Taboola at TD Cowen Conference: Strategic Moves in Performance Advertising

On Wednesday, 28 May 2025, at TD Cowen’s 53rd Annual Technology, Media & Telecom Conference, Taboola (NASDAQ:TBLA) outlined its strategic vision to expand its footprint in the performance advertising market. CEO Adam Singola highlighted the company’s strengths, such as its unique data assets and the Realize platform, while addressing challenges like the diminishing returns on social media advertising.

Key Takeaways

• Taboola targets a $55 billion performance advertising market, leveraging first-party data from 600 million daily users.
• The Realize platform helps advertisers extend campaigns beyond social media, focusing on cost-per-click (CPC) models.
• The company emphasizes AI-driven solutions and data as competitive advantages in optimizing ad performance.
• Taboola is cautious with its financial guidance, seeing potential growth in 2026 and beyond.

Performance Advertising Opportunity

Taboola sees a significant opportunity in the $55 billion performance advertising market. The company is focusing on capturing $25 billion from open web display and $30 billion from the challenges advertisers face with social media platforms. The shift towards performance advertising is driven by advertisers’ desire for measurable returns on ad spend (ROAS) and the limitations of search and social media platforms.

Realize Platform and New Capabilities

The Realize platform is central to Taboola’s strategy, allowing advertisers to extend their social and search campaigns to Taboola’s network. A key feature is its CPC-based display, where advertisers pay only when ads are clicked, addressing concerns about visibility and fraudulent impressions. The platform also uses predictive audiences to target high-potential customers, similar to Meta’s lookalike modeling but with a focus on conversions.

Data and AI Strategy

Taboola leverages its unique data and distribution as competitive advantages in the AI era. The company processes over half a trillion conversions annually, optimizing ad performance through AI. Internally, AI is used in various fields, enhancing creativity and efficiency among engineers. Taboola also emphasizes the importance of AI for publishers to create dynamic and relevant content, increasing value per user.

Financial Outlook and M&A

Taboola is taking a conservative approach to financial guidance, with expectations for the Realize platform to contribute significantly in 2026 and beyond. The company reported a 17% growth in scaled advertisers, those spending over $100,000 annually. While open to small, synergistic acquisitions, Taboola focuses on returning capital to shareholders, with over $60 million in buybacks in Q1.

Conclusion

For more detailed insights, readers are encouraged to refer to the full conference call transcript below.

Full transcript - TD Cowen’s 53rd Annual Technology, Media & Telecom Conference 2025:

Unidentified speaker, Analyst, Cowen: Analysts on the Internet team here at Cowen. We’re excited to have Adam Singola, founder and CEO of Tabula, and Jessica Caracas, head of IR here today to discuss trends at Tabula, a leader in the open web who’s using AI to drive performance advertising, part of a broader effort to expand beyond native to capture a $55,000,000,000 plus performance ad market opportunity. So we’ll start for investors who are new, who may be new to Taboola. I wanna start with the performance advertising opportunity that you laid out at the recent Investor Day. Obviously, a massive number in terms of how you’re framing it at $55,000,000,000 relative to Taboola’s current run rate of a little under $2,000,000,000 gross revenue.

So question is, could you walk us through this huge opportunity that you see ahead, a current gap in the digital advertising market and how you’re pursuing this over the next couple couple years.

Adam Singola, Founder and CEO, Tabula: Yeah. Thanks for having me. So, you know, in general, there there are few interesting things that are happening at the same time that are relevant for us. One, from a macro perspective, you know, over the last three or four years with the volatility in the market, you know, we’ve been through a lot, there’s a major shift towards performance advertising. You know, basically, marketers are looking to spend money in areas where they know that that money is gonna yield positive results, sales for their business.

And it’s not that top of the funnel branding dollars don’t matter. They still matter, but there’s a there’s a much, you know, leaned in approach towards kinda like ROAS, outcomes, measurement, and things of that nature. So that’s that’s been a macro trend, which I think will continue as we as we move along because because, you know, what’s happening in the world, I’m not sure we’re coming back to anything different than what it is now. The second thing is that the, you know, search and social have been kind of maxed out. So advertisers, many of them buy search and social for different reasons.

They feel like there’s not much more they can give them, and in fact, maybe there’s even diminishing returns, which we’re hearing constantly from advertisers who buy social. We can get into that as well, which creates an opportunity to go beyond search and social. So Taboola is the largest performance advertising company in the open web, which is everything outside of search and social. What’s unique about what we do is we work with publishers, utility apps, and OEMs when we have a unique data point, unique signal that gives us sort of an intent of a consumer. So if you read about, you know, taking a mortgage or buying a pizza oven to your house, you’re probably in that market or you’re curious about it.

So that first party data, which we now have about 600,000,000 people every single day across all of our publisher network around the world, which is very unique to us, What I believe no other company

Unidentified speaker, Analyst, Cowen: Excepting like a trillion recommendations a month. I mean, it’s it’s

Adam Singola, Founder and CEO, Tabula: yeah. Even even more. And and and so that is such a unique signal that we get from the open web, which no other tech in mind to my knowledge has access to, that makes us so valuable to advertisers because they can come to us when they’re kept out in search and social and reach those consumers and find that performance advertising outcome they want. So it’s a great moment in time for us to be in performance advertising because of the macro challenges and trends. It’s a great moment in time because search and social are kept out.

And I think search goes through their own challenges with OpenAI and all those things. And then for us, we’re well positioned to win that market, a lot of it because of our unique access to consumers across those publishers we have and our investment in AI.

Unidentified speaker, Analyst, Cowen: And let’s just break down a little bit this $55,000,000,000 opportunity. You guys basically won native and so now there’s this $55,000,000,000 that is, I think roughly $25,000,000,000 is from open web performance advertising, performance display and video. The other $30,000,000,000 is from the diminishing returns that you mentioned that advertisers are getting on social media spend. And maybe you can talk a little bit about where those two numbers come from and then how much is kind of you see as a near term opportunity as well.

Adam Singola, Founder and CEO, Tabula: Yes. So to kind of go from, I don’t want to call it easy to hard, but like things that are more attainable to us and then over time, even more. So if you look at the $55,000,000,000 like you mentioned, 30 is driven by social media, which I’ll get into in a second, and then the 25 is mainly open web display for the most part. Of the 25, about $10,000,000,000 a year go to from advertisers to edtech traditional companies, SSPs, DSPs, affiliate marketing, a lot of great companies, but a lot of those tend to be smaller than Taboola and create less value with less scale, which I think the trend again in the industry is to have less vendors, more partners, deeper relationship. So advertisers today have to operate in a very fragmented market.

So those $10,000,000,000 of highly fragmented marketplace, I believe, over the next three, four, five years will be much simplified, maybe, you know, with more deprecation of companies that turns into something else or merge into other things. And in that world, I believe Taboola can capture a lot of those dollars and offer that to any advertiser who would like to reach the open web. And then the so the $30,000,000,000, so that’s the 10,000,000,000 which we’re going after.

Unidentified speaker, Analyst, Cowen: Yep.

Adam Singola, Founder and CEO, Tabula: The you wanna ask for something?

Unidentified speaker, Analyst, Cowen: No. Go ahead.

Adam Singola, Founder and CEO, Tabula: Oh, the $30,000,000,000 of the social media is the experience advertisers have with social media today, primarily meta, I think they’ve reached a certain ceiling of how many ads they can show consumers. So there’s there’s this feeling of fatigue and diminishing returns users and advertisers experience. And if you talk to advertisers, what they tell you, and we’ve done this case study, is that the last dollars they give social media companies tend to be at a very expensive price. So if you look at the the trends of their performance, it starts really well. Let’s say they’re they’re willing to sell a pizza oven for $50.

The early dollars, the acquisition cost they pay is less than 50. It’s great. Like, it’s doing really well at the beginning, and then towards the end, it gets very expensive. So they would love to take the end of that budget and move it elsewhere, And we we wanna take that for Taboola and our publishers.

Unidentified speaker, Analyst, Cowen: Right. Okay. So acknowledging that the ROI is phenomenal at the beginning, and here’s a stat that you you showed at the investor day, which is regards to the social media advertising. 75% of advertisers are noticing diminishing return on their social spend and 80% are noticing diminishing returns before 70% of the social budget is spent. So that’s where you’re getting some of this 10,000,000,000 immediate opportunity just in just in social.

Right. And then let me ask you also, you mentioned there there is an opportunity in in certain verticals where Realize excels. Maybe you can also talk about the verticals where Realize does really

Adam Singola, Founder and CEO, Tabula: work. So what’s interesting about the open web so again, if you compare search, which is very low funnel, I’m searching for something, I’m gonna buy it, to social, which is much more about things I like, things I say about myself, and things of that nature. The open web is really strong, and for us, we’re very good at kind of consideration stage. And are when consumers make decisions that require some consideration before they actually do it. So we excel in a few verticals or we call it ICPs, ideal customer profile, such as travel, direct to consumer, the pizza oven example, financial services, we’re very good at that.

If you’re a mortgage shop or if you have a if you’re a bank and you don’t work with Tabula, that’s a risk you’re taking. We’re very good in those in that area. Pharma. So these are these are some big categories that we’re very good at, and by that, what I mean is the churn rates are lower, and the spend over time is more likely to grow. So from a sales per seller perspective, we have about 700 sellers.

When they sell into those ICPs, they tend to make more commission, and we tend to be, better in those. So it’s a win win for everyone, and we’re doubling down from a sales structure perspective. We kind of verticalize ourselves to go after those aggressively. And this is versus being, you know, good for many, wanna be great for few, and that’s kinda like what we’re seeing.

Unidentified speaker, Analyst, Cowen: And you launched the Realize platform. This underpins these these new efforts, launched a few months ago. Can you talk about some of the capabilities of Realize that are new to Taboola? For example, paying on a CPC basis for display, that’s new, as well as your predictive audiences, solution. And also as a follow-up to that, how would you characterize the advertiser feedback that you’ve heard so far?

I know it’s early.

Adam Singola, Founder and CEO, Tabula: Yeah. I mean, I I mean, it’s so I’m so happy with what we’ve done in in, you know, in in the over the last year, we’d realize, first, from a culture perspective, we do what the best companies out there ever do. We see an opportunity, we focus on it, and, you know, we win the market, and we’re doing a good job taking a lion’s share of it. And we’ve done that with native advertising. We were not first, and we became the best at it.

For advertisers, publisher, partners, OEM, utility apps were, you know, were the partner of choice for so many great incredible companies. Sometimes you have to pinch yourself to remind yourself this is real. And then from here, we’ve expanded with Realize so that anyone can be successful with us. Not just native advertising, but any business that is already working with social and search, which most of them do, can easily work with us. And so the net new kind of capabilities, some of them, there’s a long list, but some of the big ones that are worth mentioning, one is just the formats and ease of use.

So if you buy from Google Display or if you buy from Meta with a click of a button, all of your Instagram creatives and Meta creatives and Blue app are unrealized. So it’s very easy to get going. Same for display. The second thing is you only you can only pay if someone actually clicked on the ad. So if you think about display advertising as it is today, advertisers buy from various ad tech companies.

They upload display, which is most of the business, and they have to pay on a CPM, which means every thousand impressions. But there’s so much unknown for advertisers. Was the ad even seen? Where is it on the page? Was it a real person?

So many questions. With Tabula and Realize, they can truly attach it to a performance metric. Only pay us if someone clicked on it. We now have, this predictive audiences capability that tells you, look. You’ve spent $50,000 with Tabura, and we’ve sold you thousands of pizza ovens.

And we can predict now that if you give us $40,000 additional and you upload more creatives and things, we can sell more pizza ovens for you. Would you like to do it? So if you remember Meta, about ten years ago, launched their lookalike modeling, which was, you know, you you upload a seed of users and they expanded those that seed. We do a similar thing but for conversions. We look for a seed of conversions, and we expand it.

So now for them, all they have to say is, yeah, I would like to spend more and get more. All of these things are net new and realized. And, again, I’m also proud of the team because overnight, we’ve switched almost $2,000,000,000 of spend from one system to a whole new technology. Remember, everyone is buying through a realized native, and some are starting to buy this new supply, new formats, new things. So it’s it’s very, to me, very encouraging to see how much trust we have from advertisers as well as how well our employees and engineers and sellers and account managers globally did transforming this entire book of business overnight to Realize.

Unidentified speaker, Analyst, Cowen: And let’s talk about some of your work with enterprise advertisers in terms of your go to market strategy with Realize. I think you called out enterprise clients as the biggest opportunity. Can you talk about how Realize unlocks demand from larger clients who may be interested in social or display, but not necessarily native placements, or maybe they’re interested in native, but not bottom of article? And, how are these conversations going so far Yeah. With regards to the larger enterprise clients?

Adam Singola, Founder and CEO, Tabula: That’s probably the biggest opportunity we have. And and if you wanna connect to it as an investor, put yourself at the shoes. If you wanna be empathetic to advertisers, if you’re a CMO of a large bank or you’re a CMO of a large enterprise company, and you need to decide how you’re spending a hundred million dollars, and search is obvious, and you’re gonna do search, and social is you’re gonna do social. And then when you have to decide what else are you going to do, it’s very hard to justify getting to know something that is fairly niche. Native is an amazing business, but it’s smaller.

And if you wanna spend millions of dollars, tens of millions of dollars, or more, You’re looking for big bets. So with bottom of article native, it was just not something many marketers or big companies wanted to educate themselves on doing, even if it was good. And also, some of them have concerns around being next to other advertisers. They like the idea of a bigger format, a bigger canvas on the page where it’s just them. So for those reasons, even though Native is an amazing business that drives great performance, meta like performance, It was too much of a chasm for them to cross.

So we’d realize they’re now have able to just buy the supply they want on the most amazing publishers in the world, Apple News, Yahoo, Disney, NBC, Line in Asia Pacific, I mean, really amazing stuff, and do it in a way that is known to them. They know how to buy display in social. They know how to use dashboards like Realize. So we’re not asking them to do too much work to try it out, and that is what excites me because now it’s on us to execute and show them that it’s doing doing the work for them and then hopefully scale over time. So that’s the biggest jump and why I’m excited about agencies and bigger clients.

And up until now, native and bottom of article is good as it is, just not something that was part of our plan.

Unidentified speaker, Analyst, Cowen: And I wanted to, give a chance to poll the audience to see if you have any questions in the room. We probably we probably don’t, we usually don’t, but I’ll ask again, one or two more times if you if you think of any questions. But we’ll keep going. I I wanna focus on the first party data because I think your unique signal on the massive trove of trove of data that you’ve trained underpins and and has underpinned all of the innovation at Right. At Taboola over the years.

And so, you know, you’ve talked about 600,000,000 daily active users. We just mentioned over a trillion monthly recommendations. And I think you recently stated 1,800,000,000 conversions using trained using AI. So, the question is, within the context of the next stage of Tbula’s growth, can you highlight how your unique data signal positions you to capture more of this, you know, really huge performance ad buy?

Adam Singola, Founder and CEO, Tabula: Yeah. I mean, I I, I think we live in a very interesting times where AI, you know, anyone can download an open source AI, whichever one you like, and try it out. So what is innovation anymore moving forward as an investor? Who would get my money in a private company? Who would who’s the next founder I’m gonna give money to?

And what public company is worth my money? And I when I think about competitive advantage, because at the end of the day, that’s the only thing that matters, who is winning over time? Because they have something that others don’t. And I can download AI like anyone, and that’s free to download, so that’s not innovative anymore. Anyone can buy some NVIDIA chips and see what happens, so that’s not innovative anymore.

So what’s left? And I think what’s left to truly create unfair advantage, one is always culture and how companies make decisions. So by far, people is the most, you know, innovation a company can have. Then it’s data and distribution. If you reach a lot of people, that’s an advantage.

And if you have unique data, others don’t, it’s an advantage. When you ask yourself Gemini of Google versus OpenAI, both good companies. But one has $180,000,000,000 of conversions a year, and one has none. So that’s why, you know, I’m still fairly optimistic about Google opportunity to come up with very interesting things as it relates to their future. Personal opinion, not giving advice to anyone.

As when I go back to Tableau and I compare myself to Google, when we go and build, AI technologies using our data, we have north of half a trillion conversions a year. When I bid into display spot in this tens of billions of dollars market and I compete with other SSPs and DSPs, I have half a trillion dollar half a trillion conversions of 600,000,000 people every single day that I get to compare myself to and see if it’s worth me bidding on it. So if I know you bought a pizza oven or you almost got it, and I now see you on a homepage of a publisher and there’s a big display spot there, and I put a pizza oven creative versus others who don’t know the same thing about you, I have an advantage. So that’s how I compare, our opportunity capturing that, and I think it’s the only thing that matters over the next decade, which is distribution and unique data others don’t.

Unidentified speaker, Analyst, Cowen: As we move through 2025, I’m curious, what are the key metrics that you’ll be using to track around Realize’s client adoption as we go forward? And when do you think we might start to see Realize contribute meaningfully to the business?

Adam Singola, Founder and CEO, Tabula: Yes. So I’ll start with the second question. First, as a company and from an IR perspective, we’re taking a conservative approach in the sense that we’ve given guidance that will allow our team to work hard and execute and realize and capture value that would hopefully come into play in 2026 and years to come as we’re looking to be a fast growing company, profitable company, and you know our desired financials. So that’s one thing we’ve done, which I think is good because it gives investors an opportunity to look at the company, join the journey or consider joining at a place where there’s an upside we’d realize which is not in the guidance. We we’ve shared a new metric called scaled advertisers, which is about 75, 80 percent of the revenue of the company, and those are advertisers who spend more than a hundred thousand dollars a year.

So that’s a steady boat mix of advertisers. That number has grown 17% over the last two years. So we’re seeing good growth in that bucket, and we believe that’s a good proxy for investors to kind of track our demand growth over time with realized as well. We’re also thinking about other metrics to provide more granularity on realized progress over time because, again, it’s still early days. So stay tuned as we’re thinking about other metrics.

We don’t want come up with numbers and change them all the time. So we want to see what might make sense for investors to look into as we continue to progress. But it’s early days. We’re seeing really good encouraging signs from the advertisers, we want to tap into with this new strategy.

Unidentified speaker, Analyst, Cowen: Let me ask a couple of supply questions as well. Taboola, of course, uniquely positioned due to your strong multiyear relationships with thousands of publishers. Looking ahead, one priority you mentioned is going after new supply partners with unique data. Where do you see the biggest opportunity among publishers in terms of adding data to drive incremental ad budgets?

Adam Singola, Founder and CEO, Tabula: Think publishers have publishers have a huge data opportunity because the signal they have is it’s an authenticity signal. It’s a true pulse of the Internet. I I compare it to why I love Grock. Right? Like, Grock has access to x, which I love.

Like, it’s so unique.

Unidentified speaker, Analyst, Cowen: I use Grock all the time.

Adam Singola, Founder and CEO, Tabula: It’s amazing.

Unidentified speaker, Analyst, Cowen: It’s it’s unbelievable.

Adam Singola, Founder and CEO, Tabula: It’s unbelievable because they have access to something very special. And the OpenAI has access to something very special, which is what am I reading? No one reads an article not wanting to read that article. The Knicks lost yesterday. What a bad day.

But but so I obviously, I spent so much time reading about the Knicks. Obviously, I’m in market. I’m in market for the Knicks related to anything. You want to offer me a subscription, streaming? I’m a candidate.

I’m watching NBA. Why do I why would I watch and read thirty minutes about the Knicks if I’m not passionately obsessed about how I don’t like the Pacers and I love the Knicks. So that’s an opportunity for advertisers to reach me at that moment. By the way, did I put it on Facebook? No.

Did I, you know, did I tweet about it? No. I put it on a story on Instagram, but not across my LinkedIn and all those things. But I read about it for thirty minutes. I am in market.

So that is that is the grok of the open web. So unique. So to me, as we go through this generation of privacy, cookie deprecation, don’t track me, don’t be freaky, you know, don’t be creepy world we’re going into, the context of what I’m reading is so valuable in my opinion because that is really what I want to do now. So I think that’s the open web opportunity. It requires a lot of AI, a lot of investment, which we’re doing.

So to me, you know, if we can grok the open web, that would be amazing.

Unidentified speaker, Analyst, Cowen: Well, I’m curious what AI tools you find yourself using. I for me, personally, it’s a it’s four or five of them, and it depends on what I’m asking. But I you mentioned grok. I’m curious what and and if you don’t feel comfortable answering that one, I another question I have is how your organization internally is utilizing generative AI tools for, you know, opportunities to find more efficiencies over time.

Adam Singola, Founder and CEO, Tabula: Yeah. I I use a variety of them because I want to be educated about who is, in my opinion, good in what type of questions. So for the same reason, I I have different social apps on my phone, which I use most of them I don’t use, but I I’m trying to be good, from a product perspective, understand as much as I can who’s doing what, what features they offer, and things of that nature. There are some I think are really I don’t understand why they exist, and some that I really love, and I think there’s a lot to learn from. So I use many of them internally.

We it’s I can’t even remember what Tabula was before this AI, you know, boom. I mean, it’s it’s we use it for everything from from FP and A, you know, to, like, ask questions about our business to engineering. I mean, you’re an engineer and a significant portion of your code is not automatically generated, you’re gonna be deprecated yourself. Right? So, like, it’s all about I mean, engineers are becoming creative people that can take advantage of their ideas and and, again, data sources and things versus just writing mundane things.

So almost every part of the company is using it. And from a product perspective, while I’m spending a lot of my time on really cool things as relates to what we can offer our partners and clients, You’ve seen it with ABBYY, and now we’d realize which ABBYY is part of that right there, and so much more to come. So it’s hard for me to even remember what Tabula was before.

Unidentified speaker, Analyst, Cowen: Yeah. We only have a few minutes, so I wanna I have several AI questions. I’m curious on the other side of it. We talked about the benefit. You’re using it internally.

It’s helping your productivity levels at all areas of the company within Taboola. At the same time, you’re offering these generative AI products and solutions like ABBYY, which is phenomenal to get advertisers where they need to be faster with their campaigns. But let me ask you about a different question, is the generative AI impact to publisher referrals. And this is a question about, you know, when when Google rolls out AI overviews and what that means for publisher referrals, let’s say, or chat through ChatGPT, and at the same time, how I think you viewed as a tabool’s opportunity to drive more revenue per publisher Right. Is I think how you framed it.

Adam Singola, Founder and CEO, Tabula: I I think, look, obviously, search traffic went down, and people have spoken about 30% decrease in traffic. And most of our publishers are bigger publishers, so for them, search traffic is about 40%. So first of all, I think, you know, this is not a disaster to them. It’s it’s a smaller portion of search business referral traffic where they have a lot of home page, email, and other, you know, subscription and other sources of traffic. So I think the interesting point of in time for this is that most most publishers have yet to really adopt AI in a big way.

Some of those we talked about in the past, like home page personalization, which is getting a lot of traction. But there’s so much more they can do so the Internet would be completely dynamic and relevant for consumers. So I actually think that this, kind of challenge the industry is facing with search traffic going down is there’s gonna be a faster adoption and growth of value per person. And so we’re we’re very leaned in on creating more value to publishers and advertisers from users on on on our publisher sites. And in general, the open web is so big.

I mean, there’s no supply challenge. You know, this is a demand opportunity. This is about how can you get advertisers to think of the open web like they think of search and social. This is the 10x. You know, how can you create much more value for advertisers and through that to publishers?

So I think the there’s a demand opportunity primarily and less less so much of a what if supply goes down five or 10% across the board.

Unidentified speaker, Analyst, Cowen: Let’s say, we say AI has come a long way in the last two years, maybe it’s still early innings, certainly early innings with generative AI. My question to you is, what do you think will be the biggest difference in Gen AI two years from now versus what you’re seeing? Another way of asking that question is, what do you think still needs to be improved in these tools or or fixed if something’s not working?

Adam Singola, Founder and CEO, Tabula: I mean, the biggest the biggest thing that I predict will happen over the next I’m not sure if it’s two or three or five years is that, you know, a click of the user is now worth between 50¢ to $5. That’s how much we’re worth. The with Gen AI relationship, you know, as you think about the next two, three, four, five years, where you’re gonna get commerce agent, travel agent, you know, you’re gonna buy with different agents that give you personalized advice, you know, a click is gonna be worth $5,000 because you’re gonna trust those agents to make important decisions. So I think there’s actually a huge growth opportunity for publishers, for advertisers, for different companies, you know, that reach consumers. The winners and losers will be, I think, divided by those who have distribution and data and those who don’t.

So we’re gonna see, I think, a lot of big will get bigger, and that’s because there’s gonna be much more, you know, advantage for those who can offer value to clients in this new world with with OpenAI and other LAMA and other models free to download and open source and play with. So I think we’re gonna the biggest opportunity is the a a thousand x value of the human click over the next five years.

Unidentified speaker, Analyst, Cowen: I wanna give you a chance to discuss some of the potential upside factors later this year. What would you say are are the main puts and takes that could swing outcomes one way or another second half of twenty twenty five?

Adam Singola, Founder and CEO, Tabula: I mean we want to be conservative. We don’t want to give at this point, we want to give investors the comfort that our guidance is conservative to allow us to beat and raise, which is the company we want to be versus beat and hold. That’s why I realized it’s not in our numbers. We intend to share as much as we can to give transparency to investors. And as you all know, none of us is here for single digit growth.

So when that happens, we’ll share as we continue. But we feel comfortable with where we are and focused on our strategy to rock and roll in years to come.

Unidentified speaker, Analyst, Cowen: One last question because we only have a minute on potential future M and A, if any. You closed Connectivity in 2021. That was a great acquisition. Yahoo! Partnership closed in 2023, ramped in 2024.

Looking ahead next few years, how are you thinking about potential M and A opportunities versus continuing to return cash through shareholders as you have been doing with a robust buyback program?

Adam Singola, Founder and CEO, Tabula: Yes. We’ve been buying aggressively in Q1. I think it was over $60,000,000 of purchase buyback. So as you can see, we believe I believe I’m buying shares. We’re all in it to we’re in it.

So we believe we think that from an m and a perspective, it’s unlikely we’ll do a dilutive event. So the shares are not in a place where I would like to give them to anyone at this point, but myself. Happy to buy more of those. So so I think, you know, we we’re always on that out there. If there’s something that is small and synergetic and we think good team, good culture type of thing, we’re open minded to those.

But we believe we have what we need to execute on our strategy with Realize. So from that perspective, we it will be hard for us to imagine a dilutive event.

Unidentified speaker, Analyst, Cowen: All right. Okay. That’s time. So once again, let’s thank Adam Sigola, Founder and CEO of Tabula Jessica Rocco, Head of Investor Relations for joining us. Thanks for having us.

Thank you.

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