Hello, and welcome to Digital Turbine's 2021 Analyst Day. All participants will be in listen mode only. Please note today's event is being recorded. I now would like to turn over to your host, Brian Bartholomew. Brian, please go ahead. Yeah. Thanks, Chelsea. Welcome, everyone, to 2021 Digital Turbine Analyst Day. We'd like to thank you all for spending some quality time with us today, in particular to any veterans that might be in attendance with us today, an additional heartfelt thank you goes out on this Veterans Day. We think we have a series of presentations today that you will find informative and hopefully inspirational. I know that we here at the company have never been more excited about the future of Digital Turbine, and I expect you'll sense some of that passion from the team today. We just hope that by the end of the day, at the end of the event, you guys feel similarly. I have a couple of quick housekeeping items here before we formally kick things off. First, I'm sure that nobody here is disappointed to hear that we're gonna be making some forward-looking statements today. Please re-review our filings with the SEC for a discussion of the risk factors related to these forward-looking statements. Second, we will also be referencing certain Non-GAAP and pro forma measures of performance. Please review our filings with the SEC as well as recent press releases for definitions of all Non-GAAP measures and all relevant Non-GAAP to GAAP reconciliations. Finally, you will note that we have a pair of designated Q&A sessions scheduled today. If you could please hold your questions until those designated time frames, that'd be most appreciated. Also, you'll be able to see there's a little hand icon at the bottom that will put you in the queue to ask a question. That's it. Without further delay, let's get this party started. I'd like to pass the mic over to our Chief Executive Officer, Mr. Bill Stone. Yeah. Thanks, Brian. It's great to be here today. You know, usually, when we get to talk to you guys, you know, it's every 90 days, we only get to talk in the context of each quarter, and it tends to be, you know, fairly short-term in focus. You know, one thing that's exciting about today is we can take a little longer-term view on the business and spend some time about where we're going with it. How we're gonna construct today is really what I like to refer to as whole, part, whole. You know, we're gonna get right to the punch line of, you know, what we think we're gonna be able to achieve, and then really spend the majority of the time today going through the individual piece parts that are gonna make up that whole. How we're gonna break that out is I'm gonna talk a little bit about the company and the vision and some of the macro industry things that we're seeing out in the marketplace right now. Our Chief Revenue Officer, Mike Ng, is gonna talk about the business operations and revenue synergies that are gonna build the growth that we're excited about. As Brian mentioned, we'll have some Q&A at that part where we can spend some time for anyone that wants to ask questions around the industry or ask questions around any of the business or revenue pieces of things. Brandon Ayers from our product team is gonna show some demonstrations of our products that are already out in the marketplace today, as well as some new things that we're really excited about in terms of where we see the platform going. Matt Tubergen is gonna host a partner roundtable where you're gonna get a chance to hear directly from some of our advertising and telco partners in terms of their views of, you know, how they see the space and how they see Digital Turbine fitting with their needs. Barrett's gonna bring it home for us with taking the numbers and the modeling and, you know, how it rolls up, and then we'll have a chance to ask some questions at the end. Without further ado, Mimi, can you go to the next slide, please? The next one. You know, for those that have been around the story for a while, you might remember our last Analyst Day was back in June of 2018. I show this chart because, you know, at that Analyst Day, we showed that, you know, we're gonna have, in three years a $300 million business, we were gonna have a couple hundred million devices that would be putting our software on, and that we'd have our revenue per device or RPD, you know, just north of a $1.30. If you know, fast-forward from June of 2018 to our results from June of 2021 when we announced our fiscal year results, pre the acquisitions that we just recently made, what'd you see? We saw a business that did a little over $300 million in revenue, and it was on a few hundred million devices and, you know, revenue per device that was, you know, basically in line with what you have here on this chart. You know, the reason I bring that up, you know, is I think it's important is there's a lot of new companies that have come to market, and we've been, you know, we've been at this for a while. What's really important to us is we say what we do and we do what we say. You know, this is basically what we said three years ago that we were gonna do, and we did it. When I talk about today and what our intentions are, you know, I think that context is important. What we're gonna talk about today is over the next few years, how do we get this to a $4 billion revenue business and a $1 billion EBITDA business? We think we've got all the piece parts and things to execute on achieving that, and we're gonna take you through it here today. Next slide, Mimi. You know, first is in order to get to that kind of scale, you've gotta have scale. You can see some numbers here on the top, you know, in terms of our software and 750 million devices. AdColony and Fyber have their software on 1.5 billion+ devices and, you know, really operating this business now at global scale. That global scale generates, you know, really good results. You can see at the bottom of the chart, if you wanna look at our results over the past 10 quarters, you know, really nice, impressive growth, both on the top line and the bottom line. In order to get after the total market opportunities we're gonna talk about here in a little bit, you gotta have scale to go after it. You know, now we're in a position where we've got that scale to attack the market. Next slide, Mimi. From a vision perspective, when we started this, you know, roughly 10 years ago, the vision we had then and the vision we have now is still roughly the same. Our view was that if we could connect the dots between all the people that wanna be on device to the devices themselves, you know, we'd have something that's pretty special. The people that actually control those devices, you know, aren't necessarily, you know, the people that are making a lot of the spoils of that today. They're the people that distribute them, like Verizons and AT&Ts or the people that manufacture them, you know, like Samsungs and Motorolas and so on. If we can help connect the dots between all the app publishers that wanna be on those devices, the brand advertisers that wanna be on the devices, and obviously make it easier for customers, you know, as well in terms of offering them more choice and convenience, we'd have something pretty special, to do. As we think about, you know, that vision and continuing to grow this independent growth platform on mobile, you know, this is something that we're really excited about, and the vision continues to hold as we go into the future. Next slide. There's a lot of market trends out there that give us that excitement. Apps are part of all of our lives. The average person has 30+ apps on their phone. They use 10 apps of them, you know, per day. You know, the average person, you know, is consuming content on their device and, you know, 50% of the time when they unlock their phone, they don't necessarily know exactly what they're going to look for. They're looking for something that's really gonna engage them. When we think about the opportunities in front of us, you know, what we see from advertisers is they're looking for simplicity. You know, there's just so much complexities in the mobile ad ecosystem, and, you know, the ability to bring that simplicity to the advertisers is something they're really looking for today. They're also looking for diversity. You know, historically a couple players have really dominated the space and, you know, as we go forward in time and it grows, you know, those markets are becoming saturated for those players. The incremental dollar that's being spent may not get the same return for those advertisers as the first dollar that's being spent. It opens up opportunities for other players independent of some of the favorable regulatory tailwinds that are going on as well that give us a lot of optimism around how we're positioned in the market. Next slide. You know, one of the things we wanted to do is, you know, take you through some numbers, you know, to really back that vision up. As many of you have heard me say many times before, you know, for the last 100 years, 200 years, media dollars have followed eyeballs. What we see today is we see first and foremost, eyeballs are in mobile. You can see the chart on the left. You know, you're looking at, you know, four hours+ of mobile consumption today in terms of where our eyeballs are. For those of you that, you know, have heard of Mary Meeker and her annual reports that, you know, she used to produce on, you know, state of the union of the Internet and the digital economy. You know, I can remember not that many years ago, where she talked about 4% or 5% of our time of our eyeballs were in mobile media. You know, today, you can see it's, you know, well over a 1/3 of our time is in mobile media. You know, that's where our eyeballs are. If you go to the next slide, you know, what we see is the dollars are gonna follow that. You know, whether that's an incremental 100+ billion app installs on the Google Play Store or whether that's, you know, the revenue numbers that you see here on the right of this chart. Historically, you know, we had quoted numbers from the market research company here on the white bar, and they just recently last month updated their figures and increased them. We're looking at a $369 billion market today for mobile media, just an enormous number, and that growing to $600+ billion over the next few years. You're seeing that trend of these media dollars following where our eyeballs are. Next slide. Just to make a finer point on some of the specifics here, we're just using, you know, Facebook here as an example. If you look, you know, prior to Apple's changes on IDFA a few months ago, about 50% of Facebook's growth came from Android, about 50% of it came from iOS. Since those changes have been introduced, what we see now is basically kinda teen-ish growth on iOS, but you're now approaching 80%-90% growth on Android. We see a similar trend from Digital Turbine. If you look back a few quarters, on a pro forma basis, there were probably about 65% of our business was Android. Today, it's over 75%, Android. Given some of those changes and given that Android is 85% of the global market today in terms of device volumes, you know, we think that really bodes well for us. Next slide. How we've historically thought about our business in growing and getting after these markets is really kind of in three pieces. If you start on the left on the purple bar, you know, we've historically, in the early days, had focused our business on those app providers that were trying to get on device. They're spending, say, $1 to get on device with us, and we were gonna go out and, you know, compete for that dollar, and we built a nice little business around that. We realized, probably about this time last year, that really where the bigger opportunity for us was the green bar, where they're spending $1 to get on device because a lot of those app publishers are making anywhere from 2x-4x that in the advertising that goes on that device. One of the strategic rationales for us to acquire companies like Appreciate and AdColony and Fyber was to really get after the opportunity in that green bar. As we think about our business today, that's really where we're now focused on that addressable market. That doesn't stop there. If we think about 1.0 and, you know, the purple bar on the left and 2.0 and the green bar, you can almost think about 3.0 now. Think about now getting into the in-app payment part of the business. Specifically, what we mean by that is, you know, as we think about in-app purchases, we're not talking about something you buy hard goods on Amazon and it gets shipped to your door, but rather, we're thinking about in-app purchases, whether that's things like ESPN+ and Pandora, those types of in-app purchases, and now the opportunity that payments as well can open up. We make that as an illustrative example here to say that just going after the ad dollars is not where we stop and where we think about the business. Next chart. Now we've got this significantly larger addressable market for us. As we think about, you know, connecting this to the chart on the prior slide, we see about a $5 billion in aggregate market that we have historically gone after. We've done a nice job going after that market, and we're gonna continue to go after that market, and we're gonna continue to grow our share in that market. The overall app install market is closer to a $100 billion. Mike will talk about this later in his remarks, but as we think about the addressable market for a product like SingleTap, we think about it through the lens of a $100 billion opportunity for us. You know, Mike will share some details on how we're gonna go after that. If we think about it even broader than that, in terms of all the media and brand dollars that are in the space, you're getting at a $370 billion market. It won't take much in terms of our market share to increase to really move the needle for us in terms of top line and bottom line results. Next slide. We're positioned well to go after that because we have the supply. Today, we have our Ignite software that we've put on 750 million devices. Through our AdColony and Fyber acquisitions, they have code on page of 1 billion, over 1.5 billion devices as well. We can think about our market with the 750 million devices, still huge opportunity to grow it, and we're gonna grow it, because that market is $6 billion+ just in mobile, forget about other types of devices. Now we also can bring in the AdColony and Fyber footprint as well to that. I'd like to think about this as a Venn diagram where we've got products that can go after the 750 million devices that may not have AdColony or Fyber software on it. We've got devices with AdColony and Fyber software on it that might not have our Ignite software on it yet. Then we've got ones in the middle. Really the point is here is that we've got the opportunity to offer different products and different solutions to all three of those addressable markets at real scale. I mean, these are huge numbers here. But the good news is we have a lot of room to still grow that before we hit our head on being penetrated against the broader addressable market. Next slide. You know, any of us today, whether we, you know, we turn on CNBC or Bloomberg or, you know, read The Journal or whatever our publication or media choices, you know, headlines are happening every day in our space. You know, there's just a sample here on this chart. By no means is this exhaustive. But, you know, what we're really seeing is a few themes. What we're seeing in terms of themes in the marketplace right now is number one, regulations are here and are coming. That's important because right now society's, you know, trying to debate around this issue of privacy on the left hand and choice on the right hand, and how do we wanna find balance? Do we wanna concentrate all of our privacy in the hands of very few, or do we wanna offer customers choice? You know, regulators are debating that right now all over the world. You know, here in the U.S., there's bipartisan legislation. For the cynics out there, how often do you hear bipartisan support for much of anything, you know, these days? Yeah, this is a topic that is getting bipartisan support. You know, our view right now is, you know, you could likely see an unbundling of the operating system, you know, from the services that are offered on top of that to offer customers choice, and we believe that can also include privacy of things that happen on device. Our view is it's gonna open up a lot of opportunities, specifically for Digital Turbine. These things are, you know, likely gonna be happening. The speed by which they happen in terms of, you know, this quarter, next quarter, the following year, you know, that remains to be seen. I think, you know, suffice it to say that, you know, there's gonna be changes that are happening. You know, those changes are, you know, things that I think are gonna be really beneficial to a company like Digital Turbine and how we're positioned with our partners, like the AT&Ts and Samsungs and Verizons, et cetera, that will likely be the trusted solutions to offer some of that choice out to customers. The second theme that we're seeing right now, you know, is consolidation. You know, the market has been historically in mobile ad tech fairly fragmented, a lot of point solutions, a lot of inefficiencies in the market. You've seen players like us being an example of helping participate in this consolidation. You know, we expect to continue to see consolidation in the market, to continue to bring scale, to go after that large TAM that we talked about on the prior slides. If you go to the next chart, you know, what does that more specifically mean for us? What it means is there are all kinds of opportunities and adjacencies that we can pursue, and we can think about it organically and inorganically as we go forward in time, but it's all hinged on our unique position that we have with our operator and OEM partners on device and as well as our independents. What does that mean specifically? That means there might be opportunities for alternative app stores. It means there's opportunities for in-app payments, given, you know, our unique position on device and with the carrier's OEMs. It can mean, you know, things like going after other operating systems beyond Android. It can mean connected devices and how those devices all interact with each other, and we'll show you some of that in Brandon's demos later. As we think about the business, not just on a quarterly results basis or just on next year's basis, but, you know, how are we gonna grow this business, you know, at the rates that we've been familiar with, you know, over the past few years? You know, these new opportunities are ones that are very real. They're happening. There's a lot of catalyst happening, you know, in the macro environment that really put us in a very unique spot to capitalize on those. Next chart. You know, really that all hinges on our ability to continue to expand our footprint, our core strategy of being on device with our operator and OEM partners. How we like to think about this is really through breadth and depth. On the breadth side, we have a number of opportunities on the left. We didn't wanna front-run much today in terms of, you know, sharing those with you. Just suffice to say, we're excited about the pipeline, and we're gonna continue to add, you know, new names, new logos on a global basis, to our partners. Once we get the partners on board, we develop credibility with those partners. We work closely with those partners. You're gonna hear from a couple of them today, in our ability to continue to grow and expand our product mix. You know, specifically, we may start with one product like our Wizard product and then expand it to SingleTap, and then expand it to Content Media products in various and sundry mixes of those. But the idea being here is that we can go from one or two products, you know, all the way up to a dozen different products that we sell in terms of distributing different content and application products out to our operator and telco partners. Really important here that we're gonna continue to expand the breadth with new opportunities, but really focus on the depth of our existing partners. You know, we've talked about expansion on Content Media with Verizon, AT&T. We've talked about expansion with SingleTap with Samsung, and those kinds of examples where we really wanna be able to continue to grow the business to those TAMs that we talked about on the prior slides. If you go to the next slide, you know, what this really all means is we've historically talked about our growth drivers being, you know, getting on more devices, like we just said on the prior slide, adding more products and then continuing to grow our media relationships. You know, when you're able to do all three of those things simultaneously, that's how you get network effects, and that's how you get exponential growth and the hockey sticks that we saw on the earlier slides. Our view is that's not changing. Those are still our growth drivers. Those will continue to be our growth drivers, and you're gonna see us continue to focus on expanding all three of those, simultaneously. With that, let me turn it over to Mike Ng, who's gonna share some of the details with you. All right. Thanks, Bill. As everyone has heard, my name is Mike Ng. And let's take kind of everything that we heard from Bill just now down a couple of elevations and kind of talk about why we're excited, not just about the core Digital Turbine business, but how we're now stitching it together with the three acquisitions that we've recently made and why we're seeing some synergies get us really excited over the past six months and as we look ahead over the next couple years. Mimi, if you can move to the next slide, please. Before we get down to that elevation, what I thought would be helpful for the group is to make sure that we kind of defined what the... How we see the mobile ecosystem and how we've actually seen the validation of this over the past six months with our acquisitions. To Bill's point earlier, how we're seeing the power of on-device kind of help fuel some of the ad tech platform acquisitions that we've made. As Bill mentioned earlier, a lot of the DNA of Digital Turbine started off with performance advertisers, people like Pandora, people like Zynga, people essentially looking for app downloads on device. What we did was essentially create our software called Ignite, where via first-party partnerships with OEMs and telcos with Samsung, Verizon, et cetera. If you go the next one, Mimi. What we were able to do is bring something to the industry for app installs that no one else really had, right? Being able to be on a brand new device on the first day, the first second, it's opened up, it's unboxed and booted up, right? That was something that performance advertisers really enjoyed. Now, that being said, Bill also alluded to this, which is we realized towards the beginning of last year that there's a whole wide world out there in the form of app publishers. Essentially many of the same 750 million devices that we saw in the on-device world, but even latency as well, right? We started asking ourselves, how could we connect this part of the ecosystem? Because it was very different from on-device. That's what led to our string of acquisitions, right? If you go to the next one. We bought Appreciate, which is what the industry calls either a demand platform or a demand-side platform. That essentially is a user interface, for lack of a better term, that has a lot of high-frequency trading algorithms, which allow advertisers to then buy billions and billions of ad impressions on hundreds of thousands of these app publishers you see on the right. That being said, the vast majority of it is connected through what we also acquired through Fyber, which is essentially an ad exchange, which we're now calling the Digital Turbine Exchange. These ad exchanges exist as large ad marketplaces for buyers and sellers to transact mobile ad impressions. Bill talked about this earlier, where this is the side of the ecosystem that talks about monetization, right? Driving revenue and ad dollars back to the individual publishers to build their businesses. As we stitch this together, what we realized was a lot of the fundamental pieces, and Bill talked about this earlier as well, where the eyeballs are at. We realized that we had constructed an ad platform between on-device and ad tech that lends itself to brand advertisers. If you go to the last part here, Mimi. We realized that it was a very seamless add-on, very seamless plugin, but arguably a very important one, and that the addressable market with brand advertisers is completely separate from performance advertisers. Whereas performance advertisers are looking for app downloads, driving more user acquisition, driving more adoption of their services in an app on your mobile device. Brand advertisers are looking for audience. Reach, frequency, things that we all know about. Arguably brand advertising is much, much older than performance advertising, and still, as of today, much larger. What we saw was by doing this, we could open up the addressable markets for Digital Turbine. With that kind of framework being set, let's talk about how we see that addressable market, which Bill alluded to earlier as well. The punchline is we see our addressable market growing to about $500 billion or greater over the coming two to three years. We see this in this evolution as such, right? As we've mentioned, we started off DT with a performance advertiser mindset, what you see in the horizontal axis. What you see on the vertical axis is, again, doing these first-party partnerships with carriers and OEMs to allow us to directly install apps on brand-new devices. What we did was another acquisition at the beginning of 2020 called Mobile Posse, which we now call Content Media, which Bill talked about. What we've been doing over the past year and a half now, and you've seen this in our financial results, is massively growing this as well. This has given us a foothold, a very small foothold into brand advertising by operating portals and pages on behalf of OEMs and carriers. This is kind of what Digital Turbine looked like pre-acquisitions at the beginning of, you know, 2020, and as we head into the majority of that year. Now, entering this year, we've of course made a few acquisitions, which we really feel are expanding our addressable market in a few ways. In this way, what you see, and we've talked about this, building the Digital Turbine Exchange and bringing some on-device technology from the left-hand side to the right-hand side for performance advertisers, specifically around SingleTap, which I will talk about a little bit later, as well, has really helped us accelerate. You also see the monetization part, which again, in the mobile app ecosystem, is arguably a much larger market, right? This is the in-app advertising, the in-app purchases that happen on hundreds of thousands of different apps, games, utilities, entertainment services each and every day, right? This is arguably a much larger addressable market that's powering and fueling the mobile app ecosystem. Of course, last but not least, arguably again, this is how do we bring brand advertising into this landscape, right? Brand advertising historically, of course, has evolved from TV to desktop web to a little bit of mobile web, but mobile app is still in the early innings, right? We think we're uniquely positioned, again, as you saw in the previous slide, but now here with addressable markets. We think we're uniquely positioned to stitch this all together between performance advertisers, brand advertisers, carrier and OEM differentiation, along with the hundreds of thousands of different publishers and 1.5 billion devices that we have access to as well on this right-hand side. Now let's start and talk about some of the specific synergies that we're excited about. I think on our earnings call a few weeks ago, Bill references, you know, what we call internally the Da Vinci code. Really, it articulates all the different permutations to how we see this out, and we'll also get into a deeper level of detail coming up as well. First and foremost, we talk about SingleTap, right? SingleTap is essentially the ability for us to leverage our on-device technology that's on brand-new devices when they're shipped from the factory on the left-hand side, but now utilize that technology to create frictionless app installs in the open internet, right? On hundreds of thousands of different publishers, and not only on a brand-new device on the first day, but on every single day until that device is no longer in existence. When you think about the story here, we're able to now find a user on day 1 and day 301 and so on and so forth. Efficiency of on-device technology. Our second synergy here talks about the fact that not only are we working with Pandora, the Zyngas of the world, et cetera, on the on-device side and also on the SingleTap side, but as much as we would like to tell ourselves that we're the exclusive marketing partner of theirs, they of course work with a lot of other partners. This is where it gets interesting. By virtue of us operating one of the largest mobile ad exchange industry, inevitably, a lot of these other third-party partners that our same advertisers work through have to spend on our exchange at our marketplace. Because of this, we're also getting a lot of third-party demand from the same marketing dollars of the same advertisers, but through another channel, another means, which is very frictionless for us as well. The third synergy is what Bill alluded to as well, which is now our ability to also step into the monetization part. Zynga is a great example, right? Historically, if you look to the left, our conversations with Zynga talk about marketing dollars, right? We're a cost center to them. We're looking for marketing budget from them to grow their user base for their games. In this third synergy, because we operate the DT Exchange, we're now able to generate ad revenue dollars via in-app ads that we serve in their games on their behalf. We're actually writing them a check at the end of every month. When you think about it, we're no longer just a one-side partner for them. We're actually a very holistic partner for them, both driving new user growth on the marketing side, but then piping those revenue dollars that we generate via ads in their games back to them to drive their own revenue growth and company growth. The fourth synergy is again, what we keep talking about, which is brand advertising dollars, right? How do we now match up all of our very strong agency and brand relationships that historically with AdColony have been constrained. They couldn't find enough of the eyeballs. Because we now have the DT Exchange, we now have a lot more eyeballs available, and we're very excited at how we can rapidly expand and grow the budgets, the relationships that we have with the brands like Procter & Gamble, Unilever, and of course, the agency holding companies. Then last but not least, you know, the infamous but very important cross-selling, which we'll illustrate on a later slide. How do we now start cross-selling all of these different products within each of these boxes here, whether it's diagonally, up, down, or left or right, and we're already starting to see the fruits of that labor come to life over the past six months, and we expect it to only accelerate. Now let's go to the next slide. This is a much more deeper level view using more specific examples, but hopefully will articulate what you saw on the previous slide, but in more kind of actual practice here. In this example, whether you wanna call a Pandora or a Zynga as the performance advertisers that have historically worked with DT directly, and they've worked with us to put their apps on our new devices that we see through our Ignite on-device media business. It's been great because, again, it's a very unique product in the space. It doesn't rely on serving ads, and it's on brand-new first look users and devices that are out of the box. For the supplier perspective, it's great for carriers because it creates this revenue stream that never existed for them before for their subscribers. It's been a win-win for the ecosystem, for advertisers, for DT, and of course our OEM and telco partners. Here's how the company's evolving now, right? As I mentioned earlier, by acquiring Appreciate, a demand-side platform, we're now able to obtain new and different incremental budgets from the very same advertisers, Pandora or Zynga in this case, where we are now buying advertising, so actual ad creatives in the open internet on their behalf, also on our own ad exchange, right? The DT Exchange here, which now has access to 1.5 billion-plus devices. If you think about the evolution, we have 750 million first look new devices on day one, but now we augment it by seeing 1.5 billion devices brand new on day one, but our existing, actively used devices throughout the open internet. On top of that, we're able to stitch together our on-device synergies with our technology by bringing what we call SingleTap installs to the mix, where when a user clicks on one of our creatives, we can frictionlessly install the mobile application on behalf of Pandora or Zynga without redirecting them through multiple hops and jumps in the flow. Of course, from the publisher side now, publishers love this because the publishers on our Digital Turbine Exchange are now seeing more direct dollars driven to them and thus higher revenue and bigger checks that we write to them each and every month. Now the next piece is what I alluded to earlier as well, which is, you know, Pandora and Zynga, you know, they may allocate some percentage of their marketing dollars for on device to DT, some amount to our demand platform, but they certainly no doubt will allocate another portion to other third-party demand platforms that are not owned and operated by Digital Turbine. Those platforms, though, still spend on our exchange, right? This is what I talked about earlier, which is we've created this very integrated where even when we don't directly sell to some of these clients, we're able to obtain and grab more share of dollars, more share of wallet from this, from marketing dollars because of being a fundamental marketplace on the supply or the sell side, if you will. For publishers, it just means we're writing them even larger and larger checks because we have so much liquidity flowing into our marketplace. Of course, you know, last but not least, we talked about this part, which is if you forget all the marketing side of it and you just talk about the monetization side, we're now able to have again a 360-degree conversation with these app developers to not only ask them for marketing dollars, but also drive and generate higher CPM yields, cost per 1000 impressions or even ultimately larger each month. The final kind of cherry on top is that's performance advertising. This is the brand part, right? You think about these brands that we show here, they work through a lot of third-party platforms, right? People, 'cause legacy historically, that are much stronger from a desktop perspective that are now branching into buying in-app ads. Where are they buying it? We're increasingly seeing very strong partnerships on our ad exchange itself, right? As the evolution of brand advertising inexorably moves to in-app, where all the eyeballs are and mobile devices are increasingly first screen, that's really where we're seeing the evolution here. I think the value that we're hearing from a lot of our publishers on our exchange is the fact that we're very unique and that we're bringing Procter & Gamble, Unilever ads to their games, right? I'm sure all of us who play games, whether it's Candy Crush or some other game, are sometimes tired of seeing other gaming ads only in that experience, right? A very unique differentiator that we think we will be accelerating is being able to have a much more diverse demand set into publishers who then will appreciate it, and most importantly, the yields and the pricing that we can generate for that are much higher than pure performance advertising. That's why we're quite excited about these first four synergies. Now let's get to synergy number five on the next slide. As I promised earlier, we talked about kind of the cross-selling efforts, right? I think within Digital Turbine, I think we were looking at this at how quickly the evolution has happened over the past six months. I think we have something around 10-12 products, distinct products internally now across the whole DT family. When you look at this example is for McDonald's. McDonald's is a current advertiser coming over from the AdColony business, and on the left-hand side, have always worked with them, and in this case promoting the return of the McRib sandwich, right? There's a video ad unit that's playing within a game like Candy Crush. What we've been able to do and start doing in a much more accelerated fashion is now cross-selling them into our other Digital Turbine products. The next piece here that you see is the same McRib. Oh, not yet, Mimi. It's the McRib video ad in our Content Media property that we do for OEMs and carriers, right? We run their portal pages, being able to bring that unique demand directly to these portal pages is fantastic. You also see in the third screen here, our notifications product, right? What this is essentially a drop-down notification that we can serve through on-device media, our technology there, where you see a static display image of the McRib, and a Download Now button there as well, right? To drive McDonald's app install. Then, of course, last but not least, you know, our famous SingleTap product as well on the open internet, where we're driving much more frictionless installs for McDonald's apps on those 1.5 billion devices. As you can see here, something that started off as what. A single point of sale, single product, has rapidly, very seamlessly been augmented very quickly with the same client contacts, with the same sales team that we have into three new products that have generated incremental dollars that never existed before within this ecosystem. Now if you go to the next slide, or the next piece. Here we talk about performance advertising, right? In performance advertising, here we use Pandora, who will be coming up on our panel, shortly hereafter. They've been a long-time preload customer for us on Android devices, right? We've continued to grow and expand that business. For those of you who have been following us, the history of Digital Turbine on device media is Android only. We have not had iOS penetration at all. Through our demand platform, Appreciate acquisition through Fyber and of course, AdColony, supply, we now have line of sight into iOS devices. Through our ad platform, we're able to then cross-sell, Pandora on new iOS budgets that never existed before. Again, we're expanding our share of marketing spend with a performance advertiser, in this case, to a different operating system. Last but not least, you can see here how we work with Zynga to then not only drive new user growth, new user app downloads, but also help them monetize in their game themselves by driving higher value, ad impressions and then writing them a bigger check. Again, very important nuance here, where we're able to partner with game seamlessly to not just drive user growth, but increase revenue for their actual bottom line business. Very, very strategic in terms of how they view us. Now we go to the next slide. I think we've talked about how the inefficiency and the fragmentation creates inefficiencies, right? Here's a very abstract view to hopefully articulate how we see this. Prior to the acquisitions, you would have an advertiser that would pay X number of dollars to get their app downloaded. Then Mimi, if you go to the next one. They would pay Digital Turbine. We would keep some share of it. We would have to pay out a DSP, a demand platform. If you go to the next one, that demand platform would then pay an exchange. They keep some share, they pay a publisher, and the publisher gets fractions of whatever is spent on the left-hand side. That's kind of a very abstract, simplified view, but essentially there's a lot of economic loss. A lot of hands are out for that dollar as we go down the flow. In today's world, what we think we've done and what we're really excited about is now if you go to the next piece, Mimi, really collapsed and consolidated this for the benefit of three parties. First of all, the advertiser. You've heard about things like SingleTap, how we get so much more efficiency and value for the advertiser, either for the same amount of dollar spend or even help them magnify and get better ROI, and thus they can spend more with us. The advertiser is winning based on efficiency and scale. Digital Turbine is winning in that we get to keep a little bit more in the value chain, obviously. You can see, because we're keeping a little bit more, we actually, we can actually flow more of those dollars and they're actually making more money with us. This is how we see a very kind of nice kind of three-part benefit and three-part kind of win-win-win for all players in the ecosystem because of the kind of simplicity and the lack of inefficiencies that we've created through our kind of end-to-end ad platform. Now let's talk about kind of one product specifically, right? We've talked a little bit about SingleTap for several quarters now on the earnings calls. We wanted to kind of give a little bit more color at least into where we are today and where do we see this growing? I think we mentioned in the past couple weeks that we're live on approximately 15 advertisers, and these are, you know, essentially some of the top 500 mobile apps in the App Stores today. A representative sample would be someone like Twitter, SmartNews, Pandora. On average, they're spending about $500,000 a month with us, and so that's what's gotten us to almost a pretty much a nine-figure run rate business today. Keeping in mind, we really acquired Appreciate, our demand platform, about six months ago, and we've been at the overall SingleTap business probably for about. When you think about how quickly we've grown to that nine-figure business, it's quite phenomenal in terms of the magnitude of kind of growth rates there. Let's talk about how we really accelerate this into a billion-dollar-plus business over the next few years. The way we see this is a very relatively moderate growth from 15 advertisers to 150 advertisers, which by the way, represents only a subset of our total advertiser customers today at Digital Turbine amongst all the companies. We still plan on focusing on the top 500 apps, but we also expect that through better integration, better technology improvements, et cetera, that we'll be able to magnify and expand the spend per advertiser per month to about $750,000. Now that's the beginning. We've got another piece that's very exciting, which is what we call just typical publisher, but that's probably, you know, kind of underselling it. You can see some of the logos here. We believe that we'll be able to strike partnerships with a sample of these types of publishers you see here, where we, via SingleTap, can power and make more efficient their app install businesses on their properties. We think that per publisher here, that's worth about $1 million per month. This quickly, when you add this whole stack up, rapidly becomes a billion-dollar-plus business in very, very short order. That's the optimism that we have for SingleTap, and we have a relatively, we think, moderate kind of a outlook here that's not too aggressive, maybe not too conservative, but we feel is very achievable in very, very short order. Now let's go to, I think, our last slide. Just a quick summary on why we think we're unique and why we think we win over the coming three to five years. We think that, again, on-device software, where DT was started many years ago to where we are today, it will remain and continue to be a unique differentiator for us for many years to come, especially as you look at the end-to-end ad stack that we've acquired in the past six months to 12 months by making that more unique and differentiated in the industry for publishers, for marketers, and of course, ourselves. We also think that our independence is a unique calling card, and independence can be defined in many ways. It could be defined as, you know, the open internet, not a walled garden. It could be defined as, you know, not having competitive aspirations with many of our gaming advertisers or gaming publishers, and that we have no aspirations to build gaming ourselves. Our motivations are more yield, more revenue for our partners or more installs, more user growth for our advertisers. I think in seeing the kind of first day, firstborn devices, along with the everyday via our ad marketplace, we now also are assembling into a much more holistic view of the user that we expect can be leveraged, whether it's for data science, whether it's for optimizations, whether it's for just better better targeting and better creatives of advertising, whether it's performance or brand, because we understand the user's own evolution, whether they're brand new to device, whether they're 365 days in, and certainly what publisher apps we see them in across our exchange. I think, of course, last but not least, you know, the brand advertising opportunity represents just an enormous addressable market, which stages of this game. For us, if we execute on all five of these, we think that this will create a very differentiated company, and this is also why we're excited about the synergies that we're executing on a daily basis today. With that, I think we're now in Q&A. Let me hand it back over to Bill, who will be our moderator. Yeah. Let's go ahead and fire away on questions. I think, Brian, you're gonna help us kinda sort through them, you know, there. What's on people's mind? For this section, though, just as a reminder, you know, we still have a lot to go with our product demos, our partner roundtable, as well as Barrett to take us through the numbers. For this one, kind of focus more on revenue drivers, and our thoughts around industry and macro events. Yeah. For our first question, let's turn it over to Tim Horan at Oppenheimer. You guys hear me? Yeah. Hey, Tim. Hey. Hey, Bill. Hi, Mike. One for each of you. Mike, you know, great color. Getting to 150 customers for SingleTap, do you have a rough idea what the timeframe is on that, and, you know, what the bottleneck is? When do you really start ramping, you know, ramping that up? I'm sure you've had conversations with them already. You know, just the overall interest level would be great. Yeah. Look, I mean, I think we've seen a good pace so far, right? I would roughly estimate from getting to 15-150, I would estimate that, you know, conservatively, we think in the next year and a half we could reasonably expect that. Maybe even at a more accelerated pace. You know, Bill likes to say I position and sandbag properly, but I think, you know, in the next 12 months-18 months would be a reasonable expectation. There's been nothing, to your comment earlier, that's slowing us down. I think we wanna be methodical. It's of course a new technology and across the open internet. Because of that, we wanna be methodical. We want to make sure the campaigns are performing properly, are scaling properly, and we've seen that, right, in those 15 advertisers. I think it's just more about making sure that we do the blocking and tackling right, and then now I think we're feeling like we're at that tipping point where we can accelerate. Great presentation, by the way. Bill, just one for you. I have like 10 questions, but just one. Could you delve into a little bit more what you meant by the unbundling of the OS from the apps essentially, and maybe even what you meant by, you know, unbundling privacy? I guess, how do you see the world 5, 10 years from now, in that whole food chain? Thanks. Yeah. You know, if you think about, you know, how the world is today, it's basically a duopoly, right? You have Android and iOS, and you're basically forced to buy your light bulbs from the electric company, right? You don't have choice as a customer, you know, if you wanna use, you know, alternative app stores. You know, if you like TikTok, you're gonna get YouTube, if you wanna use a different search, if you wanna use something other than iTunes, what have you. It doesn't mean those things shouldn't be choices, but it does mean that you're forced into those things. You know, I think we saw this back with Microsoft. You know, for us old-timers here can remember this back in the nineties, you know, we saw this with Microsoft with Windows and Office and, you know, forcing people to use Explorer if they wanted to use Netscape and those types of things. You know, I wouldn't be surprised to see in time, you know, the ability for people to have choice. Our view, though, is that you can still have privacy and have choice. Things that get done on device that are local to you, Tim Horan or Mike Ng or Bill Stone, can all be done on device. You know you can make those choices, whether those are choices through trusted partners like Verizon or Samsung or AT&T or T-Mobile or whoever they happen to be. You can choose, you know, whether it's app stores or whether it's, you know, other parts of the services that ride on top of the operating system. You know, our expectation is that, you know, in time, those choices will become more and more apparent to customers. I think you're right. I'd always thought that, you know, the market was gonna let that happen, the regulators are gonna force some of that. I think it's a false narrative to say that that's gonna open up a Pandora's box of privacy issues. I think you can still make those decisions local on device. From a Digital Turbine perspective, why all this is important is if you think about how we're positioned, and we're positioned with these deep relationships with telcos and OEMs. You know, they're gonna be looking for the picks and shovels to go after that opportunity. Obviously, we're already providing a lot of that to them today, as their monetization engine into the space. I think it's a natural extension if they choose to be part of those solutions to offer more customer choice. Thanks, Tim. We'll take our next question from Darren Aftahi from Roth Capital Partners. Yes. Can you hear me? Yeah. Hey, Darren. Hey, nice presentation. Two, if I may, for either of you guys. Just can you speak to, maybe Mike, on the SingleTap slide, getting to the 150 advertisers, what's the go-to market kind of strategy? I guess how instrumental were Fyber and AdColony to help scale that endeavor along with Appreciate? Yeah, great question. Very instrumental, right? The path to 150 advertisers, we don't feel will be terribly difficult because they're not net new customers in all cases, right? Some will be, no doubt, but of that 150, you may have heard me reference, we have over much more than 150 advertisers active in our system today on various other products, which then by the way leads into what you asked, which is how many customers or how instrumental is our AdColony and Fyber to that? Extremely. Because number one, AdColony brought a host of advertisers via the acquisition into the DT ecosystem, so cross-selling them into SingleTap is of paramount importance. Fyber was very important because they're the ad exchange that we're running and powering SingleTap on today. Very important from a kind of eyeballs and how we activate and where we activate SingleTap. Certainly from an AdColony perspective, very important from a net new quote unquote advertisers, but now in-house for us to cross-sell more seamlessly. Great. Then, Mike, just one more. You speak to the 750 million in which the software is installed, and you also speak contextually to the 1.5 billion plus sort of access to users or unique devices. My question is really like, how much overlap is there between those two unique audiences? And when do you think you'll be fully cross-pollinated? Said another way, when will software be on that aggregate amount of devices? And is there any way for you guys to kinda quantify what that revenue opportunity is? Said another way, what's the TAM on just that for everybody maybe using app install and content and SingleTap as well as the ad exchange product of portfolio of products you guys now have? Let me take a shot at that first, Darren, and Mike, if you wanna provide any color on it, you know, fire away. You know, our view is that, you know, the goal here is to make that Venn diagram just one circle, right? That's where ultimately we wanna be with this. Obviously, there's some work to do, you know, specifically around iOS being an example, you know, there. As we continue to expand the device footprint, and we talk about, you know, 50 million, 60+ million every single quarter, eventually that's going to continue to encroach and become a greater and greater percentage of the 1.5. We're not gonna break it out, you know, here today in terms of kinda specifics between that. Just suffice to say, it's a definite priority for us to do. You know, part of the synergies and kinda taking these links out of the chain, you know, for additional margin opportunities is bringing all this stuff together for us through whether it's through the exchange and being able to enable things like SingleTap that give us an advantage. We can only get the advantage of SingleTap if we have our Ignite software on. It becomes highly strategic for us to, you know, make those Venn diagrams collapse into one thing. I don't know, Mike, if you wanna put any other color on it. No, I think you said it perfectly. Terrific. Thanks, Darren. I think we have time for, like, one more question right now to stay on track before we get to our show and tell portion of the show. Again, we will have a, another round of Q&A at the end of the entire presentation. right here, I'd like to turn the mic over to Austin Moldow at Canaccord Genuity. Austin, I think you're on mute. Yeah, thanks. You talked a lot about sourcing demand for your own supply several times. Does this get in the way of the independence that advertisers and publishers might come to you for? Can you speak a little more generally about having demand and supply tools under one roof, especially in comparison to some peers that seem to have primarily focused on one or the other? Yeah. I'm happy to say that. Talk about that. I think you know. I mean, I had a good customer meeting earlier today, and literally, the having both demand and supply tools and capabilities opens up a world of strategic opportunities with our customers, right? Because you know. It's been well documented by this ecosystem how threatening it could be if there are competitive kind of aspirations, right? They're looking for deeper, more strategic partnerships and- Independent platform that sits in the middle for both the marketing initiatives and the monetization initiatives is something that, you know, by the way, shockingly in our ecosystem is not as common as you might think. Right? I think it's been a very good kinda early day traction in terms of what we hear and the feedback from these customers. We would expect that we can, you know, rapidly expand, you know, what our business looks like with them. Thanks, Austin. All right. Brian, do you want me to introduce our next presenter? Sure. Yeah, what we wanted to do next was I wanna introduce Brandon Ayers. Brandon works on our product team and is really instrumental in a lot of the innovation that we do, you know, at DT. He was part of the original patent filing for SingleTap many, many years ago, and you know, really works with a lot on innovation, works with us on our partners. What I wanted to do is have Brandon take us through a few of our demos of our products that are already out in the market, 'cause I'm not sure how many of you have actually gotten to see our products and what they do. Also show you a little bit about where our products are going, in the future and some things that we're in the process of working on and developing to give you, some connection back to the comments that Mike and I were making earlier. Brandon, take it away for us. Thanks, Bill. So you guys should be able to see a live view of my screen here. I'm gonna walk you through a number of different things. There's loads to cover. I'm gonna try to keep time, but we'll cover as much as we can. So we're gonna start with our Wizard product. This is a product that's been around for a long time. It's been used in combination with our Dynamic Install product. It's also our most widely deployed product. It is an amazing utility, not only for our operator partners, but also for users who are setting up a device for the first time. We'll just walk you through what it looks like. In this, what you're gonna see is some of the things that we've been adding in terms of functionality to our Setup Wizard product, things that are focused around including the value-add services that our operator partners are already doing today and maybe having to source out to other vendors to promote, at this point in the lifecycle of the device. We're including those right in our Setup Wizard. Things like Disney+ with Verizon, ESPN subscriptions that you get, as part of your subscription with Verizon. All of these things we can include right in our Setup Wizard. Previously, you heard a lot today about the notion of using on-device decisioning, is the way we talk about it, but decisioning that's done locally to help determine what recommendations should be made to you, not only from an app recommendation perspective, but also content and advertising as you use the device, over the period of time that you own it. We do that in a number of ways, but it's all fundamentally based on implicit and explicit signals. Explicitly, I can specify here that I care about music and games and that I'm a man who is 25 years-34 years, and what we're gonna do is find a selection of applications that make the most sense for me. There are hundreds of applications that can be represented here. We work with our partners, say in this instance, Verizon. We work with those guys to help tailor these recommendations, but we also use that on-device decisioning that we talked a little bit about, to help determine what makes the most sense to show to which users. As we wrap up, there are a few more opportunities for me to make selections. I've selected here Weather Channel, Instagram, and Roblox. As I finish up, that's a very quick view of our Wizard product. It's incredibly extensible, really flexible, and it's something, like I said, we've been in market with for a long time, and the evolution of it has been really exciting. Next I'm gonna walk you through the notification product. Mike touched on this. I'm gonna run a notification demo example that is tied to the way in which our operator partners choose to use it. I'll talk about why this matters in a second. I just got a notification trying to get me to enroll in a device protection program that is powered by Verizon. Something that's important to know is that Android notifications are complicated and they're difficult for developers. Even though if you think of Verizon themselves or AT&T, they are developers in some cases. It is very difficult, if not impossible, and impossible in most cases. It's impossible for an application that you haven't yet run as a user to send you a notification. If Verizon wants you to know about something, like for instance, that you need to enroll in this program or a different example, perhaps, let's say, there's this opportunity for me to install Angry Birds, Rovio, who wants me to play Angry Birds, they can't send me a notification, even if the application's on my device. They can't do that. What Digital Turbine is able to do with our platform is we can send it on their behalf. I'm not interested in Angry Birds, but maybe more my speed is Starbucks. When I get this notification, I can simply just tap the notification and the installation just begins. Another use case of this is sort of what I was alluding to before. If the application's already on my device, on Starbucks' behalf, we can send a notification to the user, nudging them to launch it and get set up and signed up even before Starbucks is technically able to do that themselves. Really powerful platform there. I'm gonna jump over to SingleTap installs, and I'm gonna show you a few different examples of this. The first one is gonna be a recognizable piece of software here. It's Instagram. Scroll through my feed and so I always like to level set and make sure that everyone remembers exactly what the CPI advertisement experience is like everywhere else. I've run across this Uber Eats ad. I'm gonna go ahead and tap Engage with it, and I get sucked out of the Instagram app that I was in. This is terribly subpar. It's jarring. I've left the app that I was in. I land on this Google Play page offering me the opportunity to install. But as a user, maybe I cruise around and, listen, there's a lot of negative reviews here. There's competitive advertising. The impetus of this product way back was that there had to be a better way. This couldn't be the best way to drive app install ads. I'll scroll up and show you another example of the way that advertisers- Yeah. Hold on just one second, just some voiceover here. When I talk about that $96 billion TAM today, you know, this is a great example 'cause it's coming through Facebook. You know, Facebook is many, many tens of billions of that $96 billion today, and what Brandon just showed you, that's how the world is. Our view was what Brandon was gonna show you is there's gotta be a better way. That market of how it is with the Uber Eats example is exactly, you know, what's generating tens of billions of dollars of revenue today. Sorry, go ahead, Brandon. Yeah, no, Bill's absolutely right. I mean, all of that revenue from being generated on an experience that we know to be suboptimal. Given our position on the device, we looked at all the ways in which we could make that better, not only for the advertisers who we obviously care deeply about, but for the end users as well. That's a big part of this product that we're passionate about. Right here in line in my feed, I have an ad for Starbucks. I'm gonna tap Get the app, and I'm gonna get. I don't have to get zapped out of Instagram. I get a little modal that pops up. If I'm interested, I can read more, but I can also just tap Instant install. You'll notice the app is immediately going to install. It's gonna notify me when that installation is complete. As a user, if I'm interested, I can just tap and launch directly into Starbucks. There's no friction, there's no negative reviews, there's no competitive advertisers propping up and getting in the way of the journey that Starbucks would like for me to go on as having shown me this ad. Let me get out of these. The next example I'm gonna show you, this is probably my favorite example of Single Tap. I've launched the USA Today app here. I'm gonna cruise down. There's another ad for Starbucks, and I'm gonna say, sure, I'm interested. Let's see. This looks a little different, and I wanna call out. There's a few important points here. One of them is that we're able to be really flexible and extensible with how we render this product to end users. I'll draw your attention to the green call to action button. It says, "Install and launch." That's a little different. Previously, it was just install, and the onus was on me, the user, to then go find it or tap the notification and launch it. Here, we're offering the opportunity for the user to opt in to installing and launching all at one time. That's cool. The more important piece, though, here, the thing that gets me really excited is the synergies that we put together with Fyber's offer technology. What we're able to do is we're able to offer users a $10 incentive that is provided as a bounty by Starbucks to get users not only to download the app and not only to launch it, but what they really want is business. They want users to sign up and add a credit card and get set up to pay in-store with their app. I'm certain that most folks on this call understand that model. It's of the utmost importance to Starbucks, and we're well aware of that. Working with what we now have available to us via Fyber, we're able to deliver a really unique experience where we incentivize the user to not only download the app, we're gonna get them launched, but if the user is willing to go so far as to get set up immediately, they can collect $10 towards their Starbucks purchases. I'll show you what that looks like. Because I opted to install and launch, I don't have to do anything. It's just gonna launch for me. If what Starbucks wants, and what I want is the user to collect $10, is for us to join now, I'm not gonna make you walk through me setting this up. We'll autofill this, and then we'll go in and create the account. What you're gonna see at the bottom of my screen is a little bubble that says, "The requirements have been met." Now that the requirements have been met, I am going to be in receipt of a $10 credit. There it is. Starbucks credit awarded. Congratulations. This is a great example of the sort of things that we're now gonna be able to do to further extend the power of the Single Tap Install platform. Show you one more. Everybody's familiar with Candy Crush. It's effectively ubiquitous now. Digital Turbine is the number three distribution channel for King and their products behind Google and Facebook. King wants to get some of their other products that they've spent, you know, loads of time and money building, they wanna get those to be the size and scale of Candy Crush. One of the great ways they can do that is by cross-promotion. Not a new concept, but cross-promotion is also fraught with a lot of the same stuff we saw in the Uber Eats example. What we're able to do, working directly with the folks at King, is to build Single Tap installations directly into their application to enable frictionless cross-promotion. I'll show you what that looks like. I'm gonna kick it off and get started to play a round of Candy Crush. I'm gonna continue here. As I'm getting ready to play, they want me to know about one of their other apps. They want me to know about Farm Heroes Saga. You'll see an example of beautiful award-winning creative put together by our AdColony team. Then I also have the option here to immediately and frictionlessly just tap the install button. Now as soon as this is wrapped up, it's ready to play. I can tap right from within Candy Crush to launch Farm Heroes Saga. Really extensible, really powerful platform, and we're excited about all the ways in which Fyber's technology, AdColony's technology are gonna supercharge this. Shifting gears a little bit, I'm gonna shift over and talk about some of our Content Media products. The first of which is something we call Discover Bar. Before I dive too deeply into this product, I wanna take a step back and make sure that everybody understands the way Android handles utility shortcuts and notifications. It's different than iOS. On iOS, you have a shortcut on the right side of your screen that pulls down all your toggles for Wi-Fi and Bluetooth and such. On the left side, if you pull it down, you get your notification center. Android doesn't work that way. Everything is joined into one shade. You see here at the top, it's Wi-Fi, sound profiles and Bluetooth. If you look below, that is our Discover Bar product. What we've done here is we've leveraged our position on the device to integrate directly into this shade. The reason this is important is because as we think about news and content, entertainment, as we think about these things, they are arguably every bit as much a utility as toggling your Bluetooth. For instance, ask yourself, when was the last time you switched your Bluetooth off and on, versus when was the last time you checked a stock or checked the weather? What we do is integrate shortcuts to content and entertainment that matters most directly into this shade. We work with partners sometimes to integrate shortcuts that they care most about. For instance, T-Mobile cares a lot about T-Mobile Tuesdays promotions. I can tap here and pull right up the T-Mobile Tuesdays, whatever the latest offer is from these guys. That's pretty cool. I can also say jump right to news and headlines. Quick shortcut to the news and headlines that matter most. This is important for a few reasons, and not only the deep integration and the frictionless placement directly into a part of the operating system that users engage with hundreds and hundreds of times daily. It's an opportunity for us to leverage that on-device decisioning to deliver targeted content and targeted advertising to users. When we think about the power of using Fyber and AdColony media in conjunction with on-device decisioning and shortcuts that are just a single swipe away, it's something that we're really happy about and really excited to show off. The next thing I'm going to show, I wanna talk a little bit about native news and content experiences. When you think about what Google News and what Apple News have been able to do, they've sort of taken over the space that used to be occupied by folks like Flipboard, and they just build themselves directly onto the device as the default source of news and content. That's okay. It's fine, but it's only fine unless you're an operator or an OEM who feels like you've been left in the cold. What we've done is built a first-class news and content platform that is entirely focused on a beautiful native experience, visual storytelling. I think you can see some of that scrolling through here. But we've leveraged the latest and most addictive navigation paradigms to help really drive engagement. I'll show you what I mean by that. Let's check out what's going on with SpaceX. You'll see the sort of familiar story style navigation running through at the top. As I click through this, we'll get out of this, and maybe we'll scroll down, check out some of these other recommendations. Again, all powered by the on-device decisioning that we've been talking about some. Let's see. Let's go to, let's check out weather, maybe gaming. Again, I want to reiterate that we never forget what we do best, right? Recommending applications to users, obviously leveraging single-tap install, recommending instant play games to leverage 5G is something our operator partners care a lot about. As we go through this, we're able to offer news and headlines, advertising delivered directly via our partnerships that include obviously in-house things like Fyber and AdColony, but we open it up, and we allow other partners to advertise as well. Of course, there's notifications included and things like this. So I just get one for real estate. Let's see what this is. 15-year mortgage rates. Let's check it out. A product we're really excited about. As we shift off this, though, I said that we built native experiences. Building visual storytelling and addictive navigation paradigms is something that we've really doubled down on and we've done a lot of on Android. We're now excited to, for the first time, show you guys our first iOS product. I'm gonna pause here and talk about this for just a moment. I mentioned those addictive interactions. I mentioned that we intended to build this as either a generic to compete with Google News or Apple News, or a white label product like you see here for T-Mobile. You're gonna see as I walk through this app, it's the addictive up swipe navigation paradigm that TikTok has proven out. This is a great example of the on-device decisioning engine. You're gonna see in a moment here, I don't care about this race, so I'm gonna thumbs down this. The next article it's gonna send me to is an article about Russell Wilson. I'm a big Seahawks fan, so I'm interested in seeing more about what's going on with Russell. I'm gonna thumbs up this. I'm gonna heart it. The next article it recommends for me is about Russell Wilson. Simple rudimentary example, but a clear sort of clear analog for the way that we can take implicit and explicit signals, things like time, linger time, things like your up or down voting, all of these things go in and factor what news and content we show you next. Ultimately, the last thing I'll say on this, ultimately bearing in mind that as we build these experiences, the opportunity to create a beautiful full screen advertising inventory is something that we think a lot about. So there's a number of different examples. If we have time, we can circle back, and I'll show you guys more. But I wanna- Hey, Brandon, let me jump in just right here. Just some color for investors. You know, one of the things we've done a great job of, the team's done a great job of is really growing our Content Media business revenues. That's been done with this new platform that Brandon's showing right now that we've replaced last year after the Mobile Posse acquisition. We've been able to really grow the revenues on that business on Android with our existing partners really well. Well, now, the two biggest drivers to how we grow that more is, you know, is how do we get more DAOs, and that means, number one, on things like iOS. Now you're seeing a product working on iOS, which is something our partners obviously, you know, wanna be able to see and, you know, get those dollars versus them going to other places today. The second is more OEMs and things like Verizon and AT&T and others, where you saw some of the products that Brandon showed you before that we can expand out. This iOS one is something that we're excited about, and we can see that being a catalyst for growth in that business as we go forward. Bill, next up is connected TV. Do you have any thoughts before we kick that off? Yeah. We've talked about thinking about our business, you know, primarily on smartphones because, you know, that's where the opportunity is. I mean, you've heard me make the analogy to say, you know, we put our software on more devices in the last 90 days than Roku has subscribers all time. That doesn't mean we're not down on connected TVs. We just wanna make sure we think about the opportunity in the right proportions. With that being said, you know, we've been working with our carrier partners, and we've got some really good innovation as they start working on their go-to-market plans around this, in terms of not just thinking about televisions and what we can do on the television, but also think more broadly about television, how we can integrate it in with the device. Brandon's got some things here, literally live, you know, live TV here to show you. Go ahead. Certainly. To be totally clear, I could spend hours talking about connected TVs. I'm gonna try not to do that, keep it succinct. I got some feedback from marketing about how rough this demo looked. It's not tidy and pretty. It is my view that there's some charm to me filming this in my living room. What you see here is me coming off an NFL broadcast. You're gonna see a Coca-Cola advertisement, pretty basic. I think they've run this ad for 100 years. Nothing special about this. The next ad is enabled by our cross-device technology, and we're really excited about this. If you see the bottom... I'm gonna pause this so you can take a look. Shake your phone to get started. It's offering me a $5 off coupon. Now you're gonna see my phone come into frame. I'm gonna give it a quick shake. If I had the Domino's app, it would launch the Domino's app, but I don't. What it's gonna do is it's gonna offer the opportunity for me to install the Domino's app, but it's also gonna load the Domino's web, and it's going to have the $5 coupon offered in that ad already cashed in and ready to go. Something we're really excited about. There's another example of this. Give me one moment. What you see here, we're watching Keeping Up with the Kardashians, and, if you see... I'll try to get that off. If you see, it's a little bug in the bottom left that says, "Get Kim's look. Shake your phone to start shopping." This concept, this shop the look concept, this isn't new. This isn't Digital Turbine. A lot of folks do this, but the way they do it, we chuckle. The way they do it is with a QR code. Again, we said there has to be a better way. Leveraging the power, like Bill said, the power of the software on the device, on your handset and the software being on your television or your set-top box, what we're able to do is to offer you an opportunity just to give your phone a quick shake, and you can have this experience. Nordstrom's sponsoring this. We're gonna pop the phone into view, give it a quick shake. Again, if I had the Nordstrom's app, it would launch, but since I don't, it's gonna load me up to Nordstrom's web, and it's gonna pre-populate a search for green military jackets because that's what we see Kim wearing. Again, lots of flexibility, lots of extensibility for this product. Something that I could talk to you guys for hours about. As we finish this one up, I'm gonna show you my favorite example, and my favorite use case of this tech. What we see here is I'm watching an F1 race, in partnership with the folks who are sponsoring this tag, and I think T-Mobile is involved here. What we're able to do is offer users a true second screen experience, leveraging all the same technology that we covered before. Instead of a shopping experience, as an end user, what I get is I can shake my phone and get a live view of a driver's cam view directly from Lewis Hamilton's car. Give it a shake, and now I can see exactly what's going on. You can imagine the various use cases and possibilities for this tech. Again, something that we can talk about all afternoon, but I wanted to give you guys a sneak peek of what we've been working on. Yeah, Joe. Great. Thanks. Thanks, Brandon. I mean, the point here is really to kinda show you kinda a little bit about the past, present, future, and how we think about the product and how we think about just, you know, how many different directions, you know, we can take it. These are just a few examples that we cherry-picked out today, but by no means limited. Just give investors a sense of, you know, the things that the platform, the software on device can really do above and beyond just delivering applications. Okay. All right. Hey, Matt Tubergen. All right. Do you wanna? I'll let Matt Tubergen take over our panel here. Go ahead. Hey, great. Hey, thanks, everybody, for joining today. I'm really excited to have a great panel here of, you know, partners, customers, friends, you know, with the business here. You know, we're really fortunate to have them. We're gonna spend probably the next 25 minutes-30 minutes going through some questions with the team. Then we're gonna break as the gentlemen are certainly busy. You know, by order of introduction, we'll start off with Ken Su. Sorry, not Ken. Kevin works with Lyft and basically leads growth. He's been in the business for a long time and over 12 years experience in multiple growth roles and obviously a partner of Digital Turbine. Excited to have him. Next up is David Zhang from Pandora who leads basically growth marketing. He's Vice President of growth marketing there at Pandora, which we all know and love. Next up after David is Mike Peralta. You know, Mike's actually been in the media business for a great amount of time here, both you know Criteo as well as MediaMath and other C-level roles there, but most recently working at T-Mobile running T-Mobile Media. Great experience there, and happy to have him. Then last, and certainly but not least, is Daniel Arzate who basically leads part of the value-added service business at América Móvil. You know, he's leading a number of things, including kind of emerging tech, and emerging services there at América Móvil, and obviously lucky to have him. I think I'm sure all the folks on the call have heard of, you know, T-Mobile, have heard of Pandora, and heard of Lyft. You know, but for those not familiar with América Móvil, América Móvil is actually the largest telco in terms of subscribers that we have today. You know, I think combined between, you know, AT&T and Verizon, they've got more combined subscribers. A lot of great experience there with Daniel Arzate and great partner of Digital Turbine. With that being said, let's jump in. We'll start off with you, Kevin. You know, Bill talked a little bit about, you know, Facebook and, you know, kind of mix-shift from, you know, Android and iOS, lots of things going on there. You know, you as an advertiser in your role, you know, how do you think about your mix-shift? How do things, you know, level out there for you? Yeah. Hey, Kevin. I apologize. You're breaking up a little bit there. I'll tell you what. I'm gonna shift the question over to David Zhang at Pandora. If you don't mind refreshing your browser here and coming back in, we'll give that one a try. David, turn it over to you. From your perspective, you know, a mix-shift from Android and iOS, how are you guys thinking about that? Yeah. I mean, on the Pandora side, you know, for us, to take one step back, you know, when I look at the way that I look at media, I try to be extremely granular, right? Like you mentioned, I head all of performance marketing, which, as the name suggests, we're highly involved in making sure our ad campaigns perform to our KPIs, right? In doing so, we have to be able to measure our campaigns. With iOS, as we all know, using the ATT prompt, it creates limitations in which we can actually measure our campaigns because we now lose the ability to track using IDFAs on iOS. It's really hard for us on the performance side to buy media that we can't measure, right? There are alternative solutions in creating a proxy or an estimation based on what your historicals look like and assume that continues. The challenge with that is you can't do that with new media, right? Because you don't have any historicals, so you can't use historical data to project what it may potentially do in the future. Gives you directional direction, but it's not excellent, right? It's not what we measure and what we can back out to an LTV. For us, because of those challenges, we look for media where we can actually measure. The obvious solution or the obvious direction is we have to move away from iOS and go more into Android. The way that we look at it more so is that we measure all our buys, regardless if it's iOS or Android. What we care about is the medium measurable, and we can back that out to our LTVs and our return on ad spend. As we do that, the natural transition is obviously moving more into the Android side. Great response, David. Kevin, we'll get you on the next question here. Hopefully, the audio issues are fixed. Sorry about that. Next question up. Mike Peralta, over to you. I know in your role, you've seen a lot of different things. You know, certainly at T-Mobile, you get a kind of expansive view across the media landscape. Would love to get your perspective here on you know, what are some of the top trends that you're seeing? You know, and really and then also as a kind of follow-on question is, in prep here is, you know, how do you see the role of Google here? You know, we're on the Android platform. How are things in your world? Yeah. No, thanks. Glad to be here. Nice to meet everybody virtually. I guess a couple things when I look at sort of the trends at mobile. I think, you know, I've been in this space for quite a while. I remember back in 2001 was the year of mobile. When we were doing SMS texting and we thought that was pretty cool. I think the difference today is, and I'll probably characterize it in three buckets, right? From the consumer angle, from the brand angle, and then, you know, from the technology angle. One is, you know, we've got lots of scale already, right? With the consumer, right? It's as a consumer, you're probably on your phone around five hours a day, and over 80% of that time is in the app, right? Consumers I feel have probably led the way in mobile, and have been in front of, you know, brands and advertisers for the last few years. I do think, though, that we're really starting to see a trend where mobile is not just this sort of, you know, add-on strategy, right? I think, you know, marketers are starting to build more mobile-first strategies. That's why here at T-Mobile, we've, you know, created this group called T-Mobile Marketing Solutions, that's focused on going into that category. You know, one of our recent surveys from different marketers that we've worked with has showed that over 90% of marketers are, you know, definitely interested in accessing wide-ranging mobile app ownership and active engagement data as part of their overall digital strategy, right? That's what we're focused on. We're bullish on it. You know, we're gonna continue to work with different partners and advertisers and brands to ramp it up. To your question on Google. Look, I mean, I think Google is, you know, as you look at our ecosystem, right? Mobile, probably not dissimilar to, you know, what's happened at desktop is there's, you know, lots of technologies, lots of layers, lots of pipes, right? I think the key thing is, you know, for us at T-Mobile is working with the right partners like, you know, like Google, like DT, because you wanna make sure that, you know, each layer of technology adds value, right? As opposed to taking away value, right? That's the big key. It's gotten so complex out there and so many different, you know, pieces of the stack in between, you know, the consumer and the brand that, you know, we're working closely with folks like Google, like yourselves, to make sure that stack is efficient, if that makes sense. Yeah. Great. Yeah, and you know, kind of in a similar vein, over to you, Daniel. I mean, you know, if you think about kind of like on-device media, you know, Mike talks about, you know, trends are going towards, you know, connecting directly with, you know, advertisers and carriers and obviously working with the platforms to do that. You know, in your opinion, you know, what's the role of on-device media for somebody like Telcel, América Móvil going forward? You know, what role do you see Digital Turbine playing in your strategy going forward? Thank you so much. Thank you so much for the invitation. It's cool. I am honored to be here with you guys. One of the things that we have looked into in the past months related to this pandemic situation that we go through is that the use of media and the use of mobile phone has been increased really high in really high numbers. The importance of having a solution that Digital Turbine is providing to us is critical for the business in the next months. Right now, I think that the great challenge that we have is the speed of innovation, and I think that Digital Turbine has been doing a really good job in that area. No, that's great. No, I appreciate it. You know, Mike, from your perspective, you know, if you look at, you know, like on-device media different from traditional media, 'cause you have-- you've lived kind of both worlds, you know, the telco on-device angle and the traditional, you know, mobile media angle. You know, any perspectives from your, you know, from your side of kind of what role you see on-device playing different from traditional ad tech? Yeah. I mean, I think that, you know, when you look at some of the traditional ad tech, there's certainly a lot of piping there. You know, to a certain extent, it was very, you know, still publisher-focused, very content-based. While, you know, in-app, you know, content is still hugely important. I think what's even more important, right? You know, if you guys have kids, like, so the threshold of interest is very fast. I think, one of the key things, you know, particularly on device is you have to iterate and develop product very quickly. Right? That's super important for us as a carrier and it's important for us in working with partners like yourselves to do that, right? Speed and innovation and product development is key for us. Great. No, thank you, Mike. Well, hey, shifting a little bit to, you know, the advertiser side and the app side. You know, Kevin, kinda a similar question, but, you know, is what do you guys see as kind of the role of, you know, the telcos, the OEMs, and, you know, kind of this on-device media space as you as a UA buyer? You know, is, you know, obviously you're working with Digital Turbine today. What do you see, you know, your role being here and, what's important to you as we continue to work and grow product together? I'm hoping the audio works. Can you hear us, Kevin? Hey, yeah. Sorry about that earlier. Here we go. All right. I think with the advent of Apple moving more privacy-centric and really who knows what's gonna happen with Google and how they move, Digital Turbine, other preload sources, suddenly became a lot more interesting to us. I think it already had just because, you know, when you become a quite ubiquitous brand, right, like preloads, wizard, push notes, all these products that DT has focused on suddenly become, you know, a lot more reasonable. Right? Pure play UA no longer makes as much sense for larger organizations. I do think OEMs, carriers, telcos will continue to double down in this space. I think DT is well-positioned in that sense, just with as much progress that y'all have already made, with developing around how you service preloads, how you have on-device visibility, it'll continue to grow, you know, regardless of whether Google takes away deterministic attribution, right? Your DT is still going to have that level of visibility and can communicate those performance results to the UA buyers at the end of the day. There's certainly this, I think, larger shift in UA managers, where formerly we wanted device-level, you know, very clean attribution. There's now more of this. There's more of an appeal to, you know, work directly with the Facebooks, the Googles, and DTs to say, "Hey, you know, we can't see this level of granularity anymore. We're now relying on you guys." That's one of the major shifts that we're seeing. That's great. Thank you, Kevin. David, any commentary from you, from your seat? Yeah. I mean, from my perspective, I mean, I think the biggest thing for me you're gonna hear from me is performance, right? I'm highly concentrated on making sure my ads perform well. What I can see and what we can measure is when we do buy ads from a preload inventory like Digital Turbine's offerings, we see that it works out, right? We see good users, we see good engagement from the users, and we're able to monetize those users in our ecosystem. For me, the critical piece is that it continues to perform and it just is very steady in that sense, and we continue to see growth from that channel. That's great. No, thank you. Well, shifting gears a little bit, you know, Mike talked about SingleTap, Bill, you know, and Bill talked about SingleTap. Brandon talked about SingleTap and showed some of the examples there. You know, David, you know, to you've been leveraging SingleTap at Pandora for a while now. Can you speak kinda, like, what's your view of SingleTap? How do you think about it, and how do you know, your growth and your scale plans when you're working with SingleTap? How does it impact your spending? Yeah, absolutely. Again, to my consistent theme in performance, right? I look at when we buy ads on levers in which we can essentially move to make an ad work, right? Three or a couple of different major levers that we can look at to actually make ad campaigns perform are conversion rates, right? Looking at scalability. Can we actually scale this channel? Cost, right? You know, the beauty about SingleTap is we're able to leverage those three components, improve conversion rates, scale, as well as be able to bid appropriately, therefore adjusting our cost, right? The beauty of SingleTap, as other folks have mentioned, you know, it's really leveraging the technology from Digital Turbine and then accessing programmatic inventory in the open exchange, right? So in out in the wild. Out in the open wild has a ton of different inventory and a ton of ability, but you have to make sure you have the right capabilities to match up with those inventories to make an ad campaign work. That's the beauty of what SingleTap's been doing for us, is being able to match their technology, the conversion, along with all that large inventory set. On our side, you know, we've been buying programmatic ads on the Pandora side, as long as I've been with the company, for now 4 years, and we've seen amazing growth and amazing performance. We continue to see that. For us, it's an easy transition to work with SingleTap because we want that inventory, right? This inventory allows us, again, to have the ability to move levers and have granularity and also more ability to understand what's going on because it's actually the same inventory as, you know, Facebook and actually Google uses. The difference is now we have greater granularity, we have greater visibility, and we have greater control over the assets and conversions. on my side, you know, because I'm performance-driven, it's kind of a no-brainer in that sense. Yeah. No, that's great. No, fantastic. You know, just moving along here a little bit, maybe turn it to you, Mike, a little bit. You know, you've got extensive experience in the media space and, you know, as David talked a little about, you know, growing performance, you've got some experience in that. You know, how do you think Digital Turbine is doing? You know, what do you wanna see more of? What can we do more of, you know, from your view as a telco? Yeah, no, that's a great question. I think, look, I mean, Digital Turbine has been a partner with us for a while. You know, as we look at. Probably even more so today, right? Because we're really leaning into, you know, the marketing and advertising business. We look at DT as a great partner there. You know, we've been working on, you know, different, you know, I think I mentioned product innovation earlier. I think that's probably the key for us, right? Because, you know, things move quickly. You know, with DT's capabilities, and ability to move quickly and integrate, I think that's super important for us. You know, we've recently done a bit on the programmatic side and enabling a bit more programmatic capabilities. Things like that are gonna be super important for us as we move forward. You know, 2022, I think, you know, particularly with post-COVID, is gonna be a big year, I think, across the industry. Right? I think innovation is what's gonna win the hearts and minds out there. I mentioned it a few times, but that's a big key for us. Yeah. No, that's great. Sounds good. You know, kind of turning it over to you, Daniel, and, you know, from your front, and I know we're running through questions here. I wanna be mindful of everybody's time as we've got folks on the panel here. You know, kind of last but not least, you know, you guys have been working with Digital Turbine for a long time, and América Móvil's been doing a lot of great things as a partner. I really appreciate you guys. You know, I think, Daniel, you were back on the stage back in 2018. You know, talking about our business. You know, since then, I think, you know, we've grown, you know, the business is, you know, almost 500% or something like that, you know, with you know, in the business down there in Latin America. I'm just kinda curious, you know, from your perspective, why DT for so long? Why, you know, why not other vendors at this point? Well, I think that I have three points to tell you related to that. The first one is that DT work on product innovation, and they take advantage of opportunities. That's really important, as Michael said, too. The second is that they have a good sales team, and they know how to bring business from the industry in this complex ecosystem. The number three is that they have the right relationships with the industry, too. It's a complex business, Matt. It is not just one piece to have this product in place. There is the OEMs, there is SaaS, there is Google, there is all the relationships that we have with the agreements. There is the agencies. There's the advertisers. So it's a complex business. I think that Digital Turbine has been doing a great job in all the parts of the ecosystem. We are glad to work with you guys. Great. Thank you, Daniel. Thank you, Mike. Thank you, David. Thank you, Kevin. Really appreciate, you know, the time here. Again, wanna be mindful of your schedules. I know everybody's, you know, slammed. Really appreciate you joining today. You know, appreciate the shout out, the continued support with Digital Turbine. With that, we'll turn it over to Brian and Barrett here. Yeah, thanks, Matt. Yeah. Thanks, Matt. I'm Barrett Garrison, Chief Financial Officer. We appreciate everybody joining today. A special thanks to our veterans today. As we turn to the next slide, we covered this earlier, but I can't help but cover this slide, one of my favorites, you know, as we demonstrate how the company has delivered rapid growth across our top line here, EBITDA and EPS. To ground us and give us some context on this hyper growth we've experienced, it was just three years ago when we held a similar Investor Day, and we had just reported revenue for the quarter at $22 million. As you saw earlier, we just crossed $300 million in revenue in our most recent quarter. You know, more importantly, I'm most proud of how profitable our financial engine has performed during this growth. On our next slide, you know, as we look deeper into our historical growth, it's largely been driven organically up through last year. You know, our core business has grown really nicely from, you know, $75 million up to close to $300 million. These acquisitions we've made now in this past year now create a multiplier effect on both our revenue and our scale on the platform. When you add these pro forma revenues for these businesses over the historically, you know, reaching last year upwards of $850 million in revenue for the year. The chart on the right outlines for us the scale and EBITDA margins on our core business. The gray line here shows our EBITDA margins over the last few years. You know, we were a break-even business in FY 2018. You know, we've grown on an as-reported basis. Our core business is up to 24% margins, so from zero to 24 in just 4 years. On a pro forma basis with these businesses we've acquired, you see a similar trajectory, just maybe a couple years delayed, right? So here you see in the yellow line, you know, combined with these acquisitions, you know, we still have the inherent operating leverage in our recent acquisitions and the trajectory and intent for further margin expansion is present here. If we turn to the next slide, you'll see more of our recent results. This shows first half of the year on a pro forma basis, revenues of $602 million, grew 81% year-on-year, and generated EBITDA growth of 184%, and resulted in 176% growth in EPS. Noting that during this time, while we're experiencing this operating leverage and generating faster earnings growth than our revenue, we continue to make measured investments to drive future revenues on the platform. If we turn to the next slide, I wanna now shift from our track record of delivering growth to how we think about our outlook. Mike and Bill touched on our growing TAM. You know, while we've been successful in expanding our market share in a growing $100 billion app install market pre-acquisitions, we still have a lot of upside for both penetration and the growth in the app install market. Here, you know, you'd see we are less than 1% of the overall app market. With the recent acquisitions, wanted to demonstrate here to the right how our TAM grows by 4x, and now have a much broader opportunity in the mobile ad market, which is expected to grow to over $600 billion in a few years. With that context, if we turn to the next slide, we've outlined how we think about our growth model and our intentions over the next three to five years. Our proven ability to deliver sustainable, profitable growth, new capabilities and synergies, what Mike touched on earlier from our new acquisitions, combined with the secular tailwinds that we've covered, informs how we expect our growth model in the future. In that context, we see long-term revenues growing at or above 25%-30% and delivering margin expansion across growth profits and EBITDA margins, eventually surpassing 25% on EBITDA margins given our scale and operating leverage. Finally, with light capital requirements in our business model, fortunately, we would continue to expect a high free cash flow conversion rate from EBITDA levels. In the next slide, as Bill mentioned earlier, he reminded us that just three years ago in an Investor Day setting similar to today, we were sharing our growth path to achieving $300 million in revenue at a time when our quarterly revenue was $22 million, and we had $0 EBITDA profitability at the time. Today, the magnitude of our organic growth plans are much larger, with a path to $4 billion in revenues and delivering over $1 billion in EBITDA. Unlike three years ago, we have far greater differentiated capabilities, impressive market positioning, and even larger opportunities on the horizon. They give us even greater confidence in delivering on our growth model. If we move to slide seven, I wanna close out on, you know, how our determined belief is on our outlook is due to many catalysts in our path. We've touched on all of these earlier in the presentation. We're in a space with significant TAM and secular tailwinds. We're executing on a differentiated strategy with an on-device presence and independent platform. We've expanded our presence in the mobile ecosystem and have global partners like the ones you just heard of, heard from. We also have a powerful financial engine, creating both operating leverage and a flywheel business model. Lastly, our team has a long track record that I discussed of execution and delivery. With that, I'll close it out and hand it to Bill for any closing remarks. Yeah. I wanna make sure we gave a lot of information to everybody today in terms of you know why we believe in $4 billion and a lot of the building blocks you know whether that's addressable markets revenue drivers business drivers you know feedback from our partners our product innovation and lastly some of the drivers that Barrett just went through. We're really excited about our long-term plans. We continue to have a tremendous amount of confidence and enthusiasm about executing as a growth business but even more importantly a profitable growth business you know that we think that can continue to grow into the future. What we're gonna do now is turn it over to questions. Brian, if you could help moderate the questions and, you know, happy to take what's out there right now. Yeah, absolutely. We'll take our first question from Tim Horan again at Oppenheimer. One on the white label. Thanks, guys. Two questions. One, the white label news product you have, can you talk about what type of competition you see there or how unique that product is? Then, a second one on the financial side. The 25%-30% revenue growth, can you give a little bit more assumptions around that? What could maybe, you know, drive that to the upside? And, is that baked in, you know, what we were discussing before about the SingleTap outlook? Thanks. Yeah, sure. Let me kick it off, Tim, and then I'll turn it over to Barrett for some color, especially on the numbers. Yeah, the white label product for us is really a greenfield product. If you think about the operators and OEMs today, for the large part, they haven't participated in this market. You know, so for us to be able to. You know, we talked about in my remarks, 50% of the time people are unlocking their phone. They're not sure where even they're going to, right? So to have that content right there before they go to other places where they may consume their news, whether it's sports, you know, Kardashians, whatever it happens to be, you know, the first look happens from the operator. We view this as a real greenfield opportunity for us today. You know, the thing we're excited about is not just on Android, but also potentially extending it now into iOS. We've got some capabilities there. You know, we're excited about that. On the revenue part, again, I'll let Barrett comment on some of the details. You know, for us, you know, the drivers of that are what we've talked about before is, you know, in terms of upside to that, it's devices, it's products, and it's media. You know, we talked about SingleTap could be a product with, you know, that you specifically called out, but by no means is that the only product. You know, devices we spent some time talking about, and obviously a lot of time on the media relationships and hearing from some of our partners. Those are very much the drivers. Barrett, do you want to put any more specifics on it? Yes, sure. I mean, the growth opportunities are pretty expansive, but we do consider, you know, Mike took us through a path to $1 billion, you know, $1 billion+ there. That's a consideration that informs our growth model. Mike took us through five very important synergies. We have a list beyond that, but those are the critical ones. Those are considered. I would say, and I probably should have spoke earlier, this is our organic path. Just like when we met with investors three years ago, that was our path organically. You know, we'll be opportunistic about how things can accelerate our organic growth path. You know, our core business synergies, the continued progress around SingleTap as well as future product innovation all feeds and informs our growth model here. Tim. Okay, thanks again, Tim. Next question from one of our favorite investors, David Rose from Granahan. Not here, David. David, you on mute? Let's postpone that one. Let's move to Darren Aftahi from Roth Capital. Can you hear me? Yeah. We can. Got it. Great. Thanks for all this. I guess a few. First, just going back to the roadmap that I think Mike. Maybe not roadmap, but just kind of product set of what you've acquired. Is there anything, you know, Bill, as you think about the regulatory environment, maybe where apps will be hosted in the future and not a duopoly, et cetera, is there any sort of product area where you feel like Digital Turbine is still maybe void of, and maybe it's not tomorrow, but in the future, you know, we could see an acquisition around that? That's question one. Then as it pertains to your financial guidance, Barrett, and thanks for the long-term targets. On the $4 billion, like, what's assumed as the fastest-growing piece of that from a product perspective? Then also, as we think about that $4 billion, whenever it occurs, you know, how many devices are you on at that point? As we verticalize kind of all the services you have, is revenue per device the right way to look at this business, you know, three to five years from now? Thanks. Yeah. Hey, thanks, Darren. Let me take the first question, you know, in terms of, you know, some of the M&A and thoughts of adjacencies, and then I'll turn, you know, Barrett can take this, the second one. You know, on the first one, yeah, you know, as I, you know, I said, I made the comment on my earnings call, kinda the Wayne Gretzky quote of, "We're gonna skate to where the puck's going, not where it is." You know, some of these tailwinds that we talked about in our business, I think are gonna open up a lot of opportunities, for us, whether those are consolidation ones or regulatory ones or what have you. You know, I think our unique position on device opens up a lot of opportunities to leverage that, you know, whether that's getting more into things like payments or whether that's getting into things like alternative app stores and the like. You know, we're really in the midst of a process of nailing a lot of the specifics down, but ultimately, the marketplace is gonna define those for us. We wanna be ready to go if the marketplace is moving in that direction, which it definitely seems like it is today. If there's things that we feel like that can accelerate our efforts, just like we, you know, we did when we acquired Mobile Posse and Content and AdColony and Appreciate and Fyber to help us on the ad tech side, you know, we'll go out and do acquisitions. We're not in the market right this second to do anything. We've got a lot of things to digest and integrate right now in the present. As we go forward in the future, you know, absolutely, if there's things we can accelerate our efforts to get after this enormous TAM that we talked about, we're gonna go do it. I'd say just stay tuned on that, in terms of getting into next year. In the very, very short term, you know, we gotta execute on what we got. Barrett, you wanna hit some of the drivers on the assumptions there? Yeah, sure. Sure, Darren. I think there's two questions that came up there. One was, you know, how do we think about our fastest-growing products that exist today, right? We get that question a lot. We've had that question for a while, and it's really hard to say, right? SingleTap's growing quite nicely. The exchange business is growing quite nicely. Many other products across the platform are growing at impressive rates. We've got new products that, you know, we'll soon be going to market with. It's really hard to say. Then the second question around, you know, how do you think about is RPD the right way to think about growth in your business? It is. Certainly, I mean, RPD is an important piece here, right? Monetizing the devices is important for us, important for our partners. You know, think about our core business on our dynamic install business that had grown from $0.20-$0.25 a device upwards of, in the U.S., approaching $4.50. That'll still be important. As we think about monetizing across the platform, we'll have other important metrics and drivers that we think about to reach this $400 billion mobile ad market. Thanks, Darren. Let's take a question from Macrae Sykes at Gabelli. I just wanna say thank you guys for this day and congratulations on all the progress. I still think you deserve more credit than you're probably getting at this point. A couple questions. First, what are the constraints today in growing SingleTap more aggressively? The second question was, you know, away from acquisitions, debt pay down, I mean, how much ability do you have to reinvest in the platform today with your future cash flow? Yeah. Hey, Matt, you wanna take the SingleTap one, and then, you know, Barrett, you take the balance sheet? Yeah, for sure. So hey, yeah, so in short order, I mean, listen, you know, Mike talked about, you know, kinda going from 15 advertisers- 150 advertisers, you know, over the course of, you know, in the next number of quarters and years here. One of the things that we did early on, and for those who've been along with the Digital Turbine and the SingleTap stories, took us a long time to put together the pipes and fit together everything that needed to happen and take place to make SingleTap successfully work, you know, in a DSP environment like we're running today. You know, recently, we made a similar decision to say, "Hey, listen, we're gonna work with some really smart, intelligent folks." We actually have on the panel here today are highly skilled in their craft in UA and performance to leverage SingleTap. We took kind of a small approach here to make sure that everything was dialed in with those advertisers. You know, now we're in the process where Mike's team is now out there selling more advertisers. You know, about every couple of days, we're launching a new campaign, launching a new advertiser and scaling from there. You know, our first kinda shot out of the gate was to make sure that everything was controlled, everything was working nicely. Now we're just in a path to ramp up more advertisers. Constraints, you know, I wouldn't put any, you know, constraints really, significant constraints on the table other than, hey, listen, we're hitting those advertisers that we know can grow and scale with the platform first and then expanding out there from there. I think with regards to limiters on growth and how we think about acquisition and capital, fortunately, I mean, to start with, you know, the business as we touched on is capital light that doesn't require much capital to generate the free cash flow that we've been able to grow. I don't see a limiter. You know, we don't see limiters on access to capital, especially low-cost debt capital. You know, how we think about our growth is, you know, we've touched on many of the opportunities in front of us, right? We're focused on execution. We don't see a limiter as far as access to capital to invest in the business with, given the free cash flow profile. We see the thing standing in front of us is our own execution and ensuring that we deliver on that. That's been, you know, kind of the key, I believe, to our success to this point is delivering and executing. We've got a lot of new capabilities, a lot of new team members, and a lot of aspirations just in front of us right now that we're gonna go execute on. Yeah. Just on my question, I was talking more about your ability to invest in the platform with your cash flow as you generate a couple years out, away from acquisitions, debt pay down, and how much ability do you have to reinvest in the platform? It's a good question. Maybe I should've been a little more clear. Yeah, you know, the interesting thing is we've been investing in the platform just. You know, it's kinda muted by the operating leverage in the business. You see the scale, you see, you know, our expenses growing far slower than our revenues. But we've got ample opportunity and free cash flow to continue to invest in those, you know, those things that are gonna drive incremental revenue. We feel, you know, we feel very confident about our capacity to invest in new initiatives in the future. Okay. Thank you. Yeah. Thank you. Thank you, Macrae. David Rose, hoping you're feeling a little less shy now. You ready for us? Can you hear me okay? We can. Yes. Hey, David. Okay. Great. Yeah. Thanks again. I'd like to echo the sentiments of appreciation for doing this today. Sorry about the technical problem. One of the vectors you guys didn't really spend too much time on is talking about the revenue growth opportunities from an international perspective and geographical perspective. Obviously, that's been helping you, but there's still a lot of open space for you guys to capture. Can you talk about kind of what are the big geographical opportunities that you still think you have ahead of yourself? Then talk about kind of what is assumed from a geographical perspective in your long-term targets. Yeah, sure, David, let me start with that, and I can let the others chime in here with additional thoughts. Yeah, one of the things that really gets me excited when I looked at all the acquisitions and I looked at our business is the opportunity that other geographies open up upon one another. You know, for example, Fyber's done an amazing job in APAC. They've done great. A lot of their growth has come from APAC, and that's historically a geography that we at Digital Turbine, prior to the acquisitions, had not done extremely well at. You know, conversely, you know, Digital Turbine, we've been really strong in Latin America. You know, in AdColony and Fyber, you know, haven't had historically the same level of focus there. Now with our openings with, you heard from América Móvil specifically as our partners, but you know, Samsung and others in that region, you know, I think there's a lot of opportunity for us to expand there. AdColony historically in their brand business has done really well in Europe and in Europe, Middle East, Africa in general, you know, much better than you know, we or Fyber have done. I think there's opportunities to leverage there. We're gonna look to play strength on strength and then use that beachhead that we have with each of those companies to expand our presence with the other companies, you know, as we go forward. You know, one thing is I think it is implicit in everything that we said today. You know, that market that we talked about with the $400+ billion going to $600 billion, that's an international market. So if we're not going after international places, we're not gonna be successful. In our assumptions specifically, we don't really have any assumptions in our numbers around countries that you would expect us to, like, Iran, North Korea, that type of thing. Also, we don't have a lot of our assumptions around China. Our assumptions for China are very much taking China out, where that whether that's OEMs or publishers that are trying to grow their footprint outside of China. We don't really have anything baked in our assumption about us specifically going into China, in terms of, generating revenues, you know, in the assumptions that we shared today. International very much part of the story. I don't know if, you know, Barrett, Matt, I also introduced, Ofer, you know, who is ex-president of Fyber and, you know, now is helping us run marketing and strategy as well, if you guys have any, thoughts on that one. Yes. Thank you, Bill. Oh, there you go. All right. Yeah, just unmuting myself. One more point of growth, David, to consider is video. You know, talking about video. Video advertising is growing rapidly. And between AdColony brand business and Fyber's performance business, we've seen impressive video growth, which is complementary to DT's business, to Digital Turbine business. The markets that David just talked about, together with video, just open up a lot of new opportunities for us. We're looking at both side by side, the units and the geos. Thanks, David. Let's go to Tim Nollen at Macquarie. Hi. Hi, can you hear me? Yeah. Hey, Tim. Oh, great. Hi, Bill. Hi, everyone. Thanks for this. I've got a couple of questions, actually. First is, as you're moving into more brand advertising beyond the performance marketing that you've been doing before, just curious, I think your exposure to non-gaming ad sectors is larger than some of your kind of mobile ad tech specific peers. I'm wondering if you can comment on that and also what sort of competitive set you see versus other DSPs and SSPs that are out there, not you know, mobile specific, but companies like The Trade Desk on the DSP side or Magnite, for example, or PubMatic on the SSP side. What does the competitive set look like there, and what advantages do you bring as you move into more branded advertising? Then I've got a second one after that. Yeah, thanks. Let me start with that, and I'll let Ofer and Matt chime in. I know there's some thoughts there they're probably chomping at the bit on. You know, first is, as we think about the brand advertising for us and just the overall kind of distribution of that and across different verticals. You know, gaming's important. Gaming's the largest one. Gaming has many subcategories, as you're aware. You know, but our strategy is to be across all verticals, not just gaming. Gaming just happens to be the largest and, you know, something we think we can offer a lot with our on-device position and our independent position. A lot of the other players that are in the gaming space don't have an independent position right now. We think that's a strategic advantage for us. I think the ability to extend that across many other verticals, and you saw two of our partners on today that didn't come from gaming, you know, specifically. You know, we're gonna look to grow all of them and to get after that $400+ billion market. You know, that's a prerequisite for us, and I think we've got, you know, a lot of the building blocks to make that happen. As far as some of the other piece parts there, you know, Ofer and Matt, you guys wanna jump in? I think, Hi, Tim. I think, The Trade Desk and PubMatic are two great partners of ours. What we have, which is unique, is code on page. You've seen it at the beginning of the day. We have our SDK and code on page in more than 1.5 billion devices. Why is it, why is that so important? Serving blended video ads into apps is not that simple. You have to have the SDK, this piece of software that is able to render the video, measure the video, make sure it's addressable and viewable, and report back to the advertiser. That unique set between AdColony and their Composer, where we actually build those ads, and the ability to serve on the Fyber marketplace is quite unique. The companies you've mentioned, again, they are working with us, access to demand. They don't have that SDK footprint, that software footprint that we have. That is significant moat for Digital Turbine. Yeah. I'll just also add, too, you know, listen, we get a lot of preference and capabilities that are very unique just being on device. You know, the data, the access to inventory, the ability to drive, you know, simple things like single tap installs, which we've talked a lot about today, are all things that you can't replicate easily. You know, and, you know, the ability to buy an ad is somewhat commoditized, right? I mean, just having access to buy or bid on an ad request, at least in today's world, is not that unique. The ability to target and then ultimately display, deliver, and then ultimately render results is very unique. And that's, I think, what we bring to the table here in a lot of ways, that is very unique and exclusive to Digital Turbine. Obviously, ramp of SingleTap is representative of that. Okay, that's actually very helpful. Thanks for that. Can I ask a second question, which is about your CTV efforts, which I think is really interesting. I'm just curious, what can you tell us about how the software relationships need to be with the TV OEMs or the distributors? How does that work? I mean, I guess you have to have the software installed somehow. What can you tell us about that? And also, is there any CTV revenue baked into your $4 billion long-term revenue target? Yeah, sure, Tim. Let me I'll take that one. Yeah, so we've already had some, you know, nominal revenues come in today from our licensing, from our CTV business. You know, our strategy on CTV, though, given the opportunity set relative to what we see with other devices, is we wanna be very measured. I may be showing some gray hairs on this comment, but I can remember back in the early 2000s, when smartphones first started, and you had operating systems like BlackBerry and Windows and Symbian and Palm and so on, and then eventually Android and iOS emerged and dominated, but it was really fragmented back then. The idea of supporting so many different operating systems and all the technical things that go with that, you know, is just extremely complex. You know, back then, we had to put apps on all those different devices. You kinda fast-forward today to the CTV space, and it kinda reminds me of that era where you've got Roku's running something proprietary, Samsung's running something proprietary, Amazon's running a forked version of Android. You've got the Android guys out there. You've got LG running this thing called webOS. Anyway, I can go on and on with plenty of examples, but the point being it's a very fragmented space, you know, right now. You know, we wanna be really thoughtful of where we wanna place our bets, because we have so much growth opportunity in front of us, there's an opportunity cost issue. Just like back in 2003, probably didn't wanna put a bet on Palm. That might not have been the best place to be or put a bet on BlackBerry might not have been the place to be. You know, we don't wanna make those kinda similar mistakes in today's era. What we've chosen to do is focus on Android because our carrier partners are already focused on Android. We already have our systems and processes and technology already built out around that. It's a very natural extension for us to go do that. Obviously, we've got the Android devices as well, where you saw some of the integration things that Brandon was showing. That's a natural kinda put our toe in the water approach. If something emerges and it looks like it's gonna be, you know, the Apple-Android equivalence, like it was back in the smartphone era, you know, we'll obviously look to go double down on that. Until we see that kind of emerge, it's still early days there. We wanna be really thoughtful. Yeah, we definitely think about CTV in the context of our, you know, $4 billion. Is it an enormous, huge driver of it? No, not really. Not that much at least at this stage. I don't know if anybody else wants to add any other color on that one. All right. Hey, thanks, Tim. Take control, Brian. Yeah, we'll take a final question today from Brian Gerber from Buffalo Funds. Brian, ask away. Okay, thanks, guys. I appreciate it and always impressed with the depth of the people that we don't get to see every day from the Wall Street perspective. I appreciate you including the rest of the team. I'm going back to the earlier presentation, the slide that had extending opportunity with our telcos, where there were three buckets. The ones with the one product or two products live, the one with the three products to four products live, and the one with the five products to 12 products live. My question is two-part. First is what each of those buckets, what's the dollar for revenue per device for each one of those buckets? Is the first bucket, the one where it's the activation, you're getting $1, and the three product to four product bucket, is that where you're getting $5-$7? My second part of that question was, what's the maturation of those logos in those different buckets? It seems to me maybe Verizon and AT&T nine months ago was in the one product to two product live bucket. What I'm looking for is not only just the dollar per device going up as they add those new products on. I'm also looking to see, well, isn't Samsung only in two countries or three countries, but they're gonna be 12? Or isn't AT&T, you talked about in the quarter, you know, going to launch one of these three to four new products, launching that in the first quarter? I mean, they may be in that bucket, but they may not have generated revenue for that new third or fourth product. Hopefully you understand where I'm trying to go with that. Yeah. Absolutely. How we think about it is, you know, really the number one driver of the revenue per device is going to be the geography that the device is in and, you know, even more so than the products, right? Obviously, the devices that are here in the United States are gonna have the highest revenue per device associated with them. Some of the ones that may be more developing markets are gonna have lower revenue per device, even if they have the same products or even more products on the device. I think looking at it by geography is, you know, really important, you know, there as kinda the first consideration. Yeah, as we think about just the ones in the U.S., as we add more products, the RPD goes up. We definitely see a little bit of a gap between the post-paid providers like a Verizon or, AT&T because they tend to sell higher-end devices than maybe the prepaid guys, and so they then tend to have higher advertising rates that go along with those. The revenue per devices are gonna be higher on those higher-end devices as well within the U.S. market and somewhat independent of products. Those would be your key drivers. Then your third one would be what you're referencing is the number of products that we add. You know, we're obviously excited to expand, for example, our Content Media products with Verizon and AT&T. We think that will be a driver for enhanced RPDs. We spent a lot of time, you know, over the last couple hours talking about Single Tap. Single Tap will be a driver for RPDs, especially in some of those ones where maybe it's not live in that one to two bucket that you're referencing. We expect to see that as a driver as well. There's kinda multiple things at play there. You know, ultimately, as we've shown in this business, we continue to drive our revenue per device up and to the right, you know, 50% increase year-over-year here in the U.S., 100% increase year-over-year internationally. You know, all of those things I'm talking about right now are gonna continue to drive it forward in our view. Thank you. Thanks. All right. Brian, is that it? We're good. Hey again, I wanna thank everybody for spending time with us today. I know this was an extended period of time for all. I appreciate you giving some time to talk a little bit about the longer-term vision we have for the business and just the amazing prospects that we have in front of us. You know, we'll look forward to reporting out on our progress as we go forward over time. Again, thanks for everyone taking the time, and have a good afternoon. Yeah. Thanks, everybody. Thank you for attending today's presentation. The conference has now concluded, and you may hang up via phone call or choose the pink Leave Room button in the bottom left corner to exit the video conference.