All right, good afternoon. We're going to go ahead and get started. I'm Justin Patterson. I lead the Internet Research Team. I'm excited to have Lisa from IAS here today. Hi. Lisa, welcome back. Hi, Justin. Thank you for having me. Of course. Let's just start by recapping 2024. You ended the year with a lot of client momentum. Talk about what last year really clicked with the business and some of your top priorities for 2025. Sure. Happy to talk about 2024. We had our Q4 earnings call last Friday. Q4 was a solid quarter for IAS. We shared that we hit the quarter with 14% growth, 40% EBITDA. Q4 is typically our largest quarter. We also saw double-digit growth across our three business lines, including measurement, optimization, and publisher. Few noteworthy callouts for Q4 is we saw strength with our publisher business, so 30% growth year over year. That was due in a large part to the growth we saw with Publica, which is a leading CTV platform, and investments and improvements that we're making in product innovation. We also saw strength in a few verticals, including retail, CPG. There was some softness Q3 with those verticals, but Q4 we saw strength as well as financial services. We were really pleased with the results for Q4 as we were with the full year for 2024. Great. I think that sets a nice stage to continue the discussion. There's been a lot of change within the advertising market the past few years. We've seen CTV, social become big channels. As you look at just your advertiser base today, what are some of the big challenges you can help them solve going forward? Yeah, so IAS, we're a leading global measurement and optimization company. The majority of our revenue, 86%, comes directly from Fortune 500 brands. Think of iconic brands like Coke, Nestlé, Heineken. What we help these brands do is we verify the quality of media wherever they're running digital advertising across the entire digital ecosystem. Whether Coke is running ads in the open web programmatically or in social platforms, we verify the ad was viewed, viewed by human, and ran adjacent to brand-safe and suitable content. The other thing we do is help brands ensure that they are moving away from any forms of fraud. Fraud is cited by third parties as a $100 billion problem annually for the brands, and that $0.20 to every dollar that is spent in digital advertising goes to waste because ads, for example, get viewed by bots and not humans. I don't know if you saw it, Justin, but we announced today great work by our IAS Threat Lab with Google detecting fraud within Google's platform. There were 180 apps that were actually not really apps. Again, it's just a testament to the investments that we're making in important technologies like fraud. I did see that. I'm glad you brought that up because it seems like a very clear example of how you're delivering advertisers value back. That just in turn helps them drive more advertising spend and complete their objectives. That's right. You know our working thesis is, again, help advertisers run higher efficiency, higher ROI. The way they do just that is that their digital advertising, wherever they're running it, on any platform, any app, is in high-quality media. That leads to higher ROI and keeps them away from media wastage or any sort of bot or fraudulent activity. For sure. You led off by talking about how this is a Fortune 500 brand product so far today. Correct. You also talked about a lot of performance elements there. I'm curious, as you look at the business today, what are really the key steps to bring that next wave called the Fortune 1000, the mid-market customers, into the solution stack? You're now sending more performance-oriented products over time. Yeah, great question. Mid-market, and we also talked about this on the live call, it's a big bet for IAS, especially in 2025. Exactly what you said, the majority of the Fortune 500 brands we work with today, it's primarily brand marketing. What we're hearing loud and clear from our customer base, whether it's the enterprise accounts or mid-market, they want IAS playing both in the insurance space, right? We're protecting brand equity, brand reputation, but also they want us to double down in performance and help them bring greater transparency to programmatic buying, drive higher efficiency, and higher ROI. Mid-market is performance marketing. There are many investments we're making this year, both on the front end, investing in a mid-market sales and support team, and also investing on the back end to ensure we have simplified performance products that drive that efficiency and ROI, investing in automation and self-service. Something that we rolled out at CES in early January is Total Media Performance. The way to think about that is it's a portfolio of performance products where we are helping the brands, again, better understand how at a pre-bid level, when you are launching programmatic buying, we are helping brands ensure that they're running adjacent to higher quality media, taking that high-quality media signal, marrying it up with cost data. Think of that as a qCPM. I understand the efficiency that I am gaining, how I am leveraging more bang for the buck with my digital advertising, and then linking that with outcome data. The product that we have in market is called Total Visibility, we've been running it for a few years, especially last year. We've seen tremendous adoption with the mid-market performance customers in particular. We are just going to add fuel to that opportunity and continue to drive accelerated growth. That's great to hear. I think one area that further adds fuel to that is just your success with Meta. You were the first launch. You were the first one to roll out a Meta solution. That's right. As you're looking at just your capabilities on Meta right now, how do you kind of juxtapose the pre-bid versus the post-bid opportunity? Yeah, great question. Meta, being the largest social platform, all of the social platforms are important strategic partners for IAS. Meta, before we launched this pre-bid capability, we launched a year ago our Total Media Quality product on Meta. It had already been running in TikTok and YouTube. All of that is post-bid measurement. The way to think about that is it's a technology, a multimedia classification tech that we have running in the live feeds of all of the major social platforms. We're able to classify video, image, audio, text, ultimately help the brands, again, that they're running their brand advertising in live feeds, highly dynamic, unpredictable environments that they're running in higher quality media. Because of the sophistication of our Total Media Quality tech, Meta selected IAS as the launch partner. We co-built the Pre-Bid Social Optimization product with Meta last summer. We launched it beta, then GA in Q4. We had a nice running start. The brands are very pleased with the performance of the product. The way to think about that is if you go, if I'm Adidas, I go in the interface of Meta at a pre-bid level, I can select, here's the type of content I want to be excluded from. I don't want to run my Adidas brands next to violent content, hate speech content. I mean, I could go down the list. Here's the type of content that I want my Adidas brand to run next to, right, in a contextual environment. Since launching the product, we are already demonstrating and quantifying how we're helping the Adidas of the world move away from media wastage. One stat I shared on the live call was 71% away from media wastage. We also launched in February additional content categories within the pre-bid because the brands want that optionality. We are now running 45 content categories as well as 34 languages. I am really excited. We now are offering that end-to-end solution on Meta, pre-bid, post-bid. It is the full life cycle. We see 2025 for pre-bid social as a ramp year, but we see tons of runway with pre-bid social. Again, we are already running it GA in Meta, and we have also launched it in TikTok in the back half of the year. Wow. Good to see. I think one of those things that gets really interesting is you now have just more ways to engage with customers, no longer just programmatic solutions, also social and CTV. As you've found that you've expanded the product set, how does your conversation change around bringing new customers into the ecosystem? Because some might not have wanted to advertise on programmatic before, but I'd imagine there's a lot of interest in social and CTV as the tip of the spear. Good question. The way we look at the opportunity to expand the wallet share with our existing 100 enterprise accounts, we define them as spending at least $1 million with IAS. We see tremendous opportunity to expand that wallet share with cross-sell, upsell, TMQ alone on those social platforms I mentioned. We have high penetration with the first 50, but we see additional runway 51-100. The sales team's very focused on cross-sell, upsell across those three major social platforms. Plus, we launched Snap, Pinterest, and Reddit in the back half of last year. Pedal to the metal on that, pedal to the metal on pre-bid social, driving adoption with all the advertisers who have TMQ activated. Precisely to your point, going after new logos and new brands where we see the green space and runway is especially in mid-market, as we spoke to before the performance marketers. Now that we're offering something like a Pre-Bid Social Optimization in some of the largest social platforms, that's very, very appealing to the mid-market. The other area where we are seeing uptick with new brands also is in emerging markets. It's a big differentiator for IAS that our international footprint, our revenue is 31% annually coming from international markets. We are so committed to continuing to grow within the largest regions like EMEA, APAC, LATAM. We continue to invest in emerging markets. We say it a few on the live call. Also exploring and launching in markets like China. We announced that in December. We're first to market in China. The feedback from the brands, they're thrilled that we're getting our solutions available in China for the largest global brands. The ones where China is such an important market, they can't wait to extend their solutions into such a large market like China. Yeah, no, I'm glad you brought up China In there because it's a really interesting opportunity, tons of dollars of advertising spend. There's not just the in-China opportunity, there's the outbound China opportunity. I'd love to hear just how you're characterizing the steps you need to take to succeed in this market. Yeah, exactly that. You did your homework, Justin. That's great. I did. Yeah, great. All right. We announced a partnership first to market with RTB Asia. We announced it in December. It is two sides of the coin, the solutions that we're offering. We're offering what we call China In. That's for the global brands that want to adopt our verification solutions when they are running digital advertising in China and some of the largest Chinese platforms. A couple of verticals to call out that are really leaning in. We already have an alpha running, luxury and CPG in particular. You know, I've spent a lot of time with the luxury brands. And when you speak with them and talk about what are your top one to two biggest markets, consistently, they say US and China. They are excited for that. The other side of the coin is offering our verification solutions for Chinese advertisers that are advertising outside of China. As I mentioned before, we're in an alpha in the luxury category. 2025, I would view as let's plant the seeds, let's test and learn, let's get a viable product or products running. That will take us along a runway into 2026. Really, really excited about the region. Got it. That's a helpful timeline to think about. You mentioned product there. I think that's a good transition to talk about the product portfolio. You often say how science is in your name. That's right. I'm sure AI has helped just accelerate the pace of product innovation. Would love to hear more about just some of the products you're excited about, both for the coming year and just more philosophically, how you're thinking about Gen AI changing your capabilities. Yeah. Science is in the name of our company. We're deep in all things related to science, tech, and AI. Many of our current products are powered by AI. We've also made a commitment that 30% of our engineering org is made up of data scientists. I know I'm biased, but we have the best in class data scientists in the industry. We leverage AI in a multitude of ways, whether it's on the classification front to continue to drive up the accuracy rate of our classification, the velocity of our classification. We are doing it while we're being very mindful of cost. Because we are getting faster and faster at training the models to be able to detect all of this inappropriate content, the team is just doing a great job. We've also leveraged AI on things like velocity of product roadmaps, velocity of language translation. It's critical for the global brands that our solutions run in every market that they're running digital advertising. The faster we can get out global products like a TMQ at scale is very meaningful. In areas like performance, right? We're currently in our performance products dynamically optimizing the ability to marry up what I talked about before, that media quality data, cost data leading to higher outcomes for a GEICO, for an Adidas. We take that output, we feed it back into the models, and dynamically we are optimizing and helping the brands at a pre-bid level bid on this impression that has higher propensity for higher quality media and higher ROI. Across the board, just thrilled with the work the team is doing. We are sprinting at AI right now and applying it to many different products within our portfolio. I liked your use of the word dynamic there because when I step back and think about the internet and content online, it's constantly changing just what we're viewing as offensive and not offensive. We're obviously in a very weird time post the U.S. elections and just what's being classified as brand safe online. I'd love to hear just how your conversations with advertisers have really changed the past couple of months. When it comes to the accuracy of classification. Not even just classification, but are they seeing even more need for your product right now because of just the current climate? Yeah, I would say our products have never been more relevant than they are today. And exactly to the point you're making, you know, when you take a look at CES, for example, in second week in January, there we all were in Vegas with the major, our major brand customers, holdcos platforms talking about their 2025 plans. During CES is when Meta announced they were doing away with fact-checking and moving to Community Notes. It also was still up in the air, would TikTok be banned or not? It's the environment that the brands are trying to navigate right now. They're leaning into IAS to help them navigate all of the unknowns in the environment, especially when it comes to user-generated, highly dynamic, unpredictable content, short-form video content. It was interesting that week, the caliber of the discussions, it brought it to a whole new level and really leaning in with the brands, making sure that they were very familiar with our product tech roadmap, the investments we're making in AI, our best in class classification, and then understanding with them what were their goals for the year. Makes sense. I think another interesting macro trend that's happening right now, we're just starting to see more inventory opening up in CTV. I tend to think of you as a business that benefits from more volume in the market because you're just attaching to more and more ads. As you see Netflix opening up ad inventory this year, Disney continuing to scale up, how do you think about just the trajectory of the CTV side of your business? Yeah, so CTV, it's the fastest growing channel within the digital ecosystem. It is a long game. We consider CTV as a critical growth accelerator for our business in 2025. There are two sides to CTV in terms of what we offer. Exactly to your point on Netflix, Netflix, we currently offer our verification solutions in the premium inventory. As the spigot opens up with programmatic CTV inventory, as Netflix works, opens up and partners with more, even more DSPs, Prime Video with Amazon's programmatic CTV inventory. There are other platforms that have not even opened up to verification, including like a Paramount, Disney+. there is just so much opportunity because as that programmatic inventory opens up, what it means is that the brands will want IAS in the thick of it, ensuring we are protecting their brand equity and their brand reputation. Got it. Lastly, the other big secular growth channel, retail media, how are you thinking about that opportunity? I often find that investors kind of struggle to see where the value proposition is for measurement within some of these marketplaces. Help maybe elaborate on just where exactly you play around more of these marketplaces using your product. Yeah, retail media is also a really important channel for IAS and another growth lever for our business. We have integrations in nine out of the top 10 retail media networks. Where we see opportunity, both in terms of providing our verification solutions and what the retail media networks deem as owned and operated inventory, we also see opportunity in third-party inventory when brands are running their advertising in the open web, trying to encourage consumers to buy the product, go back to the retail media landing page and purchase the product out in that open web, especially is where we see opportunity to make sure we're helping drive the efficiency, all the things we talked about, higher quality media and protecting brand equity and brand reputation. Got it. One last one from me and then I'll open it up to the audience. If I kind of step back and reflect on results, it seems like you're taking market share right now and you're doing it with 35% EBITDA margin. If we kind of consider some of these growth vectors you outlined for the rest of the year, how do you think about the long-term growth prospects for IAS and potentially reinvesting more behind some of these initiatives? Yeah, we're customer-obsessed as a company. Our true north is our customer and driving value and differentiating and innovating on behalf of our customers. Again, I was really proud of our team with the Q4 results we put on the board. We are executing really well as a business and we got to just keep executing for 2025. We already went through a lot of the growth levers, but the growth levers being that pre-bid, post-bid opportunity across the Metas of the world, the social platforms driving that adoption, driving the adoption in optimization or programmatic, all things related to performance and driving adoption both across our enterprise accounts and our mid-market accounts. Mid-market, get that flywheel humming. There was so much green space and opportunity with mid-market, both in the US and international. I have to add with Oracle, some of Oracle last year, we hired over 36 employees from Oracle in addition to the global CRO. A good chunk of these employees came to IAS and have deep mid-market expertise. That helps us really kickstart and drive mid-market. CTV, continue to drive the growth we're seeing both with IAS solutions on CTV, as well as continue to innovate in new products with Publica. As I mentioned, Q4, we're seeing nice results there and just continue to drive innovation and adoption. Great. I think we're actually at time with that question. Lisa, thanks so much for being here. All right. Thank you, Justin, for having me. Thank you. All right, good afternoon. We're going to go ahead and get started. I'm Justin Patterson. I lead the internet research team. I'm excited to have Lisa from IAS here today. Hi. Lisa, welcome back. Hi, Justin. Thank you for having me. Of course. You know, let's just start by recapping 2024. You ended the year with a lot of client momentum. Talk about what last year really clicked with the business and some of your top priorities for 2025. Sure. Happy to talk about 2024. We had our Q4 earnings call last Friday. Q4 was a solid quarter for IAS. We shared that we hit the quarter with 14% growth, 40% EBITDA. Q4 is typically our largest quarter. We also saw double-digit growth across our three business lines, including measurement, optimization, and publisher. Few noteworthy callouts for Q4 is we saw strength with our publisher business, so 30% growth year over year. That was due in a large part to the growth we saw with Publica, which is a leading CTV platform and investments and improvements that we're making in product innovation. We also saw strength in a few verticals, including retail, CPG. There was some softness Q3 with those verticals, but Q4 we saw strength as well as financial services. We were really pleased with the results for Q4 as we were with the full year for 2024. Great. I think that sets a nice stage to continue the discussion. There's been a lot of change within the advertising market the past few years.