Applovin Corp (APP) 2022 Q2 法說會逐字稿

Okay. Welcome, everyone to AppLovin's earnings call for the second quarter ended June 30, 2022. Joining me today to discuss our results are our Co-Founder, CEO and Chairperson, Adam Foroughi; and our President and Chief Financial Officer, Herald Chen. Please note our SEC filings, earnings release and shareholder letter discussing our second quarter performance, are available at investors.applovin.com.

好的。歡迎大家參加 AppLovin 截至 2022 年 6 月 30 日的第二季度財報電話會議。今天和我一起討論我們業績的有我們的聯合創始人、首席執行官兼主席 Adam Foroughi；以及我們的總裁兼首席財務官 Herald Chen。請注意我們的 SEC 文件、收益發布和討論我們第二季度業績的股東信函，可在investors.applovin.com 上獲取。

During today's call, we may be making forward-looking statements regarding future events, expectations regarding the market, the future financial performance of the company, our strategic review of our apps portfolio and our proposal to combine with Unity. These statements are based on our current market assumptions and beliefs, and we assume no obligation to update them, except as required by law. Actual results may differ materially from the results predicted.

在今天的電話會議中，我們可能會就未來事件、市場預期、公司未來財務業績、我們對應用程序組合的戰略審查以及我們與 Unity 合併的提議做出前瞻性陳述。這些陳述基於我們當前的市場假設和信念，我們不承擔更新它們的義務，除非法律要求。實際結果可能與預測結果大相徑庭。

We encourage you to review the risk factors in our most recently filed Form 10-K for the fiscal year ended December 31, 2022, our press release regarding our proposed combination with Unity and in our Form 10-Q for the second quarter, which we expect to file later this week. This call does not constitute an offer to sell or the solicitation of any offer to buy any securities or solicitation of any vote or approval. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933 as amended.

我們鼓勵您查看我們最近提交的截至 2022 年 12 月 31 日的財政年度的 10-K 表、關於我們與 Unity 的擬議合併的新聞稿以及我們在第二季度的 10-Q 表中的風險因素，我們預計本週晚些時候提交。本次電話會議不構成出售要約或徵求購買任何證券的要約或徵求任何投票或批准。除非通過符合經修訂的 1933 年美國證券法第 10 條要求的招股說明書，否則不得發行證券。

This call includes information related to a proposal that we have made for a business combination transaction with Unity Software. In furtherance of this proposal and subject to future developments, we, and if a negotiated transaction is agreed to Unity, may file one or more registration statements, proxy statements, tender offer statements or other documents with the SEC. We urge investors and security holders to read such registration statements, proxy statements, tender offer statements or other documents we or Unity file with the SEC because they will contain important information about the proposed combination.

此電話包括與我們為與 Unity Software 進行業務合併交易的提案相關的信息。為了推進該提議並根據未來的發展，如果 Unity 同意協商交易，我們可能會向 SEC 提交一份或多份註冊聲明、代理聲明、要約收購聲明或其他文件。我們敦促投資者和證券持有人閱讀我們或 Unity 向 SEC 提交的此類註冊聲明、代理聲明、要約收購聲明或其他文件，因為它們將包含有關擬議合併的重要信息。

We will also be discussing our non-GAAP financial measures. Reconciliations of our GAAP to non-GAAP financial measures are included in our shareholder letter available on our Investor Relations site. Please be sure to review the GAAP measures and the reconciliations as the non-GAAP measures are not intended to be a substitute for or superior to our GAAP results.

我們還將討論我們的非公認會計原則財務措施。我們的 GAAP 與非 GAAP 財務措施的對賬包含在我們的投資者關係網站上提供的股東信中。請務必查看 GAAP 措施和對賬，因為非 GAAP 措施並非旨在替代或優於我們的 GAAP 結果。

This conference call is being recorded, and a replay will be available on our IR website shortly.

本次電話會議正在錄音中，很快將在我們的 IR 網站上提供重播。

I'm going to turn it over to Adam to discuss some highlights for the second quarter, and Herald will provide more context on our financial performance and our 2022 outlook. Then we'll open up for Q&A.

我將把它交給亞當來討論第二季度的一些亮點，《先驅報》將提供更多關於我們的財務業績和 2022 年展望的背景信息。然後我們將開放問答。

With that, Adam, please go ahead.

有了這個，亞當，請繼續。

Thanks, Ryan. Thank you all for joining us today. With our proposal this week, we were really hoping to spice things up at this earnings call. We'll come back to that in a bit. But now I want to start by saying that we are pleased with our performance during the second quarter.

謝謝，瑞恩。感謝大家今天加入我們。通過我們本週的提議，我們真的希望在這次財報電話會議上增添趣味。我們稍後再談。但現在我想首先說我們對第二季度的表現感到滿意。

We delivered strong year-over-year growth led by our Software Platform business, which grew over 100% over the same period last year. Notably, we surpassed 500 Software Platform Enterprise Clients and our revenue from those clients and net dollar-based revenue retention also improved year-over-year. We're successfully driving adoption by onboarding new clients and deepening our relationships with the existing ones.

在軟件平台業務的帶動下，我們實現了強勁的同比增長，同比增長超過 100%。值得注意的是，我們超過 500 個軟件平台企業客戶，我們從這些客戶獲得的收入和基於美元的淨收入保留率也同比提高。通過吸引新客戶並加深與現有客戶的關係，我們成功地推動了採用。

I also want to acknowledge the challenging period for the mobile app ecosystem, which was facing a few headwinds going into the quarter and which were compounded by the weaker macro economy. We appreciate the near term may be challenging, so we are hyper focused on the one thing we can control best, continuing to improve our strong software platform technologies.

我還想承認移動應用生態系統面臨挑戰的時期，進入本季度時面臨一些不利因素，並且宏觀經濟疲軟加劇了這種情況。我們意識到短期內可能充滿挑戰，因此我們非常專注於我們可以控制得最好的一件事，繼續改進我們強大的軟件平台技術。

I'm very proud of our team and all of our accomplishments. Let me highlight 3 of them. First, we successfully completed the shutdown of MoPub. Now that MoPub is fully integrated into MAX and their developers have moved over, we have been focused on strengthening our relationship with all the new partners in the quarter. MAX is on track to hit our goal of a $10 billion a year run rate of media transacted through our platform by the end of the year. MAX is the strongest platform for mobile in-app bidding.

我為我們的團隊和我們所有的成就感到非常自豪。讓我強調其中的 3 個。首先，我們成功完成了 MoPub 的關閉。現在 MoPub 已完全集成到 MAX 中，並且他們的開發人員已經搬遷，我們在本季度一直專注於加強與所有新合作夥伴的關係。 MAX 有望在今年年底前實現通過我們平台交易的媒體每年 100 億美元的運行率目標。 MAX 是最強的移動應用內競價平台。

Next, we ramped our AppLovin Exchange continuing the migration of MoPub demand partners to our platform. Just as with the publisher integration of MoPub into the MAX, we are rebuilding 10 years of MoPub efforts in a very short amount of time. We want to facilitate success for these DSPs as they migrate and to give back to the publishers that use MAX in a tough economic time. So we reduced our take rate on AppLovin Exchange by nearly half. While we maintain flexibility on the economics of ALX long term, in the short term, we felt that this was the right thing to do for our marketplace.

接下來，我們擴大了 AppLovin Exchange，繼續將 MoPub 需求合作夥伴遷移到我們的平台。就像發布者將 MoPub 集成到 MAX 中一樣，我們正在極短的時間內重建 10 年的 MoPub 努力。我們希望在這些 DSP 遷移時幫助他們取得成功，並回饋在經濟困難時期使用 MAX 的發行商。因此，我們將 AppLovin Exchange 的接受率降低了近一半。雖然我們長期保持 ALX 經濟的靈活性，但在短期內，我們認為這對我們的市場來說是正確的做法。

Additionally, we successfully integrated Wurl and are already using AppLovin ad tech to start testing mobile gaming advertising campaigns on CTV. While this is still in the early stages of testing, the results are promising. And we're excited for Wurl to bring a true performance-driven approach to advertising for the television market.

此外，我們成功集成了 Wurl，並且已經在使用 AppLovin 廣告技術開始在 CTV 上測試移動遊戲廣告活動。雖然這仍處於測試的早期階段，但結果是有希望的。我們很高興 Wurl 能夠為電視市場的廣告帶來真正的績效驅動方法。

This past quarter, we updated our strategic and financial approach to our apps business to focus on segment profitability and long-term cash flow growth. We have better aligned our level of investment across the portfolio to both current market conditions and future opportunities. For some studios, our plan may be to sell, close or restructure to maximize value.

上個季度，我們更新了應用業務的戰略和財務方法，專注於細分市場盈利能力和長期現金流增長。我們更好地調整了投資組合的投資水平，以適應當前的市場狀況和未來的機會。對於一些工作室，我們的計劃可能是出售、關閉或重組以實現價值最大化。

To increase margins, the most notable change in our approach was a reduction in user acquisition spend for our portfolio of apps as we increased our own desired return goals. The effect of this is that it reduces revenue, which is reflected in our guidance, that will lead to higher margins much more in line with industry peers. We believe we're mostly through this period of readjustment of revenues and margins, and the business will now be in a stable place, able to produce consistent cash flow.

為了提高利潤率，我們方法中最顯著的變化是減少了我們應用程序組合的用戶獲取支出，因為我們提高了自己的期望回報目標。這樣做的影響是它減少了收入，這反映在我們的指導中，這將導致更高的利潤率，更符合行業同行。我們相信，我們大部分時間都在經歷收入和利潤率的重新調整，現在業務將處於穩定狀態，能夠產生穩定的現金流。

With that, let me turn it over to Herald to provide color on our numbers and outlook.

有了這個，讓我把它交給先驅報，為我們的數字和前景提供顏色。

Thanks, Adam, and thanks, everyone, for taking the time to join us today. We know you may not have had time to review our shareholder letter just yet, so I'll quickly hit some of the key points.

謝謝亞當，謝謝大家今天抽出時間加入我們。我們知道您可能還沒有時間查看我們的股東信函，因此我將快速指出一些關鍵點。

As you already know, we are operating in a more challenging environment, notwithstanding though, given the focus and execution of our AppLovin teams around the globe, we were able to continue to grow our top line year-over-year to $776 million, which is a 16% increase led by our Software Platform business. That growth, plus improvements in cash flow from our apps business, resulted in year-over-year adjusted EBITDA growth of 47% to $270 million. That equates to a 35% margin, which is the highest normalized EBITDA margin we posted since being public.

如您所知，我們在更具挑戰性的環境中運營，儘管如此，鑑於我們在全球的 AppLovin 團隊的專注和執行力，我們能夠繼續將我們的收入同比增長到 7.76 億美元，這在我們的軟件平台業務的帶動下增長了 16%。這一增長，加上我們的應用業務現金流的改善，導致調整後的 EBITDA 同比增長 47% 至 2.7 億美元。這相當於 35% 的利潤率，這是我們自上市以來發布的最高標準化 EBITDA 利潤率。

We also introduced segment reporting this quarter, which allows us to provide you more information regarding the progress of our businesses. Starting with the Software Platform segment, we had $318 million of revenue, which was up 118% year-over-year. We continue to deliver highly performant solutions to our most important customers as evidenced by our record 503 enterprise customers with an increase in net dollar-based revenue retention of 204% on an LTM basis.

我們還在本季度推出了分部報告，這使我們能夠為您提供有關我們業務進展的更多信息。從軟件平台部門開始，我們的收入為 3.18 億美元，同比增長 118%。我們繼續為我們最重要的客戶提供高性能的解決方案，我們創紀錄的 503 家企業客戶就是證明，在 LTM 基礎上，基於美元的淨收入保留率增加了 204%。

On a quarter-over-quarter basis, all of our software solutions had some growth, except for ALX, which in the aggregate led to a quarterly decline of minus 3%. The ALX decline was due to a migration of DSP demand from Twitter's platform in Q1 to our ALX platform in Q2, which takes some time to ramp. And as Adam mentioned, we proactively reduced the take rate from DSPs, so we could pass more dollars along to our publishers.

在環比的基礎上，我們所有的軟件解決方案都有一些增長，除了 ALX，它總體上導致季度下降 - 3%。 ALX 下降是由於 DSP 需求在第一季度從 Twitter 平台遷移到第二季度我們的 ALX 平台，這需要一些時間才能上升。正如亞當所說，我們主動降低了 DSP 的收取率，因此我們可以將更多的錢轉給我們的發布商。

Importantly, from a cash flow standpoint, our Software Platform adjusted EBITDA grew 114% year-over-year to $197 million, representing a margin of 62%. While certainly a strong margin overall, in particular relative to our peers, during the quarter, we incurred step function increases and several costs.

重要的是，從現金流的角度來看，我們的軟件平台調整後的 EBITDA 同比增長 114% 至 1.97 億美元，利潤率為 62%。雖然整體利潤率肯定很高，特別是相對於我們的同行而言，但在本季度，我們發生了階梯函數增加和一些成本。

First, we have technology infrastructure costs that we discussed before, including additional data center capacity to support new publishers and demand partners onboarded from MoPub acquisition; and headcount costs. We're now including the team from Wurl, our recently acquired connected-TV platform. For the second half of 2002 (sic) [2022], importantly, we do not foresee meaningful increases in the Software Platform cost. Therefore, we expect our Software Platform adjusted EBITDA margin to be between 65% and 70% for the year, consistent with our previous range.

首先，我們有我們之前討論過的技術基礎設施成本，包括額外的數據中心容量，以支持從 MoPub 收購中加入的新出版商和需求合作夥伴；和人員成本。我們現在包括來自我們最近收購的聯網電視平台 Wurl 的團隊。對於 2002 年下半年（原文如此）[2022]，重要的是，我們預計軟件平台成本不會顯著增加。因此，我們預計今年我們的軟件平台調整後 EBITDA 利潤率將在 65% 至 70% 之間，與我們之前的範圍一致。

Regarding software revenue performance for the year, we have confidence we will deliver against our guidance. The second and third quarter summer months are slower -- a slower part of the year for mobile gaming. But importantly, for our business, the primary driver of our Software Platform business growth is AppDiscovery, which is, of course, powered by AXON. The ability for us to more than double revenue over the past year and more than quintuple revenue over the past 2 years is largely driven by the continuous improvements in AXON.

關於今年的軟件收入表現，我們有信心按照我們的指導實現。第二和第三季度的夏季月份較慢——移動遊戲一年中較慢的部分。但重要的是，對於我們的業務而言，我們軟件平台業務增長的主要驅動力是 AppDiscovery，這當然是由 AXON 提供支持的。我們能夠在過去一年中實現收入翻番，在過去 2 年中實現收入翻五倍以上，這在很大程度上是由 AXON 的持續改進推動的。

As we find improvements to our technology, we will realize meaningful increases in software revenue, which will flow through at very high margins. We do expect more of these improvements to occur over time, which supports our outlook for this year and beyond.

隨著我們發現對我們的技術的改進，我們將實現軟件收入的有意義的增長，這將以非常高的利潤率流入。我們確實預計隨著時間的推移會出現更多這些改進，這支持了我們對今年及以後的展望。

Turning to the app side. As Adam described, our new approach to managing the portfolio is to focus on optimizing the business for financial return. Our efforts and progress are already evident in our second quarter numbers. Our apps adjusted EBITDA increased from $41 million in Q1 to $73 million. Margins expanded from 8% to 16%.

轉向應用程序方面。正如亞當所描述的，我們管理投資組合的新方法是專注於優化業務以獲得財務回報。我們的努力和進步已經在我們的第二季度數據中顯而易見。我們的應用程序調整後的 EBITDA 從第一季度的 4100 萬美元增加到 7300 萬美元。利潤率從 8% 擴大到 16%。

Our bigger-than-expected reduction in spend, in particular in user acquisition, impacts the top line in the near term; and therefore, we meaningfully reduced our apps revenue guidance by $300 million for the year. By 2023, our goal is to position the apps portfolio to have a healthy business model where we can grow the top line and earn a solid margin.

我們超出預期的支出減少，特別是在用戶獲取方面，在短期內影響了收入；因此，我們有意義地將當年的應用收入指引減少了 3 億美元。到 2023 年，我們的目標是將應用程序組合定位為擁有健康的商業模式，在這種模式下，我們可以增加收入並獲得可觀的利潤。

Closing out on guidance, we did not make any other changes to guidance, including holding the midpoint of '22 EBITDA at $1.2 billion. We can do so given our high-margin Software Platform business and our ability to drive higher margins now in our apps portfolio.

在結束指導時，我們沒有對指導進行任何其他更改，包括將 22 年 EBITDA 的中點保持在 12 億美元。鑑於我們的高利潤軟件平台業務以及我們現在在我們的應用程序組合中提高利潤率的能力，我們可以做到這一點。

Overall, we remain highly confident in the stand-alone long-term value creation potential for our business given our top line prospects and cash generation potential. To that end, we were able to buy back approximately $340 million of our stock under our $750 million buyback program at an average price of $38 per share.

總體而言，鑑於我們的頂線前景和現金產生潛力，我們對我們業務的獨立長期價值創造潛力仍然充滿信心。為此，我們能夠根據 7.5 億美元的回購計劃以每股 38 美元的平均價格回購約 3.4 億美元的股票。

Before we open it up for Q&A, I want to turn it back to Adam to address the unique partnership proposal we made this week to the Unity Board.

在我們打開它進行問答之前，我想把它轉回給 Adam，以解決我們本周向 Unity 董事會提出的獨特合作夥伴提案。

Thanks, Herald. We'll be happy to answer as much as we can on the call, but I wanted to address some of the key points now.

謝謝，先驅報。我們很樂意在電話會議上盡可能多地回答，但我現在想談談一些關鍵點。

First, why now? Over the last decade, we've been an innovative company focused on building marketing and monetization solutions for app developers. At the same time, we've always had a lot of admiration for what Unity has built with their create and operate businesses. Our goals have always been very similar, helping grow the app economy by giving tools to creators to help them turn their ideas into growing businesses.

首先，為什麼是現在？在過去的十年中，我們一直是一家專注於為應用程序開發人員構建營銷和貨幣化解決方案的創新公司。同時，我們一直對 Unity 通過創建和運營業務所建立的東西非常欽佩。我們的目標一直非常相似，通過為創作者提供工具來幫助他們將想法轉化為成長中的業務，從而幫助發展應用經濟。

In the past, internally, we've discussed the strategic rationale to bring the 2 companies together, but at the time, it didn't make sense for a few reasons. Up until a couple of years ago, our ad tech business was very similar to Unity Operate. We were both successful in growing ad networks. But in the last 2 years, we launched our machine learning engine, AXON, which powers our ad network and helped it grow by over 500% since.

過去，我們在內部討論過將這兩家公司合併的戰略理由，但當時由於一些原因，這沒有意義。直到幾年前，我們的廣告技術業務與 Unity Operate 非常相似。我們都成功地發展了廣告網絡。但在過去 2 年中，我們推出了機器學習引擎 AXON，它為我們的廣告網絡提供支持，並幫助其增長了 500% 以上。

We integrated MoPub into MAX, creating the best in-app monetization platform for developers. And we added Adjust, giving us one of the leading mobile attribution and analytics companies. In particular, because of the strength of AXON, we now see a path to unlocking very meaningful synergies by bringing the 2 companies together. When Unity announced their ironSource deal, we started analyzing these synergies, and we were excited by the possibilities as they could be over $700 million in just 3 years.

我們將 MoPub 集成到 MAX 中，為開發者打造最佳的應用內變現平台。我們還加入了 Adjust，使我們成為領先的移動歸因和分析公司之一。特別是，由於 AXON 的實力，我們現在看到了一條通過將兩家公司合併在一起來釋放非常有意義的協同效應的途徑。當 Unity 宣布他們的 IronSource 交易時，我們開始分析這些協同效應，我們對這些可能性感到興奮，因為它們可能在短短 3 年內超過 7 億美元。

We also weren't sure that Unity would be open to improving their technologies through a merger. Their ironSource bid made it clear that they now see the potential of a full stack solution; and given the synergies we assessed, we felt it necessary to put a thoughtful proposal out there of what our combined companies would look like. To be clear, we are confident in our stand-alone prospects. However, the combined business offers additional scale, data and reach, which, if constructed correctly, would be accretive to the market and to all of our shareholders.

我們也不確定 Unity 是否願意通過合併來改進他們的技術。他們的 IronSource 競標清楚地表明，他們現在看到了全棧解決方案的潛力；考慮到我們評估的協同效應，我們認為有必要就我們合併後的公司的樣子提出一個深思熟慮的建議。需要明確的是，我們對我們的獨立前景充滿信心。然而，合併後的業務提供了額外的規模、數據和覆蓋範圍，如果構建得當，將為市場和我們所有的股東帶來增值。

So how did we arrive at over $700 million of synergies? Simple. It's based on the numbers and gains we see from our marketing and monetization solutions. In Q1 2021, our first full quarter with AXON, our software revenue was $88 million. At the time, Unity Operate reported $146 million revenue. This past quarter, our software business reported $318 million of revenue compared to Unity Operate reporting $158 million.

那麼，我們是如何獲得超過 7 億美元的協同效應的呢？簡單的。它基於我們從營銷和貨幣化解決方案中看到的數字和收益。在 2021 年第一季度，即我們與 AXON 合作的第一個完整季度，我們的軟件收入為 8800 萬美元。當時，Unity Operate 的收入為 1.46 億美元。上個季度，我們的軟件業務報告收入為 3.18 億美元，而 Unity Operate 報告的收入為 1.58 億美元。

The fast growth of our software business allows us to apply the trend and get us really excited about what we could unlock together. AXON is extremely good at predicting, which apps users will engage with next, but it can always be improved. We have 2 paths to this continued improvement: one, as we've touched on, our code improvements to lower error rates in our predictions; another and just as important is more access to data, which strengthens our algorithms.

我們軟件業務的快速增長使我們能夠順應潮流，讓我們對我們可以共同解鎖的東西感到非常興奮。 AXON 非常擅長預測用戶接下來會使用哪些應用程序，但它總是可以改進的。我們有 2 條途徑來實現這種持續改進：一條，正如我們所提到的，我們的代碼改進以降低預測中的錯誤率；另一個同樣重要的是更多地訪問數據，這加強了我們的算法。

With the reach of Unity Create, combined with the reach of our marketing and monetization solutions, the data sets of the 2 companies would be even more compelling. That incremental data should give us the potential to drive material lifts in our combined businesses.

借助 Unity Create 的影響力，再加上我們的營銷和貨幣化解決方案的影響力，這兩家公司的數據集將更加引人注目。這些增量數據應該使我們有可能在我們的合併業務中推動物質提升。

In 2023, separately, our Software business plus Unity's Operate business would be projected to be over $2.5 billion in revenue. We believe, just next year, the incremental data flowing into AXON would create material gains, and it only takes 20% improvement to the accuracy of our algorithms to generate $500 million more revenue with nearly 100% flow-through.

到 2023 年，我們的軟件業務加上 Unity 的運營業務的收入預計將分別超過 25 億美元。我們相信，就在明年，流入 AXON 的增量數據將創造實質性收益，並且只需將我們的算法的準確性提高 20%，就能以近 100% 的流通率產生 5 億美元的額外收入。

And what does this mean for the industry as a whole? This $500 million is net revenue. So if you gross it up to what advertisers would spend in round, you can get $2 billion extra of performance spending in the combined platform just from synergies. Now remember, we sized the advertising market in mobile games for you at $25 billion in a prior shareholder letter. So the synergies alone would unlock 8% growth in the whole market. This would be a catalyst for growth in our market for years to come.

這對整個行業意味著什麼？這 5 億美元是淨收入。因此，如果您將其匯總到廣告商的整體支出，您可以通過協同效應在合併後的平台上額外獲得 20 億美元的績效支出。現在請記住，我們在之前的股東信中為您確定了 250 億美元的手機遊戲廣告市場規模。因此，僅協同效應就可以釋放整個市場 8% 的增長。這將成為我們未來幾年市場增長的催化劑。

Why did we make the proposal we did? Our proposal was constructed to best position the combined company to drive strong returns for AppLovin and Unity shareholders. We know the Unity Board would need to find our proposal superior to their current option on the table, and we believe we've done just that.

我們為什麼要提出我們所做的建議？我們的提議旨在為合併後的公司提供最佳定位，從而為 AppLovin 和 Unity 的股東帶來豐厚的回報。我們知道 Unity 委員會需要找到我們的提案優於他們當前的選擇，我們相信我們已經做到了這一點。

While ironSource is a great business, the scale we operate at is just much greater. We believe our proposal offers both superior terms and a stronger partner in technology, scale, cash flow and strategic position. Importantly, we have AXON, proven to be super impactful and the efficiencies it could unlock our immense.

雖然 IronSource 是一家偉大的企業，但我們的經營規模要大得多。我們相信，我們的提議在技術、規模、現金流和戰略地位方面提供了更優越的條件和更強大的合作夥伴。重要的是，我們擁有 AXON，它被證明是超級有影響力的，它可以釋放我們巨大的效率。

From a cash flow standpoint, our business alone will generate over $1 billion of EBITDA this year, whereas their current combined plan contemplates reaching that in 2025. From a pure price standpoint, our proposal is at 1/2 the EBITDA multiple versus their existing deal.

從現金流的角度來看，僅我們的業務今年就將產生超過 10 億美元的 EBITDA，而他們目前的合併計劃計劃在 2025 年達到這一目標。從純粹的價格角度來看，我們的提議是 EBITDA 倍數與他們現有交易的 1/2 .

We strongly believe this is also good for AppLovin shareholders. We're very confident we can quickly unlock synergies, and the longer-term strategic strength of the business would be very compelling, creating the unquestionable leader in a growth category and a software business with strong growth and cash flow prospects for as long as people will use mobile devices. This would benefit shareholders on both sides making ownership in the joint company really valuable.

我們堅信這對 AppLovin 股東也有好處。我們非常有信心，我們可以快速釋放協同效應，並且該業務的長期戰略實力將非常引人注目，在增長類別和軟件業務中創造無可爭議的領導者，只要人們擁有強勁的增長和現金流前景將使用移動設備。這將使雙方的股東受益，使合資公司的所有權真正有價值。

Now importantly, our personal decision around why I'm willing to take a backseat on the CEO role. My motivations of every step of our business were to build a bigger platform and truly innovate. I've never been motivated by power, equity or needing to be the face of an organization. I've been committed long term to what we've built here because this is my life's work, and I'm incredibly proud of everyone I work with here who continue to contribute to building great things.

現在重要的是，我們個人決定為什麼我願意在 CEO 的角色上退居二線。我每一步業務的動機都是建立一個更大的平台並真正創新。我從來沒有被權力、公平或需要成為一個組織的面孔所激勵。我長期致力於我們在這裡建立的事業，因為這是我畢生的事業，我為在這裡與我一起工作的每一位繼續為建設偉大事業做出貢獻的人感到無比自豪。

This combined company could potentially become a $100 billion enterprise, and that gets me really excited. John Riccitiello is a strong leader and CEO for Unity. We've known each other for years, and I believe that, together with our combined teams, there's a huge opportunity to capitalize on. COO means many things, but in this case, integration will be a key to unlocking the revenue and efficiency gains we would be asking our shareholders to believe in. I would owe it to you all to spend my time ensuring success there.

這家合併後的公司有可能成為一家價值 1000 億美元的企業，這讓我非常興奮。 John Riccitiello 是 Unity 的強大領導者和首席執行官。我們已經認識多年了，我相信，與我們的合併團隊一起，有一個巨大的機會可以利用。首席運營官意味著很多事情，但在這種情況下，整合將是釋放我們要求股東相信的收入和效率收益的關鍵。我有責任花時間確保在那裡取得成功。

So what's next? We are not going to speculate on the outcome of our proposal, but we feel strongly that we have put forth an offer the Unity's Board, its shareholders and our AppLovin shareholders should find compelling and be as excited about as we are. In the meantime, our team remains focused on the 3 strategic priorities we outlined in our shareholder letter, and we feel very strongly about our ability to continue to grow our business, whether we're successful on this proposal or not. We continue to see exceptional opportunities driven by improvements in our software platform, and we are optimizing our business to improve our margin and our cash generation potential.

下一個是什麼？我們不會推測我們提案的結果，但我們強烈認為我們已經提出了 Unity 董事會、其股東和我們的 AppLovin 股東應該會發現具有吸引力並像我們一樣興奮的要約。與此同時，我們的團隊仍然專注於我們在股東信中概述的 3 個戰略優先事項，我們對我們繼續發展業務的能力感到非常強烈，無論我們是否在此提案上取得成功。我們繼續看到由我們的軟件平台改進驅動的特殊機會，我們正在優化我們的業務以提高我們的利潤率和現金生成潛力。

We've been bold since we went public, but really, we've been bold since we started this company. I have the passion and drive to lead an exceptional team to building a $100 billion company, and we will do that here with or without this deal. But we're definitely excited that this merger can accelerate both of our paths to that goal.

自從我們上市以來，我們一直很大膽，但實際上，自從我們創辦這家公司以來，我們一直很大膽。我有激情和動力帶領一支傑出的團隊建立一家價值 1000 億美元的公司，無論有沒有這筆交易，我們都會在這裡做到這一點。但我們很高興這次合併可以加速我們實現這一目標的兩條道路。

Now happy to take your questions.

現在很高興回答您的問題。

We'd be happy to take your questions. We'll go up right up until the hour and get -- fit in as many as we can. (Operator Instructions) Okay. It looks like we have a few raised hands. So first, we'll take our first question from Clark Lampen at BTIG.

我們很樂意回答您的問題。我們會一直上到整點，然後儘可能多地適應。 （操作員說明）好的。看起來我們有幾個舉手。首先，我們將向 BTIG 的 Clark Lampen 提出第一個問題。

Can you hear me okay?

你能聽到我的聲音嗎？

We hear you okay.

我們聽你說沒事。

Perfect. Adam, I guess, just for starters, I wanted to unpack some of the things that you were talking about with sort of 2Q variances with software, the demand, I guess, migration, the cut in the take rate. Any way you could quantify maybe how much of a headwind that was for the quarter? I think if I heard right, it was down 3%. Could you give us a baseline maybe for the first quarter?

完美的。亞當，我想，對於初學者來說，我想解開你所說的一些東西，包括軟件的 2Q 差異、需求，我猜，遷移，降低獲取率。有什麼方法可以量化本季度的逆風有多大？我想如果我沒聽錯的話，它下降了 3%。你能給我們一個第一季度的基線嗎？

And then I guess as we step back maybe from the Unity deal, you talked about being open to exploring other avenues of growth or sort of scaling the business maybe towards that $100 billion long-term target. Would you think about, I guess, sort of avenues outside of the ad space similar to this deal? Or could you elaborate, I guess, just on big picture strategic priorities if you could?

然後我想，當我們可能退出 Unity 交易時，你談到了對探索其他增長途徑或將業務規模擴大到 1000 億美元的長期目標持開放態度。我猜，你會考慮在廣告領域之外有哪些類似於這筆交易的途徑嗎？或者，我想，如果可以的話，您能否詳細說明一下大局的戰略優先事項？

Thanks, Clark. I'm going to reverse the answers. Second one, strategic opportunities in the future to expand our TAM and really our market potential, that really aligns with the new initiatives that we've talked about in the past. We're excited about our current market and our leadership position in it, but to expand to the scale that we aspire to get to, we've got to both expand our reach and the monetization potential for the developers that we have great relationships with.

謝謝，克拉克。我要顛倒答案。第二個，未來擴展我們的 TAM 和真正的市場潛力的戰略機會，這與我們過去談到的新舉措真正一致。我們對我們目前的市場和我們在其中的領導地位感到興奮，但要擴大到我們渴望達到的規模，我們必須擴大我們的影響力和與我們有良好關係的開發商的貨幣化潛力.

One of those new initiatives, CTV, expands reach. It's all about tapping into a new audience on a fast growing platform, and we're now live with the product there. It's just really early stage. But as I touched on in the script, we're seeing positive results already.

其中一項新舉措，CTV，擴大了覆蓋面。這一切都是為了在一個快速增長的平台上挖掘新的受眾，我們現在可以在那裡使用該產品。這只是非常早期的階段。但正如我在劇本中提到的那樣，我們已經看到了積極的結果。

And then we're also talking about, and we released an announcement around Array. Array is now a marketing platform for carriers and OEMs to give them a life cycle native marketing solution to take -- to give them the capacity to deliver better advertising to their customers. We were sharing revenue with those carriers and OEMs, and we think that can create a big expansion of reach as well.

然後我們也在談論，我們發布了一個關於 Array 的公告。 Array 現在是運營商和 OEM 的營銷平台，為他們提供生命週期原生營銷解決方案——讓他們能夠向客戶提供更好的廣告。我們與這些運營商和原始設備製造商分享收入，我們認為這也可以擴大覆蓋範圍。

Then we talked about, in the past, NFTs. We're still working on NFTs and blockchain as a new initiative. And really, the idea there is to get into payments. It's to allow our developers to create the transfer of ownership of a digital good to their customers and that transfer of ownership to be a transaction that would flow through our payment mechanism, our own blockchain.

然後我們在過去談到了 NFT。我們仍在致力於將 NFT 和區塊鏈作為一項新舉措。實際上，我們的想法是進行付款。這是為了讓我們的開發人員能夠將數字商品的所有權轉移給他們的客戶，並將所有權轉移成為一種交易，該交易將通過我們的支付機制，我們自己的區塊鏈進行。

If we can execute on these new initiatives, we will be executing and expanding the TAM and giving ourselves a runway for many, many years of growth. Now that said, we have a lot of confidence in our current business. For multiple quarters now, we've had a lot of sequential growth in that business, and that came from AXON. The efficiencies we unlock by improving that technology made our ability to drive better results for advertisers. That's carried forward.

如果我們能夠執行這些新舉措，我們將執行和擴展 TAM，並為自己提供許多年增長的跑道。話雖如此，我們對目前的業務充滿信心。現在的多個季度，我們在該業務中都有很多連續增長，這來自 AXON。我們通過改進該技術釋放的效率使我們有能力為廣告商帶來更好的結果。這是發揚光大的。

The more improvements we make on AXON going forward, the bigger we're going to be able to expand the dollars that flow through our platform, and the bigger we'll be able to create an influence on TAM expansion in the market that we're in today. That creates upside in this business and the core opportunity we have going forward as well.

我們對 AXON 進行的改進越多，我們就越能擴大流經我們平台的資金，我們就能對我們在市場上的 TAM 擴張產生更大的影響。今天重新來。這為這項業務創造了上行空間，也為我們帶來了未來的核心機會。

I think, Clark, your other question was around MoPub DSPs. We did bring the MoPub DSPs. We're in the process of transitioning MoPub DSPs over to ALX at the moment, and that's ongoing process. Again, this -- the MoPub Q1 focus was around publisher migration because that part of the platform was shutting down. Q2 and ongoing will be around getting DSPs onto our platform and ramped.

我想，克拉克，你的另一個問題是關於 MoPub DSP 的。我們確實帶來了 MoPub DSP。我們目前正在將 MoPub DSP 過渡到 ALX，這是一個持續的過程。同樣，MoPub Q1 的重點是發布者遷移，因為平台的那部分正在關閉。第二季度和正在進行的將圍繞著將 DSP 放到我們的平台上並逐步增加。

We did make a short-term decision to cut take rate, as I touched on, by a little bit under half. And that was driven by 2 reasons: One, we want the DSPs to be successful and ramped on our platform; but more importantly, we want to flow more dollars to our publishers at a time when, frankly, because brand dollars are less in the economy and less in the ecosystem, publisher yield has gone down. So we wanted to offset that by reinvesting back in our own MAX ecosystem.

正如我所提到的，我們確實做出了一個短期決定，將收取率降低了一半以下。這有兩個原因：第一，我們希望 DSP 能夠成功並在我們的平台上大放異彩；但更重要的是，坦率地說，由於品牌資金在經濟中和生態系統中的價值減少，出版商的收益已經下降，因此我們希望將更多的資金流向我們的出版商。因此，我們想通過重新投資於我們自己的 MAX 生態系統來抵消這一點。

We don't talk about the scale of the DSP business really, but you get back into it in a way by understanding the short-term impact with what we sized MoPub at originally, a couple of hundred million dollar business that's now transitional coming over would then be, let's call it, in a migration period, down a little bit and then have that and then divided by 4 to get to a quarterly impact. So call it somewhere in the neighborhood of $20 million.

我們並沒有真正談論 DSP 業務的規模，但您可以通過了解我們最初對 MoPub 的規模的短期影響來重新了解它，幾億美元的業務現在正在過渡然後，我們稱之為，在遷移期間，下降一點，然後除以 4 得到季度影響。因此，將其稱為 2000 萬美元附近的某個地方。

Okay. Thanks, Clark, for the question. We'll go next to Matt Cost with Morgan Stanley.

好的。謝謝，克拉克，這個問題。我們將與摩根士丹利一起討論 Matt Cost。

Maybe I'll piggyback on Clark's question about the ALX MoPub migration. So I just want to understand, so the publisher bonuses -- and please correct me if I'm wrong about this. The publisher bonuses last quarter were to get people to transition onto the combined MAX and MoPub platform that publishers have inventory for sale. So now you're working to get DSPs that were previously bidding into that inventory to move over to MAX. I guess, if that's correct, what is holding them back from transitioning? I mean if they were already bidding into that inventory, what are they looking for in order to move over to the new platform? And have you noticed or observed that cutting the take rate has been enough to get them to start through that process? And then I have one follow-up.

也許我會捎帶一下 Clark 關於 ALX MoPub 遷移的問題。所以我只是想了解，所以出版商獎金——如果我對此有誤，請糾正我。上個季度的出版商獎金是為了讓人們過渡到出版商有待售庫存的 MAX 和 MoPub 組合平台。因此，現在您正在努力讓之前競標該庫存的 DSP 轉移到 MAX。我想，如果這是正確的，是什麼阻礙了他們轉型？我的意思是，如果他們已經在競標該庫存，那麼他們在尋找什麼才能轉移到新平台？您是否注意到或觀察到降低獲取率足以讓他們開始完成該過程？然後我有一個後續行動。

Yes. Good questions, Matt. So look, the publisher bonuses went to publishers. We don't yield dollars off the publishers. But once we get the supply, that creates strength of the platform. That's given us the largest reach in mobile for that MAX audience platform.

是的。好問題，馬特。所以看，出版商的獎金流向了出版商。我們不會從出版商那裡賺到錢。但是一旦我們獲得供應，就會產生平台的力量。這讓我們在 MAX 受眾平台上擁有最大的移動覆蓋面。

And then the DSPs will follow. And so we do have over 90% migrated now, but these DSPs won't have to go through the technical effort of reconnecting the pipes to a new exchange, MoPub over to MAX. Secondarily, their models have to learn on new inventory. Data, let's call it, over the last 10 years, most of these DSPs were plugged into MoPub 5-plus years. So they had tons of learning on the MoPub exchange that now has to port over to the MAX exchange for them to get their spend through the platform to increase the levels it was at.

然後 DSP 將緊隨其後。所以我們現在確實有超過 90% 的遷移，但是這些 DSP 將不必通過將管道重新連接到新交易所的技術工作，即 MoPub 到 MAX。其次，他們的模型必須學習新庫存。數據，我們稱之為數據，在過去的 10 年裡，這些 DSP 中的大多數都被插入到 MoPub 5 年多的時間裡。因此，他們在 MoPub 交易所學到了大量知識，現在必須移植到 MAX 交易所，以便他們通過平台獲得支出以提高其水平。

We're well on that way because MAX is a bigger platform, but we paired that with just cutting the take rate. So that's just a short-term cut to the potential revenue. We're not bound to keep the dollars that we're pushing to publishers from the DSPs at the level that we decided to put it at. But our goal with MAX is to ensure that publishers have a consistent and strong business. And as we're looking at the macro trends that we're seeing, brand CPMs through the MAX platform have decayed. It decayed in the entire digital landscape. And with that, publisher yield has gone down.

我們在這方面做得很好，因為 MAX 是一個更大的平台，但我們將其與降低採用率相結合。所以這只是對潛在收入的短期削減。我們不一定要將我們從 DSP 推給發行商的資金保持在我們決定投入的水平。但我們對 MAX 的目標是確保出版商擁有穩定而強大的業務。當我們觀察我們所看到的宏觀趨勢時，通過 MAX 平台的品牌 CPM 已經衰減。它在整個數字環境中衰落了。隨之而來的是，出版商的收益下降了。

So we felt like it was our responsibility to flow more dollars to the publisher, which helps them maintain a good standard at baseline in their business. And then as the economy improves and dollars flow back into the ecosystem, we can make whatever judgments we need to on the economics of these different revenue streams in our business.

因此，我們覺得我們有責任向發行商提供更多資金，這有助於他們在業務基線上保持良好的標準。然後隨著經濟的改善和資金回流到生態系統，我們可以對我們業務中這些不同收入流的經濟性做出我們需要的任何判斷。

Great. And then just on the guidance for the software platform, is there a market growth assumption underlying that? And has that changed? Or how has that changed year-to-date?

偉大的。然後就軟件平台的指導而言，是否存在市場增長假設？那改變了嗎？或者今年迄今發生了什麼變化？

Obviously, we're operating in a tougher overall environment. But as we said, we do control mostly our own destiny through our own technology. If we're able to improve our AXON engine, which has driven obviously extraordinary growth over the past year and actually now a few years, we think that's the key driver.

顯然，我們在一個更加艱難的整體環境中運營。但正如我們所說，我們確實主要通過我們自己的技術來控制自己的命運。如果我們能夠改進我們的 AXON 引擎，它在過去一年甚至現在幾年都推動了明顯的非凡增長，我們認為這是關鍵驅動力。

So look, the summer months are slower. Third quarter will be probably similar to the second quarter, but we do see acceleration in the fourth quarter due to seasonality, but more importantly, due to our own efforts on our technology platforms.

所以你看，夏天的幾個月比較慢。第三季度可能與第二季度相似，但由於季節性因素，我們確實看到了第四季度的加速，但更重要的是，由於我們自己在技術平台上的努力。

Okay. Great. Thanks. Thanks, Matt, for the question. We'll go next to Martin Yang at Oppenheimer. (Operator Instructions)

好的。偉大的。謝謝。謝謝，馬特，這個問題。我們將在 Oppenheimer 與 Martin Yang 交談。 （操作員說明）

Adam, can you address your strategic rationale for Unity's Create side of the business. If you were in a role of the CEO, how would you think about Create's synergy with the rest of the business with AppLovin's and its longer-term future.

Adam，您能否說明一下您對 Unity 的 Create 業務的戰略原理。如果您擔任 CEO 的角色，您如何看待 Create 與其他業務與 AppLovin 的協同作用及其長期未來。

Thanks, Martin. And obviously, we're really early stages here. We made a proposal. We'll be waiting for a response. And so we're not too deep into this type of analysis. But I will say just conceptually because I've known the Unity business the whole time we've been building this business. We have a lot of respect for the Create business. Frankly, it's one of the most complicated and impressive technologies in the technological world today, and it enables creators of all kinds to bring their content online in a 3D real-time manner.

謝謝，馬丁。顯然，我們還處於早期階段。我們提出了一個建議。我們將等待回复。所以我們對這種類型的分析並不太深入。但我會說只是概念上的，因為我一直了解 Unity 業務，我們一直在建立這項業務。我們非常尊重 Create 業務。坦率地說，它是當今科技界最複雜、最令人印象深刻的技術之一，它使各種創作者能夠以 3D 實時方式將他們的內容帶到網上。

And the value of that to us and why we were excited about making this proposal is that we've built this complex and very powerful machine learning technology, AXON, and it does better if it has more data. Create is the underlying technology in over -- in the majority of mobile games. So if you think about that, the contextual data that Unity has access to is very compelling.

這對我們的價值以及我們對提出這個提議感到興奮的原因在於，我們已經構建了這種複雜且非常強大的機器學習技術 AXON，如果它擁有更多數據，它會做得更好。 Create是大多數手機遊戲中的基礎技術。因此，如果您考慮一下，Unity 可以訪問的上下文數據非常引人注目。

We also reach a lot of the mobile games in the ecosystem through our technologies on MAX and AppDiscovery, but that combination could be very compelling. And that's why Create is important to us and why we see this path of being able to unlock a lot of synergies by the complementary nature of these 2 complicated technologies, which could unlock a lot.

我們還通過我們在 MAX 和 AppDiscovery 上的技術接觸到生態系統中的許多手機遊戲，但這種組合可能非常引人注目。這就是為什麼 Create 對我們很重要，以及為什麼我們看到這條能夠通過這兩種複雜技術的互補性來釋放很多協同作用的路徑，這可以釋放很多東西。

I'd just add to that, again, we're very early in that discussion. So far, it's been a one-way discussion. Create is definitely a different business model than how we've operated our business. But the beauty of the transactions Adam said is the synergy we can get using our AXON technology with their Operate business, where we'd have tremendous free cash flow generation.

我想再次補充一下，我們還處於討論的早期階段。到目前為止，這是一個單向的討論。 Create 絕對是一種不同於我們經營業務的商業模式。但亞當說交易的美妙之處在於我們可以使用我們的 AXON 技術與他們的運營業務獲得協同效應，我們將在其中產生巨大的自由現金流。

And on the Create side, where they've invested very, very heavily in the business, it is a market leader. It is very, very difficult for anybody to chase them down now. And they are on the precipice of migrating over to being cash flow positive on that business. So our view in the medium and long term, that's a very, very unique software asset that's high growth and ultimately will also be contributing to free cash flow, which we're excited about.

在 Create 方面，他們在業務上進行了非常非常大的投資，它是市場領導者。現在任何人都很難追上他們。他們正處於過渡到該業務現金流為正的邊緣。因此，我們從中長期來看，這是一項非常、非常獨特的軟件資產，它具有高增長，最終也將有助於自由現金流，我們對此感到興奮。

I have a follow-up with Herald. Can you maybe confirm that your $2 billion software platform target for '23 is still intact?

我對 Herald 進行了跟進。您能否確認您在 23 年的 20 億美元軟件平台目標仍然完好無損？

That's still our target. Obviously, with the headwinds of macro in the industry and some changes in privacy, that becomes a higher target. But given our strategic position today, some of the new investments we've been making, acquisitions we've made, that remains our target -- internal target.

這仍然是我們的目標。顯然，隨著行業宏觀的逆風和隱私的一些變化，這成為了一個更高的目標。但是鑑於我們今天的戰略地位，我們一直在進行的一些新投資，我們進行的收購，這仍然是我們的目標——內部目標。

Yes. I'll add to that. I think the important piece that we want our investors to understand about our business is we do control our own growth, and that's really truly improvements to the AXON technology. And you've seen that in the last 4 quarters where we had these sequential step-ups. Each one of those were enhancements to the technology to make it more accurate.

是的。我會補充一點。我認為我們希望投資者了解我們業務的重要部分是我們確實控制了自己的增長，這確實是對 AXON 技術的真正改進。你已經看到，在過去的四個季度中，我們有這些連續的升級。每一項都是對技術的改進，以使其更加準確。

This is a predictive technology, and the goal is to predict which apps users are going to download and engage with. Every predictive technology that's built on top of a lot of data is going to have an error rate, and we have an error rate. Every time we can reduce that error rate, the accuracy of those predictions go up and the business will see a step function gain in revenue. So what we get excited about and why our teams work so hard is to look for those lifts.

這是一種預測技術，其目標是預測用戶將下載和使用哪些應用程序。建立在大量數據之上的每一項預測技術都會有一個錯誤率，而我們也有一個錯誤率。每次我們可以降低錯誤率，這些預測的準確性就會提高，企業的收入就會出現階梯函數增長。因此，我們感到興奮以及為什麼我們的團隊如此努力工作的原因就是尋找那些升降機。

When we find one, it'll increase the business, and it won't be a slow increase. It will be a step function. So given time, we're going to find more of those lifts, more of these accuracy enhancements. And that will give us a lot of confidence in bigger numbers in this business given the scale that we're operating at today.

當我們找到一個時，它會增加業務，而且不會是緩慢的增長。這將是一個階梯函數。因此，如果有時間，我們會發現更多這樣的提升，更多的這些準確性增強。鑑於我們今天的運營規模，這將使我們對這項業務的更大數量充滿信心。

Thank you, Martin, for the question. We'll go next to David Pang at Stifel. David, go ahead.

謝謝你，馬丁，這個問題。我們會去 Stifel 的 David Pang 旁邊。大衛，繼續。

Can you hear me?

你能聽到我嗎？

Yes, great, David.

是的，太好了，大衛。

Can you talk about the implications of Google joining MAX as a bidder? And as a follow-up, can you talk about just your thoughts on capital allocation in the midst of the Unity merger proposal?

你能談談谷歌作為競標者加入 MAX 的影響嗎？作為後續，您能否談談您在 Unity 合併提案中對資本分配的看法？

Yes, I'll talk to the first one. Herald will talk about the second one. So on Google bidding, obviously, we announced that we're 1 of 3 mediation platforms they're externally bidding into for the first time ever. This is truly exciting for us. When we built MAX, our intent with it was to create an open, transparent and fair platform for real-time auction. But a lot of the ad technologies in the industry weren't there yet.

是的，我會和第一個談談。先驅將談論第二個。因此，在 Google 競價中，顯然，我們宣布我們是他們有史以來第一次對外競價的 3 個中介平台之一。這對我們來說真的很令人興奮。當我們建立 MAX 時，我們的目的是為實時拍賣創建一個公開、透明和公平的平台。但是該行業的許多廣告技術還沒有出現。

Now we've got a good amount of the market already bidding, but Google is the biggest company, and they were the big one to go tip into bidding to really make this initial goal that we have for the platform a reality, where we 1 day envision the entire market real-time bidding on our exchange and that being the best way to create efficiency for all constituents in the market, the publisher, the advertiser and the consumer.

現在我們已經有大量的市場競標，但谷歌是最大的公司，他們是參與競標以真正實現我們為平台製定的最初目標的大公司，我們 1 day 設想整個市場在我們的交易所進行實時競價，這是為市場中的所有成員、出版商、廣告商和消費者創造效率的最佳方式。

And so Google taking this step, we think, is giant. And they're still in the midst of testing. We're in a beta period with them on the platform, but as it ramps, of course, and we've disclosed our economics on MAX, our 5% of the dollars that flow through our ecosystem from a bidder, we take. So today, we're not generating any dollars or any material dollars, I should say, from Google into our platform. And the day that they can scale bidding, it will become a material revenue stream for our business, which we're excited about.

我們認為，谷歌邁出這一步是巨大的。他們仍在測試中。我們在平台上與他們處於測試階段，但隨著它的加速，當然，我們已經在 MAX 上披露了我們的經濟情況，我們從競標者那裡獲得了流經我們生態系統的 5% 的美元。所以今天，我應該說，我們沒有從谷歌到我們的平台產生任何美元或任何物質美元。他們可以擴大投標規模的那一天，它將成為我們業務的重要收入來源，我們對此感到興奮。

And then with regard to capital allocation strategy, I think we remain the same as we've always been. We're focused on how do we create the best long-term shareholder value for all of our shareholders. So on a stand-alone basis, we've obviously been doing that through the acquisitions, through investing in our team and our development projects.

然後關於資本配置策略，我認為我們與以往一樣。我們專注於如何為所有股東創造最佳的長期股東價值。因此，在獨立的基礎上，我們顯然一直在通過收購、投資我們的團隊和我們的開發項目來做到這一點。

We do believe specifically in the case of Unity, we really have a partnership with them, and that's why we offered essentially our combination is fairly equal, a little different on voting, a little different economics but essentially as a partnership with them to go attack the market that we know extremely well and do it well together.

我們確實相信，特別是在 Unity 的情況下，我們確實與他們建立了合作夥伴關係，這就是為什麼我們提供基本上我們的組合是相當平等的，在投票方面略有不同，經濟方面略有不同，但本質上是與他們合作發起攻擊我們非常了解並一起做好的市場。

They do have an amazing engine that's basically the operating system for the mobile gaming industry or a large portion of it. That's also applicable outside the gaming industry, which is very interesting. That is a different business model that I just mentioned from the one that we've been pursuing with cash flow focused.

他們確實有一個了不起的引擎，基本上是移動遊戲行業的操作系統或其中很大一部分。這也適用於遊戲行業之外，這很有趣。這是我剛剛提到的一種不同的商業模式，與我們一直追求的以現金流為重點的商業模式不同。

On the other side, their Operate business, combined with ours, it will be a very, very powerful business, and we're excited to go put our capital behind that. So we'd rather reserve our balance sheet, cash, leverage capacity for investing in that combined business or as I said, on the stand-alone business as we've been doing in the past, we've been reinvesting. When we find, if you will, the no-brainer acquisitions to do, we're certainly leaning in to go do those things.

另一方面，他們的運營業務與我們的相結合，將是一個非常非常強大的業務，我們很高興能夠將我們的資金投入其中。因此，我們寧願保留我們的資產負債表、現金、槓桿能力來投資於合併後的業務，或者正如我所說，我們過去一直在做的獨立業務，我們一直在進行再投資。當我們發現，如果你願意的話，可以毫不費力地進行收購，我們當然會傾向於去做這些事情。

Okay. Thanks, David, for the question. We'll go next to Stephen Ju with Credit Suisse. Stephen, please go ahead.

好的。謝謝，大衛，這個問題。我們將與瑞士信貸一起去斯蒂芬朱旁邊。斯蒂芬，請繼續。

can you hear me?

你能聽到我嗎？

Yes.

是的。

All right. Great. So I wanted to dig in a bit on the inputs to the synergy calculation you laid out earlier. So you talked about potentially a 20% lift to accuracy to generate an incremental $500 in net revenue. So -- but from the outside looking in without an engineering or a data science background, it's hard for us and investors to kind of conceptualize how easy or difficult it will be to drive that accuracy lift.

好的。偉大的。因此，我想深入了解您之前提出的協同效應計算的輸入。因此，您談到了可能將準確度提高 20% 以產生 500 美元的增量淨收入。所以——但從外部看，沒有工程或數據科學背景，我們和投資者很難概念化推動準確度提升的難易程度。

So can you talk about, from a practical perspective, what you need to do? So day 0, the merger has been consummated and you're sitting in the room with John. What are you doing first? And also, should we be thinking about potentially a materially better than 20% or 50% or even 100% lift to accuracy and what the potential could be?

那麼你能從實際的角度談談你需要做什麼嗎？所以第 0 天，合併已經完成，你和約翰坐在房間裡。你先做什麼？此外，我們是否應該考慮潛在的優於 20% 或 50% 甚至 100% 的準確度提升以及潛力是什麼？

Yes. I mean, look, this is what gets us really, frankly, most excited about the opportunity. As you all know, the trajectory that our advertising business was on and the scale that it was at was so materially different than what AXON enabled us to get to over a very, very short time.

是的。我的意思是，看，這就是讓我們真正，坦率地說，對這個機會最興奮的地方。眾所周知，我們廣告業務的發展軌跡和規模與 AXON 使我們能夠在非常非常短的時間內達到的目標大不相同。

Now I really like to unpack a little bit of what is AXON. So underlying our entire platform is a big data platform. This is what we built over the last decade. We ingest a ton of data from all sorts of data sources. And this comes into our platform, and the AXON is the modeling on top. It's the math that says, "I have a bunch of contextual data. I have engagement data on devices. How do I take that data and predict, which apps are users going to engage with so that I can show them a very relevant advertisement?" That math is extremely complex. And the data platform, that underlying infrastructure and all the tools and reporting and everything that we've built over the last decade on top of it is also extremely complex.

現在我真的很想解開一點什麼是 AXON。所以我們整個平台的底層是一個大數據平台。這是我們在過去十年中建立的。我們從各種數據源中攝取大量數據。這進入了我們的平台，AXON 是最上面的模型。數學表明，“我有一堆上下文數據。我有設備上的參與數據。我如何獲取這些數據並預測用戶將使用哪些應用程序，以便我可以向他們展示非常相關的廣告？ "這個數學非常複雜。數據平台、底層基礎設施、所有工具和報告以及我們在過去十年中在它之上構建的所有東西也非常複雜。

Then you've got Unity Operate. That's already a scaled advertising business. We know it well. Obviously, we're in the market with their customers and MAX. But if you take those 2 businesses and allow them to tap into that same underlying data platform and allow them to tap into the same math and the same algorithms, the unlock could potentially be huge. It's more scale, more customer reach, more data, all coming into the same place that's proven to be very, very successful for us. And this is what we look for when we look for synergies and deals, is where can we apply our machine learning and data technology expertise to be able to unlock more.

然後你就有了 Unity Operate。這已經是一個規模化的廣告業務。我們很清楚。顯然，我們與他們的客戶和 MAX 一起進入市場。但是，如果你讓這兩家企業利用相同的底層數據平台，並允許他們利用相同的數學和相同的算法，那麼解鎖可能是巨大的。更大的規模、更多的客戶覆蓋範圍、更多的數據，所有這些都進入了同一個地方，這對我們來說是非常非常成功的。這就是我們在尋找協同效應和交易時所尋找的，是我們可以在哪裡應用我們的機器學習和數據技術專業知識來解鎖更多。

So to your point of 20%, obviously, we don't know if it's going to be 20% or 50% or 100%. For us, it was over 500% in 7 quarters. So it had a huge impact. We put out there what we think is a conservative number because we know the power of our own technologies.

因此，對於您的 20%，顯然，我們不知道是 20%、50% 還是 100%。對我們來說，它在 7 個季度內超過了 500%。所以它產生了巨大的影響。我們把我們認為是保守的數字放在那裡，因為我們知道我們自己的技術的力量。

And maybe just taking it from 2 high-level perspectives. One, obviously, on their current transaction, they're discussing $300 million of synergies. We're obviously a much larger partner for them, a lot bigger business and a lot more overlap. So you could just think about the baseline at $300 million. Probably, it wasn't clear whether that's cost or revenue synergies.

也許只是從兩個高層次的角度來看。一，顯然，在他們目前的交易中，他們正在討論 3 億美元的協同效應。對於他們來說，我們顯然是一個更大的合作夥伴，更大的業務和更多的重疊。所以你可以考慮3億美元的基線。可能尚不清楚這是成本協同效應還是收入協同效應。

But talking about the cost side for a moment, just top down. Adam mentioned having a combined Operate and our Software Platform business over $2.5 billion of revenue. That would probably have a cost base of $1 billion to $1.5 billion of costs. And so apply any reasonable percentage of that. There's an opportunity to really get some efficiencies, let alone, obviously, all the normal back-office corporate functions and 2 public companies considering coming together. So we do think the ability to achieve $700 million EBITDA synergy, a lot of work to be done. But given the lift we have on the revenue side and then on the cost side, we think that's achievable.

但是暫時談論成本方面，只是自上而下。 Adam 提到，運營和我們的軟件平台業務的總收入超過 25 億美元。這可能會有 10 億至 15 億美元的成本基礎。所以應用任何合理的百分比。有機會真正獲得一些效率，更不用說，顯然，所有正常的後台公司職能和 2 家考慮合併的上市公司。因此，我們確實認為能夠實現 7 億美元的 EBITDA 協同效應，還有很多工作要做。但考慮到我們在收入方面和成本方面的提升，我們認為這是可以實現的。

Thanks, Stephen. We'll go next to Ralph Schackart with William Blair. Ralph, please go ahead.

謝謝，斯蒂芬。我們將和威廉布萊爾一起去拉爾夫沙卡特旁邊。拉爾夫，請繼續。

First one, just more short term in nature on the take rate, Adam. I'm just curious on the duration of that, kind of how you're thinking about that. And are you seeing the sort of intended sort of benefits that you were looking for? And then I have a follow-up for Herald.

第一個，亞當。我只是很好奇這持續了多久，你是怎麼想的。你是否看到了你正在尋找的那種預期的好處？然後我對先驅報進行了跟進。

Yes. I mean, look, like ultimately, this is us reinvesting into our own ecosystem, and we see it out of necessity right now because the brand dollars are really dried up in these digital markets today, while we've got the supply chain and macro issues. As that eases up as we go forward, we have a decision to make: keep the take rate where it is or expand it. That's something that's just a manual toggle in our system.

是的。我的意思是，看，最終，這是我們對自己的生態系統進行再投資，我們現在看到它是出於必要，因為今天這些數字市場中的品牌資金真的枯竭了，而我們已經有了供應鍊和宏觀問題。隨著我們繼續前進，這種情況有所緩解，我們需要做出決定：保持當前的獲取率或擴大獲取率。這只是我們系統中的手動切換。

What's more important for us is ensuring that the publishers on our system have a thriving business. So when we get there, we'll make the decision. But as the economy improves and as more dollars go back into the system, this part of our business, frankly, isn't the biggest driver of growth in our business. Our entire system is automated around return on ad spend goals for advertisers.

對我們來說更重要的是確保我們系統上的發布商業務蒸蒸日上。所以當我們到達那裡時，我們會做出決定。但隨著經濟的好轉和更多的美元回流到系統中，坦率地說，這部分業務並不是我們業務增長的最大驅動力。我們的整個系統圍繞廣告客戶的廣告支出回報目標實現自動化。

So as you think about our AXON platform, again, advertisers plug in the goals, and they want us to go achieve those goals. We have very little churn on our platform. We've got over 200% net dollar retention. So these advertisers are still spending, but the problem is that their ability to generate revenue on the other side of those dollars spent decreases in a bad economy because they have less brand dollars flowing in.

因此，當您考慮我們的 AXON 平台時，廣告商再次插入目標，他們希望我們去實現這些目標。我們平台上的流失率非常低。我們的淨美元保留率超過 200%。因此，這些廣告商仍在消費，但問題是，在經濟不景氣的情況下，他們在所花費的資金的另一邊產生收入的能力會下降，因為他們流入的品牌資金較少。

So in a way, we're offsetting that. And as the brand dollars come back into the ecosystem, our systems for the much bigger part of our business, AppDiscovery, automatically, will increase bids, will increase yield to the advertiser and will increase scale of our platform. So we end up with 2 benefits when the economy turns the other way. And that's hopefully not going to take too much longer here.

所以在某種程度上，我們正在抵消這一點。隨著品牌資金重新回到生態系統，我們的業務系統 AppDiscovery 將自動提高出價，增加廣告商的收益，並擴大我們平台的規模。因此，當經濟轉向相反的方向時，我們最終會獲得 2 個好處。希望這不會花費太多時間。

Great. And then, Herald, I think you had made the comment that on the Unity offer had been primarily sort of a one-way conversation. Sort of any color you could add to that? Are you in dialogue at all? Or anything you're comfortable sharing will be appreciated.

偉大的。然後，先驅報，我想你已經發表評論說 Unity 的提議主要是一種單向對話。您可以添加任何顏色嗎？你在對話嗎？或者您願意分享的任何內容將不勝感激。

Thanks, Ralph. No, we put in our proposal, and we're waiting to hear back.

謝謝，拉爾夫。不，我們提出了我們的建議，我們正在等待回音。

Thanks, Ralph, for the question. We'll go next to Youssef Squali at Truist Securities. Go ahead, Youssef.

謝謝拉爾夫的問題。我們將在 Truist Securities 與 Youssef Squali 交談。來吧，優素福。

Can you hear me?

你能聽到我嗎？

Yes.

是的。

All right. So 2 quick ones for me. Herald, you said earlier something about your expectation even in 2023, you expect to grow the apps business top line and stabilize margins. Can you maybe just -- under the assumption that you still own that business by then, what gives you confidence in that considering the most recent quarter performance and the last couple of quarters?

好的。所以2個對我來說是快速的。先驅報，您之前談到了您的預期，即使在 2023 年，您也希望增加應用業務的收入並穩定利潤率。你能不能——假設到那時你仍然擁有該業務，考慮到最近一個季度的表現和最近幾個季度的表現，是什麼讓你對此有信心？

And then I guess on the Unity proposed offer, I guess at a high level, philosophically, how are you guys looking at voting control? And how important is that to you? Notice that you have that in there, 51-49? How important is that to consuming the transaction?

然後我想關於 Unity 提議的提議，我想從哲學上講，你們如何看待投票控制？這對你來說有多重要？注意你有那個，51-49？這對消費交易有多重要？

Yes, happy to take both of those maybe in reversed order. On the Unity voting structure, look, the reality is we want to be a partner of theirs. We think it's a very friendly nonbinding, unsolicited offer. So we wanted to make sure they understood that. The reality is no one would really have a controlling stake in the combined business, and so we would have a diversified shareholder base, highly liquid and no one would really be in that control seat, was really our goal there.

是的，很高興以相反的順序接受這兩個。在 Unity 投票結構上，看，現實是我們想成為他們的合作夥伴。我們認為這是一個非常友好的、不具約束力的、主動提出的要約。所以我們想確保他們理解這一點。現實情況是，沒有人會真正在合併後的業務中擁有控股權，因此我們將擁有多元化的股東基礎，高流動性，而且沒有人會真正擁有控制權，這確實是我們的目標。

And then the first question was -- remind me.

然後第一個問題是——提醒我。

Was around the apps business.

圍繞應用程序業務。

Yes, yes. On the apps business side, look, we've had a change of leadership there. We have a completely different lens of how we're managing the portfolio. Adam and I are now digging quite deeply at each of the applications and studios themselves. And so -- and in some ways, we get to cherry pick what are we going to be left with coming into '23 and that we want to be a healthy business.

是的是的。在應用業務方面，看，我們的領導層發生了變化。對於我們如何管理投資組合，我們有一個完全不同的視角。 Adam 和我現在正在深入挖掘每個應用程序和工作室本身。所以——在某些方面，我們可以挑選進入 23 年剩下的東西，以及我們希望成為一家健康的企業。

Of course, if the market improves and someone could come in and pay us a very attractive price for that, as we said, it's nonstrategic. And if that's the right financial return, we'll do that. Otherwise, we want to make sure we have a business that is healthy, that is growing and has industry-type margins, which is, we think, 15%, 20% at least on an EBITDA basis.

當然，如果市場好轉並且有人可以進來並為此支付我們非常有吸引力的價格，正如我們所說，這不是戰略性的。如果這是正確的財務回報，我們會這樣做。否則，我們希望確保我們的業務健康、增長並具有行業類型的利潤率，我們認為，至少在 EBITDA 的基礎上達到 15%、20%。

Yes. I think the other point to add on the growth point is really like we're not talking about exceptional growth, just industry growth. And when you think about the period that we are now and the period that we were for the last couple of years, there was a lot of overconsumption of games during COVID. People were spending dollars more than they typically would in games. People were consuming more content because, frankly, they couldn't go anywhere.

是的。我認為添加增長點的另一點真的就像我們不是在談論異常增長，而是在談論行業增長。當您考慮我們現在所處的時期以及過去幾年的時期時，在 COVID 期間有很多過度消費的遊戲。人們花在遊戲上的錢比平時多。人們正在消費更多的內容，因為坦率地說，他們無處可去。

Now we're in a period of under consumption because people are just past COVID. Everyone's traveling. Sun's out, and people are having fun in the sun. We'll eventually get back to normal traffic patterns, and mobile gaming is still the most accessible and most affordable form of entertainment. We started this business in 2012. So we've been on the front lines of seeing all the traffic patterns, all the trends in both the COVID period and today's period are anomalies.

現在我們正處於消費不足的時期，因為人們剛剛過了 COVID。每個人都在旅行。太陽出來了，人們在陽光下玩得很開心。我們最終會恢復正常的流量模式，而手機遊戲仍然是最容易獲得和最實惠的娛樂形式。我們於 2012 年開始開展這項業務。因此，我們一直處於查看所有流量模式的第一線，COVID 時期和今天時期的所有趨勢都是異常的。

Once we get back to normal traffic patterns, we fully expect this to be a growth category. And our apps business now that we've had a couple of quarters where we've minimized, we've taken down user acquisition spend based on much more realistic ROAS goals to what industry norms are. We're seeing revenues stabilize, and then now we expect that business to just be a standard mobile gaming business, which will grow with the ecosystem.

一旦我們恢復正常的流量模式，我們完全預計這將成為一個增長類別。我們的應用業務現在已經有幾個季度被最小化了，我們已經根據行業規範更加現實的 ROAS 目標降低了用戶獲取支出。我們看到收入趨於穩定，現在我們預計該業務將只是一個標準的移動遊戲業務，它將隨著生態系統的發展而增長。

And just very, very quickly, was there -- back on the Unity proposed transaction. Did you guys have any discussions with them before the IS deal was announced?

很快，就在那裡——回到 Unity 提議的交易。在宣布 IS 交易之前，你們是否與他們進行過任何討論？

No. I mean, look, I can answer that without answering it too directly because we've known Unity for a long time. I've known JR for years, have a lot of respect for what he and the team have built over at Unity with Create and Operate. And I hope they have mutual respect for what we've built over here.

不。我的意思是，聽著，我可以不用太直接地回答這個問題，因為我們已經了解 Unity 很長時間了。我認識 JR 多年，非常尊重他和團隊在 Unity 中通過 Create and Operate 構建的東西。我希望他們對我們在這裡建立的東西相互尊重。

So in a way, like I can't answer that too clearly because over the past many years, we've had discussions well in the past. But what we're looking at today was a bid that we made really unsolicited. It was -- it can't -- we were really busy in Q1 with MoPub, right? And then we've seen a lot of growth in our own business. We're putting the pieces together.

所以在某種程度上，我不能太清楚地回答這個問題，因為在過去的很多年裡，我們過去進行了很好的討論。但我們今天看到的是我們主動提出的出價。這是 - 它不能 - 我們在第一季度真的很忙於 MoPub，對吧？然後我們看到我們自己的業務有了很大的增長。我們正在把碎片放在一起。

And of course, over the years, we assessed the Unity business and been very -- really impressed with what they put together. And over the last couple of years, as we put our technology stack together, we saw a lot of complementary pieces, but we didn't stop to think about the synergy math until they announced that ironSource deal, and we started doing the analysis. And then we just saw a need to put this bid out there because the math was so compelling to us that we felt putting a very thoughtful offer out there would be appropriate for both parties, companies, teams and shareholders.

當然，這些年來，我們評估了 Unity 業務，並且對他們的組合印象非常深刻。在過去的幾年裡，當我們把我們的技術堆棧放在一起時，我們看到了很多互補的部分，但我們並沒有停下來思考協同數學，直到他們宣布與 IronSource 交易，我們開始進行分析。然後我們只是看到有必要提出這個出價，因為數學對我們來說非常有吸引力，我們覺得提出一個非常周到的報價對雙方、公司、團隊和股東都是合適的。

Thank you, Youssef, for the question. We'll go next to Tim Nollen at Macquarie. Go ahead, Tim.

謝謝你，優素福的問題。我們會去麥格理的蒂姆·諾倫旁邊。來吧，蒂姆。

A couple of things. I want to follow up on the last point, which was also a previous question. And I'm just wondering how much does the effort to sell the gaming app business factor into any decision that Unity might make? It sounds from previous comments like it might be something that would be very useful to them, to the combined company. But at the same time, you're going to the process of selling it. So I just wonder like how that would factor into any decision that Unity would make to actually go ahead with you.

有幾件事。我想跟進最後一點，這也是之前的問題。我只是想知道，出售遊戲應用業務的努力對 Unity 可能做出的任何決定有多大影響？從之前的評論來看，這聽起來可能對他們非常有用，對合併後的公司來說。但與此同時，您將進入銷售過程。所以我只是想知道這將如何影響 Unity 做出的任何決定，以實際與您合作。

Yes. Let me maybe answer that one first. So look, like we can't address what other people's decisions would be on parts of our business. But we decided last quarter it wasn't strategically critical to our software business as our software business has become so large scale. If we were able to put the 2 companies together, that software business would be incredibly large scale.

是的。讓我先回答這個問題。所以看，就像我們無法解決其他人的決定會對我們的部分業務產生什麼影響一樣。但我們在上個季度決定，由於我們的軟件業務規模如此之大，這對我們的軟件業務而言在戰略上並不重要。如果我們能夠把這兩家公司放在一起，那軟件業務的規模將會非常大。

And truly, the parts, the components of that, that would be in focus would be AXON and Adjust and MAX and Create and Operate. These are software businesses at their core. They don't need the mobile gaming side. And so we would still operate the business as a good business just like we would do independently. But I don't think the thought process around games changes materially in any way when the combined business would be one of the world's largest, fastest growing, most cash flow-generative Software businesses.

確實，重點關注的部分和組件將是 AXON、Adjust、MAX 和 Create and Operate。這些都是軟件業務的核心。他們不需要移動遊戲方面。所以我們仍然會像我們獨立做的那樣把業務作為一個好的業務來經營。但我認為，當合併後的業務將成為世界上最大、增長最快、產生現金流最多的軟件業務之一時，圍繞遊戲的思維過程不會發生任何重大變化。

Yes. Okay, I get it. Secondly, and separately, you mentioned privacy as an issue that's kind of weighing on things right now. You haven't really talked about privacy concerns being an issue before. I think like a quarter, 2 or 3 ago, we were all worried about IDFA and what impact that would have on the business. And it had little to none, I think. Are you just talking more on the game app side if that's weighing down things? Or can you just talk a bit more about what you mean by the privacy implications?

是的。好的，我明白了。其次，另外，你提到隱私是一個現在對事情產生影響的問題。您之前還沒有真正談論過隱私問題是一個問題。我認為就像 2 或 3 年前的一個季度，我們都擔心 IDFA 以及這會對業務產生什麼影響。我認為它幾乎沒有。如果這讓事情變得沉重，你只是在遊戲應用程序方面談論更多嗎？或者你能多談談你所說的隱私影響是什麼意思嗎？

Yes. To unpack that, it really has to do with privacy constricting growth opportunities in the whole sector. And when you take the IDFA away, you lower the capacity for mobile gaming companies to go target effectively on all channels.

是的。要解開這一點，它確實與隱私限制了整個行業的增長機會有關。而當你取消 IDFA 時，你會降低移動遊戲公司在所有渠道上有效瞄準目標的能力。

We're a contextual channel at its core, so it didn't have as much direct impact on our business. But we're now seeing the gaming category slowdown in growth. And of course, there's macro trends. But more specific to the gaming category is this IDFA was taken away.

我們的核心是一個上下文渠道，因此它對我們的業務沒有太大的直接影響。但我們現在看到遊戲類別的增長放緩。當然，還有宏觀趨勢。但更具體到遊戲類別的是這個 IDFA 被拿走了。

So we're 4 or 5 quarters in to advertisers, mobile gaming companies not being able to spend all of their money as efficiently as they used to be able to spend. And that eventually has effects on growth. And so we think that's one of the inputs into the fact that we're seeing lower game consumption today. We do think the bigger one is just this hangover post this COVID overconsumption period that will reverse out, that this privacy one [isn't] an issue.

因此，我們對廣告商有 4 或 5 個季度的印象，移動遊戲公司無法像過去那樣有效地花掉所有的錢。這最終會對增長產生影響。因此，我們認為這是我們今天看到遊戲消費量下降的原因之一。我們確實認為更大的問題只是在這個 COVID 過度消費期之後的宿醉，它將逆轉，這種隱私 [不是] 問題。

And frankly, it's one of the reasons why we were really compelled to make this bid for this merge with Unity because the synergy math is so impactful on the ecosystem itself to be able to spend more dollars. Together, we were able to unlock these synergies, and mobile gaming advertisers could spend billions of dollars more a year in a performance manner. Together, we'd actually be able to be a catalyst for growth in the ecosystem.

坦率地說，這是我們真正被迫競標與 Unity 合併的原因之一，因為協同數學對生態系統本身的影響如此之大，以至於能夠花更多的錢。我們一起能夠釋放這些協同效應，移動遊戲廣告商每年可以在性能方面多花費數十億美元。總之，我們實際上能夠成為生態系統增長的催化劑。

Of course, on our own, we've been doing that with AXON as our business has grown really quickly and gotten to large scale. We're causing that TAM expansion, too, to offset some of these losses from IDFA as shares come to our platform, so the ecosystem just needs more of that.

當然，就我們自己而言，我們一直在與 AXON 合作，因為我們的業務增長非常迅速並達到了大規模。隨著股票進入我們的平台，我們也在推動 TAM 擴張，以抵消 IDFA 的部分損失，因此生態系統只需要更多這樣的損失。

Okay. Thanks, Tim, for the question. We'll take our last question from Franco Granda with D.A. Davidson. Franco, please go ahead.

好的。謝謝蒂姆的問題。我們將回答 Franco Granda 和 D.A. 的最後一個問題。戴維森。佛朗哥，請繼續。

We lost you, Franco.

我們失去了你，佛朗哥。

Can you hear me now?

你能聽到我嗎？

You're back.

你回來了。

Okay. Awesome. Your software business is clearly doing very well, so well, in fact, that you're able to pass on some of the potential revenue to your customers and keep your outlook unchanged. And this is during a moment where the self-attributing networks are seeing big head winds. So can you just speak to what is driving the outperformance at AppDiscovery? Is it simply improvements in recommendations? Or what are your thoughts there?

好的。驚人的。您的軟件業務顯然做得非常好，事實上，您能夠將一些潛在收入轉嫁給您的客戶並保持您的前景不變。這是在自我歸因網絡面臨巨大阻力的時刻。那麼您能談談是什麼推動了 AppDiscovery 的出色表現嗎？僅僅是建議的改進嗎？或者你有什麼想法？

And then secondly, Adam, you talked about the introduction of Array during the quarter. What potential customers will you be focusing on first? And what is that active outreach to clients due to your margins?

其次，亞當，您談到了本季度推出的 Array。您將首先關注哪些潛在客戶？由於您的利潤，對客戶的積極推廣是什麼？

So maybe I'll answer the first one. Herald, you take the second one. So on the first, really, our growth has come from a couple of things. And one, traditionally, we've always been a contextual data platform. We've never known the user. In fact, we don't need to know the user's name, the user's background, the demographics of the user. These are not things that matter for our models. What we care about is mobile game engagement data off of the device. And so our models have always been built around that.

所以也許我會回答第一個。先驅報，你拿第二個。所以首先，真的，我們的增長來自幾件事。一個，傳統上，我們一直是一個上下文數據平台。我們從來不認識用戶。事實上，我們不需要知道用戶的姓名、用戶的背景、用戶的人口統計數據。這些對我們的模型來說並不重要。我們關心的是設備外的移動遊戲參與度數據。因此，我們的模型一直圍繞著這一點構建。

Now we took this baseline of data, which definitely was inferior to a lot of the bigger platforms that have direct relationships with the consumer in an era of IDFA and prior to all these privacy changes, much more personalized advertising to the person. And so now advertising has shifted much more to the device.

現在我們採用了這個數據基線，這絕對不如許多在 IDFA 時代與消費者有直接關係的大型平台，在所有這些隱私變化之前，向個人投放更多個性化的廣告。所以現在廣告已經更多地轉移到了設備上。

Then we paired our data with AXON. The math in our system just got better. And that system is really, really complicated. But when we put it together, we put our data platform and AXON together the right way, it made our system just much more accurate. And getting more accurate drives more value to advertisers, so they can put more dollars in. That's what's reflected in that net dollar revenue retention that we put up over 200% every 1 of the last 5 quarters. And really, that's why we're thriving in this ecosystem today.

然後我們將我們的數據與 AXON 配對。我們系統中的數學變得更好了。這個系統真的非常複雜。但是當我們把它放在一起時，我們以正確的方式把我們的數據平台和 AXON 放在一起，它使我們的系統更加準確。獲得更準確的廣告為廣告商帶來更多價值，因此他們可以投入更多資金。這反映在過去 5 個季度中每 1 個季度的淨美元收入留存率中都超過 200%。真的，這就是我們今天在這個生態系統中蓬勃發展的原因。

And we expect that to carry forward. These are not advantages that we have that somehow are going to disappear. This is just what our business is built on because this is the only access to data that we've ever had since we started the company.

我們希望這能夠繼續下去。這些不是我們所擁有的優勢，它們會以某種方式消失。這正是我們業務的基礎，因為這是自公司成立以來我們唯一擁有的數據訪問權限。

Yes. With your question regarding Array, we're super excited about it, but it's still very early. We've got a really good team, still a small nimble team, doing an AppLovin style, where we can move very, very quickly, build great product. It does leverage our existing ad tech capabilities, of course.

是的。關於您關於 Array 的問題，我們對此感到非常興奮，但現在還為時過早。我們有一個非常好的團隊，仍然是一個小而靈活的團隊，採用 AppLovin 風格，我們可以非常非常快速地行動，打造出色的產品。當然，它確實利用了我們現有的廣告技術能力。

And so I think you asked about the customer base. We'll go after the same OEMs and providers that are out there. There's only a certain number of those there. But we've already started really good dialogues with several key ones. We're helping them build product road map. They're helping us build hours. And so we hope it to be something more meaningful in terms of getting started from a revenue standpoint really in '23 and scaling up to something more meaningful '24, '25.

所以我想你問的是客戶群。我們將追求相同的原始設備製造商和供應商。那裡只有一定數量的人。但我們已經開始與幾個關鍵人物進行非常好的對話。我們正在幫助他們建立產品路線圖。他們正在幫助我們建立時間。因此，我們希望它在真正從 23 年的收入角度開始並擴展到更有意義的 24 年和 25 年時，會變得更有意義。

Okay. It looks like that's all the questions we have for today. I'd like to turn it back to Adam or Herald for any closing remarks before we conclude the conference call.

好的。看起來這就是我們今天要問的所有問題。在我們結束電話會議之前，我想把它轉回亞當或先驅報的任何閉幕詞。

Look, thanks, everyone, for taking the time. I know it is an interesting period in our industry. We are excited about the stand-alone prospects about our business. We think we've built a stack -- a full-stack solution that's super interesting. If we think we can integrate that as a partner into Unity, that would be a very interesting place to be as well a different path, but could be also very accretive to both sides of the shareholders.

看，謝謝大家，花時間。我知道這是我們行業中一個有趣的時期。我們對我們業務的獨立前景感到興奮。我們認為我們已經構建了一個堆棧——一個非常有趣的全堆棧解決方案。如果我們認為我們可以將其作為合作夥伴整合到 Unity 中，那將是一個非常有趣的地方，也是一條不同的道路，但也可能對股東雙方都非常有利。

We did need to put a superior proposal in according to their contract, which we think our proposal is just that, in so many ways, strategically, scale and then also just in terms of absolute price. So we'll keep everybody informed to the extent we can on that process. But in the meantime, we're certainly all heads down focused on our own business. So thanks for the time.

我們確實需要根據他們的合同提出一個更好的建議，我們認為我們的建議就是在很多方面，戰略上，規模，然後也只是在絕對價格方面。因此，我們將盡可能讓每個人都了解該流程。但與此同時，我們當然都低頭專注於我們自己的業務。所以謝謝你的時間。

Thanks, everyone. This does conclude the call.

感謝大家。這確實結束了通話。