Financial Data and Key Metrics Changes - Revenue for Q4 2025 grew 6% year-over-year to $137.1 million, while Contribution ex-TAC increased 19% year-over-year to $65.2 million, significantly outpacing revenue growth [20][21] - Adjusted EBITDA reached $24.3 million, a 53% increase compared to last year, resulting in an Adjusted EBITDA margin of 37% of Contribution ex-TAC [20][25] - For the full year 2025, revenue was $439.9 million, with Contribution ex-TAC at $203.4 million and Adjusted EBITDA of $45.2 million, reflecting a 22% ex-TAC margin [21][22] Business Line Data and Key Metrics Changes - CTV revenue grew 59% in Q4 and 42% for the full year, reaching $62.1 million, driven by the shift from traditional TV to connected TV advertising [22] - Digital out-of-home revenue increased 28% in Q4 and 36% for the full year to $94.9 million, supported by an expanded global footprint [22] - Retail media revenue rose 42% in Q4 and 36% for the full year, more than doubling market growth, indicating strong integration with retail partners [22] Market Data and Key Metrics Changes - Advertising solutions revenue increased by 7% year-over-year in Q4, with CTV and digital out-of-home accounting for 44% of revenue in Q4 and 36% for the full year 2025 [23] - Web revenue declined 17% year-over-year in Q4 and 13% for the full year, attributed to the shutdown of low-margin activities and a shift in user behavior [23][24] Company Strategy and Development Direction - The company has redefined its mission and strategy, focusing on the Perion One platform as a centralized solution for marketers, integrating technologies and expanding partnerships [3][4] - The introduction of Outmax, an AI-native execution agent, aims to optimize marketing activities across various channels, enhancing performance and efficiency [4][6] - By 2028, the company expects Perion One to represent the majority of its business, with a target of at least 25% CAGR for Perion One performance spend and 20% for Contribution ex-TAC [15][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, citing strong performance in key growth engines and a disciplined operating model [17][19] - The company anticipates continued market share gains in rapidly expanding verticals, supported by the shift towards performance advertising [22][31] - The outlook for 2026 includes a Contribution ex-TAC of $215 million-$235 million and Adjusted EBITDA of $50 million-$54 million, reflecting a strong foundation for future growth [29] Other Important Information - The company has expanded its share repurchase program to $200 million, reflecting confidence in its long-term value proposition and cash generation ability [19][28] - The balance sheet remains strong with $313 million in cash, providing financial flexibility for investments and potential M&A opportunities [27] Q&A Session Summary Question: Can you walk us through the 2026 guidance assumptions? - Management indicated that the guidance reflects expectations of a gradual decline in search and legacy activities, with a sharper increase in Perion One contributions [36][40] Question: What are the implications of the Amazon DSP integration for 2026? - The integration is expected to open significant opportunities, with strong customer demand for dynamic content optimization through Amazon [45][46] Question: What barriers exist for marketers adopting Outmax? - Adoption has been strong, with performance driving increased budgets, indicating a positive reception among advertisers [53] Question: Can you discuss the fundamentals behind the web revenue decline? - The decline is attributed to the shutdown of low-margin activities and a shift in user behavior towards other platforms [68] Question: What underpins confidence in achieving the 28% EBITDA margin by 2028? - Confidence stems from efficiency measures already implemented and ongoing investments in automation and AI tools [60]

Group 1 - Pershing Square Capital took a new stake of 2,673,569 shares in Meta Platforms in the fourth quarter, marking it as the fifth largest position in the fund [1][3] - The fund exited its position in Chipotle Mexican Grill during the same quarter [1] - Ackman increased the fund's stake in Amazon, which is now the third largest position, while decreasing exposure to Alphabet shares for the second consecutive quarter [2][3] Group 2 - The investment presentation emphasized that Meta's current share price does not reflect its long-term upside potential from AI, suggesting a deeply discounted valuation [4] - Meta is recognized as a leader in the digital advertising space and a significant beneficiary of AI integration, supported by its 3.5 billion daily active users and a growing user base [5] - The experienced leadership team and favorable stock multiples were highlighted as additional reasons for a bullish outlook on Meta [5]

Core Insights - EVA Live, Inc. has launched its first client-facing web application for NeuroServer, an AI-driven ad server, marking a significant step in its digital advertising strategy [1][2] - The NeuroServer web application has seen strong early adoption among enterprise clients, with expectations that it will drive growth and revenue throughout 2026 and beyond [2][4] Group 1: Product Features and Benefits - The NeuroServer web application provides a centralized, real-time environment for online advertising clients to manage and scale digital marketing campaigns [3] - The platform utilizes proprietary real-time learning technology to analyze performance data, optimize campaign performance, and mitigate advertising fraud, potentially increasing return on investment by up to 40% [3][4] - Designed for large-scale advertisers, the infrastructure supports rapid client onboarding and streamlined campaign management, enhancing performance and measurable results [4] Group 2: Company Growth and Strategy - EVA Live is onboarding new online advertisers daily, indicating a strong demand for its services [5] - The company aims to combine scalable infrastructure with AI-driven automation to efficiently manage thousands of enterprise customer accounts, thereby accelerating recurring revenue growth [4]

Core Viewpoint - The Communication Services ETF (XLC) has a significant concentration of 46% of its assets in just three stocks: Meta, Alphabet, and Netflix, which poses an unusual risk for sector ETF buyers [1] Group 1: ETF Composition and Strategy - XLC provides concentrated exposure to companies that dominate communication, content consumption, and online connectivity, primarily through its top three holdings [1] - The fund's strategy allows investors to gain direct exposure to the digital advertising duopoly and streaming entertainment without selecting individual stocks [1] Group 2: Financial Performance - XLC has returned 10.79% over the past year, which is lower than the broader market represented by SPY, indicating that legacy telecom holdings have negatively impacted performance [1] - Meta and Alphabet maintain profit margins above 30%, showcasing their strong market positions in digital advertising, while Netflix has shifted to a profit-generating model with 24% margins [1] Group 3: Risks and Trade-offs - The concentration of three companies controlling over 40% of the portfolio presents a risk; any regulatory challenges or market weaknesses affecting these companies could lead to underperformance [1] - XLC is not designed for diversification but rather as a sector bet, making it suitable for investors seeking concentrated exposure to digital advertising and streaming [1]

The hedge fund manager is betting heavily on what he believes is "one of the world's greatest businesses."Billionaire Bill Ackman doesn't buy many stocks. When he invests heavily in a new position, it's worth noting. Ackman did so recently, with his Pershing Square Capital Management hedge fund announcing that it has invested roughly 10% of its capital in Meta Platforms (META 1.48%).Pershing Square exited its positions in Chipotle Mexican Grill (CMG +1.28%) and Hilton Worldwide Holdings (HLT 2.34%) to free ...

Core Viewpoint - Investors are concerned about Amazon's significant investments in artificial intelligence, yet Wall Street believes the stock is undervalued, with a median target price suggesting a 43% upside from its current price [1][2]. Financial Performance - Amazon's revenue for the fourth quarter rose 14% to $213 billion, driven by strong sales in advertising and cloud computing, although net income increased only 5% to $1.95 per diluted share due to one-time charges totaling $2.4 billion [4]. - Excluding one-time charges, operating income would have increased by 30%, indicating underlying strength in the business [4]. Capital Expenditures and AI Investments - Amazon plans to spend $200 billion on capital expenditures by 2026, a 56% increase from $128 billion in 2025, primarily for AI infrastructure development [5]. - CEO Andy Jassy emphasized strong demand for AI services and custom AI chips, projecting a "strong long-term return on invested capital" [6]. Market Position and Growth Potential - Amazon maintains a solid investment thesis due to its strong presence in e-commerce, digital advertising, and cloud computing, all of which are expected to grow rapidly [7]. - The company has developed numerous generative AI tools to enhance efficiency in its retail operations, contributing to a 1.5 percentage point improvement in operating margin in the fourth quarter [8]. AWS and AI Revenue Growth - Amazon Web Services (AWS) reported a 24% revenue increase in the fourth quarter, marking the fastest growth in 13 quarters, driven by the addition of various AI tools [9]. - The chips business, including custom CPUs and AI accelerators, has surpassed a $10 billion annual revenue run rate, growing at a triple-digit pace [10]. Future Earnings and Valuation - Wall Street estimates that Amazon's earnings will grow at an annual rate of 15% through 2027, making the current valuation of 28 times earnings appear reasonable [11]. - The retail e-commerce sector is projected to grow at 12% annually through 2030, while adtech and cloud computing are expected to grow at 14% and 16% annually, respectively [12].

Core Viewpoint - Pinterest's shares dropped over 20% in premarket trading due to a quarterly revenue forecast impacted by large U.S. retailers reducing ad spending amid tariff-related uncertainties [1] Group 1: Company Performance - Pinterest cut under 15% of its workforce, which CFO Julia Donnelly indicated could disrupt near-term performance as the company restructures its go-to-market teams [2] - The stock is expected to open at its lowest level since April 2020, reflecting ongoing challenges in the advertising market [3] Group 2: Competitive Landscape - Meta reported strong momentum in e-commerce advertising, while TikTok has managed to maintain its presence in the U.S. despite legal challenges [3] - Google is enhancing its commerce capabilities with updates to its Gemini chatbot and AI search, increasing competition for digital ad budgets [4] - Analysts predict the emergence of AI-powered Pinterest alternatives from major players like Meta, OpenAI, and Amazon [4] Group 3: Market Valuation - Pinterest's stock trades at 9.49 times the estimated earnings for the next 12 months, compared to 9.42 for Snap, 29.99 for Reddit, and 21.41 for Meta [5] - If premarket losses persist, Pinterest could lose over $2 billion from its market value of $12.52 billion [4]

Core Viewpoint - Ackman's investment in Meta Platforms is based on the belief that the current share price does not reflect the company's long-term potential, particularly in AI, and represents a significant undervaluation of a leading business in digital advertising [2] Group 1: Investment Details - Pershing's investment presentation revealed a new stake in Meta, constituting approximately 10% of the portfolio [1] - The firm also highlighted that Meta has 3.5 billion daily active users and a growing user base, which supports a bullish outlook [3] Group 2: Investment Principles - Ackman's investment criteria include factors such as simple and predictable free cash flow, formidable barriers to entry, strong financial profile, and attractive valuation [6] - The presentation emphasized the importance of exceptional management and governance as part of the investment strategy [6] Group 3: Portfolio Changes - Recent portfolio changes include new holdings in Hertz Global Holdings, Amazon.com, and Meta, which make up 2%, 13%, and 10% of Pershing's portfolio respectively [4] - The firm has reduced its stake in Alphabet, which represented around 19% of assets at the end of the third quarter [5]

Summary of Pershing Square Holdings Investor Meeting (February 11, 2026) Company Overview - **Company**: Pershing Square Holdings (OTCPK:PSHZ.F) - **Key Speaker**: Ryan Israel, Chief Investment Officer - **Chairman**: Rupert Morley Core Industry Insights - **Market Context**: The current market environment is seen as fascinating for public market investors, with significant updates across the portfolio and broader business strategies being discussed [1][3]. Key Financial Performance - **2025 Performance**: - Net Asset Value (NAV) grew by **20.9%** - Total shareholder return was **33.9%** - Compound growth in NAV and share price over 8 years is **23%** [9][10]. - **Share Buybacks**: In 2025, **6.6 million shares** were repurchased for approximately **$370 million**, totaling **$1.8 billion** in buybacks since inception [12]. - **Dividends**: The company has paid out **$666 million** in dividends, with an **86%** increase since the dividend policy was amended in 2022 [11][12]. Strategic Updates - **Howard Hughes Holdings**: - Acquired **$900 million** worth of shares, increasing ownership to **46.9%** [8][9]. - Committed to purchasing up to **$1 billion** in preferred securities to facilitate the acquisition of Vantage, an insurance company [9][22]. - The transformation aims to turn Howard Hughes into a diversified holding company akin to Berkshire Hathaway [17][20]. Investment Strategy - **Investment Focus**: The strategy emphasizes acquiring high-quality, durable growth companies, with a focus on long-term value creation [17][20]. - **Recent Investments**: - New investments in **Hertz**, **Amazon**, and **Meta** were disclosed, with a focus on companies with strong growth potential [43][46]. - Exited positions in **Chipotle**, **Canadian Pacific**, and **Nike** due to underperformance [44][41]. Market Analysis - **S&P 500 Performance**: The S&P 500 has seen a **112%** increase over the last six years, with earnings growth being the primary driver [53][56]. - **Top Companies**: The top 10 companies in the S&P 500 are expected to grow earnings at **25%**, significantly influencing overall market growth [58][59]. - **Valuation Insights**: Current market multiples are seen as potentially undervalued given the expected earnings growth, suggesting optimism for future performance [59][60]. Organizational Updates - **Team Expansion**: New hires include Jordan Aguiar-Lucander, Jill Chapman, and Lucas Richards, enhancing the investment and legal teams [49][50]. - **Investment Philosophy**: The firm maintains a concentrated investment strategy, focusing on a select number of high-quality businesses while keeping a library of potential investment opportunities [52][60]. Conclusion - **Future Outlook**: The firm is optimistic about navigating the current market environment, leveraging its investment strategy and organizational strengths to capitalize on emerging opportunities [45][51].

Core Viewpoint - Criteo is pivoting towards "Agentic Commerce" and AI decisioning, focusing on enhancing consumer engagement through advanced recommendation services and conversational shopping experiences, despite facing growth challenges in 2026 due to retail media client scope reductions [1][2][5][19]. Financial Performance - Criteo reported record revenue of $1.9 billion for 2025, with a 35% adjusted EBITDA margin and $211 million in free cash flow [4][17]. - For Q4 2025, revenue was $541 million, with a contribution ex-TAC of $330 million, reflecting a $25 million headwind from retail media client changes [10][19]. - Performance media revenue for 2025 was $1.7 billion, with a contribution ex-TAC of $915 million, up 4% at constant currency [9][17]. Strategic Initiatives - The company is developing an "Agentic Commerce recommendation service" aimed at enhancing product discovery and purchasing through AI-driven solutions [1][5]. - Criteo's "Go" self-service suite is gaining traction, with campaigns showing over 20% higher return on ad spend compared to traditional methods [3][13]. - The company is testing conversational shopping experiences and embedding agentic capabilities into its marketing solutions, indicating strong client interest [6][7]. Market Outlook - For 2026, Criteo expects contribution ex-TAC to be flat to up 2% at constant currency, with underlying growth anticipated in the high single digits, excluding the impact of retail media client scope reductions [19][20]. - The company guided for Q1 2026 contribution ex-TAC of $245 million to $250 million, down 9% to 11% at constant currency, due to ongoing challenges in specific retail sectors [21]. Partnerships and Collaborations - Criteo has established partnerships with major retailers and platforms, including Google SA360 and Mirakl, enhancing its retail media capabilities [15][16]. - The company is actively pursuing additional testing with large language model partners to further develop its recommendation service [5][6]. Capital Management - Criteo ended December 2025 with $891 million in total liquidity and no long-term debt, indicating a strong financial position [22]. - The company repurchased 5.4 million shares for $152 million in 2025, with an increased share buyback authorization of up to $200 million [22]. Corporate Developments - Criteo is progressing with plans for redomiciliation to Luxembourg and a direct NASDAQ listing, expected to complete in Q3 2026, with a potential further move to the U.S. in early 2027 [23].