsons Media Collective to expand into the $60 billion Retail Media market, growing at approximately 15% CAGR[24]

Core Insights - Innovid has launched AI Agents and Innovid Orchestrator, marking a significant advancement in the advertising industry towards agentic AI solutions [1] Group 1: Product Launch - The introduction of AI Agents aims to enhance the efficiency and effectiveness of advertising campaigns by leveraging artificial intelligence [1] - Innovid Orchestrator is designed to streamline the management of advertising workflows, providing a more integrated approach to campaign execution [1] Group 2: Industry Impact - This launch represents a transformational leap in the advertising sector, indicating a shift towards more automated and intelligent advertising solutions [1] - The move aligns with broader trends in the industry where AI is increasingly being utilized to optimize marketing strategies and improve customer engagement [1]