Great. I think we'll get started here. Thanks everyone for joining and for anyone else listening on the webcast. My name's Tom White. I'm the Internet Services Analyst here at D.A. Davidson. We're thrilled to have Viant here at our Tech and Consumer Conference in Nashville. Nicholas Zangler, SVP, excuse me, of Investor Relations. Yeah. Got to get that right. I will. Good to see you. Worked hard for that bad boy. Thanks again for coming to Nashville. Yeah. No, happy to do it. Nashville's awesome. Great. Maybe just to get started here, for anyone in the room maybe who's a little bit less familiar with the story, I thought it might be helpful just to give a quick overview of the business, and maybe some of the key growth drivers this year. Viant is an advertising platform. It's actually a demand-side platform, kind of evolving into an advertising intelligence company, what we like to say. Effectively, we allow advertisers to buy digital ad inventory across the open internet. Much like you might log into E*TRADE to buy stocks, we allow advertisers to log into our platform to buy digital ad inventory across the open internet. What are they buying? They're buying CTV, for example. They'll buy Disney+ or Hulu or Fubo. They'll buy digital out-of-home inventory. That includes bars, restaurants, train stations, airports inventory, any digital ad inventory in those locations. Mobile ad inventory, whether in-app or simply online. Streaming audio, so iSpot, Pandora, Spotify, or I should say iHeartRadio and Spotify. Across these channels, we allow them to buy digital ad inventory that obviously they want to increase, they want to utilize to drive return on investment and return on ad spend, and ultimately drive an outcome. There's two primary ways in which we differentiate versus our competition. The first is that we are uniquely, to a degree, independent and an objective. We do not own any of the content in which we offer, right? If you think about DV360, they're a competitor. They own YouTube. They want to direct as much spend as they can to YouTube, because when they do so, they extract 100% margin. When they send digital ad dollars to Disney+, they only extract 20%, but when they go to YouTube, it's the full throttle. Amazon Prime Video, same thing. Amazon DSP, they own Prime Video. They want to allocate spend into that channel where they extract 100% margin. Yahoo, again, they're a competitor, Yahoo DSP, they do the exact same thing. We are totally agnostic. We do not care where the ad spend goes across any of the channels that I listed. We simply want to deliver return on ad spend for our advertisers, and so we do that with unique signals and data. This is the next area of differentiation. We are, what I believe and what would most agree, is the best DSP for targeting and measurement. If you're an advertiser that is primarily beyond the top 500 advertisers in the world that might still rely on pray and spray advertising, if you're more niche, you want to target a specific audience and see if that audience responded. We have a few identifiers there that we utilize to help advertisers do that. Quickly I'll just run through them. The bread and butter is Household ID. This is an audience identifier, and so it enables a brand like Peloton to upload their first-party data and say, "Here's all the users of my Peloton bike. I want to target these same users with a Peloton tread ad. Find them for me in the ecosystem in which you can and put my ads in front of that specific user base." Whataburger, another great example. They are a mid-market brand, and they have 1,100 stores, but 70% of them are in Texas. They don't want to waste ad spend across the U.S. They want to make sure that all of their ads, for the most part, are going into that environment in Texas where an ad can actually be delivered to a user that has a high propensity to respond and can go into a store. Household ID is the leading identifier in the ecosystem. It's available 80% of the time across bids and 95% in CTV. That dwarfs any of the competition. If you care as an advertiser about targeting a specific audience, Household ID is the best solution in the market for you to utilize. On top of that, the next identifier is IRIS_ID. This is a content identifier within the CTV ecosystem. Not only can we target specific audiences, but we can target those audiences in content that is relevant to the advertiser. For an example here, if you were to consider a company like Cabela's, who is naturally going to search for and try to find outdoor enthusiasts, right? They'll utilize something like Household ID to make that happen. On top of that, they would leverage IRIS_ID to not only hit an outdoor enthusiast, but hit them when they're watching "Landman" or "Dutton Ranch" on Paramount+. Even more uniquely, they would tie a fishing gear commercial to a scene in that content in which they were fishing, right? That it's highly relevant. The data shows that type of ad strategy delivers a much higher return on ad spend. Finally, what's also unique is TVision. This is something we just bought and acquired. This is a panel. It is 5,000 households, 14,000 individuals, and it measures attention, actual attention that users are paying or that viewers are paying to the content they're watching. We could bring that to the pre-bid side of the transaction and buy against it. A perfect example, I think, is last night. If any of you guys were watching the Knicks game when they unbelievably came back somehow. I blame San Antonio. That's just an unbelievable faulty embarrassment on how they came back. Nevertheless, the attention at the end of that game, when you saw the Knicks coming back, was sky high. Sky high. If that was sold in the programmatic ecosystem, with TVision, we would uniquely know that maybe on average there was four people in every room in which that content was on, and they're not going to the bathroom, they're not on their phone, they are glued to the television. The attention score attached to that inventory would be super high. We uniquely would have that insight and be able to buy against it, and nobody else would have that. Even the publisher would not know real time what the attention is. Other DSPs would not know what the attention is, because that data belongs to us uniquely. If the ask was $30 by the publisher, but we uniquely know that it's worth $150, we're going to buy that all day long. If that means bidding up to $35, $36, $37 to win it, we'll do so knowing its true inherent value. Eventually, the other DSPs, they won't bid anymore because they won't understand what the true value is. It's unique to us. That gives us true price discovery unique to Viant for our eyes only. To holistically answer this very long-winded question of yours, or answer of mine, I should say, we can utilize all of these signals holistically for advertisers that care about targeting and measurement to go after a particular audience and see whether that audience actually responded. We utilize AI to help us do that as well, which I'm sure we'll touch on. Great. That's a good segue. Look, the ad tech space, it's always dynamic. There's always a lot of interesting developments competitive issues, and we can dig into some of those in a second. I guess, just when we look at your business this year, you're growing well in excess of effectively all independent DSPs. You've guided to accelerating growth in each of the quarters of this year. Of the different sort of company-specific, either products that you just touched on, some of the acquisitions, if you could rank the main drivers of what is it really that's driving that acceleration? Yeah. To be specific, we guided 23% growth in net revenue in the second quarter. We suggested that for the rest of the year, you'll see accelerating growth. Basically, third quarter growth will eclipse 2Q, fourth quarter growth will eclipse 3Q. That's how the Street has modeled our top line. I think the Street's at maybe 23% for the full-year top line and 30% from an EBITDA growth perspective. There are a number of catalysts that are driving the growth. If I had to effectively rank order some of them, number 1 would maybe be the enterprise wins that we've had as of recently. Molson Coors being Exhibit A. That's a huge spender that we recently won. They just started to deploy ad spend in the first quarter, and they're going to ramp throughout the remainder of this year. Molson Coors will be effectively a gift that keeps on giving because we've won their digital spend, but a lot of their spend still sits in linear, and it'll be shifting over to CTV. We expect that account to grow significantly into year two and again into year three. WHOOP, which anybody got one on? I've seen a few people walking around with them today. Oh, geez. They're not a client. I don't think. Maybe. Maybe not yet. WHOOP, obviously, they want to target health-conscious consumers, and so they tapped Viant to find health-conscious individuals. Golfers is who they target as well. That's another enterprise account that we've won. There's been a few more. There's been a major CTV streaming service, a charitable organization, a 9,000-store convenience store chain. These are all opportunities that we typically wouldn't address. What I think we're finding is that even the biggest advertisers in the world are starting to deploy more sophisticated campaigns and more budgets. Molson Coors, for example, they want to target specific demographics and align their beverage of drinks to those demographics. They've tasked Viant, "Viant, find me this demographic and put this specific creative in front of them." We've proven that we could do that better than the competition. Enterprise sales wins has been a huge driver of growth, or is projected to be for the course of this year and beyond. IRIS, which I talked about, that content identifier, that's still very nascent and new. Each quarter, the usage of that is doubling sequentially on a quarterly basis. We're getting to adopt it, which means utilization of it is increasing 50% of inventory right now, the way in which you could utilize it, increasing to 75% by the end of this year. Because it's more usable, advertisers are applying it, and obviously they pay up for that. That also is driving growth for the year. You've got some industry catalysts. You got the World Cup, that's new and incremental. We have a direct access relationship with Fox for that inventory, we could buy it super efficiently. Political is going to be a contributor into the back half as well. In the last election, it was a 4 to 500 basis point benefit. We'll see what it could do this year, that's a tailwind. God, there's obviously many, Outcomes, we'll touch on it, Outcomes is our autonomous product, a do it for me advertising solution for performance advertisers that's starting to ramp and should see steady growth throughout the year. As I mentioned, TVision, a bunch of those revenue synergies should start to hit in the fourth quarter and beyond. It just paints such a strong growth outlook for not only this year, but into next year as well. A lot of these same catalysts that I just mentioned are going to continue on into 2027, the high growth should continue. You touched on Outcomes, maybe we can talk about AI for a little bit. You started off talking about Household ID and IRIS, now TVision. These are things that help you guys better target and deliver ROI for advertisers. Some of the AI functionality in your platform, ostensibly it was designed to kind of appeal to smaller advertisers. At least it seemed that way initially, this big cohort of advertisers who you guys think are maybe over-invested in traditional search and social. It also seems that all of a sudden you're having this success with much larger advertisers than you otherwise or historically maybe did. Some of that maybe is a function of what's happening in the industry with some of your competitors, we can get to that in a second, but I'm just curious, what are you hearing from these larger advertisers? Why are they now turning to you? Is it about product? Is it about price? Is it about transparency? Why are you viewed as a much more potentially attractive- Yeah Partner? Yeah. On the enterprise sales level, it is transparency. We always have been super transparent and obviously from a competitive standpoint, you're seeing that others have not. There's a lot of transparency in our offering. Over the course of the last two years, we've been innovating. We've rolled out four AI products, that ultimately culminated in the launch of Outcomes. Delving into the AI solutions a little bit, we have an AI bidding product where our algorithms bid on behalf of traders. Two years ago, that was 0% penetrated. The traders did all the bidding and buying. Now we're at 90% penetration. 90% of all the spend on our platform is conducted by our algorithms that drive savings for the advertisers, and we take a piece, and they take a piece. It's a win-win for both parties. Even the enterprise sales companies that we are going after are beginning to utilize that product. We have a planning tool as well, where it is effectively you are taking the role of media planners. They had to construct a campaign over a three-to-four-week process and budget across CTV and streaming audio, and within CTV, pick the specific apps and streaming services. Well, now we do all that for them algorithmically, and about 30% of the spend on our platform now utilizes that tool. From the enterprise sales side, it has been the innovation, it has been what I spoke to before. Some of these enterprise sales companies are going away from pray and spray advertising. They want to become more sophisticated, and that is the case with Molson Coors. We keep introducing new products, whether it is Household ID for audience, IRIS ID for content, now TVision. We are out in market speaking to these enterprise clients about how TVision will drive even more efficiency. I do not think anybody is innovating at the pace that we are. Then, it is kind of a perfect storm of opportunity because we also then set up, having won some of these major clients, we set up an enterprise sales team. We have heads in specific verticals that go after healthcare, CPG, retail, travel, tourism, and they are on the road. They are crushing it. They are getting in front of what is a huge RFP cohort right now. We talked about the RFP cohort being $250 million a year and a half ago. Well, now it is multiples of that, in part driven by everything I just described, our own innovation and our enterprise sales team set up. As you have seen in the press, a lot of these large agencies are looking for a new partner, one that is more transparent, and they are putting RFPs in front of us. It is up to us to close, but we have an arsenal of tools to throw at them between Household, IRIS, TVision, and then leveraging AI. We have a lot to offer. Again, remember, anybody who is moving off of Trade Desk because of the impasse they are having with the agencies, they are highly unlikely to go to a DSP that has conflicts of interest. They went to Trade Desk for the independence and objectivity, right? They are not going to go to DV360 and then be forced to buy YouTube or Amazon, be forced to buy Prime. They are going to look for another independent and objective partner. On the enterprise level, it is truly only Viant. There is just a plethora of reasons in which we are addressing more enterprise clients, and I think that probably covers most of them. Cool. You touched on kind of this shakeup in the competitive set, and yet it feels like things are moving, like market share is kind of moving around a lot more than it has maybe, or it seems like it's going to move around. Yeah. Mm-hmm. Some of that is positive for you, presumably. On the flip side, Amazon has emerged as more of a competitor. Obviously, as you mentioned. That's what investors say. Bias. Exactly. Yeah. Investors say that. Bias towards its own media, presumably, but also offering the ability to buy in the open internet too. Yeah. I don't know. Maybe just talk about those two forces. Where do things net out for you and, on The Trade Desk kind of disruptions in particular, that would seem to be an incremental spend opportunity for you, like what kind of timeline. Yeah And visibility maybe do you have there? Yeah. On The Trade Desk side, I mean, what I can say is the agencies, you've probably seen a lot of them publicly state that they're looking to move spend off The Trade Desk, or they're recommending to their clients that they move spend off The Trade Desk. This has been in the news for several weeks now. What we're seeing is that a lot of these agencies, for the spend that they have discretion to move, they're actively moving it, and we're a natural beneficiary of that beginning right now, right? That's happening now, and will continue to occur going forward. For the large size of the spend, the agency can't effectively move it immediately. They don't have discretion. That's why you see in the press that they've simply recommended to those clients that the account be moved. That is what is presenting, or in part, this massive RFP opportunity for us. That agency is going to that brand and saying, "I recommend you move off The Trade Desk. I'm going to put Viant in front of you. Let's run an RFP with Viant. Let's go through the procurement process. Let's test the DSP. Let's test out its functions." And admittedly, it's quite a lift, right? At the enterprise level, they don't move as fast as the mid-market or the SMBs. These could be three to six-month conversations and dialogues that ultimately will result in hopefully a win at some point later on this year, but will ultimately benefit 2027 and beyond. Going through that process right now, the RFP opportunity is huge. When we describe the prior RFP opportunity at 250, you could see, I rattled off a few names, Molson and WHOOP and the others I mentioned. We won a sizable percentage of those RFPs. Now, if we could hit the same ratio of wins on a much larger cohort of spend, that presents a significant opportunity. Yes, we theoretically compete with Amazon DSP. We don't really see them in market. It's more of an investor narrative, admittedly. We haven't lost an RFP to them. We've seen spend divert from Amazon to us because we described it in the last call. It's hard to be a champion for an advertiser client when you yourself own media in which you're trying to extract from that advertiser, right? That is what we're seeing a lot of prior Amazon clients run into, that they were forced to buy on Prime Video. Prime Video attributes all the sales to Prime Video. Where do they send the customer? To Amazon Prime to make the sale there, which prompts that advertiser to direct more sponsored ad spend to Amazon to maintain their spot in the organic search rankings. When they sell the product on Amazon, it's the worst margin for that advertiser, right? What we've seen advertisers want from us is to drive consumers and purchase decisions off Amazon, maybe to their own DTC website, where they get a high margin. They don't want to be reliant on that one particular channel because it's a margin trap. It sucks them dry. They can't be a true partner, whereas Viant, as a truly independent and objective player, in the instance I'm talking about, like WHOOP, I want WHOOP to win in market. It's in my best interest. The more they win, the more they spend, the happier they are as a customer. We're going to utilize our full arsenal of tools to drive spend and drive return on ad spend for WHOOP, but not just in totality, but at their own DTC website, where they extract the highest margins, their fundamentals are enhanced to the highest degree. Cool. Tom, can I ask a question on this topic? Sure. Go ahead. You're seeing these RFPs come in, obviously you have the advertisers or the agencies maybe shaking things up a little bit. Is it a mixture of price, differentiated solutions, and they just don't like what The Trade Desk is doing? Is one the biggest factor that you're seeing for people engaging with you? Is there one thing to call out there or kind of a mixture of everything? Follow-up would be, you've announced Molson Coors, you announced WHOOP. Can investors expect you guys, when you do land some of these bigger deals, to announce it, or is it just going to be in a quarter? Yeah. We've announced what we can, right? I've already alluded to a charitable organization, a convenience store chain, a CTV streaming service. We couldn't put a press release out attached to those names, for those reasons, I can't state exactly who they are, you can make your inferences. Obviously with WHOOP, we were able to put out a press release. With Molson Coors, they allowed that as well. In these specific instances, why are we winning them? I think it goes back to what I described earlier. Molson Coors and Whoop, for example, both of them are acting more like a mid-market advertiser, right? They want to lean into sophisticated campaigns, not just pray and spray. I think you still have a huge chunk of advertisers like the Unilever, the P&G of the world, maybe McDonald's, just the largest brands in the world that still might not be totally sold on the need to target a specific audience and measure performance because they're just so big. Everybody's their target customer, right? There's no incremental benefit of doing so. For a certain tranche of the biggest brands in the world, it is worthwhile. For Molson Coors in particular, it is worthwhile for them to target specific demographics and then put those ads in front of those users. WHOOP, same thing. Not everybody probably is going to wear a WHOOP. It's a health-conscious consumer. Golfers wear it. They want to find the people that have a high propensity to respond. For those advertisers that start to think more like a mid-marketer, we're more inclined to win. Putting those features, the ability to target an audience and measure performance against it, target content and get even better performance out of that, and now TVision as well. If you care about being able to measure the validity of your ad spend to show that it actually works, you're more inclined to utilize Viant, and that's what we've seen some of these enterprise sales clients do recently. Maybe let's drill down into CTV a little bit. Sure. My favorite topic. It's the main growth driver of your business, or I should say it's the kind of the fastest-growing channel, at least for the advertisers. Yeah On the platform. If I think about the various drivers of CTV for you guys, you've got this migration of spend from linear to digital. You've got expanding supply footprint. You've got some of these AI-powered tools that makes it easier and more efficient to deploy. Just how would you sort of rank order what are the main kind of growth drivers of CTV Yeah For your business? Well, I'll start by saying, we've been crushing it in CTV. This last quarter, we grew over 40% in CTV. In the full year 2025, we grew over 40% in CTV. In the year prior, we grew over 40% in CTV. It's been three straight years now of 40% growth plus in CTV, and now represents over 50% of the spend on the platform, and that's just going to continue to grow. I would say there's two main industry themes in which is driving that growth and can drive that growth. Just for reference, we are taking share in CTV. CTV in totality is growing around 15%-16% per year, and yet for the last three years, we've been growing north of 40. More and more CTV spend goes to our platform, majorly because of the tools that I mentioned, Household ID, IRIS_ID, and now TVision will be yet another lever. The industry catalysts are huge, right? You guys probably know some of these, linear is dying, right? There is still $50 billion that sit in linear. All of the content is now on these streaming services. You are just going to see audiences continue to shift to streaming. That is where the younger generation is at. Naturally, the $50 billion that is in linear is all going to go to streaming over time, that bucket streaming CTV at a $35 billion TAM right now grows to $85 billion-$90 billion over time just from that, what I would effectively call a guaranteed catalyst. The second, I think major industry opportunity relates to the Outcomes solution that we talked about, that is that $250 billion goes to search and social in the U.S., it is for the most part, over 50%, like SMBs and DTC e-commerce companies that leverage targeting. They want to hit someone with a high propensity to respond, right? That is why the dollars go there. They are performance advertisers. When they insert a dollar, they get $2 back, right? Search and social work. Our argument is that CTV is a performance channel as well. I can show you that when you hit an ad or when you hit someone with a CTV ad, they then go to Google and search for it and land on the website and buy. I can show that full funnel. In that instance, if CTV can become a proven performance channel, then what you should see is search and social performance dollars start to divert spend into CTV. Just like by the law of the dynamics on how performance advertisers should work, you push ad spend as a performance advertiser until you reach a threshold, until your return on ad spend is no longer met, until the next dollar suffers from the law of diminishing returns. It is not doing anything anymore, right? If I can tell these 10 million advertisers that CTV is yet another performance channel that you can send new dollars to, that will drive customer growth, then we can win across the 10 million advertisers that are stuck in search and social. Their next new dollar should go to CTV, then they should start doing the exercise on what should I divert from search and social that should be allocated to CTV because my return is much better there. What we have built in Outcomes is effectively a tool that allows for that seamless transition. TV has been internetized, right? Now I can target and measure in CTV. Viant has unique solutions to enable that, Household ID, IRIS_ID, and now TVision, right? We could do that. Now or the challenge maybe within the last year has been, okay, I have still got to navigate this complex DSP that I got to be certified and trained to operate on. Now we have dumbed that down. We've stripped out that complicated user interface, we've built an Outcomes interface that just requires you to type in your name, your goal, your flight date, your budget, then you hit go, right? Viant takes over and does the rest for you. That's the type of solution you need to attract SMBs and DTC e-commerce companies to move from search and social to CTV. We have built that. It exists now, right? We're going through the exercise of going out to our captive audience, the 2,000 advertisers that we have on platform right now, and showcasing the product and suggesting to them, "Hey, I know you're a sophisticated brand advertiser on our platform. You should move your performance dollars over to Viant as well. I can prove to you that I could drive performance. We've got a number of case studies out there that have shown that, one of which was a MacKenzie-Childs. I like to highlight this one. They're like a Williams-Sonoma competitor. They do plateware. Their trader built a campaign, delivered a $160 sale for every $35 spent. Our AI solution, same exact budget, delivered the same $160 sale for every $14 spent. Same exact budget, 160% increase in sales volume or in sales dollars when you utilize Viant's AI Outcomes tool. I just need to take this case study and showcase it to my 2,000 advertisers that I have on platform, get them to start shifting performance dollars over as well, then we'll be more actively going out to the greenfield opportunity, which is Meta's 10 million advertisers that should be allocating dollars to CTV, are just so stuck in that search and social channel. Sounds good. Go ahead. Great. Maybe just one on kind of macro. We've heard from a number of advertising companies over the last earnings cycle about just how a lot of large advertisers, and particularly the multinationals, are feeling a little bit uncertain given rising input costs, energy, et cetera, and how advertising is one of the areas where they're maybe being a little bit more measured. Maybe give us the latest update on what you're hearing from advertisers or how you guys are feeling about kind of just- Yeah The macro backdrop on spend this year. Yeah. Simply stated, we're not seeing any impact at all. I know the tariff war's going on and elevated gas prices, but we just have not seen any impact to performance whatsoever in relation to this at all. I think- That's good. Yeah. Obviously, yeah. Take that. I just think in general, if you look at the largest brands of the world, they react to news, right? When they see this proliferating in the news, they start to react to it. I think across, again, for the most part, we're mid-market advertisers. That's our client, and their economy is much more local or specific, and they don't really react until the traffic starts to decline. They don't react to headlines. They react to, "Okay, I'm seeing less customers come in my store or buy my product over the last seven days. Now I'm going to start to react." When we start to flash warning signs, I think we'll be kind of like a canary in the coal mine that advertisers are pulling back. As it stands today, we just have not seen it at all. Okay. That's good. Maybe a couple more, and then we can open it up to see if there's any questions. I've got one emailed in already. LLMs, ChatGPT. You've had OpenAI/ChatGPT announce partnerships with a couple of kind of independent ad tech companies. Would just be curious to hear, is that an opportunity for you guys? I don't know if there's any news you can break here about ChatGPT, but how do you see that opportunity evolving? It seems like right now at least, ChatGPT is open to third-party demand. Yeah. Does that sustain? Yeah, just any comments about that. Yeah. Obviously there's been press about them talking to other companies in ad tech. I think you can easily infer that they're talking to everybody, so take that as it may. Yeah, it represents yet another channel for us. We don't buy any search at all, right? Google represents a monopoly in search, and if a generative search starts to take away share from Google, that would be great for us because so far, all these players have shown a willingness to be interoperable with demand-side platforms like us. We would view it as yet another channel in which we could buy ad inventory. Think of it as no different from CTV or streaming audio, digital out of home, mobile web display. It is yet another digital screen in which people are going to and they're looking for answers. Obviously, these LLMs, they need to tap into advertising demand, we have 2,000 advertisers on platform that we can utilize to allocate advertised dollars and shift demand to that platform. Again, it's going to be up to the advertiser. They can open up to us. We need to be able to show that allocating dollars to those LLMs generates return on ad spend, the advertisers will ultimately make the decision. We have the tools to identify, like we could utilize Household ID to determine who is asking these questions, right? There's been a kind of a revolt on having an ad be included in the answer, right? That doesn't seem to fly with consumers. If I know who the consumer is, you might be able to have the LLM answer the question, but then later on the screen, just have an ad show up that is relevant to the consumer that is totally unrelated to the question, right? Again, overall, I would say conversation's ongoing. It's an opportunity. It represents yet another channel for us, and I think it's great that they've shown a willingness to be open because it opens up a whole new channel for Viant because again, in search, we have no presence whatsoever. Yeah. It's incremental. Yes. It's not like it will shift from CTV. Right. It'll come from search where you're not participating, and now it's an area where you can. Right. I think advertisers will still want to have a holistic offering. Remember, CTV is 50% of our mix. It'll very likely continue. When advertisers deploy a holistic strategy, they want CTV to be the main driver, but then they want the ancillary channels as well. They want a reminder on display, a reminder in mobile, a video in mobile, a Spotify ad. It's a whole holistic strategy dominated by CTV, yes, but it's most effective if all these channels operate interoperably. Got it. Feel free to raise your hand if anyone's got any questions. Yeah, go ahead. I was going to ask, I had planned to ask why we hadn't heard of more customer wins. You kind of answered it. I guess the question I would have then is for all the RFPs that are out there in terms of this opportunity, are you capacity constrained at all in terms of, let's say you won 10 or 15 Fortune 500s? Could that happen to you? Could you guys handle that? Yeah. We wouldn't be capacity constrained. We have, like for Molson Coors, for example, we have a few individuals that are going to focus on that account just because of the sheer size of it. We have enough sales and account managers and account executives to bring in new clients. Remember, most of this is self-service, right? We need to teach If it's a direct client, they have hands on keyboards and they're operating it themselves. They would have in-house traders that just need to learn our interface, learn how to properly use Household ID, IRIS ID, TVision, our AI. We really hand the keys over to them, and then we're there for support. This is a self-service platform. When we win a client and it's direct, they should have their own internal traders and media planners that know how to operate on our platform. If they don't, in many cases, they might still bring in an agency for hands-on keyboard. The agency might be more of an execution layer, not huge in decisioning, but you could have a brand that directs the agency on what to do. Because the agency's so familiar with how to operate the DSP, the agency actually types it in on their behalf and has hands-on keyboard. It wouldn't be capacity constrained at all as we go after all these new clients. The beauty of the model too, on the self-service side is, like I said, once you win the account, you have some account managers depending on how big it is that act as support. The bulk of that new win falls to the bottom line. Like in many quarters, we have 80% flow-through. If we won another large client, the flow-through to the bottom line would be significant and therefore, not only would you see accelerating top line, but even higher accelerating EBITDA growth. Is the Publicis acquisition of LiveRamp good, bad, or different? Do you think this might be the start of acquisition space? I think if anything, it's good, in that it highlights the value of the identity infrastructure. LiveRamp effectively competes with Household ID. Household ID is available 80% of the time and 95% in CTV. LiveRamp's identity structure, like the RampID, it's available about 37% of the time. The benefit for LiveRamp is that it's interoperable across any DSP. For Household ID, you have to use Viant's DSP in order to gain access to it. It shows just how agencies value and effectively advertisers value identity, that Publicis wanted to bring it in-house. The reason it benefits us, I think, is because the other five major holdcos have already said, "I don't want to write a check to Publicis to gain access to LiveRamp." They seem very unwilling to utilize a LiveRamp tool that is owned by a competitor because naturally Publicis, if all these agencies are directing spend to LiveRamp, Publicis' angle will be, "Well, you're utilizing my identity structure. Why don't you bring your whole budget over to Publicis, and I'll give you a deal on the combined offering?" Immediately, you've already seen all these other major holdcos publicly state they don't want to write a check to LiveRamp, so they're going to look elsewhere. Well, what is elsewhere? What other identity solutions that are out there? Well, Household ID is the leading solution at the penetration that I gave you. Yes, Trade Desk has UID 2.0, but the penetration there in the bid stream is only 20%. I know that because it's open source, it's in the bid stream, and I'm a DSP. I could read it. I could see when it's available. For any of these agencies that are looking to effectively lessen their utilization of RampID, Household ID is the premier solution to partner with, and therefore, we could see more agency spend from these other five holdcos divert to us. Just to be clear, we already have great relationships with all of them. The six holding companies in totality represent 35% of the mix on our platform. The relationship's already there. They already utilize us. This just represents an opportunity for them to divert more spend to us because they don't want to use RampID and Household ID is a great replacement. Terrific. Well, we're out of time. Awesome. Thank you very much, Nick. Yeah. Happy to. You guys got a lot of tailwinds at your back this year. Yeah. It's been fun to watch. Thanks for hosting us, Tom. Appreciate it, man.