Integral Ad Science Holding Corp. (IAS) Earnings Call Transcript & Summary

So let's get started here. I'm Ron Josey. Thank everyone for joining us today. I cover the Internet sector here at Citi. And I'm really happy to have with us Lisa Utzschneider from IAS -- CEO of IAS; and Tania Secor, IAS' CFO. So welcome. Thank you for joining us. For those in the audience that are new to IAS, and probably you all know, but IAS is a measurement optimization tool or platform really, captures 280 billion interactions daily, 2,000 advertisers, I think, are using the platform, if not more. And basically all about minimizing waste in online advertising, I think, is ensuring that advertisers are getting what they're paying for. So Lisa has been with IAS for 4.5 years, I think.

Correct.

Tania joined about a year ago?

About a year ago, yes.

It's exciting. So Lisa, Tania, welcome. Thank you for joining us at this Citi Global Tech Conference.

Thanks for having as well.

So let's just kick things off just to level set, Lisa, if you just give us a quick overview, broader view on IAS, the value prop, where you see IAS splits in the market? And just any sort of insights about the business?

Sure. So again, thanks for having us. Pleasure to be here today. I'm Lisa Utzschneider, CEO of IAS. And your summary was quite good, Ron. So we're a leading measurement and optimization company. And what I mean by that is we help marketers and publishers find digital media quality. So I'll give an example. So a global marketer of ours is Nestle. And Nestle spends a lot of investment on digital advertising. So when Nestle runs an add, let's say on YouTube, a video ad, our technology ensures that Nestle's, let's say, 30-second ad was viewed by human and not a bot. There was no fraudulent activity. And I'd say more importantly that Nestle's ad ran adjacent to brand safe and brand suitable content. The reason why our technology is so important to the Fortune 500 marketers out there is, again, when you take a look at the digital advertising landscape, it is $350 million to $400 billion market, continues to grow as marketers ship more and more of their linear TV dollars into digital. They want to rest assured that there is an independent verification company like IAS grading the homework of the tech platform. So again, we are just thrilled to be here today and looking forward to the discussion.

And we'll get into a lot of the YouTube comments because that's a big deal in the social networks and platforms. But I wanted to maybe touch a little bit on what you just said grading the homework, so to speak. How is just the adoption of IAS and tools like IAS to grade the homework. Talk to us just about the -- what we've seen over the last several years? Have we seen a ramp in this type of adoption from the advertiser from the platform, where is it coming from things along those lines?

Sure. So we, IAS, we are positioned in the center of the digital ecosystem. We have deep integrations across all of the major tech platforms. So think Google, Meta, Amazon, X -- can't say Twitter, X, TikTok. So we're deeply integrated with all the major tech platforms, all of the major DSPs. And again, we play a critical role on behalf of the marketers to ensure wherever they invest in any of the platforms that they are running their advertising adjacent to media quality, adjacent to brand safe brand suitable content. And when you take a look at, let's say, the last 18 to 24 months, just unbelievable adoption, especially in social platforms and connected TV. And as I like to say, marketers go where the users are. And because of the explosive growth of social platforms, when you take a look at how much time users are spending on social platforms today and also connected TV, I know in my house, we don't even have a cord. My kids don't know what cutting the cord is. Everything is streamed. Marketers want to ensure, again, that IAS is there. We've got there back to ensure we're protecting their brand equity and brand reputation. The other thing I'll add, and you had mentioned this, Ron, is media wastage. When you take a look at third-party research that's out there, there are estimates that about $0.30 to $0.33 of every dollar is wasted because of bot activity, fraudulent activity, 30% of every dollar is very significant for the marketers. And again, that is why we play a critical role for the marketers to ensure greater efficiency as they continue to increase their investment in digital advertising.

That's great. I have so many more questions. I'm going to stick to what I have here just because we'll get into a lot about social and engagement in CTV and wastage. But maybe I want to take a step back here before we dive deep into IAS. Just -- I want to hear your thoughts on what you're seeing from a macro perspective? We use the term -- we've been using the term stable -- online advertising stabilized. We've transitioned to improving. And I'm curious, when you work with the Fortune 500 and all of your advertisers, what is their take? And is it possible that as you talk to us about what you're seeing from macro and online advertising online versus offline? And just give us a sense of what you're seeing in the broader advertising line.

Yes, happy to do so. So one of my favorite things to do is to spend time with our customers and partners. It's a big reason why over 20 years working for some of the major tech players like Microsoft and Amazon, I was always based in the field to be closer to the customers. So when I listen intently to what the brands are saying and what the holdcos are saying, they're saying a few things. The start of the year, they started feeling more confident versus the back half of 2022, they were feeling more confident about the macroeconomic conditions, more confident about their digital advertising spend. And then Q2 got a little more confident. And to your point, we're seeing that stabilization and confidence and also leaning into solutions like IAS for a couple of reasons. When you take a look at the macroeconomic conditions today, marketers, yes, they're feeling more stable, but they are also doubling down and scrutinizing efficiency and efficiency of spend. They're doing it in a couple of ways. They are methodically going through what I call the middle layer of all of the taxes they have to pay, like the tools they have to pay in that pipeline of digital advertising spend. The good news is they don't view IAS as a tool. They view us more as a must buy, an insurance to ensure that their brands are running adjacent to media quality. The second thing that we're hearing or I'm hearing from the marketers is they're also doubling down in the known entities, right? In the major platforms that are seeing really nice adoption, and they're spending less investment, fewer investments in shiny new objects and untested waters. And then the third trend that we're seeing, and we're totally up for it, is greater rigor and scrutiny on our product performance, our product and tech accuracy. We're seeing a lot of diligence between -- in the RFI, RFP landscape, comparing our product and tech performance against some of our competitors. And I think it's due in a large part to the efficiency focus that I was speaking to before, but also marketers, they've become much more sophisticated when it comes to brand safety and suitability strategy.

That's super helpful. I wanted to ask a little bit more on doubling down on known entities. We're showing the same thing. Is that more of a ROAS like you're seeing better return on ad spend on these known entities, maybe Meta hasn't been investing quite a bit in their AI tools, their measurement optimization, the ad products are better. Is that why we're doubling down or seeing more on the known entities? Or is it something else or macro, we know what we're getting overall? And -- I'll ask a second followup.

Sure. So there are a few things. I think, as I said before, marketers are getting much more sophisticated. They're demanding greater transparency from all of the platforms, whether it be transparency and the ROI of their investments, transparency in their programmatic spends and then also greater transparency on ROAS or outcome. So it's all of the above. They've raised the bar in terms of that demand of ROI and connecting the dots between investment and ROI.

And what do you think needs to happen for these other platforms? By the way, there's a [indiscernible] sorry, that one looks used.

Can I take that?

But what needs to happen for other platforms, maybe not the known entities or just below the known entities to benefit from this increasing confidence that we talked about in 2Q?

I would say that the -- if you go to the layer below the known entities and the known platforms, having grown up in technology, I'm a huge believer -- and this might sound very basic, but setting clear expectations and delivering on those expectations. So -- I'm picking a few priorities and doubling down. So my recommendation to those Tier 2 platforms is have a very simple product road map that's easy to understand, be transparent with that product road map. And in particular, the products you're rolling out, make sure that you're delivering on the products, the QA is there, the beta testing is rigorous. And that will build the trust of the marketers to ensure that they shift dollars over.

That's great. No, I hear you. Very simple product road map. I mean, advertising is a relative industry. So it's all about making sure one versus the other, and it's clear.

Yes. One other thing, sorry, I'll add to that is -- and I've learned this too in my career is singles and doubles work with marketers, right? So swinging for the fence is always going for that huge home run. Just building their trust and building their engagement with a robust product road map, singles and devils are great.

So let's dig in a little bit on maybe -- so I know we'll get into traditional formats, but I wanted to highlight the newer formats. Lisa, you brought it up. I think the comment was last 18 to 24 months, so a lot of engagement or adoption of social platforms and CTV. Talk to us about social. And in particular, short-form video. We're seeing just so much engagement. We see that with Instagram and Facebook Reels. We're seeing that, of course with TikTok, with Snap Spotlight like with X. So tell us more just how are you seeing an engagement evolve from a social perspective. And now that IAS is working with most of the major platforms, how IAS is helping the feed or short-from video, just be online?

Happy to go through that. So video is here and video is the future, full stop, short-form video in particular; user engagement, all-time high in engaging with short-form video, social platforms, in particular; user-generated short-form video, highly dynamic, also highly unpredictable. Marketers want to be where the users are and the user engagement is in creating an engaging short-form video. So an area where marketers have been demanding for several years is for the social platforms to open up their live feeds for independent verification companies like IAS. TikTok was the first social platform, I believe to declare they want to be the -- they aspire to be the most transparent social platform globally. They opened up their live feed. The marketers were really demanding TikTok to open up the feed just because of the nature of the TikTok platform, the user engagement, you look at their growth, their explosive growth. Marketers wanted to engage with users, but they want to rest assured that when they ran their ads in the live feed of TikTok, it ran adjacent to brand safe and brand suitable content. So we built a multimedia classification technology. It is called Total Media Quality or TMQ that we launched in TikTok and is fully running in TikTok. How and other platforms. The way TMQ works -- I don't know Ron if you spend time in TikTok at all, if you have kids who spend their time in TikTok, but the way the technology works, it's backed by ML/AI. It gets smarter as it goes, but is classifying real-time in the live feed of TikTok, image, video -- same thing, audio and text, real-time, highly granular. We're classifying frame by frame. That means if it's a 30-second video in the TikTok stream, we are classifying every single second of that 30 second. The technology can identify what I spoke to before, plus brands. So if a Diet Coke can is on a table at second #16 in the video, it identifies Diet Coke and identify celebrities. And that level of granularity of frame by frame, our competitors do not have. One competitor is working at the metadata level, not very granular or sophisticated. The other competitor is first frame, last frame. As I like to say, there's a lot of action happening in the 28 seconds in between. Since launching the product, we've accelerated our product road map schedule. So we were scheduled Q2 to launch a roll from 7 markets to 20 markets. We hit 30 markets second quarter. We're on path with TikTok to hit 40 markets by year-end. Also by leveraging open AI, we have gone from 4 languages to overnight, literally in 24 hours to over 90 languages.

With TMQ?

Yeah.

Wow.

With high, high accuracy rate. And the reason why it's so important to accelerate that global rollout of a multimedia classification product on TikTok, if you think of a global brand like Coke, they want to rest assured that whenever they're running their brands in any market, they know it's adjacent to brand safe and brand suitable content. So we are just -- have tremendous momentum with TikTok. We -- the beauty of the product, it is built to industry standard, so GARM standards, which is really important to marketers because they want to make sure that wherever that classification technology is running across any of the platforms, that the taxonomy is consistent. So what I mean by that is adult content, right, vialing content. If I'm L'Oreal, and I want to make sure that how our technology is classifying and defining adult content on a TikTok is the same on YouTube, same on Meta. So that's a TikTok story. We launched the product in YouTube in June. We launched it in 30 languages. Meta is up next. There's a lot of interest in Meta and Meta opening up their live news feed. So think of the back half of this year as heads down integration beta, and I can also spend time on X if you'd like me to.

I do want to get to X. But I did want to -- you mentioned the social platforms, videos here, user engagement dynamic and unpredictable was a term that was used.

Correct.

So I wanted to hear just how advertiser adoption has adopted these unpredictable newer formats. We hear more and more the [ lo-fi ] environment of short-form video helps brands get into the mix very quickly, but the unpredictable nature historically has kept brands out of this type of content. So just talk to us how brands have evolved, how your clients have evolved to say we have to be in TikTok. We have to be on X?

Great question. So one thing -- and again, TikTok has been a phenomenal partner and I tip my hat to them when we rolled out the beta with TikTok, is that when we rolled out the beta in 3 markets, 3 languages, it was U.S., Germany, France. TikTok insisted that the beta advertisers that we selected for each of those 3 markets had never advertised in TikTok, really smart. And the reason -- and these are Fortune 500 brands you would all recognize. But the reason why that was really smart is because if we were together in our partnership able to convince brands who have been resistant for a long time, advertising in TikTok to run in the beta, see the phenomenal results, test the technology, drive the adoption with those brands, it's an easier sell to get the rest of the brands on board. So that was a really, really smart and strategic move.

How hard was it to get those advertisers? Or was it easy?

I grew up in sales. You got those brands onboard with TikTok.

Can I add on this, too, Lisa, and Ron, we're really seeing the impact of everything that Lisa just talked about in our numbers. So social media is up to 18% of our overall revenue. It's about half of our measurement revenue and our social media growth rate was 33% in the second quarter, which was up from 25% in the first quarter. So a lot of the efforts we're making with our product road map, particularly on TMQ, is fueling our social growth which is impacting our really strong measurement growth of 23% in the second quarter.

That's -- you're seeing the results here in almost real time then because that's where consumers are, and that's the engagement advertisers are adopting because they have to be there. I'm putting words in your mouth, but that's my thoughts. That's super helpful in terms of seeing the scale. Let's -- Lisa, you mentioned the X partnership only known as something else. This was launched in August, I think, for prebid optimization, if I'm not mistaken. Just talk to us more about the partnership. And we hear more -- and I think it's exclusive, if I'm not mistaken.

That's right.

Exclusivity is something that seems to be -- it comes and goes, and we don't really hear too much about that. So just talk to us about what is the partnership and why exclusive, why did X want to go exclusive?

Sure. So we were thrilled that X selected IAS as the exclusive partner to launch prebid brand safety and suitability. To clarify, the partnership was announced in August, and then now we're heads down on the integration on path to launch beta in GA by year-end. A big reason why X selected IAS is because of everything I just talked about with the sophistication of our total media quality technology. I would also say that marketers gave X very positive feedback about our performance as a partner and also the sophistication and accuracy of our technology. It's a 1-year partnership and the reason why it's so important, I would say, especially on a platform like X is prior to the announcement, we've been offering postbid, so measurement solutions around viewability and invalid traffic with X. But what will really get advertisers to lean into the X platform again is brand safety solution. So we're launching a pre-bid brand safety and suitability solution. And what that means is that the marketers, let's call L'Oreal can rest assured, for example, that if L'Oreal runs their ads on X, it will run adjacent to brand-safe and suitable content that our solution has already deemed as brand safe and brand suitable. So really excited about the partnership. X, the engineering team has been great to work with. They're totally leaning in to launch a phenomenal solution for our joint marketers.

It's a great deal. We don't really hear much about -- from the Wall Street perspective, we don't hear much about X any other than the news flow. So this is helpful to hear about the engineering and the integration and their views here. Maybe on these newer ad formats and we have so much to get to. So hopefully, we can. Just talked about -- we talked about social, we talked about short-form video. Let's talk CTV, the other aspect of this.

Sure.

So CTV growth level. Just talk to us about how IAS is positioned there, how you see the opportunity and...

Sure. So in addition to explosive adoption and growth that I spoke to earlier on social, CTV is also an area where users are completely leaning in, in terms...

Including your household.

Including our household. They don't even know what the cord is when it comes to stream content. When you take a look at our RCTV solution, shortly after taking IAS public just over 2 years ago, we acquired a company, a platform called Publica. It's a leading CTV platform, and it has just been a home run in terms of such an important asset, both for CTV publisher community and our marketers. The way to think about Publica within IAS offering is prior to the acquisition, IAS were heavy buy side. So we have 2,000 advertiser customers. We've been spending time talking about that. We also had an existing IAS publisher business. But what Publica brings to the party, it's a few things. So it's a leading CTV platform. We have deep integrations with video platforms. So think of Samsung as a CTV platform. We have an exclusive partnership with them. I can rile off all the other partners, both Viacom, MLB. And what we do is we help the Samsungs of the world in a couple of areas. We helped them optimize their programmatic CTV yields, right? We helped Samsung drive up demand and drive up yields from marketers within the CTV platform. We also serve the ads for Samsung -- and we were able to stitch the creative real time within the stream for Samsung. And the reason why this is so important for a platform like Samsung and the marketers, it's a few reasons. When you talk to marketers, why won't they ship more of their linear TV dollars over into CTV, they give 2 reasons. They say it's just not as transparent as linear TV, right? I'm Nestle, I run a 30-second spot on the Today's Show this morning. I know exactly where my ad ran, when it ran. I know it's NBCU, I know it's a Today's Show, yada, yada, yada. But programmatic CTV today, the only transparency marketers get is by app and device. Well, because of the Publica acquisition, we're able to marry out Publica's data with IAS' data and provide much more transparency to the Nestles of the world where their ads are running, whether it be by channel, genre, app, device, so that transparency is a good reason why more marketers are moving their dollars over into programmatic CTV.

Lisa, maybe bigger picture, when we talked about just 2Q to keep advertisers leaning more and feeling a little more confident, was that confidence because of the greater engagement and transparency in social in these newer ad formats like CTV. We haven't even gotten into retail media. I'm sure that's in there, like the big 3. I'm curious, the growth that we're seeing or the confidence that we're seeing in online advertising, is that these newer ad formats driving that? Or is that bigger picture just every online greater transparency, just a continued mix shift from off-line to online driving that, [ strictly ] drivers of growth.

Yes, [ do you see ] from a macro perspective?

Drivers of growth overall.

Yes. Drivers of growth overall, I would say it's due to the increased growth and adoption of the social platforms, the short-form video products that the social platforms have released. So -- and they talked about it in their Q2 earnings like Meta reels like YouTube shorts in -- I won't go through their numbers, but incredible adoption and growth. And then the same thing for CTV when you take a look at that marketplace, it's sizable, it's growing double-digit and that's also driving the growth.

Sure. Well, a lot of growth drivers. We often get the question, "How in the world can online advertising do well. We're going into a recession or there is a recession". The answer is -- an answer, maybe not the right one. There's so many new avenues of growth and engagement that we're now seeing monetization opportunities on these new reforms. Let's maybe switch topics a little bit and talk about the topic that is the order of the conference in the last year, generative AI. Just give us maybe high-level thoughts on generative AI and really the impact of the online advertising industry. We talked a little bit about the impact or the benefits from TMQ, I think. But just bigger picture, how do you see GenAI and how it impacts.

Sure. So GenAI, it's a hot topic in the industry. It's also a really hot topic with marketers and the holdcos. They're trying to get their head around how to leverage GenAI in a multitude of ways, whether it be creative, creating creative, creative optimization, driving efficiencies in their digital advertising spend. I would also say, as companies too, how can it help drive greater efficiency in operating your company. We are leaning into GenAI. The example I gave in leveraging OpenAI with our language translation going from 4 to over 90 languages in 24 hours is a great example of how we're leveraging GenAI to accelerate our speed to market, to accelerate our innovation on behalf of the marketers. But there are a few areas where marketers are raising their hand with IAS and saying, "Hey, there are so many other areas of IAS that we'd like you to explore things." Things that -- their code hasn't even been cracked yet. So things like misinformation, no one's cracked that code yet. Deep fakes, right, an upcoming election season for next year. And so our data science team are they're hard at work. Looking at areas that are more futuristic in terms of how we can help marketers again, find higher-quality media that leads to higher ROI. And the secret sauce of that is the higher quality media by leveraging GenAI.

Where do you think -- we're in the early days of GenAI? I mean this is maybe year 1.5, just started talking about it maybe October or September of last year. When you think about where we are -- what astound you the most on the speed? Is it that transition to 90 or...

4 to 90.

4 to 90 overnight, I think, is pretty amazing. But yet, we're just a year into it. So is -- how do you see '24, '25, '26 play out, new innovations, where do we go from here?

Yes. I would say that listening to the marketers, starting with the marketers about GenAI and how to leverage it, it can be overwhelming for them in terms of all of the possibilities and how to apply this new technology. And I'm a big believer in just crawl, walk, run. So identify even immediate opportunities like the language translation that I spoke to, that can demonstrate the power of GenAI and then take it to the next level based on insights and feedback for marketers. So it's hard to say -- look at the crystal ball and say, here's what 2024 or 2025. Looks like for GenAI, it's more listening to marketers, what their needs are and how to come up with innovative and creative solutions by leveraging both our technology and GenAI on top of that, again, to drive greater speed to market and innovation.

We have about 7 minutes left. We're going to open up for questions in a little bit, so get them ready, I guess. But Tania, this one is for you. And I just wanted to get your thoughts on this broader pricing leverage in the platform and then just the effect of pricing and what that means across?

Sure. We have a really compelling business model, and you see it in our strong net revenue retention, which was 115% in the second quarter. And what's driving that is the customer journey typically starts with measurement. Our pricing on measurement is at a certain level. And then as the customer expands into our products, particularly on the optimization side, which has a much higher CPM. There's an opportunity to drive velocity in our pricing of up to 5x to 6x as the customer goes on that journey. So a lot of our revenue growth is driven by internal adoption. And what we're finding too is that our pricing, when the tech is there and we have such a strong customer value proposition, our pricing is higher. And as the customer moves along that journey, they really value that value proposition and the enhancements that our tech solutions are driving on their digital media spend, and we're able to capture that price, and you can see that in our uplift as customers expand revenue within our product suite.

So the more they use, the higher they pay. Did I hear that correctly?

And well, the more they use -- well, no, no. The more the -- as they're adopting additional premium products that drive higher ROI for us.

Greater adoption.

That's greater velocity in terms of revenue.

And maybe one last one for me, Tania, just balancing growth and profitability. So we just talked about short-form video, about social, about X, about CTV. We didn't talk much about retail media, maybe we do, and then GenAI and everything else coming down the pike. And how do you balance just growth opportunities and margins overall?

Yes. No, thanks for asking, Ron. I mean this is a question that's really near and dear to my heart as a CFO. And part of the reason I joined IAS is because we have multiple levers of growth, durable long-term trends across many of our offerings and the markets that we play in. And so there's so much opportunity in terms of our TAM and our adjacent TAMs. It's really important as a company that we're driving efficiencies across the business so we can scale and that we're set up for scale but we're reinvesting those efficiencies into investments to make sure that we're driving as much top line revenue growth as we can. So I'd call it, at the end of the day, it boils down to profitable growth. But it's really important, and you see that in our attractive margins. But from our perspective, we're driving these efficiencies and reinvesting those efficiencies to continue to drive our long-term top line growth.

And margins are 30, mid-30s.

Yes, we're 34% in the second quarter. Yes, on an EBITDA basis, correct.

Great. Any questions in the audience? All right. Well, we can keep going. Let's talk about -- let's go back to the newer ad formats. We didn't talk about retail media to sort of tee that up before. Talked a lot about social short-form video, CTV. Retail Media sort of the big 3 of the newer platforms coming on. Just talk to us a little bit more about how IAS is positioned there?

Sure. So retail media, huge opportunity, a bit of topic de jure, but when you take a look at the explosive growth of Several of the large e-commerce -- retail/e-commerce platforms, it's tremendous. So Amazon, full disclosure, I was with Amazon for 6 years, built the ad business there. But you look at Amazon, they're finally breaking out their advertising business over $40 billion in ad revenue.

I have to interrupt. What do you think of that business today? I mean were you astounded?

Go Amazon, very proud, very proud of the team. Cheering for Amazon. They're really important strategic partner of ours. Walmart disclosed $4 billion. And the one that I was amazed was Instacart recently shared $2.5 billion. So when you take a look at those top 3 players alone and you take a look at the growth, I mean, I've seen estimates of $150 billion, $200 billion marketplace in a matter of 2 years -- incredible opportunity. And with Retail Media Network, retail media networks were integrated in 9 out of the top 10 retail media networks. The way to think about the opportunity, there's 2 sides of the coin. So the one side of the coin, let's take a Walmart, Walmart is an advertiser customer of IAS. We are qualifying the media of Walmart's advertising, investments in digital advertising. The other side of the coin is the integration into like a Walmart media network where we are qualifying the media for Walmart's advertisers, both on their O&O, owned and operated platform and then also third-party. There is tremendous upside in the retail media space, both in the areas I spoke to before. I also think there's opportunity in leveraging and layering the Retail Media's data and interesting data and leveraging it with IAS' data, all with the goal of helping marketers drive higher ROI.

Sure, and where the consumers are.

And where the consumers are, that's right.

So we have about a minute left. Any questions in the audience. Otherwise, I'll get back to more of my questions. Okay. Let's maybe -- would love to hear -- so I've got 2 more maybe, but international strategy. So it represents about 1/3 of revenue today. How do you -- where does that go? Does it get to 50-50 over time mirroring overall advertising? Or how do we think about it?

Yes. So our international presence continues to be a huge differentiator for IAS. We have deep roots in EMEA and APAC, deep partnerships with the major marketers and holdcos. We also continue to invest in emerging markets like Latin America, Southeast Asia, India. Second quarter earnings, we cited some really great wins that the teams are putting on the board, like a Singtel, and then also double down in newer emerging markets. So we'll continue to invest both from a product and tech perspective to ensure that the products that we launch, they are global, they are scalable. We are innovating in areas like the language translation and also investing in boots on the ground internationally to ensure that in the major markets and the prioritized markets, we have presence in those markets for our marketers.

And the one thing I would add on top of that, while 30% of our revenue across the whole company came from outside the Americas. 41% of our measurement revenue came from outside of the Americas. So we're really winning in social and measurement outside the Americas due to the investments we've made going back quite some time.

That's great. Well, I think we're in overtime here. So Lisa, Tania, thank you very much for coming today. Very much appreciate it and enjoyed it.

Thank you.

Thanks, everyone.