Vasily Karasyov

New CFO Nate Olmstead said TTD retains a long-term focus and will invest with conviction where returns are attractive while being equally disciplined elsewhere, applying rigor to how it evaluates and allocates investments. He declined to lay out a specific long-term profitability framework, saying the company would keep investors updated as the work progresses.

Green confirmed Jacobson joining OpenAI, praised her highly. She remains on TTD Board of Directors. Emphasized TTD has been quietly assembling a strong team of meaningfully senior leaders with deep operational experience. Said recent recruiting efforts are a major source of optimism.

Green discussed clear ownership, operational rigor, streamlined go-to-market with eliminated overlap. Specific number of people assigned to every brand/agency with clearer accountability than ever. JBP pipeline greatest ever. Acknowledged need for better systems to manage product rollout pace and deliberateness.

Green described a 'tale of 2 cities': CPG/retail under tariff/inflation pressure vs forward-thinking brands in financial services, healthcare, insurance embracing measurement. Noted CMOs under CFO pressure asking tougher questions about walled garden metrics. TTD is single largest source of third-party demand for most publishers worldwide.

Green detailed the tariff impact timeline: Q4 stable, Q1 intensifying, early April volatility in auto/CPG, then stabilization. Noted TTD's large-brand concentration is short-term negative but argued volatile environments historically accelerate programmatic adoption due to agility and measurability.

Green argued Google must relinquish some marketplace roles per antitrust verdicts, SSPs will finally compete fairly, and the net effect is a healthier ecosystem benefiting TTD most.

Green acknowledged macro was a factor but emphasized TTD has outperformed in similar environments before (2022). Conceded Kokai rollout was slower than anticipated, some missteps involved people decisions.

Adam reframed to his non-zero-sum thesis -- differentiated data lifts the whole market and the gaming customer's P&L -- without directly engaging Unity Vector's runtime-signal specifics. Partial.

Adam described CTV as the holy grail for performance marketing, enabling SMBs to buy big screen and prove ROI. Still early in development; will signal when ready to scale.

Adam said ecommerce is already competitive with largest social platforms despite having only thousands of pixeled sites versus potential 10M+. More data penetration will compound model improvements through self-learning.

Adam highlighted MAX supply growing at multiples of IAP market growth through better tools, newer publishers integrating ads, and expanding ad loads.

Matt confirmed gaming and ecommerce are separate models with independent reinforcement learning and directed enhancements, potentially stepping up at different times.

Adam positioned APP as incremental to existing ad spend rather than competing for same dollars, expanding total advertiser budgets.

Management described Unity 7 as a rearchitecture enabling collaboration with coding agents; direct.

Management reported broad-based strength with nothing regional to call out; direct.

Management said commerce economics are small but strategically enhance Vector and the platform; direct.

Management declined to break out non-Vector ad revenue; deflected.

Management pointed to broad-based value delivery driving increased advertiser spend; direct.

Dan directly outlined seasonality and Tier 1/2/3 partner additions as the key drivers.

Dan said ARPU will grow faster and can rise significantly but did not commit to a specific multiple.

Charlie directly characterized the mix of incremental and shifted programmatic revenue.

Jen emphasized Reddit is a full-funnel solution and is investing in brand via unique formats, video and measurement in 2026.