Great. Good afternoon. Welcome back to the conference. This is Robert Coolbrith from the Evercore ISI Internet Research team. Rajeev Goel, CEO of PubMatic, is here with us today despite what it may say on the title card that you see. Rajeev, great to see you, and thanks so much for the opportunity. Thanks for being here. Yeah. Thank you, Rob. Excited to join you today. Wanted to take this opportunity outside the quarterly earnings cadence to step back and talk about some of the big-picture reinvention of programmatic that I think you're driving at PubMatic. Yeah. For starters, and maybe people aren't as familiar with the story, maybe you can just sort of level-set for us the role that PubMatic plays in the programmatic ecosystem today, and what the vision is for agencies, and how that potentially expands the ecosystem and your role in it. Sure. PubMatic, just in terms of who we are and where we are, we're an AI-native advertising technology platform company focused on performance advertising. AI-native means we're focused on AI internally as well as externally, and that gets to your question on agencies, and we're really thinking about the opportunity as how to deliver performance advertising in the open internet across streaming TV, mobile app, and web, or browser-based monetization. The opportunity with generative AI is, I think, a really significant one. We've seen two major transformations in our ecosystem before. One is real-time bidding, programmatic, and the other is the shift towards mobile. This, I think, is going to be much bigger. The reason is that today, our ecosystem has increasingly complex workflows, data, variety of systems that publishers and advertisers have to navigate in order to successfully deliver advertising campaigns and to drive a relevant ad experience or revenue from a publisher perspective. GenAI creates a huge opportunity to really collapse the value chain and bring the publisher and advertiser much closer together. That's a huge theme, I think, of what we'll talk about today, Rob, but what we're focused on as a company is how do we use GenAI, how do we use new technology to bring the publisher and the advertiser much closer together, and drive performance and drive efficiency in the advertising process. With agencies now, we have over 20 different AI agents that buyers can use, that publishers can use. Some examples of buyer agents, inventory planning, audience discovery, media activation, fee transparency, guardrails, and governance. Those are four or five agents that I just cited that our clients are now using to plan and execute their ad campaigns. I think one of the things that's most powerful is that we're breaking through the UI lock-in that many of the incumbents in the industry have had historically, where a big advantage was that traders or ad ops people, they knew how to use the software interface, the UI of a particular provider. Now with agencies, you don't need to know a UI. We can significantly increase, or rather decrease the amount of time that it takes somebody to set up a campaign, to manage a campaign, to troubleshoot it, from hours to minutes. The buyer can be off and executing. They can use a lot more data. They can use machines to automate things. That drives the performance. Got it. agencies seems to be changing almost by the day. You just announced some very interesting stuff that we want to dig into in a second. Want to get back to you've already executed thousands of campaigns on the platform. You just addressed some of the benefits, just a few of the benefits that you convey to advertisers and publishers from agencies. Maybe dig a little bit more into the performance benefits. You talked about, okay, you're a performance advertising-focused company. Yeah. How does agencies express that? Yeah. We've seen great ramp-up and usage of agencies. Obviously, it's still early in terms of the AI transformation in the ecosystem. We launched the industry's first Agentic campaign in December with an agency called Butler/Till, and we shared in our last earnings call, which was, I think, about four weeks ago, that we had 30 campaigns that were now live and running at that point in time. Publishers have created over 1,000 AI-powered deals on our platform. It's still early, but it's starting to scale, and you can see the direction of travel very clearly. Let's talk about some of the benefits. With Butler/Till, they're an independent agency in the U.S. They had an alcohol beverage client. We were able to show them using agencies and Activate, which is the direct buying interface into our SSP, that they could reduce fees that they paid to run this campaign by 40%, which in turn led to 40% more impressions or media delivered for their budget. Another example is Abovo Maxlead in the Netherlands. I'm sure you have not heard of them before. They are the largest independent ad agency in the Netherlands, so they're actually important in that market. With Abovo, what we were able to demonstrate is an 87% reduction in campaign setup time and over 70% reduction in campaign troubleshooting time, meaning using AI agents to set up the campaign instead of having to click through multiple pages of complex UI, multiple screens. A complex campaign can take a seasoned trader over an hour to set up. They can do it in minutes, just through a chat interface or through an AI agent. For campaign troubleshooting, okay, great, I've got the campaign set up. It's not scaling, or it's not delivering the right audiences, or my click-through rate is not quite right. How do I fix that? How do I address that? We're able to collapse the troubleshooting by over 70%. Pretty significant gains, and you're going to see more and more case studies coming from us. I want to just comment for a minute on how we're able to deliver these benefits, and it's really a number of pieces of technology that we've been working on for three or four years that are all coming together now. First is the scale of our SSP. 20 years of history there. Over 2,000 premium publishers, over 100,000 streaming services, mobile apps, and websites. We have 28 of the top 30 streamers globally. This is the head of the market, premium content. Number 2 is Activate, which is direct buying in our SSP. Again, collapsing the value chain, bringing the publisher and the advertiser closer together. Third is agencies, which we've been talking about, over 20 AI agents for buyers and sellers to use. Fourth is Connect, our data platform. We have over 300 data partners, commerce media, demographic, behavioral data, contextual data. Finally is our owned and operated infrastructure. We own tens of thousands of servers around the world where we process a trillion ad impressions per day, petabytes of data on a daily basis. We have co-innovated with NVIDIA, which I'm sure we'll get into, around a GPU architecture that really drives the execution of the AI of the data and of the inventory. It's really this unique combination of capabilities that, again, we've spent years building that are kind of coming together at this moment in time when GenAI is really disrupting our industry. I guess, really stepping back a little bit, agentic seems to mean different things to different people, right? I think some people in the market, when they're talking about agentic opportunities, it seems to be more about replacing that manual process that accompanies a traditional insertion order, which is still a significant part of the market. Yeah. I think that your view is that plus significant automation benefit for the programmatic ecosystem. Can you talk about what enables you to do sort of both? Sure, yeah. Just on the definition of agentic, I think about agentic as an AI agent that is autonomous in terms of its decision-making capability, right? That's different than, let's say, we go pull up Gemini, OpenAI, whatever, and we're doing a text-based chat and saying, "Okay. Hey, I'm going to Spain next week. Give me an itinerary for my family." There you're getting data back, but it's not making a decision on behalf of you as an economic actor. We're really focused on that autonomous decision-making. I see two big opportunities. The first is within the programmatic ecosystem, our industry has been very focused over the last 10, 15 years on real-time bidding, right? That is this at the point of a decision of, "Hey, this ad impression needs to get auctioned." Consumers on an app or a website, an ad is going to be shown. Let's send this ad using real-time bidding protocol to hundreds of different demand-side platforms, DSPs, that can bid on it. If we step back and look at that workflow, there's actually a lot of upstream and downstream work from that point of activation. There's discovery, who are the audiences that I should be targeting for this campaign? There's planning. Okay, what inventory, what price points, what properties, what third-party audience data should I overlay? There's the activation piece itself, the real-time bidding, and then after that, there's the measurement and reporting. With AI, what we're focused on is autonomous decision making across that entire end-to-end workflow. It's clear that AI works better when it's not in silos, right? When the AI can work across the workflow entirely and when it has access to all the data, meaning there's data on the buy side, there's data on the sell side, there's other data that sits outside of that, bringing all of that together for AI to act on. That's a key area of focus for us. The second piece that you mentioned is in environments like streaming, for instance, there's still a lot of IO transactions, and historically, we have not participated in those IO transactions. With our agentic capabilities, that is now part of our TAM, our addressable market. I think what that future looks like is today, an advertiser launching an ad campaign, they might email out an RFP to 20 top streamers and say, "Okay, I'm launching this campaign. What offers, what audiences, what inventory, what price points do you have for me?" A sales rep fills out the spreadsheet, responds back. There's some back and forth. That can all be done with AI. I think the opportunity when you do that is an AI agent sends out a solicitation. The publisher's AI agent can respond with all of that information coming from its underlying systems, ad server, and inventory, and data systems. Now we can drive a lot more performance because while a human planning process can maybe take 20, 30, 40 rows in a spreadsheet, with AI, you can envision that that AI agent for the advertiser can go reach out to hundreds of different publishers. Maybe The Golf Channel, which is more of a niche audience, has got great inventory for that campaign, but because it was too small for a human to engage with, it got skipped, but now we can open up a lot more audience, a lot more inventory, and drive a lot more performance. We have launched a seller agent, so an agent that plugs into publishers, and can integrate into their systems and be able to identify these opportunities and respond. We see that as another great growth opportunity around AI. Got it. Back to the innovation at hand that we wanted to talk about. Just on Monday, you announced something called the Decision Fabric, programmatic decisioning logic sitting on top of Agentic OS in your environment. Maybe you could just help us dive in and tell us exactly what that means? Sure. Yeah. There's a lot of buzzwords in our industry, as you know, Rob. Really excited about Decision Fabric. What we're doing with Decision Fabric is opening up the stack that I talked about earlier, inventory, Activate, direct buying in our SSP, the agencies, the data partners, and the infrastructure, we're opening that up for our partners to be able to fully leverage. What that looks like is a DSP, a curator, a custom algorithm company, they can take their logic and they can run that logic in a container. A container is an isolated environment sitting inside of one of our servers. They can run that logic inside of our infrastructure, where they can take advantage of all of the inventory that we have, all of the data that we have, all of the AI agents that we have, all of the infrastructure that we have in order to create a better outcome for their client. Why is this important? Well, in the current paradigm of SSP and DSP as it exists today, there's a lot of limitations that DSPs face. One is that most DSPs don't see most of the inventory. We process 1 trillion ad impressions per day. Some large DSPs, they might take 30%, 40%, 50% of that traffic. A small DSP might take 5% or 10% because, of course, it's expensive. They got to have servers to process all of this. Now when you run a container with Decision Fabric inside of our infrastructure, you can see 100% of the inventory. Now you're opening up a lot more users, a lot more impressions. Number two is latency. In the current paradigm, end-to-end, we have about 250 milliseconds to process a transaction. In the bid request going to a DSP and the response coming back, we might eat up about 150 milliseconds. The majority of that time. Now, with the container and Decision Fabric sitting in our infrastructure, there's no network time loss. That means the buyer and the seller have more time to run their application logic. That means you can use more data, you can apply more processing power, so you can create better outcomes. Then third is privacy regulations. The direction of travel with privacy regulation, whether it's U.S., different states, GDPR, Australia has privacy regulations, et cetera. Less and less data is now available inside of DSPs, because regulators want to limit the spread of data across the ecosystem. Obviously, the source of data is the consumer on the publisher's website, right? That's where the data interchange happens, and the DSP is several steps removed. We have access to more data inside of the SSP, and we can make that available in a privacy-safe way when we're doing that inside of Decision Fabric and containers. Really the opportunity, and we have four launch partners, and so it's early going, but I think it's an opportunity to rethink what does real-time bidding look like, and how can we open this up to many more partners. I think there's a future where a DSP will think about it differently. It won't be a monolithic system like it is today, but it might be an AI agent where an advertiser, depending on the different campaigns they have, the brands they have, they might be running dozens of different AI agents that are actually containers with proprietary decision logic that are accessing our data, our infrastructure, the impression volumes, and our AI agents. Maybe it gets to your partnership with NVIDIA, which I do want to hit on. This idea of running potentially the decision logic 1 trillion times the number of DSPs sitting on the platform. Give me a sense of I would guess that's a big number in terms of the processing. Yeah. the cost of processing, the inference, whatever. Give me a sense of what you're going to be able to do other than you're not traffic shaping. You're showing everybody the full. Yeah. the full- The full host. the full QPS, the full hose. How can you do that more efficiently with somebody residing within your platform? What makes that make sort of work? Yeah. The way we have to think about that is there's a lot of infrastructure costs today for us to process an ad impression, send it out across the network to a DSP, for the DSP to listen, right? Meaning process that inbound impression, and then to send back a bid response. Yeah. If we add up all of that cost and we say, "Okay, now we're just going to process inside of the SSP, inside of our environment, our infrastructure," we can eliminate all of that network time, the back and forth. That means we can eliminate a lot of the wait time on a CPU, a lot of the networking bandwidth costs, data egress costs, all of these things. We can offset, we could say, "Okay, there's all of that savings. Now we're going to allow you to run on the full set of ad impressions," which is going to take some amount of money to be able to do. Because we own and operate that infrastructure, and we use an extensive GPU architecture to parallel process, we think we can do that in a profitable manner, meaning the total sum of processing inside of us versus the sum that an advertiser or a publisher was paying between the SSP and the DSP is going to be lower. We're going to drive better outcomes for our advertiser clients. In terms of more performance, more efficiency. We're going to lower the total cost. We're going to generate more revenue in the process. The advertisers are going to generate better outcomes, there will be money there to pay for that model. Big overhead savings. Yes. of what happens in terms of processing and impression, and then accelerated computing. The beauty of accelerated computing. Right. By the way, this is how walled gardens operate today, right? There's no SSP, DSP paradigm inside of a walled garden. Yeah. They're a single layer of technology that manages the inventory on the one hand, think of Meta, and then they have APIs where advertisers upload campaigns, and they run that all in their own infrastructure. They're a great proof point of the efficiency of that approach. I think you've made the point before that bringing the sell side and the buy side closer together, both in terms of the infrastructure, the ability to communicate data, all these sort of key inputs, that that can make this ecosystem much more competitive with the walled gardens. Maybe you could expand on that a bit. Yeah, absolutely. Just picking up on what I just mentioned, right? When you look at the most performant ad businesses, ad platforms, for sure it's the walled gardens today. Those walled gardens, in part, they're so performant because they're not trying to match users across disparate systems, right? There's no SSP and DSP. They're a single layer of technology. The user logs into one of those walled gardens, Meta, Instagram, TikTok, et cetera. Advertiser uploads their campaign and who they're looking to target, and then, that walled garden runs in that single layer of infrastructure. They can communicate all data about the user, about the context, about the environment, targeting, performance, et cetera. We, on the other hand, in the open internet today, live in this very constricted environment where we have an OpenRTB protocol. Only certain fields are allowed to pass back and forth. The SSP has to match the user with the DSP, you see a falloff in the users right away. Often, that falloff can be 40%, 50%, 60%. You see, because of traffic shaping, not all of the signal gets there. We don't have a way in the RTB spec to communicate the click-through rate or the conversion cost, or how a campaign is pacing. Many of the basic parameters are not there. With AI, we're going to change that game with what we're doing with agencies and Activate. With direct buying inside of the SSP, we don't have any of these limitations anymore. We can communicate whatever we want between the buyer and the publisher. We can go well beyond the RTB spec, which is in fact what we're doing, and we're able to drive significantly higher performance, and we're seeing that day in and day out. I think at the end of this process, the open internet's going to be much better off because it's always had much better content than the walled gardens, right? The open internet is the home of Paramount, NBC, Disney, right? Great streaming content. It's the home of great mobile apps from Zynga to The Wall Street Journal. It's the home of premium websites. That content plus performance, I think is going to be able to shift market share back towards the open internet. Got it. Here I'm going to present the devil's advocate section of the program. Yeah. If you were to rewind maybe 12 months or so ago, I think around the early development of Ad Context Protocol, which you guys have implemented. We're a founding member of that AdCP, we've co-innovated that with many other great companies in the ecosystem. It wasn't entirely clear at that time what the vision of agentic advertising was going to be, something that is built to integrate with the current programmatic supply chain paradigm or try to overbuild it, try to displace it. The idea being, okay, we're going to replicate something like that IO system. Yeah. The young media planner or intern picking out sites on a ranker, but sort of infinitely long ranker. Yeah until you get the right number of total rating points. That, okay, you lose maybe sort of the precise efficiency of programmatic, but you'd also dramatically reduce the supply chain cost, if you will. Is anybody sort of seriously pursuing that vision of agentic anymore? I think there was a little bit that was somewhat in vogue, like I said. Yeah. 12 months, 18 months ago. Maybe you can tell me what's out there in the market right now. Yeah. I don't think there's any, or maybe there's few, if any, serious thinking along those lines anymore. I think we should think about this as some transactions are done via insertion order, some transactions are done via real-time bidding, and there's good business reasons to have both. AI and agentic can sit on top of both of those sets of rails and really turbocharge those two types of transactions in a significant way. I took you through the RTB process earlier, right? Discovery, planning, activation, measurement, and we talked about how AI can meaningfully make that process more efficient and more performant. The same is true in IOs, right? The spreadsheets being emailed back and forth. AI agents can transform that. I don't see a third type of transaction appearing. What I see is AI running those workflows and breaking down the silos of data, silos of systems where people have to work across different user interfaces. I see AI as really breaking that down. I have put out a prediction that by the end of, I think I did this two quarters ago, by the end of 2028, I expect 25% of media buying in our industry to be agentic, and by the end of 2030, I think it'll be 50%. Two quarters into that I stand by those numbers, and if anything, I may be conservative. All right. I'm going to put it on my calendar. Yeah. Again, to play devil's advocate for a moment, has it been 20 years? 20 years, yeah. This fall it'll be 20 years. You look exactly the same. Thanks. Rewind 20 years at this point, PubMatic, I think was the innovation leader in the SSP space. I remember distinctly writing about the dynamic waterfall and saying, "This is what an SSP is." People in the industry coming back to me and correcting me, and saying, "No, that's not what an SSP is. That's what PubMatic is. Yeah. That's what an SSP would like to be," the category writ large. You guys have always been, I think, at the forefront of innovation at the space. What's your plan to sort of make sure that you fully capitalize on your first-mover advantage in agentic- Yeah. This time around? Well, I think there's a couple of aspects to that. First is, I think we've established ourselves as agentic leaders in the industry. It's early in that space, this is not a lead that you can measure in quarters or years by any means. With that leadership position, though, a key reason to do that is we want to be at the forefront of customer conversations and innovation. If we position ourselves in the right conversations, then we'll be on the leading edge of innovation. That's number 1, is we've got to position ourselves in the right conversations so we're leading the way in terms of these conversations, and I think we're doing that. Number 2 is investing in the right team composition. I started by saying we're an AI native platform, meaning AI internally and AI externally. We're using AI intensively internally and changing the mix, the composition of what is our team, what does our organization look like in terms of where it's focused. As we deploy more and more AI internally and automate many different processes, it's allowing us to increase the size of our sales team. If you look at our numbers, what you see is that headcount growth is flat to down in aggregate, meaning our overall headcount is flat to down, but actually our sales team is growing in size. I think in an AI-driven world, human connection, human interaction is going to be even more important, and so we're investing more in our sales team to cover more of the market, more advertisers, more agencies, more independent agencies. I think the third piece is to continue to invest in the infrastructure and the data that's required to power this agentic revolution. We'll get into the NVIDIA partnership, but we continue to invest into our infrastructure, and we're now at over 300 data partners that we work with on our platform. Just a couple of weeks ago, we announced PayPal and Walmart Connect Select as new partners. Providing the data and the infrastructure that can power this agentic revolution. I think if we do those three things well, then we have a really strong shot at extending our leadership position. Maybe a fourth one. Please. Maybe this time around, you won't be competing against an illegal monopolist. Yes. We'll get back to that. We'll get to that, yeah. Yeah. That would help. I wanted to ask about the NVIDIA partnership. Absolutely. Can you help us dive in there? Tell us a little bit more about the genesis there and what that means for the business today. Yeah. We've had a multi-year collaboration with NVIDIA. It's quite interesting because obviously we're not going to be NVIDIA's largest customer. We're not going to move the needle in terms of the amount of chips that we can buy from them. What we can do together with them is to co-innovate and really apply their hardware and software stack to the advertising domain in a domain or industry-specific manner. I think that's really the root of the partnership. I'll give you a couple of examples. We talked about traffic shaping, right? That's the process by which we're processing 1 trillion ad impressions per day, and we can only send a subset of those on to DSPs, because for cost reasons, they don't want to take all of it. Key question that we face on a continuous basis is which impressions to send to which DSPs. This is an inferencing model, right? We have an inferencing problem. We have a model, we've trained that model with historical data, as an impression comes in in real time, we need to run inference and make a decision. We have worked with NVIDIA software and hardware stack to optimize inferencing on their architecture so that we can make the best possible decisions at the least amount of cost in real time. That's one example. Another example is, as the industry turns towards more and more private marketplace deals and more and more audience targeting, if we get an impression that comes in and we have hundreds of data partners on our platform, which data should we attach to an ad impression before we make it biddable for a DSP? That's, again, a heavy infrastructure problem where speed, parallel processing, cost, all of these things matter. Our collaboration with NVIDIA is really to identify industry-wide challenges, and for us and them to co-innovate, put engineers from both companies on these problems and solve them in compelling ways for our joint set of customers. Got it. I wanted to step into some of the recent history. I think we could put it politely and say you've had some dislocation in DSP relationships over the past couple of years. One of those, I think now seems to be pretty solid footing. The other may be a work in progress. If we read the trade press, we tend to believe DSPs and SSPs are at each other's throats or at this really heightened moment of strategic conflict. How over-hyped is that from your perspective? Like, I mean? Yeah. the day-to-day. I think the day-to-day, that is over-hyped. We look at it not from a DSP versus SSP conflict perspective, but rather how do we enable advertisers and publishers to generate better outcomes. It goes back to bringing them closer together. I think there's a couple of things I'd call out here. One is, last summer, we shifted our roadmap and our focus significantly towards diversification within our DSP base. We had a couple of DSPs that were quite large, quite concentrated, it was clear that we needed to make changes. We set that process in motion. Last year, we added 50 new DSPs onto our platform, so a pretty significant number. We shared in our last earnings call that that mid-market DSP cohort is growing at over 20% year-over-year. We're, I think, executing very well from a diversification perspective. The second thing is that we're seeing a huge fragmentation across the ecosystem of DSPs, right? Whereas I think a number of years ago, it was all about concentration and consolidation within the DSP ecosystem, now we see very specialized DSPs that are going after specific verticals or specific segments of the market. I think part of that is that some of the incumbents, they've been focused on the Fortune 1,000 advertisers. When you look at those brands, there's not a lot of growth in the Fortune 1,000 brands. A lot of the growth, go back to COVID, is record small business formation, is coming from the mid-market, upper mid-market brands that are growing much faster. A Chime, when you think about banking, or Vuori, when you think about clothing, as opposed to Fortune 1000 clothing or banking brands. Those upper mid-market brands are growing their ad budgets as they're growing their revenue, there's a lot of growth there that really hasn't been covered by the incumbent DSPs. Some of the things that we talked about earlier, Decision Fabric, our AI capabilities, the data partners that we have, these are all designed to help empower DSPs to grow their business on our platform, we're seeing a lot of good success with that, which is growing our business and also solving for that diversification need that we have. Got it. I want to change gears a little bit, talk about commerce media. That's been another big opportunity that you've highlighted. Yeah. Can you talk about what's driving some of the momentum you're seeing for both on-site and off-site commerce media activation? We're seeing terrific growth with commerce, and our focus is twofold. It's both on-site and off-site. Every retailer or commerce media network, retailer that's participating in advertising, they are focused on, number one, how do I grow my on-site ad revenue? Number two, how do I extend the value of my data and the value of my user base off-site, where then they're not constrained in terms of the ad impressions or the user experience? We built a number of products. Our first focus was on off-site, given the capabilities that we have, where we have a fantastic set of commerce partners, PayPal, Instacart, Intuit, Klarna, just a couple of examples, where their data sets are available in our platform and publishers can sell against it. Those data partners, those commerce companies can sell against it. Buyers, DSPs can sell and target against it, they're using that data to deliver a more performant ad experience. Just to dive deep for a second into the PayPal example. PayPal has $25 billion transactions a year. They have $400 million PayPal and Venmo accounts. That rich data, in a privacy-safe way, is available on our platform for all of those constituents to use. When that data gets used, we generate a data fee in addition to our SSP fee. We might also generate an Activate or a agencies fee. These are all incremental transactions. A couple of weeks ago, we also announced a partnership with Walmart Connect Select, which is their retail audiences, obviously, they know more about consumers than just about anybody else. Their retail audiences, they are now targeting those on our platform as they sell CTV online video display ad campaigns. These are a set of accretive businesses for us, where if you take them together, commerce media, Activate, agencies, our broader data business, we categorize these in emerging revenue streams, and we shared that last quarter, that segment of our business is now 14% of our revenue. We've been nurturing these over the last couple of years. Now they're very much material and at scale. They grew 80% year-over-year last quarter, so key part of our second half growth plan. Got it. Also want to ask about CTV, another big opportunity for the company. You did see a little bit of deceleration there. I just wanted to ask you, was that related to the dislocated DSP relationship? How is the underlying business growing in CTV? Has made that just a sort of function of the sort of outsized growth and the expansion of the partners that you had last year? Yeah. just sort of give us a sense of the dynamics there. Yeah, sure. Our CTV business is very strong. I think the quarter-to-quarter is just a little bit of noise in the numbers. It's a very material part of our business. We work with 28 of the top 30 streamers globally, so all but two, and we continue to work on those two as well. We're seeing tremendous growth in CTV, and it's a key part of why we've told investors you can expect double-digit growth from us in the second half of the year. Live sports is a key part of our focus so we've been powering Cricket World Cup, IPL, Wimbledon last year, NCAA finals earlier this year. We're gearing up for FIFA World Cup soccer, which will bring a lot of very high-value inventory to our platform. We participate in NHL, NBA, so just about every major sports league that you can think of. That, again, is driven by AI, our agencies, by the data that we have on our platform, by the owned and operated infrastructure, given the spiky nature that can happen in live sports. I think you can continue to expect strong CTV performance from us. Got it. Let me check the date. It's, what is it? June 3rd. June 3rd. I guess by my calendar, that's about seven months, eight months almost since closing arguments in the ad tech trial and remedies phase. What's taking so long? No, seriously, yeah, hopefully, we'll see something any day now. You guys have sized what a point of share could mean for the business, and it's pretty significant. Depending on what's decided, how material do you think that could be, and how quickly do you think that we could see some share shift in the market? Yeah, as you said, we're expecting a verdict imminently. We think it's a huge opportunity, and there's two fronts to this. One is the remedies, the other is our civil suit against Google in the wake of the DOJ's securing a guilty verdict against Google. In terms of the remedies, there was a lot of discussion in the remedies trial about structural versus behavioral remedies, right? Behavioral is, of course, Google changing some of its activities, its behaviors, to reduce the impact of its monopoly. Sorry, the structural remedies would involve spinning out or shutting down certain parts of its business. The behavioral remedies can be enacted, we think, quite quickly, and as you said, can be quite material. We've sized each market share to be $50 million-$75 million in revenue. 80% of that would be profit, given we're already processing the inventory from publishers, and we're already getting bids and integrated in with advertisers and DSPs. I think that could happen quite quickly after the verdict is introduced. Obviously, we've got to see what exactly comes from that. The second piece is our civil damages claim against Google. We filed lawsuit last fall. That case is proceeding in court in New York. We're looking forward to having our time in front of the jury with that. Yeah. Depending upon what we do see from them. Of course, EU is running its own process on some of these issues as well. Do certain markets, whether you're talking about for the vertical integration at the ad server or regional expansion in a bigger way, do certain markets become a bigger opportunity for you? Are those things that you're beginning to think about, not just the incremental point of share? Yeah Just structurally, big chunks of market opportunity that could open up for you. I think there's kind of two ways to think about that. One is the technology providers themselves, right? To your point. The other is around privacy regulation. With some of these other markets, they're intensely focused on large U.S. technology companies, including Google, there's changes that are being rolled out, right? EU has the DMA gatekeepers law that prescribes certain types of behaviors if you have certain power in the market. I think that absolutely creates opportunity for us. We're already pretty well-entrenched in Europe and in many parts of Asia, except for China, and increasingly in South America, I think all of those markets benefit. The second is around privacy regulation, where many other countries are much further ahead of the U.S. in terms of restricting the flow of data. Given everything that we've talked about with Activate, agencies, data coming more and more into the SSP and being targeted there, and the privacy benefits that that creates, I think that's another big tailwind for us. Rajeev, it looks like we're out of time, so we're going to have to leave it there. Fascinating discussion and great. Thank you so much for the time. Really appreciate it. Thank you, Rob. Appreciate it. Okay.