AdTheorent Holding Company Inc (ADTH) 2023 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to AdTheorent fourth-quarter and full year 2023 earnings call.

女士們、先生們，感謝你們的支持並歡迎參加 AdTheorent 第四季和 2023 年全年財報電話會議。

(Operator Instructions) Please be advised that this conference is being recorded.

（操作員說明）請注意，本次會議正在錄製中。

I would now like to turn the conference over to your first speaker, David DeStefano, Investor Relations.

現在我想將會議交給第一位發言人、投資者關係部門的 David DeStefano。

David please go ahead.

大衛，請繼續。

Good afternoon and welcome to AdTheorent fourth-quarter and full year 2023 earnings call.

下午好，歡迎參加 AdTheorent 第四季和 2023 年全年財報電話會議。

We will be discussing the results announced in our press release issued after the market closed today.

我們將討論今天收盤後發布的新聞稿中宣布的結果。

With me today are Chief Executive Officer, Jim Lawson; and Chief Financial Officer, Patrick Elliott.

今天與我在一起的有執行長吉姆·勞森 (Jim Lawson)；和財務長帕特里克·埃利奧特。

Before we begin, I'd like to remind you that today's conference call will include forward-looking statements based on the company's current expectations.

在開始之前，我想提醒您，今天的電話會議將包括基於公司當前預期的前瞻性陳述。

These forward-looking statements are subject to a number of significant risks and uncertainties and our actual results may differ materially.

這些前瞻性陳述面臨許多重大風險和不確定性，我們的實際結果可能有重大差異。

For a discussion of factors that could affect our future financial results and business.

討論可能影響我們未來財務表現和業務的因素。

Please refer to the disclosure in today's earnings release and our other reports and filings with the Securities and Exchange Commission.

請參閱今天的收益報告中的揭露以及我們向美國證券交易委員會提交的其他報告和文件。

All of today's statements are based upon information available to us today, and we assume no obligation to update any such statements, except as required by law.

今天的所有聲明均基於我們今天掌握的信息，我們不承擔更新任何此類聲明的義務，除非法律要求。

We will also refer to both GAAP and non-GAAP financial measures during the call.

我們也會在電話會議期間參考公認會計原則和非公認會計原則財務指標。

You can find the reconciliation of our GAAP to non-GAAP measures included in our press release posted to the Investor Relations section of our website at www.adtran.com. All of our non-revenue financial measures we discuss today are non-GAAP unless we state otherwise.

您可以在我們網站 www.adtran.com 投資者關係部分發布的新聞稿中找到我們的 GAAP 與非 GAAP 指標的調整表。除非另有說明，我們今天討論的所有非收入財務指標均非公認會計原則。

With that, let me turn the call over to Jim.

接下來，讓我把電話轉給吉姆。

Thank you, David, and good afternoon, everyone.

謝謝大衛，大家下午好。

Thank you for joining our fourth quarter 2023 earnings call.

感謝您參加我們的 2023 年第四季財報電話會議。

During today's call, I will discuss our high-level results for the fourth quarter and the full year 2023 provide a progress update on our key areas of investments.

在今天的電話會議中，我將討論我們第四季度和 2023 年全年的高水準業績，提供我們關鍵投資領域的最新進展。

And finish up with a discussion about our exciting product innovation plans, including how we expect AdTheorent's machine learning platform to benefit from Google's cookie deprecation and other regulatory pressures and market dynamics, which just favor ID focused ad targeting.

最後討論我們令人興奮的產品創新計劃，包括我們期望AdTheorent 的機器學習平台如何從Google 的cookie 棄用以及其他監管壓力和市場動態中受益，這些壓力和市場動態有利於以ID 為中心的廣告定位。

I'm pleased to report that in the fourth-quarter, we generated revenue adjusted gross profit and adjusted EBITDA above the high end of our outlook ranges.

我很高興地報告，在第四季度，我們的收入調整後毛利和調整後 EBITDA 均高於我們預期範圍的上限。

Our differentiated machine learning approach to scoring ad impressions, which delivers consistent best-in-class return on ad spend for our customers continues to generate heightened interest and engagement leading to greater spend on our platform.

我們採用差異化的機器學習方法來對廣告印象進行評分，為我們的客戶提供一致的一流廣告支出回報，不斷提高客戶的興趣和參與度，從而在我們的平台上增加支出。

In the fourth quarter, we generated $59.7 million in revenue, a 15% year-over-year growth rate.

第四季度，我們實現了 5,970 萬美元的收入，年增 15%。

This accelerated growth combined with prudent cost management, drove significant operating leverage, yielding $13.6 million of adjusted EBITDA, a 34% margin and 35% growth year-over-year.

這種加速成長與審慎的成本管理相結合，推動了顯著的營運槓桿，產生了 1,360 萬美元的調整後 EBITDA、34% 的利潤率和 35% 的同比增長。

Once again, we outperformed in our high priority growth sectors, including self-service AdTheorent, which saw revenue growth of 89% in Q4 and our predictive audience products, all of which continue to see robust customer adoption.

我們在高優先級成長領域再次表現出色，包括自助服務 AdTheorent（第四季營收成長了 89%）以及我們的預測受眾產品，所有這些產品都繼續獲得強勁的客戶採用。

Over the past year we have meaningfully accelerated our growth trajectory by layering these incremental innovations on top of our highly differentiated and ML-powered DSP.

在過去的一年裡，我們將這些漸進式創新置於我們高度差異化且由機器學習驅動的 DSP 之上，顯著地加快了我們的成長軌跡。

As a reminder, we have been productizing and operationalizing advanced machine learning, a branch of artificial intelligence since early 2012.

提醒一下，自 2012 年初以來，我們一直在產品化和實施先進的機器學習，這是人工智慧的一個分支。

Now with a macro picture that appears to be in the beginning stages of stabilization and a greater technological lead and algorithm based programmatic ad targeting, we look to the future confident in our ability to drive durable growth.

現在，宏觀情勢似乎正處於穩定的開始階段，並且擁有更大的技術領先地位和基於演算法的程序化廣告定位，我們對未來推動持久成長的能力充滿信心。

I will now discuss each of these growth pillars in more detail.

我現在將更詳細地討論每個成長支柱。

First on self-service, as I've stated in prior calls, developing and scaling our self-service platform is helping AdTheorent and more fully monetize the industry's most sophisticated ad decisioning engine.

首先是自助服務，正如我在先前的電話中所說，開發和擴展我們的自助服務平台正在幫助 AdTheorent 更充分地利用業界最複雜的廣告決策引擎獲利。

Momentum continued to build in Q4 with self-service revenue up 136% year-over-year, driven by record activity, impressions served and platform spend.

第四季的動能持續增強，在創紀錄的活動、服務展示次數和平台支出的推動下，自助服務收入較去年同期成長 136%。

Overall revenue contribution remains relatively small but our self-service delivery platform is already opening doors and attracting and retaining larger media buying customers.

整體收入貢獻仍然相對較小，但我們的自助服務交付平台已經敞開大門，吸引並留住更大的媒體購買客戶。

In particular, we are excited to note that several large media buyers adopted our self-service platform in the fourth-quarter.

我們特別高興地註意到，第四季有多家大型媒體買家採用了我們的自助服務平台。

In addition, two global holding companies completed platform evaluations and signpost evaluation platform agreements in the first-quarter.

此外，兩家全球控股公司在第一季完成了平台評估和路標評估平台協議。

And a third hold-co evaluation is in progress, adding the self service delivery model enables us to generate the same outstanding campaign results regardless of how customers choose to transact on the platform, keeping customers on the platform longer.

第三次持有公司評估正在進行中，增加自助服務交付模式使我們能夠產生同樣出色的活動結果，無論客戶選擇如何在平台上進行交易，從而使客戶在平台上停留更長時間。

As our independent agency customer base grows and their internal ad buying and campaign management capabilities evolve, we can seamlessly include self-service as a component.

隨著我們的獨立代理客戶群的增長以及他們內部廣告購買和活動管理能力的發展，我們可以無縫地將自助服務作為一個組件。

These customers still access our managed service and creative resources as needed, translating to higher overall spend on the AdTheorent platform.

這些客戶仍然根據需要存取我們的託管服務和創意資源，這意味著 AdTheorent 平台上的整體支出更高。

And with larger global holding companies, our self-service offering is an exciting driver of meaningful revenue growth as those customers scale their use of the platform.

對於規模較大的全球控股公司來說，隨著客戶擴大平台的使用範圍，我們的自助服務產品將成為顯著收入成長的令人興奮的推動力。

Second, I'd like to talk about our progress with AdTheorent Health.

其次，我想談談我們在 AdTheorent Health 的進展。

Despite being our largest industry offering, Q4 AdTheorent in-house revenue grew 89% year-over-year.

儘管 AdTheorent 是我們最大的產業產品，但第四季的內部營收年增了 89%。

As a number of industry cross currents and AdTheorent innovations accelerated demand.

隨著一些行業的交叉潮流和AdTheorent創新加速了需求。

Nowhere is the need for a powerful and privacy forward demand-side partner, more acute than in a highly regulated healthcare industry.

沒有什麼地方比高度監管的醫療保健產業更迫切需要強大且注重隱私的需求方合作夥伴。

Many AdTheorent Health customers are subject to stringent privacy regulations, with tight restrictions on the use of personal data.

許多 AdTheorent Health 客戶都受到嚴格的隱私法規的約束，對個人資料的使用有嚴格的限制。

Driving them towards AdTheorent over ID dependent DSPs, because our algorithms score and serve ad impressions based on statistical insights and probabilities and not individualized user data.

推動他們轉向 AdTheorent，而不是依賴 ID 的 DSP，因為我們的演算法根據統計見解和機率而不是個人化的用戶資料來評分和提供廣告印象。

We believe we represent the future of health care programmatic advertising.

我們相信我們代表了醫療保健程序化廣告的未來。

On our Q3 call, we discussed strong early demand for trials and demos using our Health Audience Builder product or HABi.

在第三季的電話會議上，我們討論了使用我們的 Health Audience Builder 產品或 HABi 進行試驗和演示的強烈早期需求。

These and subsequent demos have converted into increased demand and incremental revenue.

這些以及後續的演示已轉化為需求的增加和收入的增加。

We are confident we will continue to gain share within the large and growing healthcare advertising space.

我們相信，我們將繼續在龐大且不斷成長的醫療保健廣告領域中獲得份額。

As other generalist DSPs lack our domain expertise, privacy benefits and advanced machine learning capabilities.

由於其他通用 DSP 缺乏我們的領域專業知識、隱私優勢和先進的機器學習功能。

Moving to AdTheorent predictive audiences.

轉向 AdTheorent 預測受眾。

We are thrilled with the market validation we have witnessed since the launch of these innovative solutions in late 2022.

自 2022 年底推出這些創新解決方案以來，我們見證了市場的驗證，對此我們感到非常興奮。

Advertisers continue to adopt our proprietary ID independent methodology for audience creation, citing the superior results we deliver without the need to license expensive third party audiences.

廣告主繼續採用我們專有的獨立 ID 方法來建立受眾群體，並引用了我們在無需向昂貴的第三方受眾群體授予許可的情況下所提供的卓越結果。

And our ability to expand their reach beyond traditional ID base segment populations, which are the focus of other platforms.

我們有能力將其覆蓋範圍擴展到傳統 ID 基礎細分人群之外，這是其他平台的重點。

In Q4, we saw another record increase in a tax rates for predictive audiences with 85 active campaigns running at their predictive audiences, a 29% sequential increase from the 66 active campaigns in Q3.

在第四季度，我們看到預測受眾的稅率再次創紀錄增長，針對其預測受眾開展了 85 個活躍行銷活動，比第三季度的 66 個活躍行銷活動環比增長了 29%。

Strong demand and customer uptake trends are driven by our ability to demonstrate repeatedly an uplift in campaign performance versus third party audiences.

強勁的需求和客戶採用趨勢是由我們反覆證明活動績效相對於第三方受眾有所提升的能力所推動的。

And our ability to perform in a transparent and privacy conscious manner.

以及我們以透明且注重隱私的方式進行工作的能力。

To say one example, in a campaign for a national wine brand, our custom predictive audiences sought to reach consumers aged 21 plus with a high likelihood of visiting wine and liquor stores as well as a high likelihood of browsing wine and cooking websites and publications.

舉個例子，在一個全國性葡萄酒品牌的營銷活動中，我們的定制預測受眾力求覆蓋21 歲以上的消費者，這些消費者很有可能訪問葡萄酒和酒類商店，並且很有可能瀏覽葡萄酒和烹飪網站和出版品。

The campaign drove an 18% sales lift with 49% of buyers being new to the brand or category and a 5 times return on ad spend for the brand as measured by an independent third party.

該活動使銷售額提升了 18%，其中 49% 的買家是該品牌或品類的新買家，根據獨立第三方的衡量，該品牌的廣告支出回報率為 5 倍。

At their predictive audiences, deliver better ROI for our customers and drive greater adoption of our platform, which in turn drove greater profitability in Q4.

在他們的預測受眾中，為我們的客戶提供更好的投資回報率並推動我們平台的更廣泛採用，從而推動第四季度更高的盈利能力。

We believe significant runway remains as we drive higher adoption across our advertiser base over time.

我們相信，隨著時間的推移，隨著我們在廣告商群體中推動更高的採用率，重要的跑道仍然存在。

Finally, I would like to discuss our enthusiasm around CTV and the foundation for growth that we have established in this important market opportunity.

最後，我想談談我們對 CTV 的熱情以及我們在這重要市場機會中建立的成長基礎。

Our differentiated performance oriented CTV offering continues to resonate with advertisers driving higher demand as previewed with third quarter earnings.

正如第三季收益所預測的那樣，我們以差異化效果為導向的 CTV 產品繼續引起廣告商的共鳴，推動更高的需求。

In Q4, we introduced a normalized network and channel taxonomy for targeting, reporting and modeling.

在第四季度，我們引入了用於定位、報告和建模的標準化網路和管道分類法。

This is important because there is no standardization and CTV content data across publishers and other words, the data received by DSPs from publishers is fragmented and messy.

這一點很重要，因為發行商之間沒有標準化和 CTV 內容數據，換句話說，DSP 從發行商收到的數據是零碎且混亂的。

By leveraging our proprietary approach to analyzing and normalizing this content data, the vast majority of our live television impressions have a targetable and reportable network and channel.

透過利用我們專有的方法來分析和標準化這些內容數據，我們的絕大多數直播電視印像都具有可定位和可報告的網路和頻道。

This has created a scalable solution for CTV buyers seeking a more precise way of ensuring that ads are adjacent to the desired content.

這為尋求更精確方式確保廣告與所需內容相鄰的 CTV 購買者創建了一個可擴展的解決方案。

Network and channel data is also leveraged in our machine learning modeling, adding valuable signals for our custom models to maximize performance.

我們的機器學習建模中還利用了網路和頻道數據，為我們的自訂模型添加了有價值的訊號，以最大限度地提高效能。

Our ability to utilize advanced machine learning and impression scoring capabilities on CTV to deliver a transparent and granular solution is industry leading and advertisers are leaning in.

我們在 CTV 上利用先進的機器學習和印象評分功能來提供透明且精細的解決方案的能力處於行業領先地位，廣告商正在關注。

CTV momentum remain strong within self-service, with advertiser count up 87% compared to the third quarter of 2023, driving 12% sequential growth of CTV advertisers.

自助服務領域的 CTV 勢頭依然強勁，廣告商數量較 2023 年第三季增長了 87%，推動 CTV 廣告商環比增長 12%。

As the demand composition shifts towards self-service.

隨著需求構成轉向自助服務。

However, revenue is recognized more heavily on a net basis.

然而，收入更按淨額確認。

While this is pressuring near term CTV revenue, which was down 12.5% year-over-year, we believe overall CTV growth will reaccelerate as we continue to enhance our CTV solutions and as advertisers continue to ramp up spend.

雖然這給近期 CTV 收入帶來壓力（年減 12.5%），但我們相信，隨著我們繼續增強 CTV 解決方案以及廣告商繼續增加支出，整體 CTV 成長將重新加速。

Moving outlook, in 2024 we plan to build on our notable progress in 2023 despite a mixed environment and pressure on ad budgets, we return to meaningful growth in the second half of the year.

展望未來，儘管環境複雜且廣告預算面臨壓力，但我們計劃在 2023 年取得顯著進展的基礎上，在 2024 年再接再厲，在下半年恢復有意義的增長。

We also remain very profitable despite high levels of investment behind initiatives that will drive growth in 2024 and beyond.

儘管我們在推動 2024 年及以後成長的舉措背後進行了大量投資，但我們仍然保持著很高的獲利能力。

The broader economy remains mixed, but we are engaged and active with larger customers, and we are encouraged by what we are seeing relative to 2024 budgets and customer planning.

更廣泛的經濟狀況依​​然喜憂參半，但我們正在積極接觸大客戶，我們對 2024 年預算和客戶規劃的情況感到鼓舞。

Also, as we've discussed in the past, a major industry development, cookie deprecation will reinforce add their value proposition in 2024.

此外，正如我們過去所討論的，作為一項重大產業發展，Cookie 棄用將在 2024 年強化其價值主張。

I'd like to update investors on recent events and how AdTheorent is positioned to benefit from these crosscurrents.

我想向投資者介紹最近發生的事件以及 AdTheorent 如何從這些逆流中受益的最新情況。

At the beginning of January, Google officially began eliminating cookies from the Chrome browser.

一月初，Google正式開始從 Chrome 瀏覽器中消除 cookie。

As of last month, cookies are now restricted for 1% of chrome users and the remaining 99% will be eliminated by the end of the third-quarter.

截至上個月，1% 的 Chrome 用戶的 Cookie 受到限制，其餘 99% 的用戶將在第三季末被消除。

This isn't new news, but the reality of cookie deprecation and other concerns around privacy are going to force advertisers to reevaluate their approach to targeting consumers.

這並不是什麼新消息，但 cookie 棄用的現實和其他有關隱私的擔憂將迫使廣告商重新評估他們針對消費者的方法。

As noted in a January, Wall Street Journal article, many advertisers still aren't ready for this change, showing that industry media buying behaviors have yet to ship.

正如《華爾街日報》一月份的一篇文章指出的那樣，許多廣告商仍未準備好應對這一變化，這表明行業媒體購買行為尚未實現。

And despite the imminent deadline to do so.

儘管這樣做的最後期限即將到來。

For AdTheorent, this is a huge opportunity.

對於 AdTheorent 來說，這是一個巨大的機會。

We have a clear view of the post cookie future, including how our machine learning systems will leverage Google's APIs and aggregate data exchanges as part of the post cookie privacy framework.

我們對 cookie 後的未來有清晰的認識，包括我們的機器學習系統將如何利用 Google 的 API 和聚合資料交換作為 cookie 後隱私框架的一部分。

And we've been active with our customers preparing for the opportunity.

我們一直積極與客戶一起為這個機會做好準備。

As we have discussed AdTheorent is immune cookie deprecation because unlike other DSPs, we are data agnostic.

正如我們所討論的，AdTheorent 能夠免疫 cookie 棄用，因為與其他 DSP 不同，我們對資料不可知。

And in our 12-year history, we have never relied on cookies for targeting.

在我們 12 年的歷史中，我們從未依賴 cookie 進行定位。

We've always used machine learning algorithms and statistical models, which draw inferences from patterns and data to score ad impressions.

我們一直使用機器學習演算法和統計模型，從模式和數據中進行推論來對廣告印象進行評分。

We are not in the ID targeting business.

我們不從事 ID 定位業務。

Other demand-side platforms have historically used cookie-based IDs and are now scrambling to backfill with other even less effective and scale challenge alternate user IDs.

其他需求方平台過去一直使用基於 cookie 的 ID，現在正爭先恐後地用其他效率較低且規模挑戰的備用用戶 ID 進行回填。

As cookies are phased out over the next few quarters, AdTheorent competitive moat and superior value proposition will naturally expand versus other solutions in the market.

隨著 cookie 在未來幾季被逐步淘汰，AdTheorent 的競爭護城河和卓越的價值主張自然會比市場上的其他解決方案擴大。

Before I conclude, I want to highlight a few meaningful innovations that we plan to bring to market over the next four quarters.

在結束之前，我想強調一些我們計劃在未來四個季度推向市場的有意義的創新。

First, as I mentioned, we are excited by the opportunity to lead digital advertisers into the post cookie world.

首先，正如我所提到的，我們對有機會帶領數位廣告商進入後 cookie 世界感到興奮。

And our tech product and data science teams are hard at work, configuring our machine learning systems to leverage Google APIs and aggregate data exchanges as part of the post cookie privacy framework.

我們的技術產品和資料科學團隊正在努力工作，配置我們的機器學習系統以利用 Google API 並聚合資料交換，作為 cookie 後隱私框架的一部分。

Second, in parallel with our introduction into market of a customer health version of our platform we are excited to be incorporating generative AI and large language models into HABi, our health Audience Builder to facilitate user health audience research and creation.

其次，在我們將平台的客戶健康版本引入市場的同時，我們很高興能夠將生成式人工智慧和大型語言模型納入我們的健康受眾生成器 HABi 中，以促進用戶健康受眾的研究和創建。

Using this advanced AI functionality not experts can explore complex health and patient data to develop audience algorithms for ad campaigns.

使用這種先進的人工智慧功能，非專家也可以探索複雜的健康和患者數據，為廣告活動開發受眾演算法。

Third, as we work to enhance our video and CTV offering, we are excited to be incorporating video transcription data into our performance modeling, extracting keywords from video creative transcripts.

第三，當我們努力增強我們的影片和 CTV 產品時，我們很高興能夠將影片轉錄資料納入我們的表現模型中，從影片創意轉錄中提取關鍵字。

Introducing such additional contextual signals will make our CTV and video campaigns more data-driven.

引入此類額外的上下文訊號將使我們的 CTV 和視訊活動更加數據驅動。

And fourth, we expect significant business upside from our enhanced UI UX rollout across our health and non-health lines of business.

第四，我們預期在健康和非健康業務領域推出增強的 UI UX 將會帶來顯著的業務成長。

So our teams remain highly focused there.

因此，我們的團隊仍然高度專注於此。

And finally, before turning the call over to Patrick, I'm pleased to note that we received more industry recognition for our work, elevating the state of programmatic advertising across the open Internet, Frost & Sullivan, a 63 year old business consulting and market research firm named AdTheorent a leader in the Frost Radar for demand-side platforms.

最後，在將電話轉給Patrick 之前，我很高興地註意到，我們的工作獲得了更多行業認可，提升了開放互聯網上程序化廣告的狀態，Frost & Sullivan，一家擁有63 年曆史的商業諮詢和市場公司研究公司將 AdTheorent 評為需求方平台 Frost Radar 的領導者。

The Frost Radar evaluated the top 13 DSPs and AdTheorent was ranked number three in innovation trailing just two much larger competitors.

Frost Radar 對排名前 13 名的 DSP 進行了評估，AdTheorent 在創新方面排名第三，僅落後於兩個規模大得多的競爭對手。

I would like to conclude my remarks by acknowledging the AdTheorent team whose expertise, dedication and resilience enabled us to finish 2023 and open 2024 on a high note with great optimism for what is to come.

在結束演講時，我想對 AdTheorent 團隊表示感謝，他們的專業知識、奉獻精神和韌性使我們能夠對 2023 年畫上圓滿的句號，並以對未來的樂觀態度迎接 2024 年的到來。

Now I'll turn the call over to Patrick.

現在我將把電話轉給帕特里克。

Thanks, Jim.

謝謝，吉姆。

Good afternoon, and thank you all for joining us today.

下午好，感謝大家今天加入我們。

As Jim mentioned, we are thrilled to report a robust Q4 performance, exceeding the high end of our revenue, AGP margin and adjusted EBITDA margin outlook, we are confident in AdTheorent potential to sustain its growth momentum, which began in the second half of 2023.

正如Jim 所提到的，我們很高興報告第四季度的強勁業績，超過了我們收入、AGP 利潤率和調整後EBITDA 利潤率前景的上限，我們對AdTheorent 維持其自2023 年下半年開始的增長勢頭的潛力充滿信心。

We are proud to announce record-breaking quarterly and full year revenue.

我們很自豪地宣布破紀錄的季度和全年收入。

We ended the year with a very strong Q4 with revenue reaching $59.7 million, surpassing our guidance range of $55 million to $57 million and marking a 15.2% year-over-year growth.

我們第四季的業績非常強勁，營收達到 5,970 萬美元，超出了我們 5,500 萬至 5,700 萬美元的指導範圍，年增 15.2%。

As we discussed on our previous call, we pointed to an inflection point for our business, starting with record pipeline generation in Q2, which converted to revenue growth in Q3 of this year.

正如我們在之前的電話會議中討論的那樣，我們指出了我們業務的拐點，從第二季創紀錄的管道生成開始，這轉化為今年第三季的收入成長。

And the pipeline generation and revenue growth momentum we saw in Q3 accelerated into Q4.

我們在第三季度看到的管道生成和收入成長勢頭在第四季度加速。

The demand across our key growth pillars contributed significantly to this achievement.

我們關鍵成長支柱的需求對這項成就做出了重大貢獻。

Notably, our self-service platform saw a remarkable 136% revenue growth year-over-year.

值得注意的是，我們的自助服務平台營收年增了 136%。

And AdTheorent Health, our largest verticalized solution experienced an 89% year-over-year increase.

我們最大的垂直解決方案 AdTheorent Health 年成長了 89%。

In the fourth quarter our adjusted gross profit, defined as GAAP revenue less traffic acquisition costs, was $39.9 million, representing 66.9% of revenue above our margin guidance of at least 64% of revenue.

第四季度，我們調整後的毛利（定義為 GAAP 收入減去流量獲取成本）為 3,990 萬美元，佔營收的 66.9%，高於我們的利潤率指引（至少佔營收的 64%）。

This compares to 65.2% of revenue in the same period of the prior year.

相比之下，去年同期佔營收的 65.2%。

This increase in AGP percentage was primarily driven by the increased adoption of our algorithmic predictive audience solutions, particularly within AdTheorent Health.

AGP 百分比的成長主要是由於我們的演算法預測受眾解決方案的採用增加，特別是在 AdTheorent Health 中。

Non-GAAP operating expenses, excluding stock-based compensation, depreciation and amortization and onetime items, totaled $46 million from $41.7 million last year, mainly due to increased tax related to higher revenue.

非公認會計準則營運費用（不包括股票薪資、折舊和攤提以及一次性項目）總計從去年的 4,170 萬美元增至 4,600 萬美元，這主要是由於收入增加導致稅收增加。

Adjusted EBITDA for the quarter was $13.6 million, up $3.5 million or 34.8% compared to Q4 2022, exceeding the high end of our outlook range of $10 million to $11.5 million.

本季調整後 EBITDA 為 1,360 萬美元，比 2022 年第四季增加 350 萬美元，即 34.8%，超過了我們 1,000 萬美元至 1,150 萬美元的預期範圍的上限。

Our adjusted EBITDA margin was 34.2% for the quarter, up from 30% last year.

本季調整後 EBITDA 利潤率為 34.2%，高於去年的 30%。

Reflecting strong cost discipline and AGP performance on higher revenue.

反映了嚴格的成本紀律和 AGP 績效對更高收入的影響。

The company's continued strong profitability demonstrates both our operating leverage and agility amidst an ever-changing market landscape.

該公司持續強勁的獲利能力證明了我們在不斷變化的市場格局中的營運槓桿和敏捷性。

For the full year we reported $170.8 million in revenue, a 2.8% growth rate versus 2022, achieving our growth outlook set at the beginning of the year.

我們公佈的全年營收為 1.708 億美元，與 2022 年相比成長率為 2.8%，實現了我們年初設定的成長前景。

Despite spend consolidation trends in the industry, our average revenue per active customer increased by 11.8%, indicating successful engagements with larger brand and agency customers.

儘管行業存在支出整合趨勢，但我們每個活躍客戶的平均收入成長了 11.8%，這表明我們與較大品牌和代理商客戶的合作取得了成功。

We continue to execute on our strategic growth initiatives to increase the value our platform delivers to our customers and to take advantage of an expanding addressable market driven by shifts from traditional forms of advertising to programmatic advertising on the open Internet and from linear to Connected TV.

我們繼續執行我們的策略性成長計劃，以增加我們的平台為客戶提供的價值，並利用由傳統廣告形式向開放互聯網上的程序化廣告以及從線性電視向聯網電視轉變所推動的不斷擴大的潛在市場。

Our IT independent AdTheorent Health and predictive audience products and our self-service offering continue to be core drivers of the acceleration in our business recording record highs.

我們獨立於 IT 的 AdTheorent Health 和預測受眾產品以及我們的自助服務產品仍然是我們業務加速創新高的核心驅動力。

Additionally, platform spend for CTV also reached all-time highs.

此外，CTV 的平台支出也創歷史新高。

Full year adjusted gross profit totaled $111.2 million for 65.1% of revenue, exceeding the high end of our AGP margin outlook.

全年調整後毛利總計 1.112 億美元，佔營收的 65.1%，超過了我們 AGP 利潤率預期的上限。

As expected, our AGP margins were consistent with historical results.

正如預期的那樣，我們的年平均利潤率與歷史結果一致。

Operating expenses, excluding stock-based compensation, depreciation and amortization and one-time items increased $4.8 million or 3.4% from the previous year, primarily due to higher tech hosting expenses and platform data costs.

營運費用（不包括股票薪酬、折舊和攤銷以及一次性項目）比前一年增加了 480 萬美元，即 3.4%，主要是由於技術託管費用和平台數據成本增加。

During the year, we also realized approximately $2 million in savings across G&A, primarily across professional services and insurance costs and manage total compensation expense for the entire company to be flat versus the prior year.

這一年，我們還實現了 G&A 節省了約 200 萬美元，主要是專業服務和保險成本，整個公司的總薪酬費用與上一年持平。

As a result, adjusted EBITDA for the year was $22.2 million, a 19.9% margin against adjusted gross profit exceeded expectations and 400 basis points lower than full year 2022, we were able to drive top line growth while investing in the business to better position us for growth.

因此，本年度調整後EBITDA 為2,220 萬美元，調整後毛利潤率為19.9%，超出預期，比2022 年全年低400 個基點，我們能夠在投資業務的同時推動營收成長，以更好地定位我們為了成長。

Moving to our balance sheet and cash flow.

轉向我們的資產負債表和現金流。

We closed out the year with $70.3 million in cash and cash equivalents.

我們以 7030 萬美元的現金和現金等價物結束了這一年。

Our free cash flow for the year was negative $2.5 million, mainly due to the early termination of a large vendor contract we resolved in December for $6.3 million.

我們今年的自由現金流為負 250 萬美元，主要是由於我們在 12 月解決的一項價值 630 萬美元的大型供應商合約提前終止。

The timing of collections on Q4 revenue and overpayment of cash taxes.

第四季收入的徵收時間和多繳現金稅。

We anticipate reversing the timing of collections and cash taxes trends in the first half of 2024.

我們預計 2024 年上半年徵收時間和現金稅趨勢將會逆轉。

We continue to have a strong capital structure with no debt and ample liquidity.

我們繼續擁有強大的資本結構，無債務且流動性充足。

Looking ahead to 2024, we expect and are already pacing towards accelerated annual growth.

展望 2024 年，我們預計並且已經在加速實現年度成長。

For the full year 2024, we expect revenue to be in the range of $188 million to $195 million, which represents 12% growth at the midpoint versus 2023.

對於 2024 年全年，我們預計營收將在 1.88 億美元至 1.95 億美元之間，較 2023 年中期成長 12%。

We anticipate adjusted gross profit to be between 64% and 65% of revenue compared to 65.1% in 2023.

我們預計調整後毛利將佔營收的 64% 至 65%，而 2023 年為 65.1%。

And adjusted EBITDA margin to be between 20% and 25% of adjusted gross profit compared to 19.9% in 2023.

調整後的 EBITDA 利潤率為調整後毛利的 20% 至 25%，而 2023 年為 19.9%。

Revenue growth and margin expansion will both accelerate as we progress through the year.

隨著今年的進展，營收成長和利潤率擴張都將加速。

As we pivot through this period of re-accelerating growth and EBITDA margin expansion, we have decided to shift toward an annual guidance model.

當我們度過這段重新加速成長和 EBITDA 利潤率擴張的時期時，我們決定轉向年度指導模式。

This will align our reporting framework with our investment strategy and allow us to make strategic investments without the constraints of quarterly timelines.

這將使我們的報告框架與我們的投資策略保持一致，並使我們能夠在不受季度時間表限制的情況下進行策略性投資。

Our investments are clearly working, and this shift will help ensure we're always placing our resources worth will generate the most value for our stakeholders.

我們的投資顯然正在發揮作用，這種轉變將有助於確保我們始終充分利用我們的資源，為我們的利害關係人創造最大價值。

In summary, we are pleased with our financial performance in 2023 and the growth momentum we are already driving in 2024.

總之，我們對 2023 年的財務表現以及 2024 年已經推動的成長動能感到滿意。

We're excited about the opportunities ahead in 2024 and beyond.

我們對 2024 年及以後的機會感到興奮。

Thank you.

謝謝。

This time we would like to transition to the Q&A session moderated by the operator.

這次我們想過渡到由操作員主持的問答環節。

(Operator Instructions)

（操作員說明）

Maria Ripps, Canaccord Genuity.

瑪麗亞·里普斯，Canaccord Genuity。

Great.

偉大的。

Thanks so much for taking my questions and congrats on the strong results.

非常感謝您回答我的問題，並祝賀取得了優異的成績。

So you talked about expanding partnerships with two global holding companies with another one in progress.

您談到了擴大與兩家全球控股公司的合作夥伴關係，而另一家公司正在進行中。

Can you just talk about how meaningful this could be for your platform going forward and whether you see sort of a tendency among these holding companies to increase this and with advertising partners over time?

您能否談談這對您的平台未來發展有何意義？隨著時間的推移，您是否認為這些控股公司以及廣告合作夥伴有增加這一點的趨勢？

Maria, thank you for the question.

瑪麗亞，謝謝你的提問。

Yeah, we as communicated in prior calls, really been focusing on trying to generate business deals with large media buyers where we can have sustained revenue growth over a long period of time.

是的，正如我們在先前的電話會議中所傳達的那樣，我們確實一直致力於與大型媒體買家達成業務交易，這樣我們就可以在很長一段時間內實現持續的收入成長。

We're quite excited to be at the table and signing not only evaluation agreements, but post evaluation agreement, advertising service agreements with some of the largest media buyers in the world.

我們很高興能夠參與談判，不僅與世界上一些最大的媒體買家簽署評估協議，還簽署評估後協議、廣告服務協議。

So we're very excited to be to be there on.

所以我們很高興能夠參加。

It's been a long process in building our platform and getting it to the point where we are able to deliver these types of contracts.

建立我們的平台並使其能夠交付此類合約是一個漫長的過程。

So we're really excited to scale those opportunities post contract on because, yes, we believe huge opportunities exist in these customers.

因此，我們非常高興能夠在合約簽訂後擴大這些機會，因為，是的，我們相信這些客戶中存在著巨大的機會。

Great, great.

很棒很棒。

Thank you.

謝謝。

And then secondly, I think last quarter you talked about several strategic partnerships that have expanded your [Avon] inventory on the platform.

其次，我認為上個季度您談到了幾個策略合作夥伴關係，這些合作夥伴關係擴大了您在平台上的[雅芳]庫存。

Can you maybe talk about whether that's driving incremental advertising demand?

您能否談談這是否會推動廣告需求的增量？

And then maybe more broadly, how do you see sort of CTV spend growing on the platform sort of adjusting for this mix shift that you're going through relative to the broader industry trend?

也許更廣泛地說，您如何看待 CTV 在該平台上的支出成長，以適應您正在經歷的相對於更廣泛的行業趨勢的混合轉變？

Thank you, Maria.

謝謝你，瑪麗亞。

We have been very focused on making sure that our CTV offering is differentiated and best in class or early innings in the scaling of our CTV relative to the opportunity.

我們一直非常注重確保我們的 CTV 產品具有差異化，並且在 CTV 相對於機會的擴展方面處於同類最佳或早期階段。

What we've seen is in the early years of out there we were mostly a managed services platform.

我們所看到的是，在早期，我們主要是一個託管服務平台。

As we deliver more customers into the self-service business, we find that many of them are CTV heavy.

隨著我們將越來越多的客戶引入自助服務業務，我們發現他們中的許多人都非常重視 CTV。

CTV is a more expensive medium and you see more self-service executions across CTV.

CTV 是一種更昂貴的媒體，您會在 CTV 上看到更多的自助服務執行。

So we see more net revenue recognition for our CTV customers at the end of the day, we believe that we are so early in this opportunity that we don't really care about that.

因此，最終我們看到 CTV 客戶獲得了更多的淨收入認可，我們相信我們處於這個機會的早期，所以我們並不真正關心這一點。

At the end of the day, our objective is to get media flowing through the platform.

歸根究底，我們的目標是讓媒體在平台上流通。

Our focus primarily to date has been on the product, making sure we have the best publisher integration, the best data-driven methods of targeting and the best reporting capabilities and products.

迄今為止，我們主要關注的是產品，確保我們擁有最佳的發布商整合、最佳的數據驅動定位方法以及最佳的報告功能和產品。

We're at that point now where we think our go-to-market, reenergizing our go to market, making a number of investments in that area of making some strategic partnerships in that area could be quite valuable and getting our scale back to CTV.

我們現在正處於這個階段，我們認為我們的市場進入、重新註入市場活力、在該領域進行大量投資、在該領域建立一些戰略合作夥伴關係可能非常有價值，並使我們的規模重新回到 CTV 。

We didn't grow our CTV revenue in 2023, but we grew our advertisers by 30% and we believe that the growth in revenue will follow.

2023 年，我們的 CTV 收入沒有成長，但我們的廣告商成長了 30%，我們相信收入的成長將會隨之而來。

Great.

偉大的。

Thank you so much for the color, Jim.

非常感謝你的顏色，吉姆。

Thank you, Maria.

謝謝你，瑪麗亞。

Laura Martin, Needham.

勞拉·馬丁，李約瑟。

I have three on the offer, so let's do self service first.

我提供了三個，所以我們先進行自助服務。

What I'm interested in your self service was up 136%, but it's still a small percent of total revenue.

我對你們的自助服務感興趣的是成長了 136%，但它仍然只佔總收入的一小部分。

My question is what do the self service customers require on the cost side from you guys to service them compared to when you were doing managed service?

我的問題是，與你們進行託管服務時相比，自助服務客戶在成本方面對你們的服務要求是什麼？

Thank you, Laura.

謝謝你，勞拉。

Appreciate the question, I think at the end of the day the self-service customer is looking for a platform that gives them access to the best in class inventory and an ability to efficiently drive the best results that they can get more media working for their investment and better return on ad spend.

感謝這個問題，我認為歸根結底，自助服務客戶正在尋找一個平台，使他們能夠訪問一流的庫存，並能夠有效地推動最佳結果，以便他們可以讓更多媒體為其服務投資和更好的廣告支出回報。

Our platform has been designed to be an extremely efficient platform.

我們的平台被設計為一個極為有效率的平台。

We filter out a lot of noise.

我們過濾掉了很多噪音。

We filter out a lot of inventory that is not value added to the customer, we put more media to work than other DSPs.

我們過濾掉了許多對客戶沒有增值作用的庫存，我們比其他 DSP 投入了更多的媒體。

And I think that at the end of the day, that is what most self-service customers are looking for, they're looking for a platform or engine that allows down to execute media campaigns that deliver results.

我認為歸根結底，這就是大多數自助服務客戶所尋求的，他們正在尋找一個平台或引擎，可以執行可帶來結果的媒體活動。

And I think our algorithmic approach to both KPI performance where we can generate outstanding KPI results when we go head to head with other customers I'm sorry, other DSPs.

我認為我們的演算法方法可以實現 KPI 性能，當我們與其他客戶（對不起，其他 DSP）正面交鋒時，我們可以產生出色的 KPI 結果。

And frankly, that's the number one way we win business is going to head to head with other DSPs and outperforming.

坦白說，這是我們贏得業務的首要方式，就是與其他 DSP 正面競爭並表現出色。

So I think performance is key as far as cost.

因此，我認為就成本而言，性能是關鍵。

We have the best price optimizers out of any DSP in our view where we can find high value impressions and therefore drive conversions at a cost lower than other DSPs.

我們認為，我們擁有所有 DSP 中最好的價格優化器，可以找到高價值的展示次數，從而以低於其他 DSP 的成本推動轉換。

Okay, cool.

好吧，酷。

And then I was with a second question for you, Jim, is road map so that a year ago, you guys thought Health has really done exactly what you've projected on the time frame you projected a year ago.

然後我問你第二個問題，吉姆，是路線圖，所以一年前，你們認為健康確實完全按照你們一年前預測的時間框架進行了預測。

You would go next to financial services and insurance, where again, it varies direct privacy rules and that's sort of made sense to investors.

接下來是金融服務和保險，它們再次改變了直接隱私規則，這對投資者來說是有意義的。

But then last quarter you were talking about travel.

但上個季度你在談論旅行。

So can you give us an update this quarter of where you go next after health care?

那麼，您能否在本季向我們介紹您在醫療保健之後下一步的最新進展？

What's on the road map?

路線圖上有什麼？

Thank you, Laura.

謝謝你，勞拉。

Great question.

很好的問題。

We continue to believe that's the financial services, vertical, finance banking, financial services and insurance is a big opportunity for our business in the market environment that we have been in over the last couple of years with interest rates.

我們仍然相信，在過去幾年我們所處的利率市場環境中，金融服務、垂直金融銀行、金融服務和保險對我們的業務來說是一個巨大的機會。

One of our larger clients was engaged in auto finance.

我們的一個大客戶從事汽車金融業務。

And there were challenges in the automotive vertical.

汽車垂直領域也面臨挑戰。

There were a number of headwinds facing the customer base that we had in the financial services vertical.

我們在金融服務垂直領域的客戶群面臨許多阻力。

We remain optimistic about that vertical because of our ability to drive the campaigns in a privacy forward manner.

我們對這一垂直領域保持樂觀，因為我們有能力以保護隱私的方式推動這些活動。

For example, in compliance with the Equal Credit Opportunity Act, the Fair Housing Act, we don't use prohibited basis variables in our models, a number of other really important and valuable things for financial services, marketers and especially in the area of credit extension products.

例如，根據《平等信貸機會法》、《公平住房法》，我們不在我們的模型中使用禁止的基礎變量，以及對金融服務、營銷人員特別是信貸領域的許多其他真正重要和有價值的東西延伸產品。

So we are very, very bullish about financial services, but you also have to be mindful of the macro and the industry and the conditions and at year end.

因此，我們非常非常看好金融服務，但你也必須留意宏觀、產業、情況以及年底的情況。

So travel is exciting for us, and we actually had a very strong.

所以旅行對我們來說是令人興奮的，而且我們實際上有一種非常強烈的感覺。

We had a strong kind of start to the year in travel.

今年我們在旅行方面取得了良好的開局。

We have our predictive audiences, our CTV are created services that we offer and a number of the studies and measurement programs that we offer customers such as destination sales lift, a number of the new data investments and partnerships that we've made, give us a very customized travel vertical.

我們有預測受眾，我們的CTV 是由我們提供的服務創建的，我們為客戶提供的許多研究和衡量計劃（例如目的地銷售提升）、我們所做的許多新數據投資和合作夥伴關係，為我們提供了幫助一個非常客製化的旅遊垂直領域。

It's not just the product.

這不僅僅是產品。

It's also the go to market.

這也是市場走向。

We have a leader in our organization, who's driving great results across travel.

我們的組織中有一位領導者，他在整個旅行領域中取得了巨大的成果。

We're bringing on another a number of new members to our travel team.

我們的旅行團隊將再招募一些新成員。

We're making a number of incentive changes and a number of go-to-market enhancements to our travel vertical.

我們正在對我們的旅遊垂直領域進行一些激勵措施的改變和一些市場推廣的增強。

So we feel very optimistic that in 2024 travel will be one of the success stories that we'll talk about in the year ramp-up call.

因此，我們非常樂觀地認為，到 2024 年，旅行將成為我們將在今年的啟動電話會議中討論的成功故事之一。

Super helpful.

超有幫助。

Okay.

好的。

Patrick, one for you.

派崔克，給你一個。

What the heck is going on with accounts receivable.

應收帳款到底是怎麼回事。

So I have free cash flow, meaning cash from ops down $13 million and accounts receivable up $15 million.

所以我有自由現金流，這意味著來自營運的現金減少了 1300 萬美元，而應收帳款增加了 1500 萬美元。

Is it just the pivot large clients?

只是大客戶的支點嗎？

They're slow payers because this is a lot sort of tax on AdTheorent add $15 million year-over-year and accounts receivable.

他們的付款速度很慢，因為 AdTheorent 的稅金很高，年比增加了 1500 萬美元，應收帳款也增加了。

What's going on there?

那裡發生了什麼事？

Thanks, Laura.

謝謝，勞拉。

Yeah, you're a part of your answer is already true, that we are pivoting to larger customers and that is part of the dynamic here.

是的，你的答案已經是正確的，我們正在轉向更大的客戶，這是這裡動態的一部分。

Another part of the dynamic, though is in Q4, a lot of the revenue did come in and get billed in December.

儘管動態的另一部分是在第四季度，但許多收入確實在 12 月進入並結算。

And so the timing of such AR balances just work.

因此，此類 AR 平衡的時機恰到好處。

So we're not collected before the end of the year.

所以我們在年底前不會收集。

So that is really driving the two things driving that increase.

因此，這確實推動了推動成長的兩件事。

And that was different than last year somehow.

這與去年有所不同。

So we didn't see that seasonality in the last year fourth-quarter?

那麼我們在去年第四季沒有看到這種季節性？

The dynamic of in 2022, we had less fourth-quarter incrementals come in from whereas in '23 that really did help drive our Q4 performance and also due to the timing.

2022 年，我們第四季的增量較少，而在 2023 年，這確實有助於推動我們第四季的業績，而且也是由於時間安排。

And like I said in December, I just do it did drove that dynamic for increased AR at the end of the year.

就像我在 12 月所說的那樣，我確實這麼做了，這確實推動了年底 AR 的成長。

Okay.

好的。

Cool.

涼爽的。

But you think this is structural because as we move towards bigger clients, they pay slower.

但你認為這是結構性的，因為當我們轉向更大的客戶時，他們的付款速度會變慢。

So this is going to be a the growth of your revenue line.

所以這將是你收入線的成長。

You believe will be a higher tax in [2014], your working capital line through the accounts receivable, this is a structural trend you think?

您認為[2014年]稅收將會更高，您的營運資金線透過應收帳款，您認為這是一個結構性趨勢嗎？

Yeah.

是的。

I mean, I think that there is through to now, I mean, I'd point out that our working capital did improve $7 million year-over-year at the end of the year.

我的意思是，我認為到目前為止，我的意思是，我想指出的是，我們的營運資金在年底確實比去年同期增加了 700 萬美元。

And so that will translate into cash flow and improved cash flow in 2024.

因此，這將轉化為現金流，並在 2024 年改善現金流。

It just happened to be the timing of such at the end of the year, and we'll manage our way through that.

恰巧在年底，我們會設法度過難關。

And I can get this working capital converted into cash this year.

今年我可以把這筆營運資金轉換成現金。

Thanks, guys.

多謝你們。

Great numbers.

偉大的數字。

Congratulations.

恭喜。

Thank you, Laura.

謝謝你，勞拉。

Matt Condon, Citizens JMP.

馬特康登 (Matt Condon)，公民 JMP。

Great.

偉大的。

Thank you for taking my question.

感謝您回答我的問題。

Maybe just on cookie deprecation, can you just talk about is there been a change in your conversations that you are having with advertisers as they gear up for the deprecation of cookies in the back half of the year?

也許只是關於 cookie 棄用，您能否談談您與廣告商的對話是否發生了變化，因為廣告商正在為今年下半年棄用 cookie 做準備？

Yeah.

是的。

Thank you for the question.

感謝你的提問。

One of our favorite topics on absolutely 100%.

我們百分百最喜歡的話題之一。

This is a topic on everybody's mind.

這是每個人都關心的話題。

We highlighted in our prepared remarks that, despite the fact that the deprecation of cookies this year a number of advertisers are behind in their planning.

我們在準備好的評論中強調，儘管今年已棄用 cookie，但許多廣告商的計劃仍然落後。

We've done our own research and we talk to advertisers in the market about their interest and their preparations for the post cookie world and the types of ML solutions impression scoring using statistics.

我們已經完成了自己的研究，並與市場上的廣告商討論了他們對後 Cookie 世界的興趣和準備情況，以及使用統計數據進行印象評分的 ML 解決方案的類型。

And on IN ID focused approach is actually the number one response we get when we talk to customers about what the post cookie world looks like we couldn't be more excited about that opportunity.

當我們與客戶談論後 cookie 世界是什麼樣子時，以 IN ID 為中心的方法實際上是我們得到的第一個回應，我們對這個機會感到非常興奮。

We have been doing this since 2012.

我們自 2012 年以來一直在這樣做。

This is not a new reaction or pivot or backfill endeavor for AdTheorent.

對於 AdTheorent 來說，這並不是一個新的反應、樞紐或回填努力。

This is AdTheorent.

這是AdTheorent。

We have been working on impressions scoring and believe that it's preferable to user profiling and ID retargeting.

我們一直致力於展示次數評分，並相信它比用戶分析和 ID 重定向更可取。

And we're super excited to be able to engage with customers who maybe have a greater sense of urgency around this topic than they have in prior months and quarters.

我們非常高興能夠與客戶互動，他們可能比前幾個月和前幾季對這個主題有更大的緊迫感。

So yeah, we're quite excited about it.

是的，我們對此感到非常興奮。

These conversations continue and we believe that in 2024, that enthusiasm will show up in the results.

這些對話仍在繼續，我們相信到 2024 年，這種熱情將體現在結果中。

That's great.

那太棒了。

And then, Jim, you also mentioned just the early stages of just the stabilization of the macro.

然後，吉姆，您還提到了宏觀穩定的早期階段。

Can you maybe just talk about just the linearity of demand throughout the quarter and maybe what you're seeing so far in 1Q that's giving you that confidence?

您能否只談談整個季度的需求線性，以及您在第一季到目前為止所看到的給您帶來信心的情況？

Thank you.

謝謝。

Sure, we feel good, we feel like the macro has stabilized to a large degree.

當然，我們感覺很好，我們感覺宏觀經濟已經在很大程度上穩定下來。

In the beginning of the year a number of our larger customers got off to a slower start in terms of budget completion and finalization and communication of campaign starts.

今年年初，我們的一些大客戶在預算完成、最終確定以及活動開始的溝通方面起步較慢。

So we had a little bit of a slow start in January from some of our from some of our accounts.

因此，我們的一些帳戶在一月份的開局有點緩慢。

But as the quarters progressed, the momentum has increased.

但隨著季度的進展，這種勢頭有所增強。

So we feel good about where we're headed.

所以我們對我們的前進方向感覺良好。

But I would say that the beginning of the year.

但我想說的是今年年初。

I think there was a little bit of a budget, a delay in budgeting and finalizing budgets from a number of customers.

我認為有一點預算，一些客戶在預算和最終確定預算方面出現了延遲。

I don't think that was unique to AdTheorent from our understanding that was consistent with the number of companies in our business or an industry rather.

從我們的理解來看，我認為這並不是 AdTheorent 獨有的，這與我們業務或行業中的公司數量是一致的。

I could just add to that you asked about our linearity.

我可以補充一下您詢問的線性度。

I think our booked revenue and our pipeline levels are both higher at this point in the year than they were last year at this time, which support our fiscal year guidance range that we provided over in the great remarks.

我認為今年這個時候我們的預訂收入和管道水平都高於去年這個時候，這支持了我們在重要演講中提供的財政年度指導範圍。

That's very helpful.

這非常有幫助。

Thank you.

謝謝。

Dan Kurnos, The Benchmark Company.

Dan Kurnos，基準公司。

Great.

偉大的。

Thanks, good afternoon.

謝謝，下午好。

That is a very solid way to end the year guys.

夥計們，這是結束這一年的非常可靠的方式。

Jim, maybe just talk about the timing of the UI UX rollout.

Jim，也許只是談談 UI UX 推出的時間。

I know it's just one of the initiatives that you mentioned.

我知道這只是你提到的舉措之一。

But I will tell you that we've been seeing them, let's call it, simplification for us, not to insult the agencies of some of these platforms and interfaces.

但我會告訴你，我們已經看到它們，讓我們稱之為我們的簡化，而不是侮辱其中一些平台和介面的機構。

And I'm just kind of curious if you're doing any integration work on the back end or if there anything else that's kind of driving your optimism around that adding to growth, as we've heard from others doing similar processes this year?

我只是有點好奇，您是否在後端進行任何整合工作，或者是否有其他任何事情可以推動您對增加成長的樂觀態度，正如我們今年從其他人那裡聽到的那樣，進行類似的流程？

Thank you, Dan, that's an outstanding question and did very much lines up with our AR focus on making our platform easier from the perspective of a non expert user.

謝謝你，丹，這是一個突出的問題，並且非常符合我們的 AR 重點，即從非專家用戶的角度來看，讓我們的平台變得更容易。

There are a lot of experts out there in the industry, but there's also a number of media-buying users that come that would benefit from a more streamlined our interface that makes more decisions for the user.

該行業有很多專家，但也有許多媒體購買用戶將受益於我們更簡化的介面，為用戶做出更多決策。

That's not to say we're dumbing down our platform or removing functionality on that.

這並不是說我們正在簡化我們的平台或刪除其上的功能。

That's not what we're doing.

那不是我們正在做的事情。

But we are making some decisions on default decisions and more streamlined decisioning, and some more from just some conformity, if you will to an industry standard that's evolved among DSPs for a number of things within the platform.

但我們正在根據預設決策和更簡化的決策做出一些決策，如果您願意的話，我們會根據平台內許多事物在 DSP 之間發展的行業標準做出一些一致性決策。

I think the collective result there will be easier adoption, shorter training times a lower period between contract execution and first campaign launch.

我認為整體結果將是更容易採用、更短的培訓時間、更短的合約執行和首次活動啟動之間的時間。

That's something that we focus on a lot.

這是我們非常關注的事情。

And we feel like a number of the changes that we're making are going to help in that regard.

我們認為我們正在做出的一些改變將在這方面有所幫助。

We're also quite excited, as I mentioned in our prepared remarks about some of the generative AI advancements and contributions that we make that we're making to our number of features of our platform, such as the Health Audience Builder, where you don't need to be, for example, an expert in all of the different specific health diagnoses or treatment names by their exact names.

我們也非常興奮，正如我在我們準備好的評論中提到的，關於我們對我們平台的許多功能所做的一些生成式人工智能進步和貢獻，例如健康受眾生成器，您不需要例如，不需要成為所有不同的特定健康診斷或治療名稱的專家。

You can speak anymore, our plain English light, plain English matter and our large language models and generative AI that we're incorporating into HABi will assist users in and creating the audiences.

你可以再說了，我們的簡單英語燈、簡單英語問題以及我們納入 HABi 的大型語言模型和生成人工智慧將幫助用戶和創建受眾。

And again, these are algorithmic audiences these are not ID based audiences, they're not look-alike audiences.

再說一次，這些是演算法受眾，不是基於 ID 的受眾，他們不是相似的受眾。

These are algorithmic audiences based on statistics from aggregated data.

這些是基於聚合數據統計數據的演算法受眾。

So we think that makes algorithmic targeting and algorithmic audience creation more attainable and usable for non expert traders.

因此，我們認為這使得演算法定位和演算法受眾創建對於非專業交易者來說更容易實現和使用。

Got it.

知道了。

That's really helpful.

這真的很有幫助。

Jim, thanks for that color.

吉姆，謝謝你的顏色。

And then just on a from a bigger picture perspective, obviously, you guys have top line momentum.

然後，從更大的角度來看，顯然，你們有頂線動力。

I guess, Jim, a follow on to what I just asked what's your willingness to reinvest this year, not just in improving the platform, but whether it's initiatives like new product builds or and then we haven't talked about going after international.

吉姆，我想，這是我剛才問的問題的後續，你今年再投資的意願是什麼，不僅僅是改進平台，還有新產品構建等舉措，或者我們還沒有談論追求國際化。

What sounds like it's recovering.

聽起來好像正在恢復。

Just what's kind of your willingness to reinvest in the platform this year?

今年您對該平台再投資的意願如何？

And you have like kind of medium to longer term sustainable growth targets in mind at this point?

目前您心中有類似的中長期永續成長目標嗎？

Yeah.

是的。

Thank you, Dan.

謝謝你，丹。

We've been in a constant state of investment on this platform for years.

多年來我們一直在這個平台上持續投資。

I mean, we could invest, frankly, a lot more we think that our product and tech roadmap could be it's five years long right now.

我的意思是，坦白說，我們可以進行更多投資，我們認為我們的產品和技術路線圖現在可能長達五年。

We could accelerate many things from.

我們可以加速很多事情。

Obviously, we're trying to balance short term and near term performance with long term the differentiation and superiority in our marketplace.

顯然，我們正在努力平衡短期和近期表現與長期市場差異化和優勢。

And we want to make sure that we can extend our advantage on machine learning-based impression scoring and not forfeit any of that advantage and lead that we have come.

我們希望確保我們能夠擴大我們在基於機器學習的印象評分方面的優勢，並且不會喪失我們已經取得的任何優勢和領先優勢。

But you're hitting on kind of the challenge as a small public company that we would love to make investments today for a number of initiatives.

但作為一家小型上市公司，您正面臨某種挑戰，我們今天很樂意為許多舉措進行投資。

So we have to make choices and we've made a number of choices to be focus while at the same time delivering fantastic outcomes and financial results for our shareholders.

因此，我們必須做出選擇，我們已經做出了許多選擇來成為焦點，同時為我們的股東提供出色的成果和財務表現。

Yeah, Dan, this is Patrick.

是的，丹，這是派崔克。

I'll just add that from a investment perspective, we don't see our CapEx or capitalized software expenditures increasing materially from 2023.

我只想補充一點，從投資角度來看，我們認為自 2023 年以來我們的資本支出或資本化軟體支出不會大幅增加。

We expect that to be relatively consistent, but it will depend on topline performance and how much momentum.

我們預計這一結果將相對一致，但這將取決於營收表現和動力有多大。

So the momentum we're seeing and how that will enable us to invest more.

我們看到的勢頭以及這將如何使我們能夠進行更多投資。

So what I'm saying is that our investment decisions are in light of our performance, and we will monitor that as we go through the year.

所以我想說的是，我們的投資決策是根據我們的表現做出的，我們將在這一年中對其進行監控。

Got it.

知道了。

If I could sneak a real quick third one in just that tack was really efficient in Q4 and you guys have guided to let's call it AGP, I guess of sort of 64.5%, which would be a step up from the Q4 level.

如果我能在第四季度真正有效地偷偷溜出一個真正快速的第三個，並且你們已經指導我們稱之為 AGP，我想大概是 64.5%，這將比第四季度的水平提高了一步。

I know there's mix, but if you could give us any kind of incremental granularity around why Q4 AGP was so strong and just why some of those benefits aren't necessarily flowing through to the year that would be helpful.

我知道其中存在混合，但如果您能為我們提供任何增量粒度，說明為什麼第四季度 AGP 如此強勁，以及為什麼其中一些收益不一定會延續到今年，那將會有所幫助。

Yeah, in Q4, we are good AGP margin performance was driven by the adoption of our AdTheorent predictive audiences solution, which replaced third party costs with an internal solution which increases the amount of margin dollars flowing through.

是的，在第四季度，我們良好的 AGP 利潤率表現是由我們的 AdTheorent 預測受眾解決方案的採用所推動的，該解決方案用內部解決方案取代了第三方成本，從而增加了利潤流動量。

Sometimes that's harder for us to predict in real time.

有時我們很難實時預測。

And so we saw a fair amount of that coming through in Q4, which was upside to our guidance.

因此，我們在第四季度看到了相當多的情況，這超出了我們的指導。

But we do think that a 64%, 65% level, which is kind of historically consistent with the last two years of what we realize is prudent to take budget for as we think through the future.

但我們確實認為 64%、65% 的水平在歷史上與過去兩年一致，我們意識到，在我們對未來的思考時，採取預算是謹慎的。

Got it.

知道了。

All right.

好的。

Super helpful.

超有幫助。

Thanks, guys.

多謝你們。

Appreciate it.

欣賞它。

Thank you, Dan.

謝謝你，丹。

Michael Kupinski, Noble Capital Markets.

邁克爾·庫平斯基（Michael Kupinski），諾布爾資本市場。

Thank you.

謝謝。

Thanks for taking the questions.

感謝您提出問題。

Good afternoon and congratulations, I was wondering, can you give us an update on the strategic partnership you have with [Hero] media?

下午好，恭喜您，我想知道您能給我們介紹一下您與[Hero]媒體的策略合作夥伴關係的最新情況嗎？

If you could just kind of give us an update on how Hero one performing against your expectations?

您能否向我們介紹一下 Hero One 的表現是否符合您的預期？

Thank you for the question, Michael.

謝謝你的提問，麥可。

We love our partnership with Hero.

我們非常喜歡與 Hero 的合作關係。

We view this as a horizontal opportunity, too provide unique capabilities to our customers who are seeking to reach multicultural audiences of across the spectrum.

我們認為這是一個橫向機會，也為尋求接觸各領域的多元文化受眾的客戶提供獨特的能力。

We think that our AdTheorent predictive audience products enable a lot of customization in that area.

我們認為我們的 AdTheorent 預測受眾產品可以在該領域實現大量客製化。

Hero has been fantastic in market getting us opportunities with some very exciting brands and agencies so that is progressing along quite nicely on and we will provide we expect a hero, a multicultural horizontal, again, not a vertical.

英雄在市場上表現出色，為我們提供了與一些非常令人興奮的品牌和機構合作的機會，因此進展非常順利，我們將提供我們期待的英雄，一個多元文化的水平，而不是垂直。

But our horizontal, we expect that to tap into budgets, Tom intended for multicultural budgets within a number of different verticals across our business.

但在我們的水平方面，我們希望利用預算，湯姆打算在我們業務的許多不同垂直領域內制定多元文化預算。

And we think that that's going to drive a portion of our growth in 2024.

我們認為這將推動我們 2024 年的部分成長。

So we're excited to see that show up in the results, but it's early.

因此，我們很高興看到這一點出現在結果中，但現在還為時過早。

So they actually drove a number of exciting deals in the fourth quarter, which we're excited about.

因此，他們實際上在第四季度促成了許多令人興奮的交易，我們對此感到興奮。

They contributed to that positive end to the year.

他們為今年的積極結局做出了貢獻。

And I'm very confident that as the year progresses, the hero partnership is going to be a big part of our success.

我非常有信心，隨著時間的推移，英雄夥伴關係將成為我們成功的重要組成部分。

Got you.

明白你了。

And then I'm always looking for what could go wrong.

然後我總是尋找可能出問題的地方。

So I know that you've been configuring your systems for the post cookie world, but is there a chance that Google implement some technology that render some of that work problematic for you may be prudent for you to use with their systems, are those of aggregate dated exchanges?

所以我知道您一直在為後 cookie 世界配置您的系統，但是 Google 是否有可能實施一些技術，使您的某些工作出現問題，對於您使用他們的系統可能是謹慎的，是那些匯總日期交換？

Yeah.

是的。

Well, I mean, we've been actively working with Google and with the Google Privacy Sandbox and the post cookie framework work in the weeds there.

嗯，我的意思是，我們一直在積極與 Google 以及 Google Privacy Sandbox 和 post cookie 框架合作。

Our tech teams are doing testing with the APIs.

我們的技術團隊正在使用 API 進行測試。

We are iterating with Google and we have clear line of sight into what that's going to look like.

我們正在與谷歌進行迭代，我們對它的外觀有清晰的認識。

And from where we said, it's a positive story.

從我們所說的來看，這是一個正面的故事。

It's a story of replacing a cookie, which is an inherent fully individualized.

這是一個更換餅乾的故事，這是一個固有的完全個人化的故事。

Our piece of information we'd more aggregated data does that again, that's more important for us anyway.

我們的訊息，我們需要更多聚合數據，再次做到這一點，無論如何，這對我們來說更重要。

So when we optimize buying media impressions, what we do is we look for high indexing attributes that are present.

因此，當我們優化購買媒體印象時，我們所做的就是尋找存在的高索引屬性。

And when those high indexing attributes are present are driving conversions, we tried to find other impressions that look like that.

當這些高索引屬性存在並推動轉換時，我們試圖找到其他類似的印象。

So we're not looking for IDs.

所以我們不是在尋找身分證。

So the deprecation of the cookie doesn't impact our modeling, our ability to get information back from Google.

因此，棄用 cookie 不會影響我們的建模以及我們從 Google 獲取資訊的能力。

So that we know when we drive a conversion that we can have aggregated data about all the conversions we're driving.

這樣我們就知道，當我們推動轉換時，我們可以匯總有關我們正在推動的所有轉換的數據。

That's what we need.

這就是我們所需要的。

And we're pleased to see that.

我們很高興看到這一點。

That's what we're getting from that post cookie framework.

這就是我們從 post cookie 框架中得到的。

It's still early only 1% of chrome cookies have been dedicated.

現在還為時過早，只有 1% 的 chrome cookie 被專用。

There's a lot of work to be done, but I think we have the right team to do that work.

還有很多工作要做，但我認為我們有合適的團隊來完成這項工作。

And I think we have an advantage and a head start, frankly.

坦白說，我認為我們有優勢並且領先。

Yes, thanks for the color there.

是的，謝謝你的顏色。

On the last question, given your healthy balance sheet, any M&A that you might be looking for to enhance your growth?

關於最後一個問題，考慮到您健康的資產負債表，您可能會尋求任何併購來促進您的成長？

Can you just give us your thoughts there?

您能告訴我們您的想法嗎？

We're always looking for great opportunities.

我們一直在尋找絕佳的機會。

We've been heads-down on.

我們一直低著頭。

We've never acquired technology.

我們從未獲得過技術。

We've never acquired anything.

我們從來沒有獲得過任何東西。

I mean, we've built everything homegrown.

我的意思是，我們已經建造了所有本土產品。

We're relatively small business, 300 employees.

我們是一家相對較小的企業，只有 300 名員工。

We definitely can see a role for targeted M&A and other strategic type of combinations as being a part of our future.

我們肯定可以看到有針對性的併購和其他策略類型的組合將成為我們未來的一部分。

There are a lot of good arguments for that on a day-to-day basis.

日常生活中有很多很好的論點。

We're focusing on executing against our product and tech roadmap and driving our financial outcomes that position our company for strength and give us opportunities.

我們專注於執行我們的產品和技術路線圖，並推動我們的財務成果，從而增強我們公司的實力並為我們提供機會。

But absolutely, I think the types of opportunities you're mentioning are exciting and something we're definitely looking at closely.

但絕對，我認為你提到的機會類型是令人興奮的，我們肯定會密切關注。

Great.

偉大的。

Thank you.

謝謝。

That's all I have.

這就是我的全部。

Congratulations again.

再次恭喜。

Thank you, Michael.

謝謝你，麥可。

We appreciate it.

我們很感激。

And there are no further questions at this time.

目前沒有其他問題。

I would like to turn the conference over to Jim Lawson for closing remarks.

我想請吉姆·勞森（Jim Lawson）致閉幕詞。

Thank you, everybody, for being here today.

謝謝大家今天來到這裡。

We had a great finish to 2023.

我們為 2023 年畫下了圓滿的句點。

We've reached an inflection point in our business in '23, growth accelerated going from 9% in the third-quarter to 15% in the fourth-quarter.

我們的業務在 20 年達到了拐點，成長速度從第三季的 9% 加速到第四季的 15%。

We hit our targets that we set at the beginning of the year, growth came from our strategic investments, which are paying off self service.

我們實現了年初設定的目標，成長來自我們的策略投資，這些投資正在為自助服務帶來回報。

Predictive audience solutions health.

預測受眾解決方案健康。

Our customers are spending more on average, up 12% in 2023.

我們的客戶平均支出將增加，到 2023 年將成長 12%。

This growth is translating into great profit with 34% EBITDA margins in Q4.

這一成長轉化為巨大的利潤，第四季 EBITDA 利潤率為 34%。

In closing I would be remiss to not thank the AdTheorent team for continuing to execute at such a high level.

最後，如果我不感謝 AdTheorent 團隊繼續以如此高的水平執行，那就太失職了。

Our momentum is continuing into 2024, and we look forward to speaking with investors again very soon.

我們的勢頭將持續到 2024 年，我們期待很快再次與投資者交談。

And this concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。