Earnings Call Transcript - NEXN Q3 2024

Operator, Operator

Thank you for standing by. My name is Janine, and I will be your conference operator. Welcome to NexSys third quarter earnings call. At this time, participants are in listen-only mode with a question and answer session to follow at the end of the presentation. The call is being recorded, and a replay of today's call will be made available on Nexon's Investor Relations website. I will now hand the call over to Billy Eckert, Vice President of Investor Relations, for introductions and the reading of the Safe Harbor statement. Billy, please go ahead.

Billy Eckert, Vice President of Investor Relations

Thank you, Operator. Good morning, everyone, and welcome to Nexon's third quarter earnings call. During today's call, we will discuss our financial and operating results for the three and nine months ended September 30, 2024, as well as our forward-looking guidance. With us on today's call are Ofer Druker, Nexon's Chief Executive Officer, and Sagi Niri, the company's Chief Financial Officer. This morning, we issued a press release which you can access on our IR website at investors.nexon.com. During today's conference call, we will make forward-looking statements. All statements other than statements of historical fact could be deemed as forward-looking. We advise caution and reliance on forward-looking statements. These statements include, without limitation, statements and projections regarding anticipated future financial and operating performance, market opportunity, growth prospects, strategy, financial outlook, partnership and anticipated benefits related to those partnerships, anticipated benefits related to the potential changes in the company's trading security structure, anticipated benefits related to the company's intended growth and platform investments, forward-looking views on economic and industry conditions, as well as any other statements concerning the expected development, performance, and market share competitive performance relating to our products or services. These statements are based on information available to us as of the date of this call. These statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those implied by these forward-looking statements, including unexpected changes in our business, unexpected changes in macroeconomic or industry conditions. More detailed information about these risk factors and additional risk factors are set forth in our filings with the US Securities and Exchange Commission, including but not limited to, those risks and uncertainties listed in the section entitled risk factors in our most recent annual report on Form 20-F. Nexon does not intend to update or alter its forward-looking statements whether as a result of new information, future events, or otherwise, except as required by law. Additionally, the company's press release and management statements during this conference call will include discussions of certain measures and financial information in IFRS and non-IFRS terms. We refer you to the company's press release for additional details including definitions of non-IFRS items and reconciliations of non-IFRS results. At this time, it is my pleasure to introduce Ofer Druker, CEO of Nexon. Ofer, please go ahead.

Ofer Druker, CEO

Thanks, Billy. Since late last year, we have significantly improved the company's performance. Our improvement is a direct outcome of our hard work integrating the MoVI's technology, data assets, and talent base, which fits with a challenging macroeconomic condition as well as our rebranding to Nexen. The combination of these factors has boosted our standing within the industry. Since early 2024, we have achieved significantly better results than in 2023. Our business is thriving, and markets are on a better footing, as evidenced by our ability to generate record Q3 results and accelerate our growth prospects by winning partnerships with some of the world's top companies. After enhancing our tech products, data, and advanced PCB capabilities, Nexen is being recognized as a strategic partner that can drive superior results as our customers across the industry choose to work with us. It is clear that Nexen is now viewed as a data-first EdTech platform that enhances outcomes and solves key problems across the supply chain with data-driven video, advanced TV, and audience targeting capabilities, unlike any other in the industry. Our strategy to seamlessly connect our robust data distribution with our flexible platform to fuel better customer outcomes is the winning value proposition that is leading more and more partners to select Nexen as the platform of choice. A key advantage for Nexen is that we are one of the pioneers and leaders in the concept of owning and operating an end-to-end platform, a trend that others in EdTech are striving to catch up to. Operating a full-stack platform brings efficiency and simplicity to our partners. Customers that adapt multiple solutions across our end-to-end ecosystem typically save costs while generating improved results and ROI. Our end-to-end platform includes a flexible, full-service, state-of-the-art DSP and SSP, centered around a data platform. It is unique and differentiated in the marketplace. Our data strategy strongly complements and significantly advances the benefits created by our full-stack infrastructure. FlowMobi has regained even greater combined technology and data benefits. We are now providing massive advantages for Nexen and its customers in the market. Following the integration, our robust data is now fully intertwined into our advanced technology solution across our platform, enabling our partners to better fulfill their needs, serve their clients, and win new accounts. As I will touch on later, we plan to incorporate Gen AI more and more across our platform to further enhance our combined tech and data capabilities and competitive advantage, driving even better results and usability for our customers. Customer prospects continue to increasingly embrace our data-powered end-to-end approach. A great example is our partnership with Stegwin, which is adding a growing number of solutions within our product suite that are driving better results when leveraged together. Segment recently ran an analysis of our performance against another major DSP for one of its clients. Our combined data and technology offerings significantly outperformed, generating far superior returns on ad spend, a tremendous reduction in cost per customer acquisition, and a notable increase in CPM efficiencies. Data is a key element for the success of any advertising campaign. This is the main reason customers have been seeking to partner with Nexen: the company has robust and unique data capabilities and assets that yield better results. Our tools, like Nexen Discovery, enable advertisers to find and target audiences, unlock insights, visualize trends, and extend likely to engage or buy audience reach to achieve better returns. Advertisers can also onboard their first-party data onto our platform and enrich it with our data sets or any other data set of their choosing, improving the results when activating campaigns on our DSP while enhancing the power of our recently launched data platform. Our data platform combines our data assets, capabilities, and applications in one place and also features a unified ID graph solution. Our ID graph combines and deduplicates several identifiers into a merged graph, enabling increased scale, frequency capping, and better targeting and distribution at both the person and household level while further strengthening our already strong positioning to address changes in privacy and identity. We are also adding curated media capabilities to our roster of data offerings. In short, our differentiated ability to connect data with the ed-tech supply chain through our data onboarding, audience enrichment, activation, and measurement capabilities sets Nexen apart from the competition. Our holistic set of data capabilities has also led to new opportunities in growth areas like commerce media. Connective Media by United Airlines recently selected Nexen as a preferred data platform partner. The partnership extends first-party data from United customers and its MileagePlus program members to advertisers leveraging Nexen for activation across premium off-site CTV, linear, and digital content. Our clients can leverage this data to their advantage, gaining insights for campaigns and loyalty, among other areas. We strongly believe in the importance of CTV advertising as it reflects a critical conduit to better understand and more effectively reach likely-to-engage or buy audiences. Our full-stack platform benefits TV advertisers and streaming platforms as we bring unique demand and supply to each type of transaction while enabling cost efficiencies. We also own the relationship with all the world's major CTV OEMs, provide access to premium supply for many of the largest streaming players, and possess exclusive data assets. Within our data offering, we stand out for our unique and advanced CTV data solutions, such as our discovery tool and exclusive global data capabilities enabled by our partnership with Vita, which amplify the effectiveness and appeal of our TV-focused offering. We have built these capabilities over several years and, as a result, today, Nexen is a leader in CTV advertising data and technology. We believe we are well-positioned to capitalize over the long term amidst continued growth in CTV and increased digital content consumption. Our differentiated TV data assets and capabilities led us to win a strategic partnership with The Trade Desk in Q3, resulting in our ACL data segments becoming available on their platform for activation in the U.S., U.K., Canada, and Australia. Nexen's segments enable The Trade Desk's clients to unlock unique targeting capabilities that can enhance their TV advertising efforts while giving us another channel to expand our data licensing revenue. We also recently entered another partnership with SpecdUp, through which our ACI data segments became available for activation in the U.S. within their programmatic platform. The SpecdUp platform connects to our SSP, creating increased data licensing revenue opportunities and underscoring how customers leverage several solutions within our ecosystem. Data licensing reflects a significant long-term opportunity for Nexen. In addition to these recent wins, we are in advanced discussions with many others seeking to license our data, including some of the industry's largest and most recognized brands. As I mentioned, large sports are shifting to CTV, creating opportunities for Nexen amidst strong and growing advertiser demand. Our relationship with Fox, Fubo, and DIRECTV, among others, is driving sponsorship-related spending. For example, Fox has a plethora of live college football inventory, and Nexen has been able to complement their sales effort, enabling them to maximize yield and monetization. Additionally, other partners are granting Nexen access to LiveNesting and other major sports inventory, driving better monetization for these customers while creating robust and unique opportunities for our advertiser clients. Our data-driven political solution launched in Q3 has also positioned us to capitalize on the U.S. election cycle, particularly in Q4, and generates what we believe will reflect record annual political contributions for Nexen. Based on the results we've seen to this point in the year, these tools empowered our political advertising customers to gain deeper insights and maximize audience reach, and our data and audience capabilities drove better targeting and engagement with multicultural voters. This emerged as a key feature that we believe will serve us in the future as many companies increasingly focus on diversity and seek solutions to help them effectively address this topic. In Q3, we added an all-time high of 138 new actively spending first-time advertisers. This included 31 new enterprise self-service customers and two new independent agencies leveraging Nexen's self-serve offering. We also added 61 new supply partners in Q3, highlighted by premium streaming customers and new audio partnerships. Finally, we believe, inclusive of Gen AI and machine learning, Nexen is uniquely situated to harness the full power of AI as we operate a full-stack platform connected by data, which benefits customers across all stages of their workflows. Over several years, we have developed deep machine learning, AI, and data capabilities, and by integrating Gen AI, we can amplify the power of the Nexen platform across planning, activation, and monetization. We believe Nexen is at an AI advantage given our many data signals we collect and utilize. AI solutions depend on robust data to generate accurate signals, and as we operate an end-to-end platform, we can incorporate AI broadly and effectively. Gen AI can benefit Nexen across many use cases in driving incremental opportunities, predictive analytics, data enrichment, customer support automation, content creation, and personalization, as well as creative ideation and optimization. We are now actively integrating Gen AI into our core products to drive better usability and customer success. In recent months, we've built out an AI team and partnership roster featuring OpenAI and others to execute this initiative. In the near future, we anticipate releasing a Gen AI-powered in-platform virtual assistant to help customers find and reach new audiences, generate audience segments, and seamlessly activate them on our DSP and SSP. Our first priority is to leverage AI to empower our discovery tool to drive additional value and generate better results around audience creation, gaining granular insights on targets within those created audiences, extending likely-to-engage or buy audience reach, and activating those enhanced and extended audiences on our DSP. We expect this will make discovery more user-friendly, widening its utility beyond senior industry analysts, and further enhancing the appeal of Nexen's platform. Contextually, we plan to introduce Gen AI-powered capabilities within our DSP as part of a new and enhanced user interface. These features will proactively extract key insights, find enhancement opportunities, and offer campaign optimization suggestions in real time. We believe these upgrades and others planned for the future will further position our platform technology and data capabilities as the primary drivers of better customer results. Looking ahead, we are poised to continue accelerating our growth. In 2025, we expect our recently launched partnerships and data licensing opportunities to scale, and our Gen AI field enhancements to attract more partners to our platform. This catalyst, alongside our data, CTV, and video capabilities, and flexible platform, positions us to continue capitalizing on large multi-solution revenue opportunities, grow our market share, and showcase our value as the best-in-class strategic partner for the industry. With that, I'm happy to turn the call over to Sagi.

Sagi Niri, CFO

Thank you, Ofer. In Q3, we generated contribution ex-tax of $85.5 million, achieving 12% growth from Q3 2023. Programmatic revenue was $81.6 million in Q3, reflecting 10% growth from Q3 2023, while contribution ex-tax from our non-programmatic business line increased slightly year-over-year from a dollar perspective. Growth in Q3 was broad-based, driven by enhanced sales execution, scaling partnerships, and improved market conditions. We observed strength in CTV video, display, mobile, and PMP, with increases across ten of our eleven industry verticals, with the biggest increases reflected in our government, finance, health, and automotive verticals. On the opposite side, in Q3, we observed a year-over-year decrease in our travel vertical. We achieved a major year-over-year increase in CTV revenue in Q3, generating $29.7 million in CTV revenue, reflecting 52% growth from Q3 2023. Q3 2024 was the second-best CTV revenue quarter in Nexon's history, reflecting strong results for the second consecutive quarter, as CTV revenue represented 36% of programmatic revenue, up from 26% in Q3 2023. CTV revenue growth was driven by benefits related to our partnership with LG Ads and strong sales execution amidst a continued shift by new and existing customers into our premium CTV solution. We strongly believe that our differentiated advanced TV technology and our platform's ability to flexibly cater to both sides of the CTV advertising ecosystem positions us to capitalize on what we believe to be a long-term CTV growth opportunity still in its early innings. Video revenue continued to account for most of our programmatic revenue, expanding to 71% in Q3 2024 from 66% in Q3 2023. This year-over-year increase was driven by video revenue strength fueled by CTV outpacing programmatic revenue growth. We continue to expect video revenue to be a primary growth driver over time and for Nexen to remain one of the most heavily indexed ad tech companies to video on the open internet. Our advanced TV offering and audience extension across the video advertising ecosystem have emerged as key reasons for major industry players to increasingly choose to partner with Nexen for their video advertising needs. Elsewhere, contribution ex-tax from display grew 21% year-over-year in Q3, while self-service contribution and SaaS increased by 15%. Contribution ex-tax from PMP grew 52% and contribution ex-tax from mobile grew 4% year-over-year. As for political contribution ex-tax, while we didn't see much of a lift in Q3, we anticipate a sharp increase heading into election day in the U.S. To this point in 2024, we generated approximately $10 million in political contribution ex-tax, which we believe will ultimately result in an annual political contribution ex-tax record for Nexen. In Q3, we also generated adjusted EBITDA of $31.6 million, reflecting a 49% year-over-year increase from Q3 2023. Our adjusted EBITDA growth was a byproduct of higher contribution EBITDA, improving cost efficiencies, and our platform model's ability to generate significant operating leverage, particularly as an increasing number of customers choose to adopt multiple solutions within our ecosystem. Our adjusted EBITDA margin in Q3 increased to 37% as a percentage of contribution ex-tax from 28% in Q3 2023, and we remain confident in our ability to further expand our adjusted EBITDA margin over time. In Q3, we generated over three times more net cash from operating activities year-over-year, generating $39.9 million in net cash from operating activities compared to $13.1 million in Q3 2023. As of September 30, we had $166.5 million in net cash, $90 million undrawn on our revolving credit facility, and no long-term debt. We also reported non-IFRS diluted earnings per ordinary share of $0.14 in Q3 2024 compared to $0.09 in Q3 2023. During Q3, we repurchased approximately 5.1 million ordinary shares, reflecting an investment of £14.1 million or $18.3 million. From March 1, 2022, through September 30, 2024, we invested around $137.2 million in our repurchase, buying back roughly 33.4 million ordinary shares or 21.6% of shares outstanding. We received approval to launch a new $50 million ordinary share repurchase program, expected to begin on November 19 and to continue until May 19 or completion. Our previous program expired on November 1. At this point, the board will consider launching an additional repurchase program thereafter, should share prices continue to reflect a discount to fair value. With that, I'll turn to our outlook. For the full year 2024, we reaffirm our guidance for contribution ex-tax in a range of approximately $340 million to $345 million, and for programmatic revenue to represent approximately 90% of full-year 2024 revenue. We are also raising our full-year 2024 adjusted EBITDA guidance to approximately $107 million from approximately $100 million. In Q4 2024, we anticipate achieving a strong quarter from a contribution ex-tax and adjusted EBITDA perspective as we continue to see momentum from Q3 carry over into the fourth quarter. Our debt-free balance sheet and cash-generating abilities also enable us to continue investing in share repurchase in Q4 2024 and 2025, which we view as one of our key capital priorities, assuming our shares continue to trade at around levels our goal remains to reflect a discount to fair value. As Ofer mentioned, in Q4 2024 and 2025, we will also boost our data and technology investment to favor our platform's strengths and advantages. We are prioritizing increasing our AI edge by incorporating Gen AI across our core products. Looking ahead, we will continue focusing on expanding revenue relationships with customers through increased spending and multi-solution adoption, attracting new partners to our platform, and growing our data licensing and CTV revenue opportunities. Through a combination of our flexible end-to-end platform's ability to service the industry holistically across formats, devices, and the data supply chain, as well as our robust and unique data and technology solutions that help attract and drive better ROI for customers, we believe we remain well-positioned for sustainable long-term growth, expanded profitability, and leadership. Finally, this morning, we announced that our board approved submission of several changes to our stock exchange structure for shareholders to consider and vote on at our upcoming AGM in December. If the proposal is approved, we believe this evolved structure can significantly benefit Nexen and its shareholders over the long term. If shareholders approve the proposal, the company intends to exchange its NASDAQ-listed ADRs for NASDAQ-listed ordinary shares and terminate the ADR facility, conducting a reverse stock split at a two-for-one ratio which will allow for a one-to-one exchange of ADRs to ordinary shares. We believe these proposed changes are beneficial for several reasons, including increasing the potential to attract U.S. investors, reducing the complexity of the company's reporting and regulatory compliance structure, consolidating and likely increasing liquidity, and possible inclusion in major indices which the company's shares are precluded from due to its current ADR structure. Additionally, we believe these proposed changes better align our stock with other U.S. listed companies, help reduce price volatility that can result from being dual-listed, and save costs. Our AGM circular provides greater detailed information on this proposal, the timing of the proposed changes, and its effect on trading for our U.S. and U.K. investments. We also intend to host calls for both U.S. and U.K. investors and analysts ahead of our AGM to provide greater detail on the proposed changes, timing, and our strategic rationale. Over the last several quarters, we've enhanced our tech, data, and security capabilities. We've taken steps to clarify our platform's value proposition and bolster our sales efforts and team, a combination of which has resulted in strong performance within the industry and long-term growth positioning. Following these milestones, we believe it is now time for our trading structure to also undergo improvements to further align our business enhancements and stronger results with our future capital appreciation potential. We look forward to continuing to work hard to serve our partners and shareholders and are excited about these potential changes and what lies ahead.

Operator, Operator

Thank you. Ladies and gentlemen, we will now begin the question and answer session. I would like to remind everyone to ask one question followed by one follow-up. Should you have a question, you will hear a prompt that your hand has been raised. Should you wish to withdraw, please press star followed by the number one again. If you are using a speakerphone, please lift the handset before pressing any keys. Our first question comes from the line of Matt Swanson from RBC Capital Markets. Please go ahead.

Matt Swanson, Analyst

Alright. Thank you guys so much for taking my question. Ofer, I really appreciated the Stadwell example. I've still had to try the DSP. Yeah. Example. I guess with all these new capabilities and everything else that you guys are now investing in around data and Gen AI, could you elaborate a little bit more about how you get customers and advertisers to see the new Nexen and how to go to market with these new capabilities?

Ofer Druker, CEO

Of course. Good morning, Matt. I think that the entry point for us that we are now presenting to new advertisers and clients is our discovery tool. Our discovery tool is a very powerful tool that we acquired through the acquisition of Hamobi. It's an amazing ability to connect and integrate a lot of datasets into one platform to learn about audiences. What we are doing is showing the advertisers this platform’s ability to learn about their potential audience, to learn about the insights and sentiment of the audience regarding the product or service they are trying to offer, to create audiences, and to activate them simply on our platform, whether on our SSP or DSP. They can even measure results. So, everything is basically translating into a very powerful capability on the discovery tool that enables advertisers to do what I just mentioned. This is how we are demonstrating our capabilities. The feedback from advertisers has been very positive towards the platform, as it gives them a lot of capabilities that they cannot find elsewhere. The simplicity of audience activation and the learning available on our platform is significant, as they don't need to export data out and run complex files to activate it. We've also enabled leading advertisers to upload their first-party data and enrich it with our TV data, giving them deep insights and helping push more CTV campaigns.

Matt Swanson, Analyst

Yeah. No. That's perfect. And it may be similar, but I think on first glance when people saw this strong growth in CTV, the assumption would be it was primarily from political contributions, but it sounds like that wasn't the case in Q3. Could you talk a little bit more about where you guys are seeing success that led to such strong growth there?

Ofer Druker, CEO

Of course. So political was part of that, but it's not the major contributor that generated this growth. This growth is coming from several factors. One is that we have been working on technology for CTV for over five years. Since 2019, we have reached a point where we can offer advertisers and publishers a robust tech stack that enables them to run their campaigns effectively. This helps publishers sell their media more efficiently and sell audiences, not just ad space. This integration includes numerous algorithms and machine learning that we have built over the years, optimising our capabilities to run CTV. If you look back at the last five years, we have been demonstrating this progress. The second point is that we continually add to our publisher and partner lists, which allows us to reach additional users and audiences in the market. This strategy is working well as we demonstrate to publishers that we can add value and revenue they may not see from other connections. The third factor is the LG settlement that has allowed us to acquire higher quality media in the market, boosting our revenues. Lastly, our discovery tool has played a significant role, as many clients are now eager to buy more into CTV. By showing them how to use the discovery tool, we teach them about their audiences and insights, which is contributing positively to our growth. Also, the market is healthier now, which helps facilitate increased ad spend.

Laura Martin, Analyst

Thank you. I have a question for you. You talked a lot about your end-to-end platform and how it gives you a competitive advantage, but many of the end-to-end platforms grew only 12% during the quarter while single-sided platforms like Trade Desk grew by 25%. Can you explain why you believe end-to-end platforms are advantageous, and if they are, why isn't your growth rate closer to that of the single-sided platforms?

Ofer Druker, CEO

Thank you. I'll address your second point regarding data. It's true that I'm mentioning data often because it integrates about ninety percent of our operations, and advertisers are increasingly utilizing data to enhance their results. Our advanced data capabilities are key as we are one of the few companies in the open web with agreements to use OEM ACR data to improve targeting. We are also dominant in the TV data arena, utilizing numerous datasets to gain insights for advertisers about their audiences. Regarding your first point about single-sided campaigns, the situation is a bit more complex. Even platforms like Trade Desk are making moves towards end-to-end capabilities. Our advantage lies in the fact that we offer a fully functional DSP integrated with our proprietary technology. This full-stack solution provides efficiency, privacy, and data synchronization. When we talk about Gen AI, having control over the whole process allows for better integration of machine learning algorithms that we have already developed, utilizing them in a much more effective manner.

Sagi Niri, CFO

Good question. Indeed, we are considering moving to a U.S. GAAP basis from IFRS at some stage to potentially enhance our appeal to U.S. investors and align with expectations moving forward. It's something we are actively contemplating.

Andrew Marok, Analyst

Thanks for taking my questions. I've heard references to strong sales execution several times in your remarks. What's changing? Is it mainly due to the broader product offering, or are there some internal measures that have improved efficiency? And how does this play into your investment priorities for the sales force in the near term?

Ofer Druker, CEO

I'll take this question. Yes, after acquiring Amobi, we recognized we needed a solid rebranding. We improved our messaging in the market significantly, which has affected our sales team positively. In the last nine months, we've seen good improvements as our sales team aligns better with our offerings. Our sales materials and our external messaging are becoming more mature and sharp, helping drive better results. We have not changed our metrics; we monitor cash and sales closely. But the sharpened message internally and externally helps achieve better results. As for your question about the outlook for Q4, while we expect some crowding out in October with increased political activity, we have not observed any significant drop in post-election revenues. We maintain a robust pipeline, and the growth drivers within our company are materializing as we proceed.

Mark Kelley, Analyst

Thank you. I have two questions. First, how do we think about seasonality going from Q4 to Q1 with political contributions not being the major factor? Second, when do you think we might see CTV growth outpacing PMP growth?

Sagi Niri, CFO

Regarding your first question, I don’t think a comparison between Q4 and Q1 is valid as Q1 is typically the toughest quarter of the calendar year, while Q4 tends to be stronger. We expect our growth drivers to remain in place, particularly with our initiatives around AI and Gen AI set for 2025, which we are prioritizing investing in. Looking towards Q1 2025, we anticipate it will outperform Q1 2024 as we see consistent growth quarter over quarter.

Ofer Druker, CEO

On your second question regarding when CTV might surpass PMP growth, it's not a straightforward comparison. PMP includes activities from various DSPs, and while CTV is growing rapidly, PMP will continue to encompass other areas such as video and display. Both areas are expanding, following market trends with agencies and advertisers increasingly opting for programmatic buying.

Matt Condon, Analyst

Thank you for taking my question. Could you provide updates on additional commerce media partnerships beyond what we’ve seen with United? What other companies are you potentially looking to partner with?

Ofer Druker, CEO

We’re seeing interest among potential clients due to our robust discovery tool and comprehensive end-to-end solution. It’s become increasingly appealing for these types of companies to work with us. Without sharing specifics, we have a healthy pipeline of companies reaching out, and we believe our strong data management platform will enable us to better target and utilize their media.

Matt Condon, Analyst

Could you provide any early indications of demand arising from your collaboration with The Trade Desk and when we might expect that channel to contribute to results? Possibly in 2025?

Ofer Druker, CEO

Our relationship with The Trade Desk focuses on data. The partnership has just started to build traction as we need to educate clients regarding our data offerings. We are making progress and expect to open more markets together, aligning with our global strategy. Thank you everyone for joining the call this morning. We strongly believe we made the right strategic decisions in the past few years. We have developed strong tech products to address important industry needs today regarding data, CTV, privacy, Gen AI, and robust programmatic capabilities. We are excited about the future, focusing on innovation and execution to achieve our goals. I want to take this opportunity to thank our teams and employees around the globe who have diligently worked over the months to achieve these results. Have a nice weekend.

Operator, Operator

Thank you for joining the conference call for today. You may now disconnect.