Earnings call transcript Q4 2022

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Operator

Greetings and welcome to the Direct Digital Holdings' Fourth Quarter and Full-Year 2022 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Brett Milotte, Senior Vice President, Investor Relations, ICR.

Brett Milotte

welcome conference Digital call. and and fourth everyone, earnings FYXXXX afternoon, to Holdings Direct quarter Good My representing from Direct is Digital name Brett Holdings ICR. Milotte, and I'm

Chairman Mark On Chief Officer, Digital are today's Holdings' call Susan Echard. Executive and Walker; Officer, Chief Financial Direct and

earnings is Direct accompanying Digital the may accessed which discussed Holdings, X-K today from SEC's Form filed through DRCT's in which qualified Information have website. website entirety been its its and release, by and today be

and will a Investor webcast will question-and-answer Today's be following DRCT's call being is to replay Relations the posted also session. speakers' be Immediately website. presentation, there a

made note other basis and views regarding during statements not Please nature, are of the future or not assumptions business obligation performance do We events are they financial undertake are historical update time in projections any statements. made at to on statements that statements. made. forward-looking the may DRCT's call that constitute and including statements these These

risks DRCT's subject those statements could historical in set and forecasts, SEC. actual from differ DRCT's which its forth Forward-looking results risks with including to the results are to filings cause

You forward-looking Do refer made to This applies cautionary this to all forward-looking more consider reliance and statement for should these call. on undue not information. place during any statements carefully statements.

will in the Generally is of DRCT to Accounting measures release Accepted Principles. During today. comparable financial Form measures. of to accordance with non-GAAP on not X-K directly DRCT referring financial available this These call, earnings are GAAP non-GAAP A be in filed non-GAAP financial the prepared measures most the measures reconciliation

Chief over Mark hand the to now Walker, I Executive Officer. Mark? call will conference

Mark Walker

to first incredibly afternoon, earnings good full-year public as strong the the for everyone. Thanks, both proud results company, year. call and QX quarter and Brett, is a This our I'm report and

company garnered public Holdings and share expansion market financial a operational as robust growth, Digital demonstrated which Direct excellence, year performance. first Our

fourth of adjusted XXX% million a XXXX, quarter. $XX.X begin an million and get $XX.X into $XX.X full-year, million. EBITDA I'd to increased the like period same $X.X to summary the we flat the quick at was or our Before revenue over about our with million, In of in XXXX, of more detail increase QX

Our partner the quarter, our the impression sell-side processed XXXX in same approximately in advertising of In the to addition increase increasing XXX publisher requests engagements supply to continues for period side inventory. of impressions, increase XXX billion bid monthly our over XX% platform fourth with over segment an quarter. billion

XX% XXXX, company's the platforms bid over XX of increase addition, over buyers sell-side same a is period for in in through XXXX an advertising over received over billion quarter fourth of XXXX. increase responses quarter, In XXX% the of the the period which the same XXX,XXX

XXX served XXXX. period On approximately an the increase the buy-side, customers, these to of same compared X% of businesses

few years. to strongest quarter, growth historically process fuel transition our is and While growth to year for the our our QX we XXXX these for expanding allow us achieved overall and while environment our continue this we expand capacity, results scale next will began our GreenLake HPE to We began to performance XXXX.

ad-tech on impact driven full-year a the was primarily chain had at the issues Open by the Looking year and to moved a industry's reach. expansive less directly of larger in and as environment. XXXX strategy businesses CPMs operating volatile benefited for negative restrictive, disruptions supply market also gardens economic look middle expensive, marketplace more to being are platform with less accessible [walled saw] due difficulty the as alternatives space,

$XX.X of to in company XXX% our previously macroeconomic over was full-year $XX.X guidance In of issued million million spite changes, issues or of growth able and $XX revenue our total increase in XXXX. line achieve these achieved with million an

the same million $X.X million We adjusted $X.X than higher in XX% also of for or achieved adjusted EBITDA the XXXX. EBITDA period

number a achievements, had today. corporate I of few, the to side, which a we highlight wanted On

as $XX raised million before, capital of IPO upon we completion. and our First, mentioned completed successfully

non-dilutive the additional retire million raised an $X.X we of USDM capital preferred Second, to equity position.

of On as new partnership and side, Directors, successfully technology and groundbreaking our adding SSP Board the of across directors And we services all subsidiary Direct with independent constructed Digital to advisors, transitioned we and the organizational cost HPE for industry depth our we added operation a companies. GreenLake. three shared Colossus synergies re-platformed Holdings via capture finally,

our market-leading processes, We our our performance people. driven and that key three in objectives: our XXXX believe firmly was technology by strategic efficiency,

to technology has financial both Our effectively. and configuration us investments spend allowed resource

the outcome tangible invest. line since build, with driving the we metric-driven, Consequently, we our have borrow, We we internally and for end can't If been has in call ROI of directly our innovation buy cases partners. are both been on believe to we not experienced our clients or do and where that that technology is that profitability we results a see use and contributors main we smart strategy we outpaced one have focused public.

is the been nascent neglected that values added have Holdings deliver that us Digital to has not rare. [regional] and This ecosystem. historically advertising performance the Direct to publishers allowed

our Additionally, hyper-focused ROI on we partners. sell-side performance delivering and the and approach been and on buy-side to our have with businesses, of clients the

market positioned are being them. Instead focus in our platform that share with ignored. multicultural our and delivering and both historically money of has these always on position company our spending By capture focus markets driving clients' strong general middle and a on market for a with for in the we platform team been nascent the not our to buy-side publishers, sell-side is return, results

U.S. Within the States, the United XX% the multicultural represents audience of population.

overall our dislocation favor growth markets future. those publishers see through and to If their continue we to marketers in to to of spend grow this Association United of reach X% have audiences. the historically companies looking the are However, in they that reach States, according will those for believe we the the spend those want marketing therefore, only can allocating work and Advertisers, are trend to foreseeable of National to

you leading sauce come that all perspectives not is in who organization. and experts of views, Regarding craft. is America, their diverse company hire We our that ad-tech in experienced our employees team levels also are the across who field members, backgrounds, a secret will from but believe firms. We diverse more other this and our find diversity have in consulting corporate our highly

Board plan of our for shareholders. clients', Directors, to preserve and promote culture our From leadership and team, positive diverse bring our partners, deliver continue to a environments positive solutions results our our to our We staff, and to best the results. diverse company's subsequently to

moment. strategic a to Turning growth for

marketplace in ecosystem. plus growth and We history a certainly strategic opportunity current have with the SSPs to is explore strategic XX acquisitions that an we the believe programmatic opportunity. evaluate over of There making in

However, opportunities clear our strategic, opportunistic must want and that make we to to any accretive company. such be

for focus continue and $XXX to growth As million XXXX a strong is deliver our profitability. to $XXX million company, with trajectory along primary strong revenue in our topline

our favorable believe dynamics of market are the macro Direct few In a focus, addition we Holdings current Digital to for because organizational trends.

With liquidity the combined reach to our from our and and current moving dollars growth traditional capitalization companies positioned spend our increase operational has continue proven multicultural media market its targeted growth, away model media to being stable middle structure spend company strategically with in trajectory. audiences in digital,

to you financial of Susan over Susan? through now further detail. who in the to highlights Echard, some will hand I is things going walk

Susan Echard

Thank you, Mark.

press Before correction share released we a instead per Full-year earnings earnings our to a share this press the release. have we corrected to into in number put full-year XXXX $X.XX, results, read consequently of have I make dive our earnings financial morning $X.XX the should wanted release. quickly I out per and

to revenue. Turning topline

million was guidance, fourth or with quarter an the in million of revenue XXXX. $XX.X which $XX of or to $XX.X the of the growth in million with line XXXX. $XX.X of of finished increase the increased $XX.X revenue our over We million, in Our achieved year $XX.X an period over million increase the in million XXX% same XXXX, total XXX%

a with segment $X.X increase, XXXX. the this majority sell-side period million ended drove in grew for the Colossus contributed quarter of and same and the Our XXX% $XX.X increase. of advertising million of million $XX.X or strong fourth over the the to SSP QX year

in increase the $XX.X an revenue, $XX.X segment the million of our or For $XX in sell-side growth XXX% full-year, million over million XXXX. achieved

XXX increase, same For our Masses the in million million with million $X.X $X.X Orange $X.X year-over-year buy-side contributed XXXX. businesses, and to period quarter our and of the in the of fourth compared Huddled XX% finishing revenue quarter, grew

the million $X.X For of XXXX. in full-year, XX% or increase our an buy-side to the grew $XX.X million, over million $XX.X segment

million million higher as quarter XXXX For a $X.X the the the $X.X of fourth a dollars an compared $XX.X an result $XX fourth quarter million for XXXX. XXXX. of Gross profit dollars to increase compared XXXX, compared gross XX% of XXXX to the profit for result $X.X to million margins of the higher approximately increase million for quarter was of XX% of approximately for Gross revenue. as same XXXX, were $X compared XX% of Gross in million revenue. year approximately XXXX, was for to margin XX% period of were fourth for

margin of line our are segment. our expectations growth margin given results rate the accelerated These with in sell-side advertising in

margin as revenue percentage overall buy-side of our whose a Our segment lower revenues a our grew than sell-side has gross segment.

The the segment of quarter were XXXX. gross to advertising sell-side for the the margins advertising gross buy-side fourth to XX% of of for in quarter fourth XX% of quarter compared segment compared were The fourth XXXX. margins quarter XX% XXXX in XXXX XX% fourth the

for were XXXX, XX% segment compared of sell-side the advertising XX% XXXX, margins year XX% segment the And to gross XX% were entire For compared advertising XXXX. XXXX. in the to gross in margins buy-side

and to reduction in the continued technology our are the of due segment our investment the grow, continues sell-side publishers. in overall mix business to slight margins As the

the revenue programmatic fourth XXXX XXXX. to expenses in the $X.X over EBITDA million sell-side million to Operating higher SSP an $X.X $X.X increased of expenses by With million operating the result of in fourth of higher quarter business, the dollar contribution of in the quarter respect or segment. the leverage of the increase does

expenses million an of million XXXX, For million. in XXXX $XX the operating full-year increase compared or were $X.X to $XX.X

company. Direct XXXX, a In private Holdings Digital was

added in these sales to our headcount relations we and shared course $X As being have operational our of services the its and IPO in a costs professional of services company, the the of in With in to incurred has personnel. higher result also activities, related year. XXXX, be million first company and primarily the public estimate headcount area strategic increased approximately organic which in growth, total, our investor we revenue our over a February

for income income was fourth million to of operating XXXX period of of quarter the XXXX. in the $X.X same million $X.X compared Operating

for full-year, $X.X operating income million an to for million the or compared to XX% $X.X operating million XXXX. For increased $X.X income XXXX of

million three the compared for compared the to to Looking of $X.X a combined XXXX, $X.X in buy-side our million same operating XXX% in income Net $XX period growth of sell-side $X.X for XXXX. was our loss million of advertising and the million the fourth subsidiaries $X.X a million, organic segments income or at for quarter increase the was XXXX.

For the million in year, net million a to $X.X XXXX income in of was compared $X.X loss XXXX.

the XX% quarter, quarter flat withstanding million $X.X and for million adjusted adjusted higher the $X.X adjusted the the fourth at EBITDA not public fourth For million period mentioned earlier. the the costs XXXX EBITDA was of and in EBITDA grew $X.X XXXX to in full-year, than XXXX or same additional for

our public Digital per both ad-tech and we company Holdings to high in a earnings everyone we that while our Regarding want growth EPS, impacting in space. share, first-year the Direct remind personnel did QX some investments in have operations is

showed analysts strong management quarter. and on two our the know revenue As performance, metrics adjusted which topline this to focuses judge both EBITDA, results this on of call

sheet. cash of decrease to $XX.X from receivable compared balance our million at $X with as ended a Total year-end was of the as slight million, million to XX/XX/XXXX. XXXX. accounts $X.X balance the Turning million $XX.X plus the of the of and We cash end equivalents cash year

in servers the our continued transition well We for $XXX,XXX and to GreenLake software the invest and we our to quarter, Colossus invested mitigate during third-party as HPE the IVT. license from as technology additional in SSP developer acquired further to of

we as any credit issued the credit disclosed under are Security facility. did Form Bank, facility. into X-K for the Silicon disclosed in As Form our yet in Agreement notice a facility. provided terminating January on amounts termination the And a Valley Loan XX, with credit and we previously We filing and a had of of X, of in drawn enter not filing we March agreement process which with our SEC the revolving this XXXX, have on X-K loan

to We the terminate the a of Square under have our security facility agreement relating the and credit to Loan with received facility consent Lafayette Servicing. loan and terms a waiver credit term

our will fiscal we on that at and XXXX. we operations end sufficient have flows to obligations available expectations until least from and Based year our cash resources of of operations the the finance cash debt cash service do believe held, any

guidance. touch on to our Now

year assumes to or annual guidance otherwise economic update $XXX million XXXX, we demand. guidance estimate have any major advertiser for significantly we U.S. throughout does economy at the fiscal and to to $XXX not growth midpoint. and reduce offer plan be the expect million accordingly, year-over-year the that range conditions the Our in to that or year the We revenue of deteriorate XX% it

As public company, strategic and for as second year strong our a as organic shareholders. we focus a disciplined we our delivering growth our continued enter as into initiatives value EBITDA on remain well providing maximum in

to like for Mark back it I'd turn some to Now comments. over closing

Mark Walker

here. Digital joining. and you Susan, to the for everyone Holdings opportunity interest are and building appreciate thank Thank you, sincerely business in and We exciting Direct your we

line to are open We going for some questions. now the

Operator

question The first line proceed. Please comes the Company. And our Kurnos [Operator Benchmark from of with Dan Instructions]

Daniel Kurnos

Thanks. Great.

the I there, boring guess, Solid there's lot uneven out finish so obviously the an a to environment. in noise I'll questions ask first. year Mark, of guys

GroupM You remarks around trends in and especially give outlook your in clearly What initiatives. from mix some of you of We [out a play in gardens guys] gave even. kind positive year mix well diversity can confidence growth growth more some benefiting color the on sell-side? and performance from kind space, as guys saw the view your oriented you gives prepared there like of versus buy-side away you us in this walled

Mark Walker

Tier market pretty we we've and where regards and with niche. – to as the are our you brands. we agencies And And X direct really kind Good What have is, media you we with Tier to your at Yes. work been where well it's And from that looking overall question of X with primarily carved mid-market. Destination then as and work the much or markets. buy-side, in Organizations good know, that's Marketing markets we're nascent hear Dan. in been DMOs Tier X, as in the we

seen versus As to last it upon what marketplaces, the year as of saw Order contract what business that the we we've that we're to this half the as we seen feel starting the Insertion seems what recessionary our the business, year, buy-side like at based those relates that seen. IO the even you that at we have see in we we with beginning business of or holding the the if have as that upon least to we buy-side and in there for well captured relates it we is have period, buy-side contracted as at momentum first this the strong have, still year have of in business as Based middle regards that the business will, have market the to be to what well half in business. seen market stable on we this the

in place as the when are put somewhat downturn, think When of in of you if even we companies the and sell-side a Fortune as have the well focused components space talk is that level about do general we a our the business, about and XXX The on place. pullback the some and grow of market we XXXX, greenfield multicultural in there might issues to amount those well adding of DSPs, actually as contingencies put like new are we are space we'll that be to feel we've publishers marketing in we spend. some experience able we and overcome of any that recessionary as able

maintain the inside have XXXX allow need been that we addition ecosystem. in Colossus it of relates the and to specifically re-platforming are we up our DSPs build process anticipating addition our infrastructure to publishers throughout that In really as to new we working that, of that growth the SSP started us QX of to to

So help have that's the were growth throughout have pieces place that and the we in that the the giving XXXX on carry in in those the are that us experienced how to momentum comfortable we with getting we we guidance provided. year, XXXX

Daniel Kurnos

and some guide, you how trend high us Got at and a sense but can you are a give it. gave investment? I super puts know this you of And to revenue least takes maybe year margins helpful. maybe think at on throughout level, the able That's on a

Mark Walker

Yes. Absolutely.

be give tell organization or built What when us I give, a have in judicious we also know, capital will planning giving people for to is is receive, we guidance company, as believe we're we But salesforce XXXX. what us the XXXX maintaining organizational also we that XXXX for profitability and margin are and not you very position we just some that level you we out. years So self-funded guidance EBITDA will we is important and to the anticipating two in EBITDA level this a been of we are, have to for very in been for really of platform investments in in growth but discipline.

on have say is EBITDA the because topline and has of With not But stated, forward. to we or the – be adding profitability. like. some is go that that revenue the margin We'll what business, numbers two I'm managing being historically giving we planning will the the profit we as the on be on are sell-side publishers, will managing XX%. EBITDA margin margin larger to What look seen we EBITDA projections around the what we guidance will been sorry, are gross

range anticipating it would as I relates of and making that are to that making the well We as hardware of IVT adding we're that XX% around some the publishers. preventative also the, the some because as be around say, XX%, investments we're measures larger of

on but of XXXX we that in also planning putting margin are in year. to projects see grow help us new You level some the margins,

Daniel Kurnos

you maybe on mean, one, on we've sort just kind talked And helpful. hand, about that of DOJ of one strategic Got I Google. it. got pressure That's one actually guys opportunities. really fun

they're say we've see start some to heard hand, that starting to Magnetite the other the wayside. fall by undifferentiated SSPs On

So targets? way we there or that's frame like those consolidation? any targets you're you that the do are how Is might for the like? what to of look how thinking If size about view structure, thinking, what sort

Mark Walker

for really strategic current stack. to corporate development, our our regards we we that In look is our technology think approach, Yes. to add what that investment can technology

opportunistic We other well built the EBITDA, will at that opportunistic can of we've that go capture something at. we it If can that's operations be we makes could today. order path bolt-on accretive it down business and looking in see be process our if the we a and more as be we acquisition something think we we in we'll that those we also again, as go-forward. look we'll of But are already that in at and look to that decide streamline if if opportunities for very that take can hard a inside sense future see something think that it's platform, that our leverage

Daniel Kurnos

color, Got Mark. it. Awesome. Thanks it. appreciate All Really the all right. for

Mark Walker

Absolutely.

Operator

the question next Our Darren comes proceed. line MKM. ROTH from Aftahi Please with of

Dylan Dupuis

making is scale some sort work the upstream side is hardware? This larger compression on on outlook. But with margins driven Darren. you that for you economics of the I of in how color gross Thanks questions. XX% be the the versus that saw Hi. Dylan data investments that favorable and XX%, of follow-up the Appreciate the wanted less gave that there. for as to you move to some you and taking of might sort much by publishers of

Mark Walker

that It's both a of both. of Combo Yes. been have we combo experiencing.

what in say will both. So is have approach putting tactics But that say dead we're we even on it's we in place. would an I

those marketplace on that So going bringing a to to XXXX, we're see the be based new we we'll think reversal products that in timeframe. of margins by

Dylan Dupuis

to in ad what on your the growth from clients net Thanks. there seen trying you're new And I your that's the spend clients? or is of DMO have right. side, say existing expansion that I'm you greater some pipeline? is guess, happening All any taking DMO

Mark Walker

we've actually question. Good Yes, Yes. experienced both.

DMO recently – some strategy the more after of is have won a sorry, have space. contracts. market just – one them of is in the there's won. go one Spokane I'm we Spokane share City to that DMO Airport full new fledged new We we ones And of

In of actually historically their been addition, have favorable clients who have our some with larger us spend. increased spends

movement buy-side on So also as count able that of and share business customer accounts we those growing a well. to about that expanding has been are well how us been inside pushing been have we're positive that's And team from front. the think as that excited grow we we've for leadership as our market

Dylan Dupuis

Great. Thank And I may. if one you. more

a of of similar the it's is as of In and really half the cadence of XQ of the stronger quite with second compared of in quarters? last trajectory low year I the terms sales well year guidance, being, rest sort we where much to expect sort and the XQ should mean,

Mark Walker

QX Absolutely. the We of marketing most the typically – period, the highest. QX seasonality our business typical is typically is follows slowest bend where digital

actually reason for to that and from builds accordingly our slowest there. business to trend have year no period that seasonality our going this is We deviate planning we're it being think and QX with

Dylan Dupuis

you. That's for Great. pass on. Thank it I'll it me.

Mark Walker

Absolutely.

Operator

NOBLE Capital. question comes of Kupinski with from next line Our proceed. Michael Please the

Michael Kupinski

current staff Thank that $XXX million talk to and so you more this little I that feel questions. sales supports forth of the growth. achieve what and revenue then or do year, it your if you your like headcount, you hire revenues to you'd for taking I'm plans? about you to to current to you need hiring have is hire thanks Can bit that million said wondering are levels? and currently, support like to for know faster you, $XXX from what that continue your a my

Susan Echard

Thanks Michael. for Yes. Hey, This question. the is Susan.

months eight about of for the to while have place a now, support ramp does We boots these headcount the take about because and ahead people those in folks on hire XXXX. it will We six now up. right that's XX normally growth in time the right ground to

as have we to that XXXX planning and we on also place team we're in XXXX to do so currently strategies. in deliver the look And sales on the hiring revenue people additional

Michael Kupinski

and quarter, changes in the just to little have color I compensation a some segments, at know me. but know the just wondering than that that I that? might I that that you. kind on hiring? of expected some of was had was there you Thank hiring that us or higher had you I'm Can expenses your I management you simply just due the planned when give – was one were wondering, was for look And

Susan Echard

No, the Yes. fourth year. some quarter, we fourth in headcount we plans the and and for where yes, course, up of higher made in so investments the We quarter. had that's ended compensation people the in

Mark Walker

so have us, year. you're just coming And aware, so run, ground to QX we the do that hiring for ready QX, in QX of the on we boots next

of So year. ground people next planning part so to boots can on in and QX we the QX is our benefit hire the on and board QX coming of coming strategically of get the QX, have that those

a probably go to see on trend you'll that's forward. So continue the

Michael Kupinski

notable to ask there? I just perspective? you SVB feel Anything a question from then client fallout noticed because And this the from Perfect. like I have Have any to.

Susan Echard

have and all I Nothing concerns addressed we no mean, exposure had and have vendors notable. that Yes. have the customers our there.

we in seen in cash disruption any So had haven't in going out. disruption cash coming and any we haven't

feel impact far we're that. we any as protected So direct from as

Michael Kupinski

kind Right. cost you that. the that the noticed any you can that if gone duplicative was the amount, as been? And outline have transition in about remind developed? servers, then had might you have of if And quarter, you I has then duplicative cost, And dollar the that about planned? Have me can new what just to issues on believe there

Mark Walker

ahead. Go Yes.

Susan Echard

probably we duplicative had any we because finish quarter have that to sure not to we we as some that we Yes. in did a and to of up the was going have and cost in that Michael, transition protect about redundancy that that That we're so interruptions QX we sure whatsoever. that make HPE want with make built spent some in transition. XXXK continue

Michael Kupinski

just it. customers And and is any or environment about pressures or not the whether larger talked I a wondering of just the just seeing it you're that in little competitive you're bit the pricing going was terms of then you because simply Got after? landscape

Mark Walker

relates sensitivity customers after. have of Simply that we're little to as a the due that the impressions provide. larger price of going able it bit volume to they're They

of business the of competitors other part well. other same components as have that's – So have our strategy had clients the and

So it's standard.

Michael Kupinski

have. you. all it. Got That's I Thank

Susan Echard

you. Thank

Mark Walker

Yes.

Operator

the Our EF line with next Hutton. Reily question Please Edward comes from of proceed.

Edward Reily

Hey guys. question. the Thanks on the segment Congrats my within the quarter. on growth sell-side during for base taking buyer the

you are some continue doing buyers what other guys platforms? to through incentivize maybe maybe your going these to using versus platform Just sell-side wondering

Mark Walker

publishers buy Yes. like we Absolutely. build the Really to DSPs, in relationships the be proved them and well the then further publishers Building with our of focused able providing to the on brands the on not company trusted it's as from the is they agencies that ours relationships are them multicultural and with to to a that market multicultural those business build as with strategy beneficial. well. long-tail with could just take we're providing as The – general a access that ecosystem relationships buy-side giving them outreach. go we has one-stop upstreams on the where shop, and but

with provide also been technology customers In do a marketplace the for has addition to that, able the been business to we've benefit reliability wanting us. to and the level of

benefit to they're continue long has that of So in we've that business and want stay and the they once the proven of transact engaged, us with they to way to run. performance been have seen level that run typically efficiency because able our the

Edward Reily

you it. questions Thanks. Thank All that. asked. Okay. my were Got other for

Operator

conclude conference. This are questions time. There at will this no you. further Thank today's

time. your for lines Thank at this disconnect participation. your may you You

Mark Walker

you. right. All Thank

Susan Echard

you. Thank

Direct Digital (DRCT) 23 Mar 232022 Q4 Earnings call transcript