| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | August 6, 2026 | 4/12 | 2 high, 2 medium, 1 low flags | 0 | 0 | Call sheet → |
| Q1'26 | May 7, 2026 | 10/12 | 2 medium, 4 low flags | 4 | 0 | Call sheet → |
| Q4'25 | February 25, 2026 | 8/12 | 1 high, 3 medium, 2 low flags | 6 | 0 | Call sheet → |
| Q3'25 | 2025-11-06 | 6/12 | 5 medium, 3 low flags | 4 | 1 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q1'26 | Delivered | Headcount growth below revenue growth Reaffirmed commitment and maintained operating discipline |
| Q1'26 | Delivered | Continue opportunistic share repurchases $164M repurchased in Q1, consistent with prior commitment |
| Q1'26 | Delivered | Full year 2026 adjusted EBITDA margin approximately in line with 2025 Raised guidance to 'at least 40%' which is above 2025 levels |
| Q1'26 | Pending | Push forward structural shifts in CTV, retail media and cleaner supply chains Some partnerships announced but no material revenue impact disclosed |
| Q1'26 | Exceeded | Deepen relationships with largest advertisers through JBPs Record 45 JBPs in March alone, 55% YoY growth in total count |
| Q1'26 | Pending | Continue driving performance through Kokai and AI road map Mentioned agentic partnerships but no concrete product releases or performance metrics |
| Q4'25 | Delivered | Deal Desk rolling out globally Two biggest German SSPs integrated, 35% performance improvement |
| Q4'25 | Delivered | JBPs growing significantly faster than non-JBP accounts JBPs now well over half of business, pipeline doubled |
| Q4'25 | Delivered | International growth outpacing North America International grew to 16% vs 13% in Q3 |
| Q4'25 | Delivered | CTV growing faster than overall business Maintained throughout 2025 including Q4 |
| Q4'25 | Delivered | Q4 adj EBITDA ~$375M Hit ~$400M, beat by $25M with 47% margin |
| Q4'25 | Delivered | Q4 2025 revenue at least $840M Hit $847M, exceeded guide by $7M |
| Q3'25 | Delivered | Strengthening leadership team and operational rigor (Q2 2025) Added new CRO Anders Mortensen, implemented weekly reviews and quarterly operations cadence |
| Q3'25 | Exceeded | OpenPath material spend flowing through platform (Q2 2025) Grew by 'many hundreds of percentage points' though still no specific volumes |
| Q3'25 | Exceeded | Deal Desk gaining strong traction (Q2 2025) Now reporting 35% better performance vs Solimar with 20+ publisher integrations |
| Q3'25 | Delivered | Full Kokai transition completion (Q2 2025) 85% adoption achieved though not the 100% implied originally |
| Q3'25 | Missed | International growth outpacing North America (Q2 2025) International mix declined 100bps despite claiming faster growth - either growth differential narrowing or base effect |
| Q3'25 | Pending | All clients using Kokai by end of 2025 (Q2 2025) Now at 85% 'as default experience' with hedged language, timeline appears to be slipping |
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