The advertising industry is going through a transformation.

There’s a confluence of events that are demanding it to make some recent higher-level changes. Consumer privacy concerns are escalating, and they’re causing Big Tech companies like Apple (Nasdaq: AAPL) and Alphabet (Nasdaq: GOOGL) to phase out the third-party cookie. Walled gardens like Meta Platforms (Nasdaq: FB) are at the risk of crumbling down as advertisers are looking to a more open internet for alternatives. People are moving away from their desktops and their iPads back to the television, where they’re migrating away from traditional cable in preference of a la carte Connected TV programming.

All of these changes are rewriting the script for the industry. It’s becoming more important than ever to establish a direct, genuine relationship with individuals. And that’s unlocking an entirely new approach to digital, programmatic advertising.

What will all of this mean for investors? What impact will the higher-level tech changes have on the largest companies of the S&P 500? And are there pure-play opportunities that are arising and taking advantage of the fastest-growing segments of the market?

To answer these questions, we’ve brought in an expert. Rajeev Goel is the co-founder and CEO of PubMatic (Nasdaq: PUBM). PubMatic is a publicly-traded company who serves as a sell-side platform for programmatic advertising. It helps publishers — who create websites, podcasts, mobile apps, or streaming TV stations — to monetize their content by placing targeted advertisements. Rajeev is one of the innovators in this space; he’s very in-tune with the direction his industry is heading and is always two steps ahead of his competition.

In this exclusive interview, Rajeev chats with 7investing lead advisors Simon Erickson and Luke Hallard about the changes taking place in advertising and how PubMatic is responding to them. They talk about the importance of Connected TV and why Netflix’s (Nasdaq: NFLX) recent comments about an ad-supported plan could be significant. They discuss why Google and Apple are making changes to their identifiers and what The Trade Desk’s (Nasdaq: TTD) recent OpenPath initiative could mean for the industry.

In the final segment, the three talk about advertising in the Metaverse and what investors interested in this space should be watching.

Publicly-traded companies mentioned in this interview include Alphabet, Amazon, Apple, Meta Platforms, Netflix, PubMatic, and The Trade Desk. Rajeev Goal is the CEO of PubMatic and has an ownership interest. 7investing’s advisors or its guests may have positions in the companies mentioned.

Agenda

• Q2 review – What’s driving PubMatic’s top-line growth and what is Rajeev most excited about?
• Connected TV – How did PubMatic’s homegrown CTV platform grow revenue 5X over last year. What is the opportunity with Netflix?
• CTV Addressable Market – Why CTV ad spend is trailing viewership hours and how is PubMatic gaining market share?
• Tech changes – What is the impact of Apple & Google deprecating third-party cookies?
• The Trade Desk – What is the impact of OpenSource on publishers and SSPs?
• Outro – Role of advertising in the Metaverse and things investors should be watching

Transcript

Simon Erickson  00:07

Hello, everyone, and welcome to today’s episode of our 7investing Podcast, where it’s our mission to empower you to invest in your future. I’m 7investing founder and CEO Simon Erickson, I’m joined by my UK-based lead advisor Luke Hallard. We’re going to be chatting today about digital advertising. And I’m very excited to announce our guest today is Rajeev Goel, he’s the CEO of PubMatic (NASDAQ: PUBM). That’s a supply-side platform that’s helping publishers programmatically place other’s advertisements within their websites, within their podcasts. And increasingly, they’re connected TV stations. Rajeev, welcome back to the 7investing Podcast, it’s always a lot of fun to chat with you.

Rajeev Goel  00:41

Hey, Simon, good to see you again. And Luke, great to be on with you as well.

Simon Erickson  00:45

We’re gonna be talking about a lot of topics. Today we’re gonna be talking about connected TV and what that’s going to mean. We’re going to be talking about kind of bigger market for digital advertising and how it’s changing. And we’re going to be talking a little bit about the metaverse. But first and foremost Rajeev, let’s kind of start at the 10,000 foot level, you guys just reported your first quarter results, very recently here. Looked pretty good to me. Revenues up 25%, your connected TV revenue was up over 5x year over year, and you captured a very, very healthy 31% adjusted EBITDA margin. What can you tell us about what’s going on in the bigger picture of digital advertising? And what are you excited about right now?

Rajeev Goel  01:19

Yeah, look, we’re really excited about our Q1 results. I would say it’s kind of a continuation of a number of quarters since we’ve gone public. You know we delivered a compelling combination of growth and profitability, including cash generation as well. And I think that’s really due to our unique infrastructure driven approach to digital advertising. So as you highlighted 25% year over year growth, so revenue came in at $55 million. And then adjusted EBITDA at 31%. Again, positive on GAAP net income and in-cash generation. And our net dollar retention, which is a really important signal of how well we’re doing growing our existing customers, how sticky those relationships are, that came in on a trailing 12 month basis at 140%. So I think a really strong set of financial metrics, that I think we’ve, continued to be, or have become known for, which is really exciting. And I think generally, what we see is more and more, obviously there’s growth in advertising, more and more of that’s moving to digital, moving towards programmatic. What we saw in the pandemic is that people are doing more things online. And I don’t think that’s going away. I don’t think people are all of a sudden saying, well, now that, COVID is receding a bit, I want to start going back to the bank and spending time in line over there, right. So I think those new behaviors that people learned during COVID, particularly digital behaviors, those are really sticking. And so our addressable market has grown significantly as a result of COVID, and it’s going to be elevated for the foreseeable future.

Simon Erickson  02:54

One more from me, and then I’m gonna hand it over to Luke to ask some questions as well. But I wanted to spot you up to talk about connected TV. Talking about those changing behaviors, you and I last spoke, I think, was about six months ago or so Rajeev, and you were talking about what CTV means in the bigger picture opportunity, right? There’s a move from advertising on linear TV, to moving kind of over the top and programmatically. You guys built your CTV platform in house, you didn’t go out and make acquisitions, you’ve built the product from the ground up. And now you saw a 5x year over year growth, how important is CTV? And what are you seeing in kind of this market?

Rajeev Goel  03:26

Yeah, so you’re exactly right, we built our CTV capabilities entirely in house really as an extension of our global digital advertising infrastructure. And so we’re now monetizing inventory from 176 publishers. We announced as part of our release, that we’re working with three of the top five TV manufacturers, which obviously own a lot of advertising inventory in the ecosystem. And so what we see is that more and more content consumption, eyeballs, viewership, is shifting from linear TV, to connected TV devices. And again, that’s something that I think was turbocharged during the pandemic, but it’s continuing. Everybody’s got habits now of kind of watching their own show at home in the evening on iPads or laptops, or TV devices. And so that’s not going to go back. And so advertisers are shifting their ad budgets in response to that consumer flow. And we think it’s a great opportunity. So in 2025, it’s estimated to be a roughly $35 billion opportunity. So pretty significant opportunity. But I would be remiss if I didn’t also comment on the online video, so that’s more short form video, as well as mobile opportunities that are each over $100 billion in 2025, that we’re also going after and we’re we’re seeing significant growth. And so our omni channel focus, our global focus in all of these high growth ad formats, is really helping us grow at almost double the rate of the market, so significant ongoing market share gains.

Luke Hallard  04:57

I wonder if I could jump into, like, what’s happening in the market at the moment. I wrote an article 7investing maybe two months ago, and looked at some stats. Now, I’m sure your data is going to be much more accurate than the stuff I pulled off the internet. But just some interesting numbers Rajeev. So something like 82% of US households have a connected TV device. And as you said, most people have like multiple screens in the house. 39%, that’s probably a low number, of adults watch connected TV. As of maybe four or five months ago, only 22% of advertising spend was on connected TV, as opposed to, the whole TV market. Do you have an idea why the dollars, the ad dollars are lagging the eyeballs so badly.

Rajeev Goel  05:40

Yeah, this is a common pattern, really, in any newer digital ad format. And what happens is that, the systems, the processes, the people that are doing the buying and selling of advertising, they’re trained on what’s already scaled, and what’s already mature, right. And so for instance, you have a lot of people that know how to buy and sell TV advertising, right, they know the metrics, they know who the individuals are, they know the pricing, a lot of the advertising systems are geared from a workflow and data perspective around those incumbent or mature formats. And so the easiest thing to do is to keep doing, this year, what you did last year, right, and you, change it by a couple of percentage points one way or the other. But, of course, the consumer shift happens a lot faster, right. And again, that was accelerated due to the pandemic, when everybody was at home for, for the better part of a year. And so the consumer shift towards CTV and streaming has been much faster than the dollars move. And so typically, what we see is there’s anywhere from a two to four year lag of technology and systems and everything else catching up. And that’s exactly why we’re seeing I think such great growth is, we built a compelling product. We’ve got hundreds of publishers live, we have, many advertisers and agencies that are spending on our platform. And so we’re, that’s a key part of our strategy is really to be well positioned in the high growth areas, and CTV is clearly the highest growth.

Luke Hallard  07:14

Yeah, it’s fascinating, isn’t it? I guess you could almost bake in this growth, you know it’s coming. It’s just the fact that the market hasn’t quite figured it out yet.

Rajeev Goel  07:23

Yeah. And, and that’s part of our strategy, from a enterprise level is to look at the market, and analyze the market and understand, okay, what what are the next formats? And when are they coming, right? And I know, we’ll get to the metaverse a little bit later, Simon, but you can already start to plot that out at, maybe some still a little bit fuzzy point in the future. But that’s how we think and how we operate. We started in desktop display, and then we moved into mobile web and mobile app, online video, CTV. So typically, every two to three years, we’re going in deep into a new ad format and really serving our customers and creating more stickiness. And again, you see that in the net dollar retention rate of 140%.

Luke Hallard  08:04

And maybe just before we come off CTV and I hand back to Simon. So it seems like something quite interesting has happened in the market in the last couple of months. So we’ve got say, Netflix (NASDAQ: NFLX), and they really seem to be struggling right now, the business model is under a lot of pressure. Reed Hastings finally softened his line on advertising based video on demand. It looks like they’re definitely open to that, maybe in some markets. Are you’re getting any sense on the street, whether they’re going to build this tech in house, or is it potentially an opportunity for SSPs?

Rajeev Goel  08:34

Yeah, I think, I think it is an opportunity for us, they’ve publicly said that they plan to partner, utilize third party technology. And, they’ve also made some public statements about the speed with which they plan to move. And so I think, if you want to move at that speed, then you’ve got to use existing, kind of mature technology companies. So we think it’s a great opportunity, I’d say it’s a really a great sign that such a premium content environment like Netflix is moving towards an ad supported model. You know, I think they were, as you mentioned, kind of famous for saying, Hey, we’re not going to do ads, we’re going to do subscription only. And I think what this signifies is that, something that we’ve, I guess, always known and always been focused on, which is that ad supported. Advertising supported content is really the primary business model on the internet, right. Consumers get access to a lot of great content, journalism, news, entertainment, sports, all of that kind of stuff, information. And they do that primarily in a free way via ad supported models. And that really ties into our mission. You know, we exist to help content creators have a more profitable ad business so that they can reinvest those profits back into content generation and content distribution. And so I think that Netflix is just a sign of of where the entire internet is headed. Now I think it’s going to be particularly true in countries outside of the US, right? I mean, the US, obviously is relatively wealthy, as far as countries go. But if we think about the budgets that consumers in, huge countries like India or Indonesia have, they have even less disposable income, to be able to spend on something like a content subscription.

Simon Erickson  10:25

I’ll jump back in Rajeev and say that your industry moves really, really fast. Digital advertising is constantly evolving, I actually think that’s an advantage of PubMatic’s because you are such an innovative company, such an innovative leader, that I always consider you to be several steps ahead of competitors and the changes that are going on out there, to your credit. One thing that we have seen, though, is that this free ad supported internet is changing, right, especially on mobile devices. And we spoke about this last time a little bit, but I think it’s worth following back up on again, today. We saw that Apple (NASDAQ: AAPL) gave users a way to, on their iPhones, basically opt out of personalized advertising right, blocking out the IDFA from the iOS 14.5 update. And then you told me then at that time that a lot of budgets moved at least mobile budgets moved from Apple over to Android, right? Because Google (NASDAQ: GOOGL) wasn’t doing the same things that Apple was. Now we’re seeing though that Google wants to do FLOCs, federated learning of cohorts, and then even now they’ve got a new technology that would also kind of protect consumer privacy, and kind of getting away from the third party cookie and all the things that we’ve traditionally done to track web behavior. How does all of this impact your business? And where do you see this going three years out?

Rajeev Goel  11:35

Yeah, so this is, I think, a really exciting area for us, and something that we’ve been investing in now for over three years. And the reason is that I think it’s a significant technology transition. And Simon to the beginning point that you made there, we look at how to invest in these significant technology transitions and turn them into significant advantage for us. And we do that because we have a great flywheel in our business, high margin revenue, we invest that into innovation. And then we take that innovation effort and drive more usage from our customers, which then generates, again, high margin revenue for us and keeps that flywheel going. So I think what’s what’s a bit different in what Google is doing versus Apple, is Google is taking a structured, roughly two-ish years, maybe it’ll be longer, who knows, approach to how do they make this transition in conjunction with the ecosystem? And that’s pretty different than what Apple did, which is, they just said, Hey, we’re gonna remove this identifier and, that’s it, right. And there wasn’t a whole lot of kind of discussion or partnership around that. So Google is trying to, I think, take a different approach, and recognize that, hey, there’s a lot of people that are dependent on the advertising model. Content owners, app developers, consumers, etc. And so they’re taking a more collaborative approach. I think most important here is that we all pay attention to the consumers desire for privacy, and their ability to decide what content or what information they want to share, and when in order to deliver, more relevant ads to them. And I think that’s kind of the upshot here. I think the big upside for us, given our focus on the open internet, is that the open internet, or advertisers have historically had to choose, they could advertise on the open internet great quality content like a Viacom (NASDAQ: PARA) or News Corp (NASDAQ: NWSA) or a Wall Street Journal. But we didn’t have identity in the open internet, right? It was anonymized, third party cookies, things like that. Or an advertiser can advertise in the walled garden environment, a Google a Facebook (NASDAQ: FB), etc. Where they have great data about the consumer. But the content quality is not as high as it is on the open internet, right, you have a lot more user generated content. So the way the ecosystem is moving now is to combine I think, consumer opt in data and information to deliver relevant ads, along with high quality content on the open Internet. And I think that’s going to be really advantageous for companies like ourselves that operate in the open internet, because advertisers I expect will respond very favorably to that.

Simon Erickson  14:16

And perhaps that’s because the advertising itself is even more relevant now than it was before. Right? You know, it’s not just blasting out behavior, find the best ad that you don’t really care about anymore. Now, you actually know how your information is being used, you’re opting in in the first place, and it’s unlocking something that the publisher is giving you in exchange for giving that information. And perhaps that’s going to lead, at least if I connect the dots correctly, from what you said, to higher conversion rates and more valuable advertising.

Rajeev Goel  14:42

Yeah, I think that’s exactly right. So when when the advertiser is able to deliver a more relevant ad to the consumer, then they’re willing to pay more for that opportunity. And so we’ve seen in fact, in CTV streaming environments, the app owners are reducing the ad load in those environments, right, which is great from a consumer experience perspective. And one of the reasons they’re able to do that is they can deliver a much more relevant ad, granular ad selection in that digital environment versus in the linear TV environment. Right. And so that’s a great benefit for the consumer.

Simon Erickson  15:18

One more question for me about a change taking place. And then I’ll hand it back over to Luke again. But the question that I wanted to ask, that a lot of our own members at 7investing are asking about is, we know that PubMatic is a supply side platform, right? Your clients are the publishers, you serve their needs exclusively. But you integrate with the demand side partners in the platforms that serve the needs of the advertisers. Meet in the middle, there’s an auction, you place the right ad, for the right audience in the right site. But we did see some some other announcements from the largest DSP, at least the most independent DSP out there, The Trade Desk (NASDAQ: TTD) now has a new initiative called Open Path, right, where they, as I understand it, could bypass a lot of the auctions and place advertisements directly into open inventory for publishers. Rajeev, there’s still a lot of question marks on this one, at least for us as individual investors. But what does this initiative mean to you? Why is Trade Desk doing it? Who are they going after? And then how is this going to impact kind of the existing ecosystem that we’ve seen in digit ads?

Rajeev Goel  16:16

Yeah, absolutely. So I think Trade Desk announced Open Path maybe a couple of months ago, and it seems to still be in very early stages. And I think what it validates is the need for buyers to have a direct and transparent path to publishers, right. And so we’ve been engaged in a key growth driver for us called Supply Path Optimization, right. Where we create a very transparent supply chain for buyers. Where they consolidate more and more of their spend onto our platform, because of that transparency, because of efficiency, and their ability to generate more ROI. And so I think, my takeaway on on Open Path is that, our SPO strategy is working, and there’s even more buyers out there that want to engage in that. I think there’s some possibilities that Open Path ultimately could be competitive with some of the agencies. That’s what I’ve heard feedback from, from some agencies. Because a key value proposition of agencies is to control the flow of ad spend and provide scaled media buying to their individual clients, right, aggregating a bunch of clients budgets, and then being able to buy in bulk and recognize efficiencies. And so I think that that’s an issue that agencies are still working through. So we’re excited to partner with them for Supply Path Optimization activities.

Luke Hallard  17:44

It’s interesting to see how the market kind of matures and shakes out perhaps. At the moment, you’ve got this kind of model where if you’re a publisher or your supplier, you’ve got your partner, and you know that they only have your interests at heart. Suddenly, if The Trade Desk or somebody else tries to build like an Airbnb style (NASDAQ: ABNB) two sided marketplace, you’ve got this perception potentially of a conflict of interest. It’s interesting, whether advertisers will engage with that or not.

Rajeev Goel  18:09

Yeah, I think that is a fair comment. And, I think one of the reasons why Trade Desk has done so well. And they’ve built a phenomenal company, and I’ve executed amazingly well. But I think one of the drivers of that is agencies and advertisers felt conflicted when spending in some of the walled gardens, right. And so they didn’t want, these kinds of two sided models, and instead, they wanted an independent, unbiased approach. And so that’s exactly what we provide to the buyers with Supply Path Optimization.

Luke Hallard  18:39

If I can bring it into our little fun question, just to kind of wrap up our conversation today. So I guess actually thinking about what you just said a few minutes ago, it’s taken two to four years for CTV to really catch up. So maybe we have to look like 20 years ahead for this next piece, right? There’s this thing, the metaverse, coming along, as we all know, and maybe opinions are split, maybe this is kind of vaporware, maybe it becomes to nothing. But if some form of the metaverse does get established. I think there’s a really fascinating opportunity for ad tech. And if we think about the levels of the sort of CPM levels, like the value of an ad spot on CTV, much higher than many other platforms, because you’re a bit more, you’re sort of more engaged. But if you’re in the metaverse, you could drink like a Coca Cola (NYSE: KO) branded power up in the video game. There’s nothing much more engaging than actually wearing the Prada suit on your avatar. So you would think intuitively sort of CPM levels will be through the roof. So is it just way too early? Are you guys thinking about this right now?

Rajeev Goel  19:45

I think, first of all, I think it is very early, but I agree with the premise, which is that there should be significant advertising opportunities. I would say both in terms of the engagement level of the consumer, the let’s say the volume or quantity of people that can engage in an environment like the metaverse. And I think we’re gonna have a lot of kind of mixed reality environments. And then third, the advertising opportunities, which seem to be endless, inside of a virtual, entirely virtual environment. And so, to your point, our focus is really on building infrastructure, and ultimately, the supply chain of the future for digital advertising. And we have been steadily making that, relevant to more and more stakeholders. And initially publishers, then advertisers and agencies through Supply Path Optimization, now data owners and retail media owners are participants. And so I think it’s very, very logical for us to consider the metaverse, as maybe the next or, maybe it’s two from now, who knows on exactly the timeframe that the metaverse will come into being. But I think it’s a very natural opportunity for us. I think another one alongside that is self driving cars. Whenever that happens, I think it’s very logical that you’ll see ads on the side of those cars as a way to subsidize your ride to the office or your ride to dinner in the evening. And that will be another great opportunity for digital screens at scale. So I think all of these, play right into our kind of growth trajectory, our infrastructure and our core capabilities with global omni channel scale and presence, real time transaction processing, data processing, and then our relationships that we have around the world with publishers and buyers.

Simon Erickson  21:38

So Rajeev, are you gonna have a the NFT’s and the metaverse? Or are you’re gonna have a Rajeev coin, are you gonna have a PubMatic coin, anything that you guys going to do in the metaverse? You can say it here first, we’ll keep it on the DL.

Rajeev Goel  21:48

No, no coins that I’m aware of at least, that we have planned to launch. But you never say never in this industry. So we’ll leave that question open for another day.

Simon Erickson  21:59

Luke coin? 7investing coin? What do you think, Luke? Should we do something out there in the metaverse?

Luke Hallard  22:04

I think we’ll stick to the coffee mugs, Simon.

Simon Erickson  22:06

Fair enough, fair enough. Rajeev, we’re just kind of wrapping up here. And I know that Luke probably might want to ask one more question about the larger market opportunity. But kind of, as this is changing, right, this is, like I said earlier in the show, a fast changing industry, the open Internet is very, like you were alluding to earlier is very different than the walled gardens we’ve gotten used to, right. CTV is very different than mobile advertising. Maybe for individual investors that are our audience here, what are a couple things that we should be watching and paying attention to, or also that you’re really excited about? As digital advertising is changing out there?

Rajeev Goel  22:42

Yeah, I mean, I think, we touched on a couple of them. But look, all advertising will eventually become digital. Right. And, we’re at roughly two thirds of the market, maybe 60-65% of the market is digital now. So it’s a huge market, and it’s continuing to grow. This year market rates of growth are around 15%. And so I think there’s just so much, so much of a dynamic nature. And part of that is, consumer behavior is really hard to predict, right. And we got a great example of this in the pandemic, when people literally left their offices overnight, they didn’t realize they may not see them again, for a year or two years. And they had to get up to speed on a whole new set of devices at home. So that level of of change obviously is difficult to predict. But I think from that comes great opportunity for companies and platforms that are the most agile and the most innovative. And that’s I think the thing that excites me the most is that we’ve really built our business and our platform around agility. And you see that, in owning our own infrastructure, it lets us release software, hundreds of times per year, so we’re literally shipping software multiple times per day. By owning the hardware, by owning all the infrastructure, we can integrate network to hardware to software. And then the profitability that we have allows us to continuously invest in new capabilities and new innovation. So, my job is fun in the sense that I get to, I have to continuously decide what are the things that we’re not going to do, because there’s so many opportunities that are out there. And of course, you can get stretched too thin and get distracted. And, you gotta try to keep the focus on on the right side of things. But I think that’s a great position to be in. And we’re excited about the long runway of growth ahead of us.

Luke Hallard  24:30

It’s great to hear Rajeev and I agree there’s there are huge opportunities here. I suppose if we bring it back to some of the numbers you shared in your recent earnings call just a few days ago. You shared an aspiration of getting to something like a 20% market share. I think you guys are sort of 3% or 4% right now. So, there’s sort of some distance to go and also this is also a growing market as well. So maybe thinking about the things you’re choosing not to do, what are the some of the things that you think you are going to do to get to that level of dominance?

Rajeev Goel  24:59

Luke, you faded out just a little bit there at the end? Can you just repeat the last part of that question?

Luke Hallard  25:04

Yeah, just wondering how you, you’re sort of roadmap to get from the current 3% or 4% market share, to more like a 20%, which I think you shared as your aspiration?

Rajeev Goel  25:14

Yeah, absolutely. So, you’re exactly right. You know, at the time of our IPO, December of 2020, we estimate we had a 2% to 3% share of the market. As of the end of 2021, we estimate that’s 3% to 4%. So a full percentage point of growth in a year, which is fantastic. But our ambition is absolutely to grow to 20% market share. And the things that we need to focus on are a couple of things. One is, being well positioned in the highest growing, highest growth ad formats. And so that’s mobile app, it’s online video, it’s CTV, right. And we’re squarely positioned there, and mobile and video now are over two thirds of the business. The second thing we need to do is make sure we’re building a very compelling and sticky platform for both publishers and buyers. You know, and I think now we’re working with probably about 1400 or so publishers, so great, great roster of publishers globally. And then through Supply Path Optimization, and our DSP integrations, we’re bringing more buyers onto our platform, on a daily basis. And then the third thing we need to do is really make sure we’re listening to our customers, right, and letting them tell us, not necessarily what are the solutions, but what are the problems that they’re having that we can help them with? You know, that can be around addressability, right, a topic that we talked about earlier. It can be around analytics and data reporting. It can be around efficiency, how can we help our customers make their own businesses more efficient, and more agile? And I think as long as we have that mindset of being hungry and listening to our customers, and trying to always focus on how do we create more value for them, then I think we’re in a great position to be able to grow to that 20% market share goal.

Simon Erickson  27:02

Once again, Rajeev Goel is the CEO of PubMatic. The ticker on that, it’s a publicly traded company, is PUBM. They’re one of the innovators in the digital advertising space, helping publishers be more efficient and more profitable Rajeev, it’s always a great chat with you. Thanks for being part of our 7investing Podcast today.

Rajeev Goel  27:19

Thank you, Simon. Great to connect and thank you Luke. Really enjoyed it.

Simon Erickson  27:23

Thanks everybody for tuning in to this edition of our 7investing Podcast. We are here to empower you to invest in your future. We are 7investing.