Resources For TV Channel Developers

DATE

Wednesday, May 6, 2026 at 4:30 p.m. ET

CALL PARTICIPANTS

• Chief Executive Officer — Michael Barrett
• Chief Financial Officer — David Day
• Head of Investor Relations — Nick Kormeluk

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TAKEAWAYS

• Total Revenue — $164 million, up 6%, reflecting growth exceeding guidance and consensus expectations.
• Contribution ex-TAC — $161 million, up 10%, at the upper end of the guided range.
• CTV Contribution ex-TAC — $82 million, a 30% increase, representing 51% of the business mix and signaling rapid scale.
• DV plus Contribution ex-TAC — $79 million, down 5%, but above company expectations and pointing to stabilization in the segment.
• Adjusted EBITDA — $43 million, growing 16% and delivering a margin of 27% versus 25%.
• Net Income — $4 million, compared to a net loss of $10 million in the prior year.
• GAAP Earnings per Diluted Share — $0.03, up from a net loss of $0.07.
• Non-GAAP Earnings per Share — $0.13, rising from $0.02.
• Cash Balance — $185 million, down from $553 million primarily due to $250 million in convertible debt payoff, CapEx, share repurchases, and seasonal working capital.
• Operating Cash Flow — $23 million, which management defines as Adjusted EBITDA less CapEx.
• Capital Expenditures — $20 million, including property, equipment, and internal-use software costs.
• Net Leverage — 0.7x, unchanged and consistent with sub-1x targets.
• Share Repurchases — 2.2 million shares repurchased or withheld totaling $29 million, with $186 million remaining authorized through February 2028.
• Next-Quarter Guidance (Q2, ex-TAC) — $177 million–$181 million, representing 9%-12% growth.
• Next-Quarter CTV Guidance (ex-TAC) — $90 million–$92 million, representing 26%-29% growth.
• Next-Quarter DV plus Guidance (ex-TAC) — $87 million–$89 million, a 4%-2% anticipated decline.
• Next-Quarter Adjusted EBITDA Margin — Projected at 34%-36% based on $115 million–$117 million operating expense.
• Full-Year 2026…