Q4 2025 Viant Technology Inc Earnings Call
Speaker #1: Photo Iris know the screen, new leather brand aside, everything in between. Big channel caps, publishers all on his own. Jeff Green on the sideline, fake matching his cologne.
Speaker #1: Leather brand, leather brand, Vianney outta King. First and only platform with a machine do the thing. URL hit in a leather brand, already thinking.
Speaker #1: Two sixty million homes, live average, never blinking. Freak with shit cap perfect, they part on demon timing. Every shit get raining, don't get left in the climbing.
Speaker #1: Big, breathing loud, moving money like water. Trade dead still, waiting on a trader and a quarter. Viant AI, say it slow, let it rain.
Speaker #1: New brain online, and it just took the whole ring. Leather brand.
Speaker #2: Okay, hello everyone and welcome to Viant Technology's fourth quarter 2025 earnings conference call. My name is David and I will be your operator today.
Speaker #2: Before I hand the call over to the Viant leadership team, I'd like to go over a few housekeeping notes for the program. As a reminder, this call is being recorded.
Speaker #2: After the speaker's remarks, there will be a question and answer session. If you plan to ask a question, please ensure you've set your Zoom name to display your full name and firm.
Speaker #2: If you'd like to ask a question during the call, please use the raise hand function located at the bottom of your screen. Thank you for your attendance today.
Speaker #2: I'm now happy to turn the call over to Nick Zangler, SVP of Investor Relations for Viant.
Speaker #3: Thank you. Good afternoon, and welcome to Viant Technology's fourth quarter 2025 earnings conference call. On the call today are Tim Vanderhook, co-founder and chief executive officer; Chris Vanderhook, co-founder and chief operating officer; and Larry Madden, chief financial officer.
Speaker #3: I'd like to remind you that we will make forward-looking statements on our call today, including but not limited to statements regarding our guidance for Q1 2026 and other future financial results.
Speaker #3: Our strategy, our platform development initiatives, including Vine AI, our pipeline, and potential partnership opportunities, growth of our total addressable market, our share repurchase program and industry trends that are based on assumptions and subject to future events, risks, and uncertainties that could cause actual results to differ materially from those projected.
Speaker #3: These forward-looking statements speak only as of today, and we undertake no obligation to update or revise these statements except as required by law. For more information about factors that may cause actual results to differ materially from forward-looking statements, and our entire Safe Harbor statement, please refer to the news release issued today as well as the risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2025, under the heading Risk Factors, and in our other filings with the SEC.
Speaker #3: During today's call, we will also present both GAAP and non-GAAP financial measures. Additional disclosures regarding these non-GAAP measures including a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the news release issued today and in our earnings presentation.
Speaker #3: Which have been posted on the Investor Relations page of the company's website and in our filings with the SEC. I would now like to turn the call over to Tim Vanderhook, chief executive officer of Viant.
Speaker #3: Tim.
Speaker #4: Thanks, Nick. And thank you all for joining us today. We delivered strong fourth quarter performance, achieving new company records across all key metrics. Revenue increased 22% year over year, and contribution XTAC increased 19% year over year.
Speaker #4: Both above the high point of our quarterly guidance range. When excluding political advertising, revenue and contribution XTAC increased 28% and 24% in the quarter, respectively.
Speaker #4: And more accurately reflects the true strength of our business. Growth was broad-based across verticals. Driven by accelerating CTV demand, strong digital out-of-home, and mobile demand.
Speaker #4: Increased utilization and further adoption of Viant's addressability solutions and expanded use of the Viant AI product suite. Adjusted EBITDA increased 45% year over year, to 24.7 million dollars for the quarter.
Speaker #4: And exceeded the high end of our guidance range. Our fourth quarter performance completes a solid year for Viant. In 2025, revenue increased 19% to $344 million.
Speaker #4: Contribution XTAC increased 18% to $209 million, and adjusted EBITDA increased 29% to $57 million. While these are standout results as reported, our underlying performance was far stronger than these results indicate.
Speaker #4: Our contribution XTAC rose nearly 20% in 2025, while absorbing the effects of tariff-related pressure, cycling a difficult political comparison, and navigating the migration of a material client off-platform due to a corporate merger.
Speaker #4: We were also able to increase adjusted EBITDA nearly 30%, while absorbing incremental operating expenses associated with our strategic acquisitions of IRIS.TV and Locker.
Speaker #4: As we shift our focus to 2026, we foresee a year of accelerating performance. Attributable to a number of catalysts worth noting. First, we see a healthy ad environment, evidenced by strengthening customer demand trends observed through this point in the quarter.
Speaker #4: Our new flagship customer, Molson Coors, is live and actively deploying ad spend in the first quarter, with plans to ramp throughout the year and in the years to come.
Speaker #4: Joining Molson Coors are several major U.S. advertisers who have recently launched ad campaigns with Viant, including WHOOP, the human performance company behind world-class wearable technology.
Speaker #4: Other notable wins include a leading CTV streaming service, a national charitable foundation, and a national convenience store chain. We expect these advertisers to significantly ramp ad spend in the coming quarters and we look forward to securing additional major U.S.
Speaker #4: advertiser wins throughout the year. We also expect major tentpole viewership events to drive incremental ad spend to CTV channel this year. In February, the most watched Winter Olympics since 2014 averaged 23.5 million U.S.
Speaker #4: Viewers and the 2026 World Cup is projected to exceed a prior record of 26 million U.S. viewers later this year. Both marquee events are hosted by providers within our direct access premium publisher program.
Speaker #4: Peacock for the Winter Olympics and Fox Peacock in various virtual MVPDs for the World Cup. Furthermore, we anticipate strong contribution from political advertisers in the second half of the year.
Speaker #4: Fueled by midterm elections and the ongoing shift of political budgets from linear TV to CTV, within our addressability suite, we expect to benefit from ramping adoption and increased utilization of Iris ID, our industry-leading content identifier.
Speaker #4: And finally, I could not be more excited about the recent launch of Outcomes, our new branded AI decisioning solution powered by our AI Lattice Brain and Intelligence Layer.
Speaker #4: Which is aimed at winning performance budgets across advertisers of all sizes. Chris and I are going to spend the bulk of our time today highlighting the capabilities, features, and use cases associated with the launch of Outcomes.
Speaker #4: But I do want to provide an update on recent performance and progress across all three of our key strategic priorities: CTV, addressability, and Viant AI.
Speaker #4: The migration of advertising dollars from linear television to CTV continues to accelerate. And our platform is strategically positioned to serve advertisers capitalizing on this shift.
Speaker #4: Reflecting this market dynamic, our customers increasingly directed their purchasing decisions toward CTV, with total CTV spend on our platform reaching a new all-time high in the quarter and representing 46% of total advertiser spend.
Speaker #4: For the second consecutive year, CTV contribution XTAC increased by more than 40%—over two and a half times the broader industry growth rate. This outsized adoption reflects Viant's strategic investments in CTV infrastructure, publisher relationships, and addressability solutions.
Speaker #4: Which collectively position Viant as the platform of choice for CTV campaign deployment across the open internet. Contributing to our outsized CTV growth is the continued expansion of our direct access premium publisher program.
Speaker #4: Direct access offers advertisers an efficient, targetable, and measurable path to purchase CTV ad inventory. By facilitating transactions directly with publishers, we can bypass bid stream resellers.
Speaker #4: Allowing advertiser spend to be allocated to working media, not middlemen. Driving better returns for our clients. For the full year 2025, nearly 50% of CTV ad spend on our platform was transacted through our direct access premium publisher program.
Speaker #4: Which includes CTV streaming services from leading providers like Disney, Paramount, Peacock, and many more. Our addressability suite is the bedrock of our buying platform and includes the industry's leading audience identifier, Household ID, and the industry's leading content identifier, Iris ID.
Speaker #4: Viant's household ID, our patented deterministic audience targeting and measurement solution, continues to see strong utilization amongst advertisers and was a meaningful contributor to top-line growth in the quarter.
Speaker #4: Household ID delivers superior addressability for advertisers looking to leverage their first-party data to reach specific audiences and measure campaign performance. Our household ID is truly ubiquitous.
Speaker #4: Embedded in over 80% of all programmatic bid requests and over 90% of all CTV requests. And with 95% of all household addresses mapped to our ID graph, we can match advertisers to addressable audiences at a massive scale.
Speaker #4: With household ID offering approximately four times the coverage of competing audience identifiers, Iris ID, our proprietary content targeting and measurement solution, continues to proliferate amongst publishers.
Speaker #4: Enabling advertisers to deploy contextual campaigns at greater scale. In just over a year since its acquisition, the presence of Iris ID within the CTV bid stream has grown fivefold, reaching nearly 50% of incoming CTV bid requests during the first quarter.
Speaker #4: Iris ID empowers advertisers to target CTV inventory at the show level, going beyond the app, making it possible for advertisers to bid on unique contextual signals like emotional sentiment, tone, and brand suitability.
Speaker #4: This is made possible through direct integrations with the publisher's own content management systems. Providing Viant with a meaningfully higher resolution of contextual intelligence. Looking across our client base, financial institutions use Iris ID for brand-safe ad placement, targeting categories like fine art and family, and content that conveys inspiration and reflection.
Speaker #4: Outdoor fashion retailers deploy Iris ID for brand relevance, targeting categories such as nature and travel, and content that exudes reliability and ruggedness. Given the enhancement in performance, we have seen several advertisers and agencies mandate the use of Iris ID across the entire CTV budgets.
Speaker #4: Which is quite the endorsement. And one that is likely to incentivize further adoption across CTV publishers. In the quarter, revenue attached to Iris ID utilization increased 90% sequentially.
Speaker #4: Moving on to Viant January, we announced the launch of the fourth phase of Viant AI. Our AI decisioning functionality. AI decisioning introduces a new standard of autonomous optimization.
Speaker #4: It moves beyond initial ad campaign setup, providing for real-time campaign refinement and the technological agility to continuously react to fluid market conditions, with the goal of delivering optimal campaign outcomes.
Speaker #4: The launch of AI decisioning was accompanied by the introduction of a new branded solution, appropriately named Outcomes, which we have built to service performance advertisers.
Speaker #4: At the surface level, the user interface level, Outcomes asks for just four basic inputs.
Right based on the advertiser inputs. The lattice brain constructs the most optimal media plan by leveraging differentiated and proprietary signals unique to byant from within our intelligence layer.
Signals that support a multitude of functions.
For identity resolution lattice brain, utilizes signals like household ID and our custom identity graph.
To build and execute sophisticated audience targeting strategies, frequency capping, and sequential messaging capabilities.
For supply quality evaluation, Lattice Brain leverages our unique integrations with direct access to premium publishers and our custom supply scoring models.
These models ranked Supply paths based on impression quality brand, safety fraudulence bot activity and more.
Providing critical intelligence that informs channel and publisher mix modeling, and price discovery.
For performance enhancement. Lattice brain tests are High Fidelity signals like Iris ID along with attention and creative placement. Scoring models to maximize campaigns for viewability engagement and overall impact aligning media delivery directly to Advertiser defined outcomes
Our AI lattice brain operates against the signal set that no competing, DSP, or Standalone. AI tool can replicate.
Because it is dependent on proprietary identifiers, unique Supply Integrations and optimized intelligence that accumulates only through our integrated stack.
Importantly, lattice brain launches with this intelligence already in place activating against the mature, high-fidelity signal Foundation from day, 1.
As campaigns execute our platform continuously incorporates incremental performance data data further sharpening, precision and efficiency.
We believe this flywheel to decide execute measure and refine operating against the highest Fidelity. Proprietary signals is capable of delivering Newfound levels of add efficiency and performance that compounds over time.
Historically, advertisers and agencies have been burdened with the responsibility of manually constructing and executing ad campaigns.
They've had little choice but to navigate a highly complex and fluid bid stream.
Which operates at the Staggering speed of up to 15 million bid requests per second independently.
This is a difficult task, even with the use of our proprietary data signals at their disposal.
But with the launch of Outcomes, the onus shifts to AI and performance. Optimization becomes autonomous.
Outcomes assumes the role of media planner, trader, and data scientist—autonomously optimizing every decision in service of the advertiser's defined performance objective.
As the culmination of all four phases of buying AI.
Outcomes is a complete autonomous performance solution.
Governed by our lattice brain decisioning architecture, it leverages proprietary data signals within our intelligence layer to deliver measurable performance outcomes in a way that has not been done before.
We have built the open internet's first, fully autonomous, AI-powered ad product designed to compete for performance budgets against the walled gardens.
In a moment, Chris will discuss our go-to-market strategy and run through a few early case studies that demonstrate the effectiveness of our new outcome solution.
Before concluding, I want to briefly address the broader industry discussion around AI and its impact on software platforms, including companies like Viant.
We Believe AI strengthens businesses built on proprietary data and domain specific infrastructure. In our case AI amplifies, the structural advantages already embedded in our platform,
While an LLM may generate generic bidding logic against commodity signals, our AI operates against deterministic, household-level identity.
Proprietary content, level signals, exclusive direct access supply paths, and years of accumulated optimization intelligence.
LLMs cannot replicate a household ID covering over 115 million U.S. households.
Selectively embedded Iris ID across more than 1,400 publisher content management systems.
Or recreate direct publisher integrations representing over 75% of addressable CTV through prompt engineering alone.
While AI May transform user interfaces across categories such as crms and analytics. Dashboards atbay is not an overlay.
It is fused with proprietary data and programmatic infrastructure.
That Fusion defines, our platform architecture and reinforces our competitive positioning.
In summary, we delivered on our commitment to re-accelerate top and bottom line growth in the fourth quarter, anchored by our three strategic priorities: CTV, addressability, and Viant AI.
Our business is strategically aligned to capitalize on the industry's largest and most transformative growth opportunities, where we continue to lead and innovate.
We believe this positioning uniquely equips us to capture the next wave of brand and performance budget growth in 2026 and beyond.
With that, I'll pass it over to Chris.
Thanks, Tim. I'll provide an update on our customer go-to-market strategy, particularly as it pertains to the launch of Outcomes. But first, let's take a step back and survey the broader advertising landscape.
This year in the US, total advertising dollars, are expected to reach nearly 450 billion dollars of this 30%, will be allocated to Brand budgets. While 70% will be allocated to Performance budgets.
To date performance. Budgets, have largely been dominated by search and social wall Gardens including Google meta and Amazon.
With the launch of outcomes, we intend to compete directly for performance budgets, aiming to divert, spend to the open Internet by leveraging, a complete end-to-end view of attribution across the entire customer Journey, connecting initial, CTV exposure to final conversion.
Our go to market approach. Starts with our existing customers where we see an opportunity to drive significant organic growth as we increase their performance budgets in addition to their existing brand budgets.
Virtually all of our customers allocate spend to search and social walled gardens, as part of a well-rounded, holistic marketing strategy.
We intend to, we intend to leverage, our existing relationships to showcase the effectiveness of outcomes. And when new performance budgets from our existing customers,
This initiative is well underway and I would like to highlight a few examples of our outcomes product at work.
Over 20 existing customers have extensively tested outcomes, with a number of them implementing outcomes on an ongoing basis.
One of which is MacKenzie-Childs, a luxury home decor brand and prominent seller of tableware, kitchenware, and decorative home furnishings.
In our additional tests, we ran two separate ad campaigns for Mackenzie-Childs. Each was identical in scope, with both campaigns seeking to maximize sales conversions over the same time period with the same budget.
The only difference was that one campaign was planned, executed, and optimized by a human expert, which served as our control group, while the other campaign was planned, executed, and optimized by our new fully autonomous outcome solution.
We even handicapped Outcomes by restricting the use of retargeting strategies, which would have further enhanced performance, and yet still, the campaign utilizing Outcomes delivered a 58% lower cost per conversion compared to the control group.
Let me clearly articulate this result.
For the first for this test, the human expert campaign was able to generate a $135 sale for every $333 spent on advertising, while Outcomes was able to generate a $160 sale for every $14 spent on advertising.
A 58% reduction in cost per outcome.
So for the same budget, outcomes generated over a 180% increase in total sales versus the control campaign.
Outcomes—superior performance. First, at any given moment, amongst trillions of potential campaign configurations, by definition there must exist one ideal campaign that best allocates spend across the right channels, publishers, audiences, and content, and does so at the right price to yield the most optimal outcome.
In the pursuit of this optimal outcome, we believe
Our AI Lattice brand is simply far better at digesting and interpreting all of our proprietary data signals, which serve as inputs to inputs utilized to create the most ideal campaign.
And second, in a fluid marketplace, the ideal campaign configuration is always changing.
Lattice Brain is uniquely capable of iterating and redesigning campaigns in real time in response to fluid market conditions, at a speed that is simply impossible for humans to replicate. And therefore, it is far better equipped to continuously reconfigure for the most ideal campaign configuration, which results in driving superior business outcomes for the customer.
and another client test UMass, Global a private university, with over 19,000 students, pitted outcomes against human experts with a goal of driving High intense student inquiries
Even with a short training period, outcomes achieved an 82% lower cost per outcome compared to the control group.
Campgrounds of America, 1 of the nation's largest Campground franchise businesses, tested outcomes, during a recent holiday season.
With a goal of driving confirmed purchase events, Outcomes delivered a 76% reduction in cost per purchase event compared to the control group.
Tire Discounters, one of the largest tire and automotive service retailers in the US, recently tested outcomes seeking high intent lead events. Outcomes delivered a 43% reduction in cost per lead compared to the control group.
Quora, a biotech healthcare company, saw a 95% reduction in cost per outcome, while the Alzheimer's Association saw a 68% reduction in cost per outcome, and the list goes on.
Based on these results, We Believe outcomes is clearly capable of driving a meaningful inflection. In return on ad, spend for advertisers
As utilization scales amongst our existing customer base, we see an immediate opportunity to accelerate organic growth.
We believe that, over time, clients will move toward autonomous platforms that deliver increased performance and greater reliability in achieving outcomes.
Beyond our existing customers, Outcomes enables Viant to aggressively pursue performance budgets across more—the more than 10 million advertisers currently spending with search and social walled gardens.
And because virtually all of these prospective advertisers are yet to utilize the highly effective CTV Channel. We simply need to prove that their first dollar allocated to CTV via outcomes will outperform their next dollar allocated to search and social wall Gardens where we believe they are already overinvestment.
We are also seeing strong Enterprise adoption with major US Brands including Molson Coors and they partner with viant across a broad range of Industry verticals.
We recently announced a partnership with Whoop, the human performance company behind world-class wearable technology, where Viant was designated as their DSP of record.
We chose Buy It because they recognize CTV as the most effective digital channel for growth and value our capacity to deliver measurable incremental results via proprietary high-fidelity data signals.
With aggressive growth ambitions, Woo plans to deploy a sizable ad budget over the next 2 years, through buying platforms.
We believe major US advertisers are increasingly partnering with Viant because of our unique value proposition—rooted in independence, CTV leadership, proprietary data and addressability solutions, and AI capabilities.
To capitalize on recent momentum, we have expanded. Our Enterprise sales team is appointing tenured executive sales leaders across key industry verticals, including healthcare, CPG, QSR, retail, and travel and tourism.
These seasoned leaders bring deep, long-standing relationships with major U.S. advertisers and our task force, securing new flagship accounts.
And to best serve the diversity needs of major U.S. advertisers, who manage both large brand budgets and large performance budgets, our Viant platform remains flexible in use.
Or they can choose to leverage various individual components of our AI Suite, including AI bidding, AI planning, and AI measurement analysis, or they can choose to go all in on autonomous advertising.
Delegating the entire construction and execution process to our outcome solution, powered by our Lattice brand AI decisioning architecture and intelligence, Flair.
In closing, I want to reiterate that our long-standing vision has always been to deliver autonomous advertising to the open internet.
After years of dedicated investment, focus, and persistence, we are thrilled to be in market with a fully autonomous buying platform uniquely equipped with proprietary high-fidelity data signals.
With this new asset, we see an unprecedented opportunity to expand our total addressable market and accelerate, accelerate growth throughout 2026 and beyond, winning incremental spend from our existing customers, performance advertisers, and major U.S. brands.
And with that, I'll turn it over to Larry to provide more detail on our financial performance. Larry,
thanks Chris. Before I begin, I would like to remind everyone that we have posted a presentation on our investor relations website that includes supplemental. Financial information to accompany today's call.
We concluded 2025 with a strong fourth quarter, executing against the key strategic priorities. Tim outlined CTV addressability and Ai and translating that momentum into record financial performance.
Before diving into our detailed fourth quarter results, I will provide a high-level summary of our full-year performance.
for the full year of 2025, we achieved record results across all key metrics
Revenue totaled $344.2 million, increasing 19% year-over-year. Contribution ex-TAC totaled $208.7 million, increasing 18% year-over-year, adjusted. EVA totaled $57.4 million, increasing 29% year-over-year.
And adjusted EBITDA margin expanded nearly 250 basis points year-over-year to reach 28%.
Finally, non-GAAP net income totaled $41.1 million in 2025, increasing 19% year-over-year.
On to our results for the fourth quarter.
Revenue for Q4 was $110.1 million, up 22% year-over-year and 5% above the high end of our guidance range.
On a sequential basis, revenue increased 29% from Q3.
Contribution ex-TAC for Q4 totaled $64.6 million, up 19% year-over-year and 1% above the high end of our guidance range.
On a sequential basis, contribution from X Tac increased 22% from Q3.
Both revenue and contribution, X Tac represent. Record results in a quarterly period.
It is important to note, as Tim mentioned, our underlying business is performing stronger than our results. Reported results are primarily attributable to the difficult comparison brought about by last year's high political ad spend contribution.
When excluding political ads, spend contribution from the prior year election cycle, which weighed on revenue growth by approximately 600 basis points, and contribution ex-TAC growth by approximately 500 basis points in the quarter, revenue increased 28% year-over-year and contribution ex-TAC increased 24% year-over-year on a pro-forma basis.
New customer momentum also remains strong, as evidenced by the recent announcement of a new, multi-year partnership with Whoop, alongside a number of recently established wins with other major U.S. advertisers, including Molson Coors.
We believe these trends reinforce our strong competitive positioning and support our ability to continue outperforming the broader programmatic market over the long term.
We delivered strong performance across most customer verticals in Q4, with financial services, public services, and CPG leading the way.
Advertisers continue to select buying for access to emerging digital channels, with CTV adoption reflecting the broader industry shift toward premium addressable video.
In Q4, customer-directed, CTD purchasing accounted for a record high of 46% of total platforms' spend, with nearly half running through our direct access premium publishers.
CTV spend reached an all-time high on the quarter as advertisers increasingly prioritize CTV to drive performance outcomes.
Their media mix towards emerging digital channels, such as CTV, streaming audio, and digital out-of-home.
Reflecting the secular trend, customer-directed purchasing on our platform across these channels collectively represented approximately 54% of total platform spend for the year, up from 51% in 2024 and 43% in 2023.
Viant remains well positioned as a leading partner for advertisers moving beyond traditional display to capitalize on next-generation media formats.
Reflecting advertiser preference for high impact, measurable formats, customer-directed video spend inclusive of CTV reached a record high and represented 63% of total spend in the quarter, underscoring Viant's strong positioning to serve this demand.
Non-GAAP operating expenses totaled $39.8 million in the fourth quarter, representing a 7% year-over-year increase and an 8% sequential increase.
Notably, operating expenses include strategic investments related to the acquisitions of Virus TV, which closed in November 2024, and Locker, which closed in February 2025, both of which expand our long-term product capabilities and are intended to support long-term growth.
Excluding these acquisitions, organic non-GAAP operating expenses increased a modest 5% year-over-year and increased 8% sequentially, reflecting continued operating leverage and disciplined expense management.
Importantly, we remain focused on scaling efficiently. Even as we continue to invest in innovation across client AI and our broader technology stack, we are delivering measurable gains in productivity, increasing trailing 12-month.
Trailing 12-month contribution, X Tax per employee, is up by over 8% year-over-year. Marking 10 straight quarterly increases—a clear signal of improving operational efficiency.
Adjusted EBITDA for Q4 was $24.7 million, exceeding the high point of our guidance by 5% and growing 45% year-over-year and 54% sequentially.
Adjusted Ava daza percentage of contribution. Next TAC was 38% for the quarter above our guidance range and representing nearly 700 basis points of improvement over the prior year period.
Non-GAAP net income, which excludes stock-based comp and other adjustments, totaled $19 million for the quarter, up 37% from $13.8 million in the prior year.
Non-GAAP basic earnings per Class A share outstanding was $0.23 in the fourth quarter, compared to $0.17 in the prior year.
In terms of share count, we enter the quarter with 63.3 million total shares outstanding, consisting of 17.6 million Class A shares and 45.7 million Class B shares.
We enter the quarter with a strong balance sheet, including $191.2 million in cash and cash equivalents, $219.2 million in positive working capital, no debt, and full access to our $75 million credit facility.
During the quarter, we generated $33.1 million of cash flow from operations and $28.2 million of free cash flow, up 101% and 132% year-over-year, respectively.
We also remained disciplined in our capital allocation since launching our share repurchase program. In May 2024, we returned $59.6 million to shareholders.
As of March 9th, approximately $40.4 million remains available under our current authorization.
The intent is to continue to execute this program opportunistically, with a focus on maximizing value for long-term shareholders.
Particularly during periods when our stock is undervalued.
We believe our strong financial foundation, combined with consistent execution and a balanced capital allocation strategy, positions us well to capture growth opportunities and drive shareholder value in the quarters ahead.
Turning now to our Q1 outlook for the first quarter of 2026, we expect revenue of $83 to $86 million, up 20% over the prior year period at the midpoint.
Contribution ex-TAC of $49 to $51 million, reflecting 17% year-over-year growth. Growth at the midpoint.
Non-GAAP operating expenses of $40.5 to $41.5 million, up 10% year-over-year at the midpoint.
And finally, we expect an adjusted EVA margin as a percentage of contribution ex-TAC of 18%, at the midpoint, representing over 500 basis points of improvement over the prior year period.
The midpoint of our guide assumes record Q1 performance across revenue contribution; that's tracked and adjusted EBITDA.
I would also like to make a couple of general observations about our outlook for 2026.
In 2026, we expect contribution next tax to continue out, growth to continue outpacing the broader US programmatic market. This is, which is projected to grow approximately 13%, driving further market share gains.
We expect year-over-year growth rates in revenue and Contribution ex-TAC to accelerate sequentially as we move through 2026, primarily driven by new client onboarding. We anticipate ramping organic growth and political contribution in the back half of the year.
We also expect revenue and contribution next tax to continue, growing faster than non-GAAP operating expenses, leading to continued adjusted EBITDA margin expansion in 2026.
In closing, we delivered another record quarter executing against our strategic priorities and advancing innovation across our platform. We believe we are well positioned for sustainable, long-term growth, given our strategic alignment with secular growth trends, including CTV, addressability, and Viant AI.
And with that, I'll turn the call back over to the operator for questions. Operator.
Thank you, Larry. We will now proceed to the Q&A session. As a reminder, if you have a question, please use the raise hand feature in your controls, located at the bottom of your Zoom window.
and our first question,
Comes from Jason with Craig-Hallum. Jason.
All right, thanks, guys. I appreciate that. Maybe I'll start off just Larry where you ended that. Um, you talked several times about the opportunity for accelerating growth through 2026, maybe frame, uh, expectations for the year relative to the guide for q1 kind of what what drives that upward swing is 26 progresses. Yeah certainly thanks Jason. Um well if you break down we've talked a lot about the Tailwind. We we're having right now um and if you break them down relative to our q1 guide which can kind of speak to what we see in the future future quarters. First of all q1 we've had, we had limited contribution for Molson Coors and whoop. Um, both of the advertisers on boarded during the quarter, uh, and only have spent modestly. We expect that for both of them to significantly ramped beginning in Q2. Um similarly with outcomes uh very little contribution to q1. Um really a lot of early early stages of
Testing and as we move through the quarters, we expect that obviously, contribute nicely. Um, we've talked about other customer wins that. We haven't announced that we talked talked about them, a bit. Generically many of those are also ramping up in the second, third, second, and third quarters. So we expect to get a Lyft from from that. Um, and relative to q1, you know, q1 is historically, our lowest, uh, lowest quarter, uh, and I think this year based on our mix of clients, maybe we're we're over indexed a little bit, uh, towards customers that, uh, the customers that have a, the lowest, or the most seasonality negative seasonality in q1, which impact the q1 guy a little bit. Um, right. Certainly relative to you 4, but we we see a nice ramp up as we move through based on the new clients. We're, we're, we're, we're winning outcomes coming through, um, and starting to build up, uh, that it'll build nicely.
Pretty. We're very confident that we'll build nicely as the quarters progress, in terms of growth.
All right. Uh, good caller on that, Larry. Thank you. Um, I want to step back and maybe talk about the late-stage deal pipeline that you guys had talked about a couple of quarters ago. Just wanted to get an update on how you feel that's progressed the last few months, how you feel about win rates in deals that have closed, and then just maybe what has been your ability to add or to replenish to—
To that pipeline of additional late-stage opportunities.
Great. I would say it's who we're beating much larger competitors at late stage. Uh in in the game, we're we're always up against a very large competitor and typically you're seeing the advertisers select client for the Innovation that that we're pumping out so that pipeline continues to grow. You know, we we talked to most investors we mentioned, you know, last year around 250 million dollars of pipeline, we've closed, uh, very big wins in that some of those uh, have been delayed to this year. A lot of times when we don't win a customer, they've chosen not to make a change until a future period. Because it is a fairly big lift to change platform providers. And so, I think some of those will get kicked into the back app of this year as that, uh, determination of of when the switch if you want to add anything. I, I would just say though the, um, you know, in these pitches, it's becoming very apparent of our advantage around our proprietary data, both around household ID,
Uh, The Continuous scaling of Iris ID. Our supply quality models that doesn't get enough attention. Uh, but clients, find incredibly valuable uh our our direct access program uh, of being able to be direct to the largest content owners in the world. Um, all of that is, is really opening a lot of eyes, um, with a lot of these, uh, large Brands and really these large Brands, and I think they all have a commonality, is that they have to drive, uh, higher growth and, and
They've looked at many of them are looking at their playbook that they've run for the last four or five years, giving the largest platforms in the world most of their money. While those companies have outsized growth—the largest platforms in the world—their business suffers, um, and I think we're a great counterpunch to that. And a lot of marketers are really taking a look at the proprietary data that we have and seeing that's a, you know, a way for them to deliver more growth in the future years.
Perfect. Thanks guys. Appreciate it.
Thanks Jason.
Our next question comes from Laura Martin with NM Laura.
Okay, so these are fantastic numbers. Somebody just has to tell you that because and I'm going to ask about you versus the your growth in the quarter. So when we look at db360, there are there are third-party was down 2%. Um, the trade desk up. 13% in net revenue, you guys up 19% in net revenue, really big size difference, like you guys are tiny compared to those 2. My question is
Are you taking share from these? You just said you were taking share from these. Bigger companies said, how much of this is, um, sustainable over time? Because I sort of feel like Wall Street thinks globally—scales, large footprints have competitive advantage over smaller companies. Right now you are disproving that, but convince me that small can win at these much.
Higher revenue, growth numbers than Google and Trades—who are your, sort of, globally scaled competitors in your direct business? Because these numbers are amazing. And then, the other thing I wanted to drill down on is the Iris ID. I remember at CES a year ago we were talking—you had just bought Iris. Maybe it was two years ago—I'm sorry for getting that wrong. You said it was up 5x.
Itself to be able to run computer vision to contextualize the video, pull out emotional sentiments, and check for brand suitability. This is checking a lot of boxes for marketers. Um, most marketers, I will say, they're completely unaware of the fact that when they buy CTV, they're only able to buy at the app level through other platforms. So you can only buy the app. A lot of these large apps have 20,000–30,000 titles of content, so a brand has no—
It did higher for those Iris IDs that that are relevant for that brand. It's driving on average. We've said a 46% increase in conversion rate. Forget upper funnel metrics, like brand awareness and consideration. Just straight up conversion rate and sales. So, marketers bid up for it content, owners get more money for it. That, that increases the amount of content owners that will, then carry the iris ID.
So we're at approximately 50% now. We believe we're going to continue to scale that. We think it's reasonable that we would get to 70% penetration this year. And so, you know, the future looks really bright for Iris. And it's also really bright for our customers because they're taking advantage of that and they're driving greater returns. Again, being a buy-side player, we only care about what drives our customers' business. If we drive their business and their growth, they're going to spend more money on our platform.
So, on your first question, just can the smaller company beat the larger companies. I, I think we're proving it now, and we really believe it's sustainable over the long run, due to proprietary data. When you need, when you can only target at the app level and not achieve the performance but viant can deliver the performance. That's really a big gating item. The second concept here is that the large platforms have been self-reporting their own success that
To these brands. Meanwhile, the total sales of the brand are actually down. So these things aren't correlating, and they've had now half a decade or a decade of working with these larger companies, where this is just a continual output year after year. So they've really lost faith in the reported metrics that the platforms are using. And I think they're looking for an independent buy-side platform to help them understand what's driving success for their business. So what drives our success is proprietary data and buying AI, which is the automation, and the autonomy, where they can get way more productive with their media dollars at work.
I would add to that direct access by pulling out all the middlemen. The same dollar has more working media. They're getting more ad Impressions per the dollar than they were with uh, prior to direct access being there. It's really the combination of all of this. That's driving better efficiency. When you work with viant, relative to you, you mentioned Google trade desk or in Amazon, Amazon has a different type of perspective where they're really good at subsidizing businesses in the near term. I think you're seeing that with their 1% fees that they've been out in the marketplace or bundling of the products of AWS plus subsidization. But in the end, uh, Google and Amazon, the 2 very large platforms, that we compete with platforms sell media. We help the buyers of that media allocate. Their
Budgets appropriately across, we're only on their side of the table. We're not on the other side of the table and I think that's another thing that the Fortune 500 or large Advertiser, said, has come to grips with is like actually, I can't believe these numbers because I have a decades worth of data that says, it doesn't correlate to overall business results. And I need a partner just on my side with proprietary data and the automation of the workflows to actually improve efficiency of their business. So, I, I firmly believe that it's, uh, sustainable. I think you're, you know, when it comes to whoop, uh, we beat the trade devs when it comes to others. We beat Google. You're seeing with down on third party. So we've proven it many times, uh, and although Amazon is had a banner 2025 years, certainly in the space that I don't believe is sustainable. Over the long run as marketers are smarter and smarter to not trust a platform who's selling them Media or ads is a better way to say it. You can't.
Trust the metrics that you're looking at.
Thank you very much. Great numbers. Thank you. Thank you.
All right, next question comes from Tom White with D.A. Davidson. Tom?
Uh, great. Uh, thanks for taking my questions. Nice end of the year, guys. Maybe just with regards to your commentary about the expansion of your addressable market. You know, if I think back, it seems like a lot of the recent product innovations that you've launched were initially conceived, uh, around like kind of going towards the smaller end of the market, right? Those, sort of, those search and social advertisers. But, you know, over the last several quarters and thus far this year, it seems like you're getting traction with kind of the bigger boys with some of this innovation, or at least getting their attention. Like, you know, when you look out to '26, '27, '28...
Um, you know, uh, content owners to start embedding this, uh, you know, this idea or coming up with something similar. Thanks. Yeah, I'll answer the first one on the expanding TAM.
um,
you know, I think that you have to have what we see as a commonality. You think in big Brands, they have brand based budgets where they're looking to raise awareness and consideration for their products and services, that might pay off in a future period, but they also have performance-based budgets where they got to get sales now. Um, and really what you have to do is create ad products that address both of those. Um, and that's really what we've aimed to do. So you know and I what what if I look at these CTC Brands, many of them start only in performance but they quickly realize that they tap out.
In Meta or Google's Performance Max, or Demand Gen, or Search, they tap out there because they can't drive growth after a certain period. So then they realize, oh, we have to invest in our brand to raise our baseline sales.
And so, what we're seeing is, is that, when we go down Market to these direct consumer, e-commerce companies, we're seeing that. What they need, is, they need to tap into CTV, that's really going to drive growth for them, but they need tools, they need, they need a level of workflow automation that they're used to and some of these platforms like meta's Advantage Plus or Google's pmax. So we delivered that with outcomes. Uh, but they're tapping into a really high growth channel uh, that not only drives uh, brand awareness but also is capable.
Football, as I said, with solutions like Iris ID, they can drive the lower funnel performance for sales now as well.
So, you know what's bigger? Look, the down market, DTC and e-commerce companies are small businesses. Meta, Google—they have an audience of 10 million businesses that buy advertising from them.
If you look at the open internet, I don't know, 10,000 to 20,000 companies, uh, buy advertising in the open internet, and how many, how many companies buy television?
Maybe a thousand to two thousand, something like that.
So we're looking at addressing, we want to, we, we again, all marketers of all sizes have similar challenges. You have to create products for both. Um, but we, we see them just both equally as appealing.
On the iris ID question on. Why the why someone couldn't just copy it? Um, it's it really is the network effect of Iris ID and it's why we hit it so hard last year in, in scaling, that ID Network effects of tying the ecosystem around this identifier. And that's why getting to critical mass was so important for us in 2025, in scaling. That, and how do we do it? We we've done over 1,400 Integrations with content management platforms, all various content management platforms, even a big, uh, content owner, they'll have many uh, content platforms under underneath it. So we've done all these Integrations again, over 1400 that takes time.
The resource and effort to actually get it done—or you could just adopt the Iris ID, and every big platform would have to go do similar types of integrations to replicate what the Iris ID brings. The second area of that network effect is just the open RTB protocol that we operate in. There's only one spot for a content object ID in the open RTB protocol, and Iris ID is implemented nearly 50% of the time in that spot. So the content owner is really not incentivized to bring a second one in, because you can't even get it through the RTB protocol with Iris ID installed. So there are a number of factors there. I would just ladder it up in total to network effects of this.
Structured uh, in 2025.
Thank you. Very interesting, helpful call. I appreciate it. Thanks, Tom.
Uh, great, thanks so much, and uh, congrats—uh, congrats on the quarter. Um, first, I wanted to ask about, uh, about outcomes. You mentioned that you ran about 20 outcomes pilots in Q4, with a number of clients implementing outcomes, and you—
Think you can share maybe on the initial conversion rate and where you see that over time, and then how should we think about sort of incremental uplift to, to monetization, as you roll out this functionality across your, across sort of your broad advertiser base?
Yeah.
Other than we're beating what the current status quo is, which is manual optimization or some level of automated optimization that's out there.
To say, you know, the, the real throughput line here, um, about the performance improvements. It's the fact that we we have proprietary data signals that are extremely valuable, but when you couple that with an autonomous workflow, the speed of that is, what's driving, the improved campaign results or the performance improvements, um, and it's doing it at a level of reliability for marketers. That is way greater than that of human-based stressed out workflows what I think of the jobs of of of Traders. It really? What they're the gun that they're under? Sort of speak? They have to come up with the optimization strategies and the tactics that they're going to pull and they do that on a day-to-day basis.
And it is an absolute grind. Um, and that leads to an instability in the reliability of the metrics. Um, and really the autonomous workflows that we've put out here are really driving tremendous value, and it's what we think, uh, marketers over time are going to continue to adopt.
But if that's a—that's very helpful. And then, uh, just would love to hear your thoughts, uh, sort of on the Trade Desk–OpenAI partnership and what that means for the programmatic space more broadly, and then for your platform more specifically. And I guess, what are your thoughts on being involved in monetizing those emerging AI, uh, services.
Yeah, uh, obviously the number of users using chat. Bots is really exciting when you look at it as a brand new channel, it's kind of like social uh, when it started to originally emerge and users flock to it. So there's a ton of real estate available there for advertising. Um, I think openai's strategy in partnering with third-party dsps is kind of like Facebook's early strategy. They were a part of rtb, everyone was involved, and then they pulled it all back and went with their current go to market. So we're always a little slower, uh, and going to work with organizations like this because we're mindful that they may change strategy overnight. Like, you saw agentic checkout, uh, with uh, Commerce transactions, that's already been abandoned. So, I would caution investors about putting any level of excitement until you really see what is the ad format. How does it actually work? And and what level of data would be shared? I think what the announcement
Around the trade desk. It it doesn't really fit with the rtb protocol as as we do you would have to have sensitive user level data, be sent across usually big platforms, don't pass that level of granular information due to Consumer, privacy reasons. So the truth is we don't know what open AI is thinking here at byant. Uh we're watching but there's a huge amount of users. A huge amount of real estate in time spent and certainly a whole bunch of interesting insights that open AI knows that no 1 else knows kind of like search data is unique but when I chat with and uh an application I'm very rarely ready to buy right now I'm usually you know middle of the funnel doing some research information so although very interesting and exciting around future opportunity I don't think that's a 2026 Revenue generator in in in a large-scale way. I of course they these guys are innovating at in
Incredible rates. And so I may eat my words in the back half of the year, but we're watching.
Into it. And it appears to be chat Bots appears to be a brand new channel that's opening up tons of available, inventory for advertisers to get at, uh, after. So as we learn more and go throughout the year, we'll certainly participate. Where it makes sense where, you know, relative to trade desk. I think sitio who's actually been announced. I do want to say trade desk was a rumor, uh, and interesting timing.
There. But Sitio has been announced—that makes more sense around product listing or shopping-based ads that they could provide, given CIO's customer base. So Sitio feels more like a natural fit. I would say Trade Desk compliance seems a little bit different.
Uh, that's very helpful. Thank you. Thanks, Maria.
Our next question comes from Matt.
Into our... Just, how do you see that shaping up here in 2026 and 2027? Why aren't they as big a threat as maybe, uh, the media seems to portray them?
Well, I—I don't want to say they're not a threat. They are a threat. Uh, they're subsidizing, they're subsidizing their products, they're doing the bundling strategies that Google executed, so it definitely is a threat. And it might—we're paying a lot of attention to Amazon.
So, I don't want to discount Amazon as a competitor in the space, like some others have. I think, you know, we do focus on Amazon, but what Amazon knows—they know a lot about customers of Amazon, they know very little about all the other retailers, like Walmart, CVS, all these other products. And so, if you're a QSR, is Amazon DSP a good fit for you? Likely not, based on the proprietary data that they have. If you're a product that is sold through Amazon, Amazon DSP makes a lot of sense to actually partner with, to track the sales and reach, you know, consumers on Netflix or some of the other platforms. I caution the other big content owners out there because if Amazon runs the same playbook as Google, what they do is they say Prime Video outperforms every other app on the buy, and it's all about by doing that integration. We bought the ad, but hey, the ROAS was not as good as Prime Video. I can be—
Basically, what the report is going to say is that, as long as they follow that same strategy—and they have been. So, I think they have a major trust issue when it comes to the metrics that they're reporting in the platform, if the transaction doesn't happen on Amazon.com. That being said, a lot of products and services are sold on Amazon, and I think it makes sense for those customers to use the Amazon DSP in that way. But if your product is also sold in 50 other retailers, the Amazon DSP really isn't a good fit for you.
Great. That's that's very helpful and then just to follow up on. I believe when you landed Molson, they talked about findability being like, the key metrics. That was the reason why they went with you guys for whoop. Was there a similar metric? That they found? That? What? What was the product that really got them over the goal line to go with buying. Thanks guys. Yeah, so they had a, they they had a, a huge focus on CTV. Um, this is a growth brand, they're very focused. They're they're a fast growing company, they're very focused on continuing to grow their brand. Uh, and then CTV, what do you want you you want to address ability. Both in terms of, I want to reach the right households, the right people and then I also want to know what type of content they're consuming. So I can make my ad relevant to that content that drives performance. Um, so the heavily looked at address or addressability Solutions uh that that you know, a lot of clients kick the tires hard on that uh right now um and they see our scale relative to other players. It's ours is dramatically low.
Longer, um, and one of the big reasons is we've been at this. This isn't a two or three year effort. We've been at this for over 10 years. We're a leader in this space. Um, so I expect many more, uh, brands to continue to focus around addressability. A lot of people think addressability is just for targeting. The, the largest advantage of addressability is measurement—for you to truly see: I showed a CTV ad, did I get a sale? But it's not just that, it's—what else did they do in the journey? Oh, we showed a CTV ad, they then went to Google search later, were exposed to a social ad, and then purchased. That level of visibility that you can give to a marketer to help them properly allocate their money accordingly is incredible. Without an addressability solution for measurement that we offer, they will continually just put money to whoever showed the last ad, which marketers are increasingly not falling for anymore. I just want to add to that too, not—not about whoop, but about most
And it really surrounds the addressability solutions of IRIS. If you're a regulated industry, like alcohol, you cannot show ads in children's content, and so IRIS becomes a critical content identifier as well for you to actually deploy money with confidence that you're not going to get a fine for showing ads in children's content. It's the combination of these two proprietary data signals that we have that's really pulling the large enterprise customers our way.
Okay, our final question will come from Barton Crockett with Rosenblatt. Pardon?
Okay, thanks for squeezing me in. Um, so I was, uh, wanting to ask two questions, really. First is, um, just looking at the growth rates that you're talking about, you know, uh, CVX political or Contribution X Tax Act ex political up 24% in the fourth quarter, but slowing.
The first quarter.
Um, do you see the ex-TAC revenue number, you know, at some point returning to what you were doing in the fourth quarter, and
Uh, you know, I know there were some seasonal factors in the first quarter, but, you know, that is kind of a notable slowdown. So I was wondering if you could address that first,
Yeah, first is, it's just the makeshift of our advertisers in the way that they spend their money.
Money. So if you look at our uh, contribution X Tac on an annualized basis of 2025, we're going to out, you know, hopefully outperform that in 2026 given the customer wins. And as we mentioned, woop Molson Coors some of the large advertisers were. I don't want to say diminishing q1, but you know, slowly coming on learning understanding how things go. So those ad spends will kick in in the uh later quarters. And so, I think the biggest thing to take away from our call is we're going to grow these numbers sequentially throughout the year. And as you look at the second half political really kicks in about half, the money is spent in Q3 and about half. The money is spent in Q4, roughly is the way that it goes all the way up until that election cycle. So I would really caution everyone to look rather than quarter to quarter when you look at Advertising based businesses, there is some seasonality, there's some mixed shift of the various advertisers on on our platform. That's really driving the q1 number that you're seeing
I can tell you the pipeline is strong. The growth of our business is very strong, and we think we'll deliver just like we did last year. Okay, thanks for that. And then, one of the things I was just wondering about in terms of
Uh, the LLM debate, um, you know, you mentioned that, um, it might be easy for an LLM to, to fight code and interface, but the value's really, you know, elsewhere—kind of the data, and this, presumably, the execution. Um, would it make sense for, you know, someone like Viant.
To perhaps use an LLM, though, as an interface—as a way to perhaps penetrate.
Clients that are not wedded to the Trade Desk interface, you know, at the agency level.
Um, that's essentially to be an mCP where the execution is through you, but maybe the front end is Clawed. Um, you know, is that conceivable? Could that be an opportunity over time? Um, or is that something that's just not on the table because of the risk of them getting too much leverage or, you know, scraping your data.
No, look, the Viant AI interface is an LLM interface today. Uh, the users of that
Interface are not interacting with.
Traditional self-service user interface. So I think we've already delivered on that. It's getting users comfortable with that. I hate to say old—
It's die-hard. But people like to click buttons—it's just a lot of work and they want to know, is there a hallucination in the data? So, a lot of this is test and learn, and users getting comfortable with this new interface is a big one. As far as an mCP, it's certainly going to be a big factor in the future. We're thinking about it each and every day. But—
Again, these the the market is moving so fast quarter to quarter, uh, you kind of have to project out and so I I think it it absolutely. If the interface is your moat, you're in serious trouble in 2026 this year and in the in the outer years. So I think we have a lead there. Um, we've delivered it you know, I think 18 months ago or so uh we delivered that interface to customers for them to initially test and learn on and people love it because there's no training, there's no certification, you don't, you don't need to go to trade desk Academy for 2 weeks, and still make mistakes after that. So, I think, overall the interface interfaces are dead. Dashboards are dead. You really want an llm to deliver the info. And I would, I would just say, you know what we're doing today.
If you look at a digital advertising and programmatic, um, these are, there's, these are human workflows. There's entire organizations that are built around these human workflows when Tim saying old habits, die hard all, although, there's an incredible amount of innovation. Uh, and, and I believe that we're leading in that. We are the ones who are bringing moving from a human based workflows to autonomous workflows autonomous base word, autonomy. Whereas all of Tech going it's going, it's going autonomous. So we are leading their
But over time, it does make a lot of sense. That a, that an agent will come to the infrastructure that provides all of this. And we'll want to go to infrastructure with Incredible proprietary data, which we also have. So we, we do look to enable that uh in the future. And let me just add, we believe that llm is the commodity. It's the proprietary data on top of that llm, which is unique or the application layer tied to the the rtb infrastructure that we actually have. And I think, you know, getting to Chris's Point here around humans right now you have humans in a 5-step process. The human is in the middle of it. All we've taken the human out of the middle and put it at the very front of the line. You set the guard rails, you set the goals and then you let autonomy actually happen. And so that's, that's really the big difference that I see that llm mode that they have is with consumers, chat GPT has 650 million consumers, spending tons,
Of time per day on that. That's, that's not commoditized. That's very valuable as a media seller. Uh, but for us from an enterprise perspective, the LLMs are commoditized. I could swap out Gemini with, uh, OpenAI. I could swap out OpenAI with DeepSeek. It doesn't really provide very high levels of difference in the outputs that's there, or noticeable levels of difference in quality. So, to me, from an enterprise perspective, the LLM is the commodity.
Proprietary data is the most and I think the commodity piece, is it the reasons why many of them give you back the same answer, um, is that they're all trained off of the same data, you know, they're all trained off of scraping the web, all of them. Um certainly You could argue some of them have certain proprietary data assets, certainly um but that is very I I think that's becoming understood that that is the piece that is commoditized but that said we do your core question will, we enable third-party agents to be able to intersect and interface through an mCP into our infrastructure? Yes.
Okay, that's interesting. Thank you.
Thanks Barton.
That concludes the Q&A portion of the call. Thank you.
Thank you, everybody.
Have a good evening.