Group 1 - Perion Network (PERI) is undergoing a significant transformation after facing major headwinds in its search segment during 2024 [1] - Despite the transformation, certain revenue headwinds still persist as management navigates the challenges [1] Group 2 - The company is focused on identifying asymmetric investment opportunities within the technology, software, electronics, and energy transition sectors [1] - The analysis aims to achieve market-beating returns by studying small to mid-cap companies that are often less researched [1]

Core Insights - SeenThis has integrated as a third-party ad-serving solution for delivering ads to Amazon Custom Audiences via secure server-to-server (S2S) integration, enhancing its role in video advertising across the open web [1][2] Group 1: Integration and Capabilities - The S2S integration allows brands to activate Amazon Custom Audiences using SeenThis' high-impact video formats and adaptive streaming technology, extending their audience strategies beyond Amazon.com [2][3] - This integration is already operational, with Stackline being the first partner to run a campaign using SeenThis' server-to-server connection for Amazon Custom Audiences, showcasing the combination of SeenThis's technology and Amazon's audience signals [3] Group 2: Market Potential and Strategy - SeenThis emphasizes the untapped advertising potential of the open web, contrasting it with social platforms that offer scale but may not fully leverage premium publishers [5] - The company aims to build an ecosystem of partnerships to make open web advertising more effective and scalable for brands while ensuring sustainable revenue for publishers [4] Group 3: Company Background and Performance - Since its inception in 2017, SeenThis has served billions of streams for over 5,000 brands across more than 50 countries, demonstrating its capability in delivering effective video advertising [6]

Economic Indicators - The number of Americans filing for initial jobless claims fell by 23,000 to 206,000, compared to the expected 223,000 [1] - The U.S. Philly Fed manufacturing index rose to a 5-month high of 16.3 in February, exceeding expectations of 7.5 [1] - The U.S. December trade deficit widened to $70.3 billion, worse than the expected $55.5 billion [1] - U.S. pending home sales unexpectedly fell by 0.8% month-over-month in January, contrary to expectations of a 1.4% increase [1] Stock Market Performance - Wall Street's major indexes ended in the red, with EPAM Systems dropping over 17% after issuing soft FY26 revenue growth guidance [2] - Chip stocks, including Microchip Technology and Texas Instruments, slid more than 2% [2] - Booking Holdings slumped over 6% after posting weaker-than-expected Q4 EPS [2] - Omnicom Group jumped over 15% after reporting better-than-expected Q4 revenue [2] Federal Reserve Insights - Minneapolis Fed President Neel Kashkari indicated that interest rates are likely near "neutral" [5] - San Francisco Fed President Mary Daly stated that monetary policy is "in a good place" [5] - U.S. rate futures show a 94% probability of no rate change and a 6% chance of a 25 basis point rate cut at the next central bank meeting in March [5] European Market Developments - The Euro Stoxx 50 Index rose by 0.47% due to stronger-than-expected PMI data from the region [8] - Luxury stocks outperformed, with Moncler Spa jumping over 12% after reporting better-than-expected Q4 revenue [8] - Eurozone business activity grew faster than expected in February, driven by a rebound in manufacturing [8] Corporate Earnings and Forecasts - Siegfried Holding AG slumped over 8% after posting weaker-than-expected annual revenue [9] - Opendoor Technologies jumped over 18% in pre-market trading after better-than-expected Q4 revenue [14] - Akamai Technologies plunged over 10% after issuing below-consensus Q1 and FY26 adjusted EPS guidance [15]

Omnicom Announces 2026 Investor Day [Accessibility Statement] Skip NavigationNEW YORK, Feb. 19, 2026 /PRNewswire/ -- Omnicom (NYSE: OMC) will hold an Investor Day on Thursday, March 12, 2026 beginning at 9:00 a.m. Eastern Time. Presentations given by executive management and operational leaders are expected to conclude at approximately 12:30 p.m. Eastern Time. The live webcast will be available at Omnicom's investor relations website, [investor.omc.com]. A webcast replay will be made available after the eve ...

Core Viewpoint - Teads Holding Co. will announce its fourth quarter and full year 2025 results on March 5, 2026, followed by a conference call to discuss the results and business outlook [1]. Group 1: Conference Call Details - The conference call will take place at 8:30 a.m. (Eastern Time) on March 5, 2026 [1]. - Access to the conference call can be made via phone at 1-877-497-9071 for domestic callers and 1-201-689-8727 for international callers [2]. - A replay of the call will be available three hours after it concludes, accessible at 1-877-660-6853 for domestic and 1-201-612-7415 for international callers, with a passcode of 13757587 [2]. Group 2: Webcast Information - Interested parties can also listen to a live webcast of the conference call through the Investor Relations section of the company's website [3]. - An online replay will be available shortly after the call for a limited time [3]. Group 3: Company Overview - Teads Holding Co. is an omnichannel outcomes platform focused on driving results for marketers across premium media [4]. - The company utilizes predictive AI technology to enhance media effectiveness, connecting quality media with brand creative and context-driven measurement [4]. - Teads partners with over 10,000 publishers and 20,000 advertisers globally and has a workforce of around 1,700 people across more than 30 countries [4].

Core Viewpoint - The artificial intelligence (AI) boom is thriving, as evidenced by the latest earnings reports from major tech companies like Amazon and Alphabet, which indicate strong growth in their cloud computing segments driven by AI investments [1][2][3]. Company Summaries Amazon - Amazon's Q4 sales increased by 14% year over year to $213.4 billion, with its cloud computing segment, Amazon Web Services (AWS), reporting a 24% revenue growth to $35.6 billion, marking the fastest growth in 13 quarters [5][7]. - The company also saw broad-based financial momentum, with advertising revenue rising 23% to $21.3 billion, subscription services revenue increasing 14% to $13.1 billion, third-party seller services revenue up 11% to $52.8 billion, and online stores revenue climbing 10% to $83.0 billion [8]. - Amazon anticipates a strong long-term return on invested capital from approximately $200 billion in capital expenditures by 2026 [9]. Alphabet - Alphabet's Q4 revenue grew by 18% year over year, with its cloud computing segment, Google Cloud, experiencing a significant 48% revenue increase, up from 34% growth in Q3 [11]. - Despite its faster growth, Alphabet's business is more concentrated in advertising, with over 72% of its total Q4 revenue of about $114 billion coming from this segment [11]. - Alphabet's cloud business, while smaller in overall revenue contribution, is growing at a much faster rate compared to Amazon's, and the company benefits from higher-margin revenue streams [12]. Investment Considerations - Both Amazon and Alphabet are similarly valued, with Amazon's price-to-earnings ratio at 28.6 and Alphabet's at 28.1, making Alphabet a potentially higher-reward option due to its faster growth rate in cloud computing [14]. - Investors with a lower risk tolerance may prefer Amazon due to its more established business model, while those seeking higher returns might lean towards Alphabet [14].

Market Overview - Major U.S. indices showed a rebound with the S&P 500 up approximately 0.6%, the Dow up about 0.3%, and the Nasdaq composite up around 0.8% [6] - The trading day ended with a total of 317 stocks advancing and 185 declining, indicating a generally positive market sentiment [7] Booking Holdings - Booking Holdings reported earnings per share (EPS) of $48.80, aligning closely with street estimates, and revenue of $6.35 billion, slightly above the expected $6.13 billion [8][9] - Gross bookings reached $43 billion, surpassing the anticipated $41.99 billion, but the stock saw limited movement post-announcement [9] - The company’s CEO emphasized the focus on generative AI as an opportunity rather than a threat, aiming to enhance value for travelers and partners [11][12] - Booking Holdings anticipates first-quarter room nights to increase by 5% to 7% and gross bookings growth in the low double digits, with a forecast of 14% to 16% growth for the first quarter [13] Avis Budget - Avis Budget reported a revenue miss of $2.66 billion against expectations of $2.74 billion, resulting in a net loss attributed to a $518 million asset impairment [15] - The company noted a 21% decrease in per unit fleet costs but provided a full-year adjusted EBITDA forecast of $800 million to $1 billion, with the upper end below street estimates [15] Omnicom - Omnicom's fourth-quarter revenue was reported at $5.5 billion, exceeding the street estimate of $4.52 billion, although adjusted EPS was slightly below expectations at $2.59 [17] Cadence Design Systems - Cadence Design Systems experienced a significant stock increase of approximately 7.6% after reporting fourth-quarter results that beat expectations and provided a positive outlook [18] Wingstop - Wingstop shares rose about 10% after reporting adjusted EPS and domestic comp sales growth for the fourth quarter that exceeded consensus estimates, despite concerns about consumer spending [20] DoorDash - DoorDash's fourth-quarter EPS was reported at $0.48, missing estimates of $0.55, with revenue also falling short of expectations for the first quarter [21][22] eBay - eBay's fourth-quarter net revenue was $2.97 billion, surpassing estimates of $2.87 billion, and the company announced plans to acquire Depop from Etsy for approximately $1.625 billion [23][25] Molson Coors - Molson Coors reported net sales of $2.66 billion, slightly below analyst estimates, but underlying EPS beat expectations at $1.21 per share [26] - Year-over-year net sales declined by about 3%, reflecting ongoing challenges in the beer market [27] Carvana - Carvana's fourth-quarter adjusted EBITDA was reported at $511 million, missing the street estimate of $535.7 million, while revenue was $5.6 billion, exceeding expectations [28]

Financial Data and Key Metrics Changes - The adjusted operating income (EBIT) for Q4 was $876 million, and adjusted EBITDA was $929 million at a 16.8% margin, an increase of 10 basis points compared to last year [18] - Non-GAAP adjusted net income per diluted share was $2.59, based on weighted average shares outstanding of 233.8 million, which increased from last year due to shares issued for the IPG acquisition [19] - The company recorded severance and repositioning costs of $1.1 billion related to the acquisition and restructuring efforts [16] Business Line Data and Key Metrics Changes - The Media business performed very well in Q4, contributing significantly to revenue growth, while the PR business experienced negative growth due to challenging prior year comparisons [20][21] - Approximately 40% of the revenue to be disposed of relates to execution and support and Experiential disciplines, with 25% related to the advertising group [22] - The retained portfolio of businesses generated revenue of $23.1 billion for the 12 months ended September 30, 2025 [9] Market Data and Key Metrics Changes - U.S. businesses showed strong growth, particularly in Media, while European markets and the Middle East also performed well [22] - The company faced challenges in France, the Netherlands, and China during Q4, while Latin America showed strong performance [22] Company Strategy and Development Direction - The company is focused on delivering integrated services that connect media, creative content, commerce, consulting, data, and technology [7] - A $5 billion share repurchase program was authorized, with a $2.5 billion accelerated share repurchase program launched [10] - The company plans to simplify and realign its portfolio, identifying non-strategic operations with approximately $2.5 billion in annual revenue for sale or exit [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the integration of the IPG acquisition and the momentum it has created for sustained growth [5] - The company expects to achieve $900 million of synergies in 2026, with a total annual run rate of $1.5 billion expected over the next 30 months [9][10] - Management noted that brands are increasingly seeking enterprise-level partners to optimize their marketing investments across platforms [12] Other Important Information - The company recorded a loss on planned dispositions of $543 million related to businesses being disposed of [17] - Free cash flow for the year improved significantly, driven by the addition of IPG and better management of working capital [23] Q&A Session Summary Question: Expectations for organic growth in retained business - Management indicated that they would provide more details on organic growth expectations at the upcoming Investor Day [34] Question: Clarification on margins for disposed businesses - Management confirmed that margins for disposed businesses are based on the $3.2 billion figure, with a mix of both Omnicom and IPG businesses [66][70] Question: Feedback on the Omni platform and its competitive edge - Management reported overwhelming enthusiasm from clients regarding the capabilities of the new Omni platform, which integrates various legacy systems [79] Question: Plans for cost synergies and reinvestment - Management expects a substantial portion of the $1.5 billion cost synergies to flow through to the bottom line, while also planning to invest in growth initiatives [81][83]

Financial Data and Key Metrics Changes - Adjusted operating income (EBIT) for Q4 was $876 million, with adjusted EBITDA at $929 million, reflecting a 16.8% margin, an increase of 10 basis points year-over-year [16] - Non-GAAP adjusted net income per diluted share was $2.59, based on weighted average shares outstanding of 233.8 million, up from last year due to shares issued for the IPG acquisition [17] - Free cash flow improved significantly, with a positive change in operating capital of approximately $700 million, a $900 million improvement from 2024 [22][23] Business Line Data and Key Metrics Changes - The media business performed well in Q4, contributing significantly to year-on-year growth, while the PR business experienced negative growth due to challenging prior year comparisons [18][19] - Approximately 40% of revenue to be disposed of relates to execution and support disciplines, with 25% from the advertising group [20] - The retained portfolio generated revenue of $23.1 billion for the 12 months ended September 30, 2025 [7] Market Data and Key Metrics Changes - Strong growth was observed in the U.S. market, particularly in media, as well as in European markets and the Middle East [20] - The Latin America market showed strength, while businesses in France, the Netherlands, and China struggled in Q4 [20] Company Strategy and Development Direction - The company is focused on delivering integrated services that connect media, creative content, commerce, consulting, data, and technology [5] - A $5 billion share repurchase program was authorized, with a $2.5 billion accelerated share repurchase program launched [8] - The company plans to simplify and realign its portfolio, identifying non-strategic operations with approximately $2.5 billion in annual revenue for sale or exit [6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the integration of the IPG acquisition and the momentum it has created for sustained growth [4] - The company expects to achieve $1.5 billion in annual run rate synergies over the next 30 months, doubling initial estimates [7] - Management noted that brands are increasingly seeking enterprise-level partners to optimize marketing investments across platforms [10] Other Important Information - The company recorded severance and repositioning costs of $1.1 billion related to the IPG acquisition [14] - The tax rate on non-GAAP adjusted Q4 pre-tax income was 25.8%, flat with the prior year [17] - The company plans to provide additional details on expectations for revenue growth and EBITDA growth for 2026 at the Investor Day on March 12 [31] Q&A Session Summary Question: Expectations for organic growth in retained business - Management indicated that media could represent mid-50% of revenue going forward, with advertising slightly less than 20% [36] Question: Clarification on organic growth calculation - The 4% organic growth figure excludes planned dispositions and reflects growth from businesses intended for investment [48] Question: Reception of combined company offering - Enthusiasm was noted among clients and employees regarding the combined capabilities of the new organization [44] Question: Feedback on the Omni platform - Clients have expressed excitement about the capabilities of the new Omni platform, which integrates various legacy systems [81] Question: Margin trajectory and cost synergies - A substantial portion of the $1.5 billion in cost synergies is expected to flow through to the bottom line, with some reinvestment into growth initiatives [82]

Core Insights - Omnicom reported a significant operating loss of $1.0 billion in Q4 2025, with a non-GAAP adjusted EBITA of $928.9 million, reflecting a margin of 16.8% [1][2] - The company experienced a net loss of $0.9 billion in Q4 2025, compared to a net income of $607.7 million on a non-GAAP adjusted basis [1][2] - For the full year 2025, Omnicom's revenue increased by 10.1% to $17.3 billion, driven by constant currency growth and the inclusion of one month of revenue from the Interpublic Group acquisition [1][2] Q4 2025 Financial Performance - Revenue for Q4 2025 was $5.5 billion, up 27.9% from $4.3 billion in Q4 2024, primarily due to the acquisition of IPG and constant currency growth [1][2] - Operating expenses rose to $6.5 billion, an increase of $2.9 billion, influenced by transaction costs related to the IPG acquisition and repositioning costs [1][2] - The diluted loss per share was $4.02, a decrease from earnings per share of $2.26 in the same quarter of the previous year [1][2] Full Year 2025 Financial Performance - Total revenue for 2025 reached $17.3 billion, a $1.6 billion increase from $15.7 billion in 2024, with a revenue contribution of 58.0% from Media & Advertising [2][3] - Operating income for the year was $444.7 million, down from $2.3 billion in 2024, largely due to acquisition-related costs and repositioning expenses [2][3] - The net loss for 2025 was $54.5 million, compared to a net income of $1.5 billion in 2024, with diluted net loss per share at $0.27 [2][3] Strategic Initiatives - Omnicom has set a total cost synergy target of $1.5 billion, with $900 million expected in 2026, as part of its strategy to simplify and align its business portfolio [1][2] - The company announced a $5.0 billion share buyback program, including a $2.5 billion accelerated share repurchase, aimed at enhancing shareholder value [1][2] - The leadership emphasized the importance of the Omni data and technology platform in driving future growth and profitability [1][2]