Q2 2022 Integral Ad Science Holding Corp Earnings Call
[music].
Thank you, ladies and gentlemen, my name is Michelle and I'll be your operator today.
At this time I would like to welcome everyone to the conference gentlemen.
Jonathan Schaffer with VP Investor Relations I E. S. You may now start your conference.
Okay.
Okay.
Thank you good afternoon.
Hi.
Second quarter financial results conference call.
James Schneider CEO Joseph Darling.
Again. Please note that today's call contains forward looking statements.
We refer you to accomplish.
Actually see for more detail.
Yeah.
Jeez I can cause actual results to differ materially from our expectations.
Today's call. We will also refer to non-GAAP measures a reconciliation of non-GAAP measures.
The comparable GAAP measures is contained in today's earnings release.
On the company's IR site investor.
Dot com.
All financial comparisons unless noted otherwise.
Based on the prior year period.
The way I'd now like to turn the call over to our CEO Lisa.
Please Sir you may begin.
Thanks, Jonathan and welcome everyone to our 2022 second quarter earnings call. We delivered strong revenue growth of 34% to $100.3 million with an adjusted EBITDA margin of 31%. We also achieved net income profitability for the second.
Consecutive quarter.
I am proud of our team for generating new wins in the quarter.
Including Greg.
Tim Horton Sherwin Williams and Westjet.
Also I'd say that we've been selected Ias or provide global and verification services for their key media marketing campaigns.
This marquee wins Jane actor extensive technology due diligence against the competitor.
It also represents the next step in our global strategic partnership with Lincoln.
<unk> company Microsoft.
Lastly, seven stars a leading independent agency in the UK switched from a direct competitor.
Based on our efficiency tools and engagement plan.
Well, we are revising our full year outlook to reflect global macroeconomic headwinds today's results exceeded expectations for the quarter, we continued to launch differentiated products.
Celebrated our product roadmap to address marketers evolving needs in a dynamic and fast paced market.
Our second quarter performance reflects I ask just standing as a leader in digital media quality, including core AD verification measurement of view ability.
Brand safety.
We've also successfully broadened our scope beyond verification.
We're benefiting from is sizable and increase in contribution from our prepaid activation and post speed measurement solutions and programmatic contextual social media and CTV.
And programmatic context control, our contextual avoidance and targeting solution.
Represented 45% of programmatic revenue in the second quarter and drove a 51% increase in total programmatic revenue.
Context, Controle is based on our differentiated contextual intelligence technology context controllers available in all major DSP is in global markets in 32 languages.
86 of our top 100 accounts now use context control for avoidance with continued momentum.
In addition to the strong adoption in the U S. We've also seen significant growth of contextual avoiding the EMEA and APAC ahead of expectations in.
In July we expanded our DSP partnerships for contextual targeting and avoiding with Zeta global and teams as well as CTV fraud prepaid with data global.
Also within programmatic, we launched our quality thing prepaid solution with Xanders invest ESP Microsoft subsidiary.
And social media are tick tock prepaid brand safety solution classifies video image audio and text and Tic Toc steam according to <unk> standards.
In May we launched our postpaid mobility and prime measurement solution for tick Tock could you seen strong customer adoption with over 100 campaigns currently underway.
I S offers combined video level pre bid brand safety and Tic Toc cause view ability and IV team management globally.
Technology for Tictoc is scalable and portable to other platforms.
We are assume launching in beta our postpaid brand safety and suitability solution in Twitters live.
We expect social media to be a more meaningful contributor to revenue beginning in 2020 three as we partner with the leading social media platform.
In CTV is provides marketers and publishers with CTV capabilities for medium quality measurement transparent reporting and contextual solutions. We've recently integrated these capabilities into public huh.
Publishers optimize their inventory.
In the second quarter, we entered into an agreement with Hearst television to provide them with our server side AD insertion and since AI product.
Our SSA I essentially stitches, the marketers creative right into the publishers content stream to make for a seamless viewing experience.
Further drive synergies and efficiencies across the combined <unk> and public because CTV assets, we've fully integrated publisher sales under the leadership of our new CRO and public health.
Marketers, we continue to build on our solutions by providing new ways to target transparent and garden brand safety inventory filter out and measurable noncompliant traffic.
Answers CTV video AD performance.
We're thrilled to highlight our growth and expansion into audio and gaming with Spotify Pandora and ends do.
Marketers see tremendous opportunity to tap into higher user adoption of these platforms and audio we recently announced the first ever global partnership with Spotify to establish their third party postpaid brand safety solution for podcast advertisers.
In July we announced with Pandora at the launch of postpaid verification product for audio measurement and IGT.
In gaming, we recently announced our partnership with Israeli based Andrew and in game advertising leader through.
Through this partnership I S enables marketers to monitor the quality of their in game media investments in mobile gaming environments.
We're tremendously excited to lead the innovation in audio and gaming on behalf of marketers and look forward to updating you on our progress.
Yeah.
We continue to expand our global reach international revenue represents 31% of total revenue for the second quarter.
Building on our leading presence in EMEA and APAC that was established over eight years ago, we are investing in emerging markets, including Latam and southeast Asia.
We recently announced four new senior appointments to our customer success team in APAC to add commercial expertise and to grow our customer base in the region.
We consistently hear from marketers that they choose to partner with I ask in part because of the high level of service, we provide in local markets on.
On last quarter's call, we announced the appointment of V. Anastasia.
To the newly created position of global Chief Commercial Officer.
Yeah, and this has been tasked with driving greater alignment between sales marketing and product globally.
And this is off to a strong start since joining in May and international growth is a top priority.
One of our core values of I S as customer obsession.
We understand that the last mile of execution matters to customers, how we show up for our customers, our integrity and building enterprise partnerships with brands and platforms, our investments and service in local markets as well as our ability to set clear expectations and deliver differentiated.
Products on time.
We continue to invest in research insights and intention metrics to demonstrate the value of investing in high quality media <unk>.
We process massive amounts of differentiated data related to AD events every day.
There are three datasets that we leverage that are differentiated from our competitors transparency cost and performance.
We're connecting the dots between media quality cost of media and business outcomes.
By layering these unique findings with our advanced contextual targeting solutions, our customers are able to make smarter decisions that lead to better outcomes and better rois.
In a recent study we launched in partnership with HP, we found that contextually relevant environments drove higher retention and outcomes.
When Hp's ads ran on contextually relevant pages.
I had two or 3% higher attention and a 14% higher purchase intent.
According to internal data from June we found in quality impressions that are in view and brands see drove a 423% uplift in conversion rate when compared against flagged impressions.
Earlier this week, we announced the expansion of our integration with media Ocean.
Agency and brand media buyers use I S has signaled dashboard and Prisma media oceans buyer workflow can automate campaign creation and benefit from increased efficiencies.
As part of the integration brands and advertisers, who use prisma I S and Google campaign manager 360 will be able to link campaigns and enable auto tagging via Google's seamlessly.
As a substantial portion of I S. As customers use media Ocean. We believe this expansion of capabilities will have an immediate impact on campaign and workflow efficiency for AD buyers across the globe.
And I guess, we are executing on our business plan launching differentiated products and innovating for the future.
We achieved strong results in the second quarter.
However, we experienced softness in some verticals beginning late in the second quarter across geographies related to macro economic conditions.
We've also experienced delayed starts on recent wins and longer sales cycles, and prospective new business related to the current climate.
This is consistent with what other companies have discussed recently and we expect these conditions to continue for the remainder of the year. As a result, we are revising our full year financial outlook.
We believe our model is well suited to navigate this challenging period, we expect to exceed the rule of 50 for 2022 with continued growth and profitability at scale.
We expect to achieve full year revenue growth of approximately 24% and we are maintaining full year adjusted EBITDA margin levels at approximately 31% based on the midpoint of our revised forecast.
Despite the current market challenges, we remain excited about our long term vision.
Still early on our journey and we're just getting started and with that I'll turn it over to Joe to review the financials.
Thanks, Lisa we delivered strong revenue growth and profitability in the second quarter as a reminder, Ias partners closely with our advertisers and publishers to build multi year minimum impression commitments as well as fixed fee agreements independent of the media right.
Command premium CPM rates for our solutions, including context control video and CTV products total revenue increased 34% to $100.3 million ahead of our prior guidance of $97 million to $99 million, coupled with our more recent wins, we benefited from our loyal customer base across <unk>.
Nichols', including CPG retail <unk> and finance.
Programmatic revenue for the second quarter grew 51% year over year programmatic represented 57% of total revenue from advertisers.
Strong performance in programmatic was attributable to primarily to continued adoption of context control.
Most notably our contextual avoidance solutions with increased penetration internationally.
<unk> control represented 45% of total programmatic revenue in the second quarter up from 41% in the first quarter of 2022.
Our advertiser direct revenue, which includes open web and social platforms increased 4% year over year.
We continue to see impression volume shift from the open web where display impressions were lower to social platforms with increased video adoption.
It commands a pricing premium and accounted for 48% of total advertiser direct revenue up from 45% in the first quarter of 2022.
Social accounted for 43% of Advertiser direct revenue in the period up from 40% in the first quarter.
On a combined basis total revenue from advertisers, including Advertiser direct and programmatic revenue represented 84% of our second quarter revenue.
Supply side revenue from publishers increased to $15 $8 million that includes public which is tracking according to plan.
Although supply side ramping you represented 16% of our second quarter revenue consistent with the 2020 to first quarter.
We continue to grow our leading global market presence international revenue increased 7% in the quarter and represented 31% of total revenue.
Our current revenue mix between Americas, and rest of World reflects results for public which has been U S focused the date.
We continue to leverage our successful international go to market engine and global presence to expand public does reach all our international markets continued to grow softer demand in advertiser direct also impacted geographic mix for the period.
Total revenue for the Americas was $68 $7 million up 51% EMEA.
EMEA and APAC increased to $23 $6 million and $8 million respectively.
Gross margin was 82% compared to 83% last year and slightly ahead of Q1 gross margin of 81%.
Operating expenses, excluding stock based compensation grew 25% versus our top line growth of 34%.
Linking our efficient operating model.
Total operating expenses for the second quarter of 2022 reflects increased year over year sales and marketing costs as we return to more normal business activity and continued hiring with 100, new employees added in the parent as well as higher G&A expenses related to public company costs.
We will continue to prioritize our recruiting efforts based on our business needs.
Stock based compensation expense for the period was $10 $7 million in line with our prior expectation of 10% to $11 million.
Moving on to profitability and performance metrics.
Adjusted EBITDA for the second quarter, which excludes stock based comp and other one time items increased 23% year over year to $31 $6 million at a 31% margin.
We achieved net income for the quarter, a $2 million or <unk> <unk> per share. This marks our second consecutive quarter of net income profitability. We believe adjusted EBITDA remains the best measure of profitability for the company.
Our second quarter net revenue retention or NR was 121%.
I think continued growth in spend of our top customers.
Total advertising customers grew 6% year over year to 2135 advertisers.
Our total number of large advertising customers with annual revenue over $200000 was 173, which reflects several large advertising customers that fell just below the $200000 trailing 12 month threshold.
In terms of our financial condition, we ended the second quarter with cash and equivalents of $77 $4 million compared to $73 $2 million at December 31.
During the quarter, we reduced our long term debt by $10 million lowering our interest expense.
As Lisa discussed we are revising our full year guidance to reflect the macroeconomic headwinds.
Wherever I S remains well positioned as a growing profitable industry leader operating at scale.
We still expect to maintain adjusted EBITDA margins consistent with our prior outlook and we expect to exceed the rule of 50 for the full year.
For the third quarter ending September 32022, we expect total revenue in the range of $99 million to $101 million.
Adjusted EBITDA for the third quarter is expected in the range of 28 million to $30 million.
The full year 2022, we now expect total revenue in the range of 398 million to $402 million.
Adjusted EBITDA for 2022 is now expected in the range of $120 million to $124 million.
We continue to expect public as it represent approximately 8% of our total forecasted revenue for the full year.
We expect the rate of year over year revenue growth to decelerate as we move into the fourth quarter.
As it relates to the cumulative effect of on our revised expectations for the third quarter based on the factors Lisa outlined including softness in brand marketer spend in some verticals delayed starts on recent wins.
Are sales cycles on prospective new business.
You additional modeling points.
Beginning in the second quarter the impact from foreign currency exchange is now excluded from adjusted EBITDA in the second quarter, we had a gain of approximately $500000 related to foreign currency exchange as <unk>.
Global currencies, including your own the pound continues to depreciate against the dollar we expect a significant negative impact in the coming quarters.
And exchange based on our international presence.
Fixed compensation expense for the third quarter of 2022 is expected in the range of $13 5 million to $15 million.
Full year stock based compensation expense is expected in the range of 46 to.
The $50 million based on current expectations, we expect dilution to remain at low single digit levels for the year.
Here's that outstanding for the third quarter are expected in the range of approximately $156 million to $157 million.
We expect full year shares outstanding in the range of $156 5 million to $157 5 million.
I'd now like to turn the call back over to Lisa.
Thanks, Joe and this is Jos last call with I S. Let me take this opportunity to once again, thank them for all of his contributions to the company and wish him the best moving forward.
We're well underway in our CFO search and look forward to updating you on our progress.
In addition, we are delighted to welcome Thomas Joseph.
As our Chief Technology Officer, Thomas brings over two decades of tech industry leadership, with Sirius XM and Pandora as well as with Microsoft.
He has extensive experience working in media advertising and emerging platforms, including gaming as CTO Thomas will lead our tech innovation, including our long term vision for both new and existing products.
Joe and I are now ready to take your questions operator.
At this time I would like to remind everyone in order to ask a question Press Star and then the number one on your telephone keypad.
Pause just a moment to compile the Q&A roster.
Yeah.
Your first question comes from the line of Brian Steel.
Your line is now open.
It mostly based on pullbacks that Youre seeing right now from advertisers or is it more just based on concerns of things getting worse. It just looks like your guide implies kind of low teens growth for Q4.
That's my first question. My second is just around the strength youre seeing in Americas. It looks like third straight quarter of acceleration in that particular market, what's driving such strength there it looks like youre kind of outgrowing the industry. There. So anything on just why you're seeing such strength in Americas compared to the rest of the world.
Yes, Hi, Brent. Thanks for the question you broke up with the first question. So do you mind repeating the question. Please.
Sure. So the first question is just around reasoning for the guide down is that what Youre seeing right now in the market in terms of pullbacks or is it just an assumption that things start to get worse in the back half.
Okay.
Okay.
Sure happy to take it.
So in terms of the guide down there are a few key areas, where we've seen softness we started to see in the back half of Q2.
That when we took a look at the trends that we expect this softness to continue in.
Into Q4, including lower marketers spend delayed activation.
And longer sales cycles.
And there are great in terms of the yeah, Yeah sure sorry, Brent and then in terms of the strength that we are seeing in the U S. As you know context control is just such an accelerator of our programmatic business, which again, we are seeing growth of over 50% for the.
Quarter, and it's the contextual avoidance adoption in particular.
Where we're just seeing it continued through the roof and then also.
Nice progress with contextual targeting adoption in the U S.
Thanks, Brett.
Yeah.
Okay.
Yeah.
Yeah.
Yes.
Yeah.
Okay.
Okay.
Operator, we're ready for the next question please.
Your next question comes from the line of Andrew Merrick with Raymond James Your line is now open.
Hi, guys.
Piggybacking on that last question.
Can you give us a little bit deeper update on the targeting adoption for context control you called out the 86 of the top 100 figure or.
Is there anything similar that you can give on targeting specifically to get a sense of the scale and then I have a second question after.
Sure.
Great question, Andrew So, yes, again, we're seeing such incredible adoption of context control as you mentioned 86 of our top 100 accounts are using context control for avoidance that's up from 80.
Last quarter and then also we are starting to see a meaningful uptick in the number of targeting customers, we're actually seeing 25% increase.
Quarter over quarter, we're also starting to see nice increase in the size of the deals.
Going into six figure deal. So again, we're just thrilled with the overall adoption that we're seeing in avoidance both in the U S and in international markets.
And we're seeing just increasing demand.
And adoption with contextual targeting in the U S in particular.
Okay.
And I wanted to drill down a little bit on the decline in the number of large customers. So you called out a couple of factors, including a few that fell just below the 200 K threshold.
And the longer sales cycles, and things like that but I guess is there any way to quantify how much of that decline was due to spend pullback as opposed to some of the little shifts and things that where customers might be close to that large customer threshold. Thank you.
Yes, great question, so actually when we took a look at the data.
It was just a handful of large advertisers that dipped just below the 203.
<unk> thresholds.
And as previously noted we didn't lose any of the account. So just to quantify for you. It was like a couple thousand dollars per account or not.
Not that significant and then the other thing that I think it's important to point out is that the trailing 12 month metric.
Okay.
Great. Thank you.
Thank you.
Yeah.
Okay.
Okay.
Your next question comes from Mark Mahaney with Evercore. Your line is now open.
Okay. Thanks, Hey at least I wanted if you could give us some con.
Context about digital advertising in a recession you have gone through a couple of these cycles and <unk>.
Your thoughts on whether this time it's different.
Because the digital advertising is so much bigger as a percentage of overall advertising. If you were to step back and say, which parts of digital advertising could be most would be most pressured in the material recession environment in which would be most resilient how would you answer that thank you.
Yeah, Great question, Mark and Youre, almost dating me because I've been through too.
Mark its new soft economies prior to Ias.
So I have a bit of experience in terms of navigating some markets and what mark how marketers response.
Couple of things about.
Soft markets and marketers is they care, even more about rois the quality of media, the transparency and understanding where their investments in advertising is going right every dollar matters, even more to marketers. So rois are there.
<unk>.
<unk> matter and again understanding their return on investment and I'm actually feeling really good about all of the investments we're making in outcomes right now and also things like supply path optimization and transparency with supply path and then I would say the second thing that really matters to market.
In soft economies is service and services an area, where we have invested heavily over the last 12 to 18 months in particular in international markets and Thats why were seeing really nice growth.
In the in the international markets and then in terms of verticals.
Verticals, we're seeing greater impact as we mentioned in our last quarterly call. It was automotive a little bit of tech telco in EMEA in particular, but what we're noticing with some of the vertical softness however.
Advertisers within the vertical depending on what their product offerings are so again, we're staying really close to the data trends were monitoring the data also I personally spend a lot of time with cmo's listening to customers listening to their feedback and also just hearing from them.
Theyre seeing moving forward. So we're monitoring it very closely.
Thank you Lisa.
Great. Thanks, Mark.
Yes.
Your next question comes from the line of Mark Kelly with Stifle. Your line is now open.
Okay, great. Thank you.
Couple of quick ones, just piggybacking off that last one.
You talked about social taking some share from open web as of late.
Especially video I think you highlighted that if I look at someone like a meta they are seeing.
Impressive gross growth.
Offset by price declines.
Given the softer macro environment.
Given your fixed price business model I would expect that to be.
Pretty decent environment for for your business I guess is that something that.
You take into consideration as we look out for the remainder of the year or maybe that's just a trend that you expect to.
No reverse, but maybe be less pronounced going forward. That's the first question.
And then second last night.
Your main competitor talked about some pretty healthy win rates.
Love to get your thoughts on.
Your view of the competitive environment right now thank you.
Yes, sure. So Joe do you want to take the first question. Thanks, Mark Thanks, Lisa Hey, Mark.
On social now we called out that social is making up 43% of our advertiser direct up from 40%. So that continues to scale.
Marketers continue to seek out the walled gardens, especially where we're poised with the higher priced CPM.
Consuming movie.
Moving to video from display as well so there's a lot of opportunities and you can see especially with our recent announcements and moving with Tic Toc and all of the opportunities ahead of us So we see pricing opportunity as well as volumes on the social platforms.
Yeah, Great and then in terms of win rates, so I could not be prouder of the team and the wins that we're putting on the board I know previously in the call. We called out a few of these iconic brands like Red Bull and Linkedin, just love seeing those wins in terms of wind.
For the quarter, we are seeing an uptick in win rates from Q1 to Q2, it's now slightly above 80% and these wins are happening both in the U S.
And internationally and the other thing I actually think is important to call out is that we are dominating internationally with our win rates granted some of these rfps and some of the smaller emerging markets. There are smaller rfps, but the local teams that are on the ground theyre doing a great job.
Heating and winning the Rfps and then your second question about the win rates in terms of what are we seeing in the marketplace in terms of.
Competing and winning these rfps so something we are seeing with marketers and again I think.
Tied to.
The macroeconomic environment is marketers, they're doing serious due diligence.
In their rsi RFP processes, we're seeing both diligence.
On better understanding the service and support.
Product capability functionality and I would also say just overall global footprint and presence so love seeing the diligence that the marketers that are doing and the time. They are taking to really understand ias is solutions and capabilities and power.
We stack up to our competition.
Alright, Thank you Lisa and thank you Joe.
Yes. Thank you.
Okay.
Your next question.
It comes from the line of Raimo <unk> with Barclays.
Your line is now open.
Hey, this is Frank on for Raimo. Thanks for my question.
On the macro I wanted to ask how are you seeing the weakness and expand exactly is this more current customers with the with lower volumes on the platform are customers moving to premium products less and additionally, with the comments on contextual do you expect to Google's decision to delay cookie deprecation to impact the growth path here at all thank you.
Yeah, Great question Frank So.
I'll take both of them actually so in terms of some of the reasons why we are seeing the ICH to macro.
Economic trends is as I mentioned before a few things Q1, you might remember in our last call we talked about seeing some softness in EMEA certain vertical seeing softness there and when we really started watching the trends during Q2 towards the end of Q2 is when we started.
Experiencing additional softness in other verticals and also markets related to the macroeconomic environment in terms of why lower marketer spend delayed activation a longer sales cycle and we do expect the slowdown to be more impactful in Q4.
There is a cumulative effect as we move through the year.
That combined with voice of the customer where customer obsessed.
And we're in close contact with our brand partners with the major agencies and listening into what they're seeing and what they're expecting.
It's a combination of both the trends the voice of the customer, but as we said before we expect to achieve solid growth and profitability in 2022, and then we continue to invest in innovation and we position <unk> for long term success.
Okay.
Oh and then the second question in terms of Google's deferral of the Cookie deprecation.
Into second half of 2024.
Few things what it means for ISR business first off it elevates awareness of this shift thats happening this shift where we're moving away from audience based targeting to contextual targeting it also gives marketers and agencies a longer runway to plan for this shift.
We're continuing to tell our story of contexts control I spoke to before just the incredible adoption, we're seeing both with avoidance and now seeing nice uptick with demand for contextual targeting.
And then we are pivoting to targeting I know I've spoken in the past about our focus on go to market and investing in training for our sales team to really be able to tell a super tight narrative around our contextual targeting solution.
Great. Thank you.
Thank you.
Yes.
Yeah.
Your next question comes.
From Jason Hoffman Stein with Oppenheimer. Your line is now.
Hey, so two questions.
First kind of a Q4, so when you think about client renewals and negotiation Lisa can you think of any scenario where clients would push you for lower CPM.
Upon renewal.
Any kind of also tying to that like as a risk as we move into next year that just certain new client.
It will just delay signing and just kind of hurting visibility around next year and just how do you think about that and then attack in.
Is there any areas where ifs.
Effectively.
Yeah.
The company wants to be meaningfully bigger obviously video social.
But just maybe kind of talk about kind of feet on the ground. How you can actually push some of those.
To be a bigger part of the mix.
Okay. Okay, great. Thanks, Jason So I'll take those questions in order so let's.
First about renewals and lower CPM and the good news is is that over 90% of our renewals are evergreen and <unk>.
Testament to the stickiness of our business the loyalty of our customers and our price has been holding and we expect that our price will continue to hold.
And then in terms of new claims delaying timing that's something we don't anticipate right now is signing up new clients.
And having them activate especially as we're seeing.
Our ongoing adoption of programmatic and that our programmatic revenue continues to grow quarter over quarter, you might remember programmatic revenue actually it's a flip of a switch and it's much easier.
Easier to activate.
Okay.
Okay.
Okay.
Does that answer your question, Jason I answered the first one and then kind of the second half.
You're ramping some of the.
More higher growth aspirational areas.
Oh got it okay. So yeah another thing that.
We're very focused on is creating new teams in the marketplace. So we're thrilled with the announcements in Q2 of some of these strategic partnerships that we announced several of them are first to market. So in the audio space. If you take a look at podcast advertising.
Retiring.
And that marketplace it surpassed $1 billion in the U S. In 2022, and there is just so much demand for verification within podcast advertising and announcing both our partnership with Spotify, which is the first ever brand safety solution that will be launched.
In addition to that the partnership with Pandora that creates an entirely new Tam also extends our verification solutions into a new area that seeing high high user engagement high adoption and then the second new Tam for US is the announcement of <unk>.
<unk>, which is a leading in game advertising leader again, it helps advertisers better monitor their in game media investments.
I have to say as I mentioned before I spend a lot of time with CMO and marketers and they were just so excited to see that we're expanding both in gaming and in audio.
We can't wait to launch those solutions and we're going to continue to listen to our customer feedback and continue to hear from them where are the areas that they want us to expand and then in terms of ramping and higher growth everything that we do it is with an eye on global repeatable scalable.
<unk> as you know many of our strategic global accounts. They are fortune 500, Blue chip brands and they really expect that we're able to offer all of our products and services anywhere globally. So we'll continue to look for new teams and new opportunities for customers.
And continue to sign exciting partnerships like the ones I just mentioned.
Thank you.
Yes.
Thanks, Jason.
This concludes the Q&A portion of the call I'd like I'd now like to turn the call back to Lisa for any concluding comments.
Okay. Thanks again, everyone for joining us on today's call. We reported strong Q2 results and despite the macro economic environment, we expect to deliver solid growth and profitability for the full year Trust is at the core of what we do and marketers look to Ias as an independent <unk>.
<unk> to ensure the quality of their media and enable targeted outcomes in ROI, we look forward to updating you on our progress.
Okay.
This concludes today's call you may now disconnect.
Okay.
Okay.
[music].
[music].
[music].
[music].