Hi, thank you everyone for joining us. We're lucky to have IAS with us here today. Let's just go ahead and start with a brief overview of the company. Sure. Thanks, Matt, for having us today. Hi, everyone, I'm Lisa Utzschneider, CEO of IAS. IAS, we are a leading global measurement and optimization company. The majority of our revenue comes from advertising customers. So think of Fortune 500 brands, where we ensure that our customers, wherever they're running their digital ads, it's running in brand safe, brand suitable content. Also, we ensure that their ads are viewed by a human and not a bot. And from a customer base, we work with 2,000 advertisers. You all exhibited a really solid beat and raise as part of the Q2 earnings announcement. Would love to hear a bit more about the upside drivers for both of your major segments, measurement and optimization, and any other areas of strength or weakness from a vertical perspective? Sure. We were pleased with our second quarter results. We saw a double-digit growth across all three of our business lines, including measurement, optimization, and publisher. A few of the growth levers that were tailwinds for our business, the social platforms, we are running a multimedia classification product in the live feeds of the social platforms. We're seeing really nice adoption, especially in platforms like TikTok, and YouTube, and Meta. In addition to that, our optimization or programmatic business, we're seeing nice adoption, both of our pre-bid products, but also Context Control, which is a contextual targeting solution that we've been offering, for several years, especially with the mid-market channel. Maybe taking a bigger picture step back, would love to hear about your conversations with advertisers right now. How are you kind of viewing the broader environment as we head into year-end? Yeah. So, I love to spend time with our advertising customers, and I'm often with the brands, and the consistent feedback from the brands is that they are looking for transparency. They want to better understand where their digital ads, digital investments are running across the entire digital ecosystem. Efficiency, they absolutely want to get, as I like to say, the best bang for their buck. They want to see the ROI, the return, for every single dollar that they invest in digital advertising. But also, we're seeing a shift from, I like to coin it as, from insurance to performance. So in addition to ensuring that we're protecting the brand equity, brand reputation of our advertising customers, they're also leaning into IAS to help them drive better performance with their digital advertising investments. You know, IAS is one of the few companies within digital advertising that is showing accelerated revenue growth into the back half of twenty twenty-four. So would just love to understand, you know, what is driving some of that growth momentum, you know, as the rest of the industry is kind of stabilizing. Mm-hmm. Yeah, so what I can highlight are some of the key drivers in second quarter that we had said on our second quarter earnings call would continue into the second half of the year. So first, strong growth from social. Our just over half of our measurement revenue is driven by adoption by our clients of our social media offerings. Social was up 34% in the second quarter, and that's really a reflection of our top three social platforms adopting and embracing TMQ. We launched TMQ in Meta in February. The second thing is the contribution from new logos. We had a strong new logo wins over the past 6 to 12 months, fueling incremental revenue from new logos, and then the launch of several new products in the second quarter, which are contributing to our revenue. On the Q2 call, you highlighted that Meta was the fastest growing social platform, both year over year and quarter over quarter. You know, we're really very early in the TMQ rollout there, but would love to hear a little bit more about how that's going here in the early days. Sure. So in the first quarter and in the second quarter, we shared that our volume from Meta in total was up 50%. That was first quarter, as well as continued into the second quarter. We've seen. In the first quarter, we also shared that we saw over 100 clients adopting TMQ on Meta, and that continued into the second quarter. That number continued to increase. Our brands are embracing the technology and the innovation of our TMQ offering in Meta, so we're really pleased with the adoption we've seen post-launch in early February. Social as a category has been a material driver for you for some time now. You've talked about TikTok and short-form video as a whole. What inning are we in regarding the social adoption curve of your products? I guess at some point in the future, how big could social be as a percentage of revenue? So, the first social platform to open up their live feed, where we launched Total Media Quality, was TikTok. We launched TMQ last year. So in terms of baseball analogy, I mean, we're running, TMQ and TikTok today, north of 60 markets, I believe north of 60 languages. So I'd say probably fourth inning. Mm-hmm. The team's very focused on cross-sell, upsell, adoption of the product- Mm-hmm ... with our existing advertisers in TikTok, as well as bringing new logos onto TikTok. Second platform that we launched is YouTube. Third platform was Meta. As Tania mentioned, we launched TMQ and Meta in February of this year. So those two platforms earlier in the game, especially with Meta, but we're really pleased with the adoption that we're seeing, both in the U.S. and internationally. But I do think it's important to note that with TMQ, this is all post-bid measurement, where we also see tremendous upside, and runway is in pre-bid social optimization. And pre-bid social optimization, it's something that's in high demand with the brands right now. We recently launched pre-bid social optimization in TikTok. We're also have launched it in LinkedIn and X. The two social platforms where we have yet to launch it, or they haven't launched it, with any partner, is Meta and YouTube. Outside of TMQ, you have a bunch of other new products launching, either recently or upcoming in the second half. I know every product is probably your favorite, but what new product probably provides the biggest near-term opportunity, and what new product offering is the biggest opportunity over the long term? Good question. So I can't pick one product. My product and tech team would not be happy with me. So, on the social front, we were pleased to launch misinformation detection in second quarter. That was in high demand from the brands. We launched it both in TikTok and YouTube, given the upcoming U.S. elections. We heard our brand advertising partners loud and clear. We actually moved that product earlier, in the roadmap so that we could get it out and, drive adoption of that, and that was almost six months, before our nearest competitor, launched misinformation. It's a reflection of our investment in science and data science, and AI. In addition to that, deepfake detection. We've launched a beta and open web deepfake, again, leveraging AI and a demonstration of IAS's lead in all things related to data and science. On the optimization front, we had shared in our previous earnings call that we had a robust product roadmap, especially in the back half of the year, full of products that drive high value and high demand for our customers. A few in particular, where we're seeing really solid adoption, MFA or Made for Advertising. That is clickbait detection. That is an area that drives a lot of inefficiency for the brands. Third parties have cited up to $0.20 to every $1 goes to waste on MFA, Made for Advertising or clickbait sites. We actually launched that product in beta in second quarter with 100 campaigns, just to make sure that the product was up and running and performing, and back half of the year, the product's been running GA, so seeing great adoption there. Other products include attention, pre-bid, post-bid, also in high demand from the advertisers, and Total Visibility, we continue to invest and innovate, which provides greater transparency into advertisers' optimization investments. A topic we haven't touched on yet is CTV. It's been a hot topic in digital advertising this year. You have some early partnership announcements within the space. Maybe just help us understand what value you're providing to advertisers within CTV, as inventory continues to come online across the space. Yeah. So we're, we see CTV as a long-term play. Mm-hmm. And there are several sides of the CTV optimization opportunity. The first is on the measurement side. So IAS, we provide verification solutions in CTV. Mm-hmm in platforms like Netflix. We launched viewability and invalid traffic detection last year with when Netflix launched an ad-supported channel. And we've been running those solutions for Netflix and our advertisers. Where we see sort of additional opportunity is, as the Netflix of the world open up their inventory with more DSPs programmatic CTV inventory, because as you can imagine, with the brands- Mm-hmm running their ads in premium Netflix environment, they aren't as concerned about Right as things like brand safety, suitability, but programmatic CTV inventory is where they really lean into our solutions. So as the Netflix of the world open up to more DSPs, which they did recently, Amazon Prime launched, I believe, in January, their opt-out program- Mm with 100 million subscribers Yep -in Prime Video. There are other platforms like Disney+, Paramount, that have yet to even work with a verification provider, so lots of runway and opportunity with CTV. You know, IAS has been one of the early movers in the international market, and revenue growth is starting to bounce back here as of late. Could you help us frame first what is driving kind of the improved trends in the international markets? Two, you know, what is the international opportunity for the company over the long term? Do you want me to start? Sure. So we have the largest international footprint in the industry. In the second quarter, we had $40 million of revenue coming from outside the Americas. It grew at 16%. This is a reflection of our longtime presence in the international markets, the investments we've made in talent, the investments we've made in addition, you know, markets in areas particularly like in Southeast Asia and LatAm. So pleased to see that 16% growth in the second quarter. 43% of our measurement revenue comes from outside of the Americas, though 31% of our total revenue, but 43% of our measurement revenue comes from outside of the Americas, and a lot of that is fueled by new logos and EMEA and APAC clients adopting and embracing our social media offerings. Maybe moving on to something that kind of surprised a lot of people here this summer, Moat exiting the business. Would love to just understand how the company's positioned itself out of the gate with new customers to win new customers from this competitor. Yeah. Oracle announced they were shutting down their advertising business in mid-June. Mm-hmm ... in their quarterly earnings call. And that's where all their customers, all the employees found out. They also shared, a few days later, that the turn-off date was September thirtieth for all three of their business lines. And first and foremost, we thought the right thing to do for the industry is to hire some Oracle talent. Oracle has a reputation for very strong talent, and we were thrilled to share in our last earnings call that we hired over twenty Oracle employees. We also announced last week two new C-level executives that we have brought on board to IAS, one being Mark Grabowski, who is a former global CRO of the Oracle advertising business, highly seasoned, experienced commercial executive, so great to have him on board. And then we also announced a Chief Product Officer, Srishti Gupta, who was at Roku, and before that, built the measurement product at Amazon. So in terms of Oracle, I like to coin it as the summer of Oracle. We've been leaning into the customers, the partners, whether they be advertisers, publishers, platforms. We've been handling dozens of RFPs, taking the entire customer base through our product offering, the portfolio, the differentiation, head-to-head testing, to ensure that in these RFPs, in these jump balls, that the customers were fully educated on our differentiation, what we had to offer, and then also assuring them that we had the right level of support to integrate all of these platforms, publishers coming on board. That was another reason why we decided to hire the Oracle talent. and we shared in our last earnings call both in terms of hiring the talent, but one, when we were able to share with OpenX, and then also we factored into our guide. Yeah, we're in the process of negotiating and participating in dozens and dozens of RFPs. What we did in the second quarter guide that we provided, we did factor in an incremental contribution from the Oracle deals that we had won, and that contribution is in the fourth quarter. You know, Moat really didn't have a lot of premium products across its solution. So do these new customers that you're bringing on or potentially bringing on, are they actually a bigger cross-sell opportunity than your average client? And would love to hear more about, you know, once you do get customers on the platform, like, how are you thinking about the timeline of cross-selling and upselling all of the great products that you have? Yeah. So Oracle had three business lines: Moat Measurement, which is the core verification, viewability, invalid traffic, Grapeshot, which is a contextual targeting, actually a sophisticated contextual targeting product, and then the third is their audience data marketplace. Mm-hmm. We don't play in that space. Yep. We've been pursuing the first two. Yep. What Oracle did not have in their portfolio was a robust brand safety and suitability product. Mm-hmm. That's an area where all of these prospective clients are leaning in to better understand our brand safety and suitability product capabilities, our product and tech roadmap related to brand safety and suitability, and you know, they're thrilled with the fact that we do offer a differentiated product and technology, and you know, they've been very impressed with the results they're seeing. Maybe once the dust settles here on Moat, how should investors be thinking about the competitive landscape within the industry? Does anything materially change on a go-forward basis? I would say that it continues to be a competitive landscape. Our, you know, our advertisers are more sophisticated today than they've ever been in terms of their media quality strategies that they put in place, their expectation of that shift I talked about from insurance to performance, the expectation that IAS is leaning in and making their media quality investments easier, more transparent, driving efficiency and driving ROI, and also expecting us to invest in our science and our technology, both for today and for the future. I mean, just given the dynamic nature of the feeds that we're running in right now, the advertisers understand we need to invest for today, 12 and 18 months out, to make sure that the technology is three steps ahead. Maybe that's a good segue. You know, AI has been the hot topic for what feels like forever at this point, but we'd just love to understand what role does AI play in your business today, and why is AI a differentiator for you guys? Yeah, so science is in the name of our company for a reason. We've been in AI for several years. The caliber and quality of our data science team is bar none. Every single day, we are demonstrating the differentiation of our technology, how we are leveraging AI to ensure that our technology is accurate, that we are training the models, that the models are getting smarter and more sophisticated every single day, that we are launching innovative products like misinformation detection that I spoke to earlier, like deepfake detection, and also just ensuring that we're leveraging AI to speed up the velocity of our product roadmap, to ensure that products that we're rolling out, they're global and scalable for the largest brands. Maybe touching on the financials a little bit. You know, IAS has been a mid-teens grower for some time now, and you've even shown some nice EBITDA expansion as you've continued to move above that 30% sort of margin profile. Would just love to better understand how you're thinking about the trade-off between, you know, continuing really strong revenue growth, but also driving EBITDA margin expansion from here? Yeah. Yeah. We are very focused on the balance between revenue growth and EBITDA margin. Our priority is driving that top line growth, given how large and expansive our TAM is, while maintaining our EBITDA margins. Now, we do get operating leverage as that top line grows, but we've been successful in driving operating efficiencies across our operating expenses and freeing up dollars to reinvest in the business with priorities around R&D, data science. We have been well north of the Rule of 40 since our IPO, and you know, continue to maintain that focus on the balance between revenue and EBITDA margins. And maybe just given the strong counter-cyclical cash generation that your model has, how should we be thinking about uses of cash moving forward? And maybe even, you know, you've been buying or paying off a lot of debt recently. How should we think about what the options are, sort of, you know, once that's fully paid off? Yeah. We have a very healthy balance sheet with $24 million of net debt. We have been paying down debt to minimize our interest expense because our, we have a revolver facility that we can pay down and redraw on it for M&A if we need it. Our cash flows have been very strong. So as we think about, maximizing shareholder return and our capital allocation strategies, our focus is internal investments, partnerships, and M&A. And maybe with the last couple of minutes that we have, you know, what do you feel like is the most misunderstood part of the IAS story right now? And maybe piggybacking on that is, what is something that you wish people paid more attention to about all the great things that you're doing at IAS? I would say, and it's piggybacking on the point I made earlier, is the differentiation and quality of our technology and science, how we're leveraging AI across our products, across our multimedia classification, to ensure both the accuracy of our technology. It is so important for our customers that our technology is accurate wherever we're running it, across any platform, and especially when you get into live feeds. And our commitment to investing, both in the short term and the long term, so that we have a leg up when it comes to our technology and continue to build trust with our customer base as a result. Anything from your end, Tania? No. I mean, I think investors have a good understanding of, you know, our revenue and margin profile. But as Lisa mentioned, it's really important that we continue to invest in innovation, and we've, you know, we continue to show the results of that, and, you know, continue to focus on that balance between revenue and profitability. Perfect. Thank you so much both for your time, and thank you, everyone, for joining us. It was a great conversation. Yeah. Thank you, Matt. Yeah, thanks. Thank you.