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]

Key Points AppLovin was added to the S&P 500 in September. The company is expanding beyond its gaming niche, which is something investors should pay attention to. Its Axon 2.0 software has much higher profit margins than its older offerings. 10 stocks we like better than AppLovin › Advertising-technology (adtech) company AppLovin (NASDAQ: APP) launched its Axon 2.0 software in early 2023. That upgraded software, which has artificial intelligence aspects, has propelled the business ahead and lifte ...

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]

Investor Presentation Q3 2025 November 12, 2025 Forward Looking Statements This presentation contains historical information and forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the safe- harbor provisions of the Private Securities Litigation Reform Act of 1995 with respect to the business, financial condition and results of operations of Perion. The words "will," "believe," "expect," "intend," "plan," "should," "es ...

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]