Financial Data and Key Metrics Changes - Revenue for Q2 2025 increased by 21% year over year to $189 million, surpassing the raised guidance [6][24] - Adjusted EBITDA grew by 22% year over year to $57 million, with a margin of 30%, up from 27% in Q1 2025 [24][29] - Media transactions measured (NTMs) increased by 19% year over year, while measured transaction fees (NTS) declined by 1% year over year, indicating a relative improvement [25][51] Business Line Data and Key Metrics Changes - Activation revenue grew by 25% year over year, with all four activation solution groupings contributing to growth [25] - Social measurement revenue rose by 14%, driven by platforms like YouTube, TikTok, and Meta, which collectively accounted for over 90% of Q2 social measurement revenue [27][12] - Supply side revenue increased by 26% year over year, reflecting growth from existing and new platform and publisher customers [28] Market Data and Key Metrics Changes - CTV measurement impressions grew by 45% year over year, representing 11% of total measurement impression volumes [15] - Social media remains a significant growth opportunity, with social measurement revenue growth led by major platforms [11][12] - Programmatic volume saw healthy growth, with ABS (Authentic Brand Suitability) growing by 23% year over year [19][48] Company Strategy and Development Direction - The company is focused on expanding relationships with existing advertisers and scaling new ones, emphasizing a strategy of "attach, stack, and scale" [7][10] - The recently launched Media Advantage Platform (MAP) integrates verification, optimization, and outcomes measurement, enhancing customer engagement [8][22] - The company aims to leverage AI innovations and expand its product suite to navigate a shifting market [10][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth trajectory, supported by strong enterprise win rates and an active pipeline [22][33] - The company raised its full-year 2025 revenue growth guidance to approximately 15% year over year, up from 13% [32] - Management noted that 2025 is viewed as a transition year, with gradual monetization expected from new solutions like Meta Prescreen and DV Authentic Advantage [34] Other Important Information - The company ended the quarter with approximately $217 million in cash and cash equivalents, maintaining a strong financial position [31][34] - Capital expenditures were approximately $10 million, reflecting ongoing investments in cloud infrastructure and product development [30][29] Q&A Session Summary Question: What drove the acceleration in social growth? - Management indicated that growth was driven by both new user expansion and existing customers increasing their usage, alongside the addition of new partners [38][40] Question: Can you elaborate on the drivers of outperformance relative to guidance? - The strong activation quarter, particularly around ABS, was highlighted as a key driver of growth, alongside resilient advertiser spending despite macro uncertainties [46][48] Question: How confident is the company in the sustainability of social product growth? - Management expressed increased confidence due to improvements in product offerings and the ability to provide both pre- and post-bid solutions [56][58] Question: What is the outlook for margins moving forward? - The company is guiding for a 32% EBITDA margin for the year, with continued investments in growth initiatives [91][92] Question: How is the company approaching capital allocation? - The strategy remains balanced between investments in the business, evaluating M&A opportunities, and considering share repurchases [82][84]