EBITDA GuidanceEBITDA guidance came at $575m, 2% below consensus, but management expect EBITDA margins on GOV to improve sequentially in 2Q25 and 3Q25.
S&M MarginsS&M margin was up due to seasonal Dasher acquisition costs, with branded advertising a more modest deleverage variable.
Stock-Based CompensationSBC decreased to 10% of revenues from 12% year-ago, and we anticipate SBC to about 8% of revenues by FY26.