Financial Data and Key Metrics Changes - In Q4 2025, the company reported revenue of $206 million, reflecting an 8% year-over-year growth, while full-year revenue reached $748 million, representing a 14% year-over-year increase [22][11] - Adjusted EBITDA margin for Q4 was 38%, and for the full year, it was 33% [26][11] - The company generated approximately $211 million in net cash from operating activities in 2025, with free cash flow of approximately $173 million, representing a conversion rate of about 70% [27][11] Business Line Data and Key Metrics Changes - Activation revenue in Q4 increased by 6% year-over-year, while measurement revenue grew by 8%, primarily driven by social [22] - Social measurement revenue increased by 11%, representing 49% of total measurement revenue, with international revenue growing by 5% [23] - Supply-side revenue grew by 25% year-over-year, supported by new partnerships and retail media networks [25] Market Data and Key Metrics Changes - The company noted strong customer retention with no new deactivations among the top 100 customers in Q4 [5] - The programmatic business continued to grow, with nearly two-thirds of impressions delivered on mobile platforms [6] - CTV measurement volumes grew by 33% in 2025, reflecting increased advertiser demand for transparency [19] Company Strategy and Development Direction - The company aims to increase the contribution of social, streaming, and AI-driven solutions from under 30% of total revenue to approximately 50% [15] - The focus is on product-led growth, with significant opportunities to expand within the existing customer base and win new customers through proprietary solutions [10] - The company plans to actively deploy $300 million authorized for share repurchases in 2026, reflecting confidence in its business and balance sheet [21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged retail sector softness impacting Q4 results but noted exceptional strength in healthcare and technology sectors [5] - The company anticipates 9% revenue growth in Q1 2026, driven by new product contributions and a diversified mix across verticals [30] - Management views the AI revolution as a significant opportunity for the company, enhancing operational efficiency and driving margins [38] Other Important Information - The company ended 2025 with approximately 162 million shares outstanding and no long-term debt, providing flexibility for growth investments [29] - The average revenue per top 100 customers grew by 7% year-over-year to $4.5 million [25] Q&A Session Summary Question: AI Opportunities and Risks - Management sees AI as a huge opportunity, emphasizing that they are in the early stages of this revolution and expect significant efficiency gains from AI tools [36][38] Question: MAP Strategy Response - The initial response to the integrated product, Authentic AdVantage, has been solid, driving social activation growth [41][43] Question: End of Quarter Spend Pullback - The pullback in spend was related to the retail vertical and specific customers undergoing agency changes, but management remains confident in Q1 growth [48][49] Question: Social Pre-bid Growth - Management noted strong engagement from large brands and expects continued scaling of social pre-bid products [50][51] Question: CPG Category Recovery - The CPG category performed well, with large clients scaling within the product portfolio despite some pressures [62] Question: Customer Conversations on AI - Advertisers are increasingly interested in how the company will leverage AI tools while maintaining trust and transparency [76][79] Question: Q1 Guidance and Growth Expectations - Management provided context for the Q1 guidance, indicating high year-over-year comps and expecting better growth in the second half of 2026 [90][92] Question: Digital Advertising Growth Alignment - Management emphasized the importance of focusing on faster-growing areas like social and streaming to align with overall digital ad market growth [94]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported revenue of $206 million, reflecting an 8% year-over-year growth, while full-year revenue reached $748 million, representing a 14% year-over-year increase [21][10] - Adjusted EBITDA margin for Q4 was 38%, and for the full year, it was 33%, indicating strong profitability despite revenue growth challenges [4][26] - Average revenue per top 100 customers increased by 7% year-over-year to $4.5 million [9][25] Business Line Data and Key Metrics Changes - Activation revenue grew by 6% year-over-year in Q4, while measurement revenue increased by 8%, primarily driven by social media [21][22] - Social activation and measurement together accounted for approximately 19% of total revenue in Q4 [22] - Supply-side revenue saw a significant increase of 25% year-over-year, supported by new partnerships and retail media network expansions [25] Market Data and Key Metrics Changes - The programmatic business continued to grow, with nearly two-thirds of impressions delivered on mobile platforms [5] - CTV measurement impression volumes grew by 33% year-over-year, reflecting strong advertiser demand for transparency in streaming environments [19] - International revenue increased by 5%, representing 29% of measurement revenue, indicating a diversified market presence [23] Company Strategy and Development Direction - The company aims to increase the contribution of social, streaming, and AI-driven solutions from under 30% of total revenue to approximately 50% [15] - Investments in AI capabilities are expected to enhance operational efficiency and product development, driving future growth [26][34] - The company is focusing on expanding its product offerings in social media, CTV, and AI platforms to capture new market opportunities [8][10] Management's Comments on Operating Environment and Future Outlook - Management noted that the advertising ecosystem is in constant flux, and the current AI revolution presents significant opportunities for the company [11][12] - The company anticipates a strong 2026, driven by diversified revenue streams and continued growth in social and CTV products [6][10] - Management expressed confidence in the company's ability to navigate challenges in the retail sector and capitalize on growth in healthcare and technology [50] Other Important Information - The company generated approximately $211 million in net cash from operating activities in 2025, with a free cash flow conversion rate of approximately 70% [27] - The company has $300 million authorized for share repurchases, reflecting confidence in its financial strength and long-term growth prospects [20][28] Q&A Session Summary Question: Insights on AI opportunities and risks - Management views AI as a significant opportunity for the company, emphasizing the role of trust and transparency in the advertising ecosystem [36][37] Question: Impact of agency partnerships on spending - Management noted that additional pullbacks in spending were related to specific customers undergoing agency changes, but expressed confidence in Q1 growth due to diversified verticals [49][50] Question: Growth drivers for social pre-bid products - Management highlighted strong customer engagement and the effectiveness of new product launches as key factors driving growth in social activation [51][52] Question: Customer interest in AI solutions - Management indicated that customer conversations are evolving, with a focus on ensuring trust and transparency in AI-driven advertising [78][80] Question: Pricing pressures and revenue growth - Management explained that pricing pressures are due to a mix shift in product offerings and emphasized the potential for premium pricing as product penetration increases [85][88] Question: Clarification on growth guidance - Management clarified that the guidance for Q1 reflects high year-over-year comparisons and that growth is expected to accelerate in the second half of 2026 [92][94]

Q3 2025 Performance Highlights - Revenue grew by 11% year-over-year, reaching $189 million[7, 41] - Adjusted EBITDA margin was 35%[7, 43] - Net cash from operating activities was $51 million[7, 42] - Social in Activation grew 20% year-over-year[16] Growth Drivers - Social Measurement increased, with Q3 2025 revenue reaching $18 million compared to $14 million in Q3 2024[45] - Activation revenue grew by 10% year-over-year[45] - Measurement revenue grew by 9% year-over-year[45] - Supply-Side revenue grew by 27% year-over-year[45] - CTV measurement volume grew 30% year-over-year[18] Strategic Initiatives - The company purchased 33 million shares for $50 million in Q3 2025, and a total of 84 million shares for $132 million year-to-date[54] - The company has $210 million more GAAP R&D investment than its nearest competitor (2023–YTD 2025)[33] Future Outlook - Q4 2025 revenue is projected to be between $207 million and $211 million, representing 10% year-over-year growth at the midpoint[59] - Q4 2025 adjusted EBITDA is projected to be between $77 million and $81 million, with a 38% margin at the midpoint[59] - Full year 2025 revenue is projected to be between $750 million and $754 million, representing 14% year-over-year growth at the midpoint[59] - Full year 2025 adjusted EBITDA is projected to be between $245 million and $249 million, with a 33% margin at the midpoint[59]