All Engines Running...We Have Liftoff; Initiate at Buy; PT $34

研报英文原文证据摘录

All Engines Running...We Have Liftoff; Initiate at Buy; PT $34

ng advantages, with the Cortex model Exhibit 1 - LFTO growth algo: Since launching

layered on top to drive strong returns for mobile advertisers. LFTO is one of the few platforms Cortex AI ad targting model in 2024, q/q

with scale on both sides of the marketplace (DSP + SSP). This unified DSP/SSP footprint provides ad growth has far exceeded LFTO's 4% q/q

growth target.

superior visibility into supply, improves bidding efficiency, and, combined with the adoption of 18.0%

Model breakthrough, 15.8% Driven by vertical expansion 16.0%

AMZN contract to roll out iGaming product)

14.0% renegotiation, and

vertical expansionCortex neural networks, has unlocked material gains in ROAS and targeting precision. 12.0% (eg started

10.0%

8.2% 8.3% 8.7% 8.9% 7.9% 6.9% 9.6% 8.0%

3.5%3) Non-gaming represents a unique growth engine, powered by “Adapters” that deliver vertical 6.0%4.0%2.0%

0.0%specific differentiation. LFTO is exposed to the fast-growing non-gaming portion of mobile 1Q24A 2Q24A 3Q24A 4Q24A 1Q25A 2Q25A 3Q25A 4Q25A 1Q26A

advertising, with outsized share across commerce, finance, social, travel, and AI apps. Non-gaming .Source: Company Data, JefferiesCore Ads Daily Avg Rev % q/q

is ~50% of LFTO demand and ~30% of supply. Its "Adapter" framework provides vertical-specific

enhancements to timing, delivery, and creative (e.g., interactive live-odds in ads for gambling apps) Exhibit 2 - High incremental margins driving

and drives measurable ROAS uplift/is a key differentiator. multi-year EBITDA margin expansion to 60%+

in 2028

59.0% $697m

60.4% 60.0%4) Possesses scarcity value as an asset with exceptionally strong "Rule of 95" financial profile. $800m$700m 54.6% 56.9% 70.0%

$588m

50.0%