Integral Ad Science at Oppenheimer Conference: Strategic Growth Insights

On Tuesday, 12 August 2025, Integral Ad Science (NASDAQ:IAS) participated in the Oppenheimer 28th Annual Technology, Internet & Communications Conference. The session, led by CEO Lisa Uch Schneider and CFO Alpanna Wagner, provided insights into IAS’s strategic evolution, highlighting both opportunities and challenges. While the company reported impressive growth and technological advancements, it also faces the broader economic environment’s uncertainties.

Key Takeaways

• IAS reported a 16% top-line growth in Q2 2024, with strong gross and EBITDA margins.
• The company has paid off its long-term debt and extended its credit facility to $300 million.
• Integral Ad Science is investing in AI to enhance product capabilities, focusing on social media, programmatic advertising, and CTV as growth drivers.
• IAS’s technology for pre-bid solutions is commanding premium prices, particularly in context control and multimedia classification.
• Over 50% of IAS’s revenue on TikTok is international, mitigating potential risks from a US ban.

Financial Results

• Q2 2024 Results:

- 16% top-line growth with gross margins in the high 70% range

- EBITDA margins at 35%, aligning with the midpoint of guidance

• International Performance:

- Social growth at 22%, driven by EMEA

- Publisher growth at 36%, boosted by Publica

• Debt and Credit:

- Long-term debt fully paid

- Credit facility extended to $300 million, with potential to increase to $550 million

• Efficacy:

- Eight times more efficient eCPM observed

- $9 return on ad spend, 93% higher than customer targets

Operational Updates

• Product Innovation:

- All new products launched by the end of Q2

- AI classification models now 98% faster and 45% more accurate

- Processing over 40 years of video content daily

• CTV Growth:

- CTV identified as the fastest-growing channel

- Renewed partnership with Samsung for two more years

• Oracle Wins:

- 70% win rate in competing for Oracle customers

- Secured over 75 accounts

• Mid-Market Expansion:

- Over 30 Oracle employees hired to boost mid-market growth

Future Outlook

• Growth Vectors:

- Focus on social, programmatic, and CTV as key drivers

• AI Investment:

- Continued investment in AI to enhance product capabilities

• International Expansion:

- Leveraging international footprint for scalable, repeatable product launches

• M&A Strategy:

- Evaluating opportunities with a "build, buy, partner" approach

- Interest in CTV, outcomes, and complementary datasets

Q&A Highlights

• Pre-Bid vs. Post-Bid:

- IAS commands a premium price for pre-bid technology

• CTV Opportunity:

- Significant growth potential in international markets

• TikTok Exposure:

- Over 50% of revenue from TikTok is international

• AI Impact:

- AI offers a unique value proposition, with ongoing brand engagement

Readers are encouraged to refer to the full transcript for more detailed insights.

Full transcript - Oppenheimer 28th Annual Technology, Internet & Communications Conference:

Jason Helplstein, Opco: Good morning, everyone, and thank you for joining us with the fireside chat with IAS, Integral Ed Science. I’m very excited to have CEO Lisa Uch Schneider and CFO Alpano Wenger. The format this morning is, fireside. So, I’ve got a number of questions prepared. If you do have questions, you can put them in the chat, which you can see the link down below or feel free to email me at jason.helplstein@opco.com.

So with that, thank you very much for spending the time with us. So, Lisa, you know, we we’ve covered you since the IPO. Many clients are familiar. But for those who are not familiar, maybe just give us a brief overview of IAS and its value to clients.

Lisa Uch Schneider, CEO, IAS: Sure. Thanks, Jason, for having us. Hi, everyone. I’m Lisa Schneider, CEO of IAS. Thank you for having us today.

I’ll give a quick intro of the company, then I’d love to have Alpanna, our new CFO, introduce herself. So I guess we’re a leading optimization and measurement company. We are global, and, also, we’ve been public for the last, four years. Our core customer base are global brands. So think of global advertisers like Nestle, Coke, AT and T, as well as we have a robust publisher business.

And what we do is we do a few things. So as a global advertiser invests in digital advertising across the entire digital ecosystem, we ensure wherever their digital ads run, could be the open web, could be social platforms in CTV, the ads are viewed. They’re viewed by human and not a bot. There’s no fraudulent activity. And then also their brands run adjacent to brand safe, brand suitable content.

In addition to ensuring we’re protecting a Coke’s brand equity, we are also double down on in performance because as we know, brands, they deeply care about getting the most for every dollar they invest in digital advertising. So ensuring we’re helping the brands drive higher efficiency, higher ROI, higher outcomes with their digital advertising investments. So with that, that’s a quick intro, Jason. But, Alpanna, would you like to introduce yourself?

Alpanna Wagner, CFO, IAS: Yeah. It’s great to be here and, excited to be here with IIS. I’m Alpanna Wagner. I joined IIS in, June as a CFO and, come from a background of tech and mid cap companies in a variety of different industries across cyber, h c I, HCM, HCIT, and, CRM systems. But super excited to be here.

I’m really excited about the opportunity with IIS and our ability to drive our growth strategy, to to create, you know, additional value for the organization.

Jason Helplstein, Opco: Right. I’m glad to be working with you and happy to have you, your first public appearance. Yes. First visual public appearance. So, I mean, Lisa, maybe talk about, you know, when when the company came public, it had a I wouldn’t say limited, but, like, a certain set of tools and products.

It has evolved a lot since then. And we could even kind of kind of talk about, you know, pre bid versus post bid because that’s probably been the the biggest evolution in the products. Maybe just kind of talk about that a bit.

Lisa Uch Schneider, CEO, IAS: Sure. Happy to take you through the evolution over the last four years. A couple of callouts, and this was all reflected in our q two earnings. We had our call last week. Happy to take you through those results.

But what’s clear is, we are innovating and investing on behalf of our customer base, both the global brands and the publishers, and there are core areas where the brands are doubling down and investing in their digital advertising budgets. The first is social. So when you take a look at where users are spending a disproportionate amount of time, and I know I see it in our household with two daughters, It is on the major social platforms, Meta, TikTok, YouTube, Pinterest. I could keep going. Reddit.

And as the brands invest in the social platforms, they wanna make sure both prebid and postbid, again, that IS is sophisticated technology. We are detecting all of the inappropriate stuff to ensure that the brands are running adjacent to high quality media. Second area of investment is programmatic or performance. And, again, as the brands double down and invest in programmatic, especially with the lens on video, both video and programmatic, CTV programmatic video, as well as short form video, doubling down on prebid performance products, again, that help the advertisers, not run adjacent, reduce their media wastage, but more importantly, connecting the dots between media quality to media cost drives higher outcomes, higher ROI for the brands really matters. And then the third growth vector is CTV.

CTV is the fastest growing channel in the digital industry. Again, I see it in our house with Netflix, Amazon Prime, and the brands, they are shifting billions of dollars over from linear TV to CTV. I believe the CTV marketplace today is roughly a $30,000,000,000 business, and we continue to invest again within the premium platforms like Netflix, like an Amazon Prime, as well as we have a leading CTV platform called Publica, which we acquired four years ago shortly after becoming public, where we’re helping major OEMs like a Samsung drive up their optimization in the yield. So those three growth vectors of social, all things performance related to programmatic, and CTV are tailwinds for our business with an incredibly long runway, for us to continue to innovate and scale the business.

Jason Helplstein, Opco: So there’s a lot there. So so let’s unpack it. So I think initially, the idea of, like, post bid was almost like, okay. This is something we need to pay for just to kinda keep, like, our publishers or, let’s say, our our, like, DSP honest. Right?

Where the prebid, you’re bringing, like, intelligence strategy. And so are you able then to price prebid at a premium to post bid? Because you could argue it’s more strategic to the to the advertising strategy overall?

Lisa Uch Schneider, CEO, IAS: So great question. So, again, the way to think about, on behalf of our customers, the brands, they wanna ensure, again, wherever they’re running their digital advertising, open web, social, CTV, IS, we’ve got their back. We have their back both in terms on a prebid level so that they are bidding on the highest quality media that drives the highest ROI. They’re also activating prebid capabilities, so our core verification solutions. Yep.

Nestle, your your ads will be viewed, viewed by human, adjacent to brand safe, brand suitable. And then on the post bid measurement side, we confirm exactly what they activated pre bid happens, post bid. We command a premium price for our sophisticated technology. So premium prebid segments like context control, contextual contextual avoidance, or the types of contextual environments you wanna reach run adjacent to or things like our multimedia classification technology that we’re running in the live feeds of the social platforms, we command a premium price.

Jason Helplstein, Opco: And then I think there’s maybe a misperception in the market that you don’t need this technology for CTV. Because, hey, everything, you know, Amazon has everything Netflix has and CTV or just everything in CTV is premium and safe. Like, why is that not true, and why is your solution, you know, so important for CTV?

Lisa Uch Schneider, CEO, IAS: Yeah. Great question. So, again, the brands, they deeply trust IES. We play a critical role as an independent third party player in the digital ecosystem where we are holding the platforms accountable so that the platforms aren’t grading their own homework and that those platforms could be DSPs, social platforms, the CTV platforms. And the brands deeply care that our solutions are integrated across the entire digital ecosystem wherever they’re investing their digital advertising.

And to your point, Jason, CTV, as I said, fastest growing channel, the brands absolutely want our solutions embedded in the CTV platforms, whether it’s premium inventory and as the platforms like a Netflix, like an Amazon, open up to more programmatic CTV inventory, they absolutely want our solutions there so that our we continue to provide the great service that we’re providing our brands.

Jason Helplstein, Opco: So I I have a question for you. You know, as I’m sure you’re you pay a lot of attention to the metrics around, you know, how many, you know, calls are we making and what is our close rate. Have you seen any change? Like, how would you guys describe this environment when you’re looking at, like, the rate of, you know, deals closed, whether it’s, new deals, renewals, you know, just any kind of thoughts on how the macro is affecting, kind of deal close rates and and success rates.

Alpanna Wagner, CFO, IAS: Yeah. As Lisa just mentioned, you know, we are continuing to see positive demand as our brands continue to focus on driving ROI efficiency and performance. You know, as a CFO, I can, say, even as a as an organization, as a company, you partner with the CMO in terms of how best to use your ad and your media spend. And, and those differentiated products that we are, going to market with that are driving, the opportunity for the brand to protect its, brand, its equity, its reputation, as well as drive performance, We’re continuing to see strong demand in the market for, and that those are the products, as Lisa mentioned, that are at the higher ECPM because they are they are returning a a very correlated return to those to those buyers. We’ve also seen strong adoption across our product portfolio as we are launching new products.

All products this year were launched earlier than any other year that we’ve that we’ve seen, all being launched by in q two or sooner, and seeing, nice ability to expand the customer base. We see that in our NRR rates as well as, differentiating in in new logo opportunities as well. And so our our products are more relevant than ever, and we’re excited about the demand that we’re seeing and continuing to, serve our existing customers as well as new customers with differentiated products.

Jason Helplstein, Opco: And would you say, like, did you see any kind of hiccup in the business based on tariff concerns, or it was kind of business as usual in the second quarter?

Alpanna Wagner, CFO, IAS: Yeah. We have not seen it’s certainly top of mind for everyone. Right? As you have conversations and dialogue, what we’re seeing is that there’s not a pullback of budgets. We were we were really happy with our q two results with 16% top line growth, continuing to see, like like we’ve been talking about here, just that shift and focus, and that’s where the dialogue is going in terms of where do you want your media budgets to go.

But not seeing any any, pullbacks in terms of the the more macro environment. We we we we noted in our q two earnings, we did see financial services and retail verticals that have strong performances, which we viewed to be a positive indicator in terms of the macro and the the media spend.

Jason Helplstein, Opco: Lisa, you gave a I thought a really good example in the earnings call that, you know, you saw eight times more efficient eCPM and and a $9 in return on ad spend, which was 93% higher than, like, this, you know, customer’s target. So, like, when you think about those, those are, like, those are very high ratios. Right? Like, if you sell three or four times, that’s great. You’re talking about eight times.

So is that example that you were trying to give kind of making the point that there is, like, if you do not use IAS, there’s a high likelihood that you’re gonna generate an enormous amount of waste with your ad spend.

Lisa Uch Schneider, CEO, IAS: Yes. So with that, it goes it it basically reflects the point and thanks for listening in, Jason, on the earnings call last week. It basically reflects that point I was making earlier that we are so invested both in the insurance for the brands, protecting their brand equity, brand reputation, as well as performance. I can’t emphasize enough how much the performance value proposition matters for our customers. And equally, if not more important, is we need to continue to invest in demonstrating how we’re offering and delivering performance for the brands.

Our working thesis has always been, Nestle, we are going to help you run your digital advertising wherever you’re running it, higher quality media, hot bringing down the cost, taking a look at the cost, and driving higher outcomes. And we’re so committed. All of the investments that we made in our performance products, it is a flywheel effect. It is reflected both in the 16% growth for q two that the team we put on the board as well as 16% growth of optimization. Our customers, they’re leaning into our products.

They love the performance functionality. They love how we’re investing in AI, and we’re providing greater solutions that enhance their ability to drive up the outcomes with a more dynamic optimization capability in place, and we’ll continue to invest in that.

Jason Helplstein, Opco: And when we see, like, Vaub, probably one of the the more often questions I get from investors is, like, investors are surprised, sometimes with the quarterly volatility and the revenue growth rate. In that, this is typically, like, it’s an always on spend. You have contracted CPMs, albeit, you know, volume can can fluctuate. But, I mean, maybe talk about when you do see kind of, you know, surprise to the upside, surprise to the downside. Like, what what tends to be the driver of that on a quarterly basis?

Lisa Uch Schneider, CEO, IAS: I can speak to one point, then, Alpanna, feel free to chime in. So you were speaking to demand before. Another important differentiator of IS is our international footprint. We have been embedded in the major regions of EMEA, APAC. We’ve invested in emerging markets for many years.

And, also, we are so committed to the products that we launch and roll out. They’re global, scalable, and repeatable. And what I mean by this, Jason, we have brands that have adopted our products in over 100 markets in dozens of dozens of languages. That’s real scale. And you take a look at that international, expansion and the fact that social, we had 22% growth in second quarter.

Our prebid social optimization, we doubled the number of advertisers quarter over quarter with over 50% of those advertisers sitting in EMEA. So what’s so important is we continue to invest in international, and we continue to drive that scale. And we’re not just seeing in social. This is another, like, great I won’t call it pleasant surprise because we’ve been investing in these bets and priorities. But Publisher, we saw 36% growth in Publisher in second quarter.

Publica being the tailwind important tailwind for that growth. And we put we announced on the earnings calls a few international wins from Publica because we’re investing in boots on the ground both in EMEA and APAC. So international, it’s been a real strength. The investments that we’re making are paying off, and you can see it in our numbers, and you can see it in the adoption by the global brands. Anything else, Alpanda, that you’d like to add?

Alpanna Wagner, CFO, IAS: No. I would just the only thing I would add is really from an, overall fundamentals in the business, you know, on an annualized basis, double digit growth. We’re continuing to be committed to that at, high margins, high 70% gross margins, and EBITDA margins that are, at for the for this year, 35% midpoint. So, you know, an an almost kind of approaching rule of 50 company on an annualized basis. And so while there might be some, quarter to quarter impacts in terms of timing and mixes, and also adoption timing of new customers across new products and and in the new market segments that we are, that we’re investing in, we, on an annual basis, feel very, very, pleased with where the performance of the business is is going.

Jason Helplstein, Opco: So, I mean, you know, generally, we’d say, like, oh, is there one, you know, kind of product that you’re the most excited about, you know, over the next two years? Or or is the answer simply like, the portfolio is is so big, you know, or is is gotten much bigger. You know, you’ve got social, you’ve got CTV, like, there isn’t either one area that you’re the most that you think kind of grows the most over the next two years, or it’s really like the broad adoption of the products? Yeah. Think Either Lisa or

Lisa Uch Schneider, CEO, IAS: Go ahead, Alpin.

Alpanna Wagner, CFO, IAS: I’ll I’ll start because my my answer is gonna be yes. I I’m excited about the, multiple levers of growth that we have here. That’s one of the reasons I joined IIS. To me, it’s exciting that we’ve got runway with our existing customers with a product portfolio that’s continuing to evolve and meet the, anticipate meet and anticipate the needs of the customers, and partners of ours and the platforms. It’s exciting to me that we are expanding market wise into both an international perspective, both existing global brand expansion capabilities and opportunity and runway, but also, emerging markets and and, being differentiated and and, having a leadership position from an international perspective.

And then we have expanded, into the mid market. We saw some really nice wins last year that we’re seeing the benefits of as we go into the first half of this year and and brought and and and and even into the future, both from their onboarding activation, adoption, but then also expansion. We’ve seen many of those customers come in through the measurement side and then adding our performance products, which results in the optimization revenue. So I’m excited about the multiple levers of growth opportunity here. That would be the thing that excites me, but Lisa might have a a a product perspective as well.

Lisa Uch Schneider, CEO, IAS: Yeah. I mean, I can’t choose one product or the other because it’s like choosing one child or the other. You don’t pick your kids. But what I will say to add to what Alpanna said is AI. So what excites me the most, and we could spend two hours talking about AI, Jason, is just there are few

Jason Helplstein, Opco: have 20. So yeah. That.

Lisa Uch Schneider, CEO, IAS: So with AI, science is in the name of our company. We have been leveraging AI for years. The majority of our products are powered by AI. Majority of our new products are powered by AI. All of our new products shipped by mid q two.

And then also we talked about on the call our AI classification models. And the fact that we’re leveraging AI even more to create more sophisticated classification models, they are now 98% faster. They’re 45% more accurate, and we are processing forty plus, years of video content per day. When you take a look at two years ago, we were processing, less than, two years of content. Fast forward to today, forty years of content.

So I’m sure you’re sitting there, Jason, thinking, what does that really mean for the brand? So what it means for the brand is that we are able to detect the inappropriate stuff more accurately, faster, at higher velocity, and stay in lockstep with this shifting world of AI that we’re living in and providing additional value, for our customers. The one other thing I’ll say about our multimedia classification, and I spoke to this on the call too, is because we are so invested in AI. We are an AI first company with our labeling, for example, how the technology labels content. We’re removing the human from that process and making it more AI first from a labeling perspective.

And, again, it it improves the accuracy rate, the velocity rate, and it provides more sophisticated technology for the brands. And the brands are thrilled with the investments that we’re making in AI, and we’ll continue to invest.

Jason Helplstein, Opco: So we can let’s we can unpack a few ways. So one of the areas that’s been interesting since the social platforms have have been moving towards nonhuman moderation and AI moderation. The question be like, oh, well, you know, does it really, like, increase the risk of, you know, inappropriate content? Hence, you know, one would think that your products would be, you know, e even more important. Right?

So I don’t if there’s something to talk to there. And then I wanted to spend a minute on kinda, like, the efficiency side on AI.

Lisa Uch Schneider, CEO, IAS: Yeah. So with that, I mean, just think about it as we’re leveraging AI as attack platforms for their AI to identify, again, more appropriate content for the brands to run adjacent to. We view AI as a tremendous opportunity to provide differentiated value, incremental value for the brands that could create new runways of opportunity for the company. And we’ll continue to engage with the big brands, hear their feedback directly, both in terms of what I was talking about before with multimedia classification. But, also, we’re receiving a lot of feedback from the brands with things like as the tech platforms.

Think of Google Pmax or Meta. They’re using AI, as a way to hit the brands, achieve the brands’, KPIs, but do it more black box behind the curtain. And feedback for brands is get integrated IS more deeply into the tech platforms so that you can help us have a better understanding how the tech platforms are leveraging AI to achieve our outcomes so that we can understand how they’re using AI. So, again, we’re in the business of trust. The brands are leaning into IS related to all things AI, and we see it as an opportunity.

Jason Helplstein, Opco: And then, Alpanna, how do you think about AI from a productivity enhancer on the financial side? And, again, the answer might just be, hey. We take all those savings and we reinvest them back in, but just may maybe a touch on that.

Alpanna Wagner, CFO, IAS: Yeah. So I think to to all the positive aspects that Lisa just mentioned that hit the top line, right, anytime a customer is getting value out of what we’re providing to them and being pleased with the enhancements that we’re making that will even serve them better, that at our scale, and with our margins is gonna, lead to additional, opportunity from a margin perspective or, a reinvestment opportunity. But the way that I see it is, you know, and Lisa gave a really nice example there with the labeling. To the extent we have the the we create the opportunity for ourselves to make that decision. Do we wanna reallocate resourcing and capital, or do we want to reinvest it either in product, go to market, or other areas is is is what we tend to, look at all aspects of the business through a lens of.

We’re really pleased with our 35% EBITDA margin that we had in q two. As you know, we raised our guidance both on the top line as well as the EBITDA in holding to that or consistently providing for that 35% margin. The the opportunity that I see also is to continue to drive the scale in the business as we expand and grow by enabling AI also internally. So one of the things that we’ve done is it’s not just in our product, but it’s in everything we do. And it’s across the entire organization that everyone in the company is, you know, positioning themselves to status, to challenge the status quo.

And how can we use AI, whether that’s in a finance organization or a, business ops organization, in our, customer success parts of our organization, our internal IT is looking at the various different AI capabilities that we either already have in house or are evaluating on how those can be deployed across the organization and really drive our ability to serve our both our internal and our external customers even even in a more efficient and effective. That’s that’s probably the most important part here is we are not giving up effectiveness or experience from a customer perspective just for the efficiency. But the efficiency to me is, kind of the the the the gravy on top in in that we get to then determine how do we wanna reallocate those dollars, whether it’s internal or to the bottom line.

Jason Helplstein, Opco: Let Lisa, let’s spend a moment and talk about TikTok. You know, I know it’s definitely been an important platform for you. So maybe if you talk about broad exposure, you know, if there was a TikTok ban, which, I mean, who knows? Doesn’t seem like it’s gonna happen. But if it was a TikTok ban, like, how material is that for the company given that they’re still the rest of the world business?

Just some thoughts on TikTok.

Lisa Uch Schneider, CEO, IAS: Sure. TikTok continues to be an important social platform for IAS. You might remember TikTok was the first platform a couple of years ago that we built our multimedia classification tech and launched it first on TikTok. So hats off to TikTok for being the first, social platform. When you take a look at our revenue on TikTok, over 50% of our revenue on TikTok is international.

It’s the same with Meta. Over 50% is international. Again, it’s a testament to the demand that we’re seeing across the global advertisers, our ability to launch global, repeatable, scalable products. So with TikTok in particular, because we overindex so much internationally with the brands, if there were a potential ban, we don’t have any concerns about it in The US.

Jason Helplstein, Opco: Got it. Oh, and then I’ll spend a minute on on CTV. So you you know, you do give the the you disclose kind of video, right, which includes CTV and also online video. But, how should investors think about your your your specific exposure to CTV as, a percent of total revenue and, like, how fast they’re growing?

Alpanna Wagner, CFO, IAS: Yeah. So from a CTV perspective, it is our, one of our fastest growing lines of business currently. As you saw in q two, we our publisher business, which, CTV contributes to, grew 36%. And it is, the overall publisher business today represents somewhere between 1516% of our revenue. And with it being the fastest growing channel, we do continue to expect to invest in that area.

We continue to be pleased with what we’re hearing from a, partner in a market perspective in terms of the demand there. And and and one of the things I think Lisa mentioned earlier when she was mentioning what we’ve been able to do globe internationally is really been able to expand our international leadership in CTV in q two in particular as it related to, both the partnerships that we have with major broadcasters as well as, those that are specific to the geos within, the international footprint. And so happy with how it’s performing, continue to see runway there, and and expect it to continue to be a a meaningful part of our growth story in terms of a a driver of growth for us.

Jason Helplstein, Opco: Yeah. I mean, it’s an interesting thing, like, when we look at, you know, Roku or we look at, like, Trade Desk. Right? Like, those are companies I mean, Roku, their international was very small. Trade is small.

And and this idea that, like, international has has been behind The US and ad tech. CTV is, like, at the tail end of that. And and it looks like it’s gonna go right to, like, programmatic. Like, it’s almost like they’re gonna skip over certain steps that we’ve done in The US, which kinda really means, like, this, you know, could be, like, a huge and even bigger opportunity as as kind of it unfolds over the next few years.

Lisa Uch Schneider, CEO, IAS: I would agree with that. And then one other thing, we did two clicks deeper on that publisher revenue line, so the growth of 36%. And, Jason, you might remember our publisher revenue, it’s made up of two components. It is traditional publishers where we’re offering our IS measurement solutions. So we have, integrations with over 400 traditional publishers.

So think of publishers like a reuters.com, wallstreetjournal.com. And in q two, we actually saw double digit growth within our IAS publisher business. We are thrilled with the performance. And one of the reasons we saw that double digit growth is the sales team did such a great job last summer. Remember the summer of Oracle?

Coming out of the summer and signing up publishers both US and in EMEA. So it’s great to see the adoption rate. And especially with some of these Oracle wins, we’re actually seeing accelerated growth, accelerated adoption from the publishers. And then getting back to CTV, that’s the other half of our IS publisher business with Publica’s growth. And, the tailwind for that growth is continuing to innovate for major OEMs like Samsung.

We mentioned that we renewed Samsung, for another two year commitment, but innovating and improving things like bidding capabilities for the OEMs, again, to drive up their yield and monetization with programmatic CTV in their platform. So both sides of that coin of Publisher, the team’s doing a great job, and we’ll continue to drive that growth.

Jason Helplstein, Opco: So on on the Oracle point, I mean, is have all the kind of ex Oracle clients been divvied up now? Is that kind of like, that opportunity is already now baked in the numbers? I mean, obviously, they they can continue to pay more, but, like, are there any more Oracle clients a winner? It’s all kind of over at this point.

Lisa Uch Schneider, CEO, IAS: Great question. So you might remember with the Oracle business, there were three types of customers, that we were competing for on the jump ball, the court last summer. It included brands, publishers, and platforms. And towards the end of last year, we had shared a 70% win rate. We won over 75 accounts.

Back half of last year, team did a great job integrating, onboarding, ramping. Think of 2025 as ongoing upsell, cross sell of these Oracle customers, but we did put some new Oracle wins on the board for q two. So we’re encouraging our team. Just look under every single sofa cushion if there’s any other new Oracle wins to pick up, and then also continue to drive that cross sell, upsell. And in particular, the Oracle accounts, they love the, pre bid performance products on the brand side.

Jason Helplstein, Opco: So, we’ve got five more minutes. So just for the audience, if anyone has a question, feel free to put in the chat. Let’s talk about mid market. Historical, that wasn’t a big focus for the company, but, it’s something you’re investing in. So talk about you’re thinking about mid market and, like, when could we actually see that start to impact top line?

Alpanna Wagner, CFO, IAS: Yeah. I’ll maybe start because you you ended on the a a great lead into the mid market, which is, along with that Oracle experience on the court, we also have the opportunity to sort of pull, from, Oracle’s experienced base of commercial, teams and brought over 30 Oracle 30 or more Oracle, folks that are hitting the ground running, both in the adoption and acceleration of that customer base, but also in establishing a, a mid market, go to market, you know, motion here that, to your point, Jason, had not historically been here. So the combination of, a new, really talented team that’s very familiar with the mid market as the seeding ground, then some investment being put in that area to expand it and further develop it. We are seeing and and really pleased with what we’re seeing from a demand perspective in that mid market channel for for for IAS. The the the mid market is all about performance.

And so as we’ve talked about here this morning, with performance and the optimization products and the prebid side being so central to our product road map, the enhancements that we needed, and made some modest investments in for that mid market are already yielding some some benefits that we’re seeing as we are, continuing to invest in that area. So a combination of demand, meeting the needs through the the performance based marketing that that that market segment is focused on that matches really nice with our products as well as the the seeding of talent that we picked up last summer and then further expanding on that through additional investments has really made us very excited about the opportunity that we see from a mid market. In terms of timing, you know, we don’t break out different customer segments currently, but we’re continuing to see, you know, particularly on the new logo front, the the benefits there of that business, and and it’s certainly contributing, to the growth that we’re seeing this year and the expectation of a double digit growth next year.

Jason Helplstein, Opco: So maybe, I’ll I’ll finish last question, and maybe this kinda goes to both of you. You know, in the quarter, you paid off, all your long term debt. You extended the credit facility. So kind of 300,000,000, which increases in borrower’s capacity to, like, something like five fifty. So the company can clearly do a lot on the kind of m and a side if it wanted to potentially buy back.

So we’ll focus on m and a. I mean, Lisa, like, you know, just I guess, what’s the appetite for big m and a, small m and a, no m and a, and just improve the the, you know, the the the, you know, the pristine ness of the balance sheet?

Lisa Uch Schneider, CEO, IAS: Sure. Great question. So, we’ve consistently applied a build party by partner lens to everything that we’ve done. We have a strong, track record historically of acquiring companies of since I’ve been at IS. Three have been tech tuck ins, the fourth being Publica, which has been more strategic.

And not just integrating tech, but tech that’s additive to our existing technology where we can quickly pivot and launch differentiated products that drive profitable growth. We continue to apply this lens and acute a few areas of interest, CTV. We’ve talked about the growth opportunities where the brands that’s where the budgets are growing, CTV and outcomes. And I’d also say interesting datasets are out there, datasets that are complementary to our media quality datasets. So think of datasets like other types of measurement data, conversion data, outcome data.

But, yeah, we are applying that that lens, and there is interesting technology out there.

Jason Helplstein, Opco: Great. I think that’s a perfect segue, to closing out. We’re exactly on time. Thank you, Lisa, Albania, for your time. If anyone out there has, any further questions, feel free to email me, and we can connect you with the IS team.

Enjoy the rest of the day. Everybody, thank you.

Lisa Uch Schneider, CEO, IAS: Thank you, Jason. Thanks for your time. Thank you, everyone. Thanks.

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