Applovin Corp (APP) 2024 Q1 法說會逐字稿

Welcome, everyone, to the AppLovin Earnings Call for the First Quarter ended March 31, 2024. I'm David Hsiao, Head of Investor Relations. Joining me today to discuss our results are Adam Foroughi, our Co-Founder and CEO and Chairperson; and Matt Stumpf, our CFO.

歡迎大家參加截至 2024 年 3 月 31 日的 AppLovin 第一季財報電話會議。今天與我一起討論我們的結果的是我們的共同創辦人兼執行長兼董事長 Adam Foroughi；和我們的財務長馬特·斯坦普夫（Matt Stumpf）。

Please note, our SEC filings to date as well as our shareholder letter and press release discussing our first quarter are available at investors.applovin.com.

請注意，我們迄今向 SEC 提交的文件以及討論我們第一季的股東信函和新聞稿均可在 Investors.applovin.com 上取得。

During today's call, we will be making forward-looking statements regarding our products and services, market expectations, the expected future financial performance of the company and other future events. These statements are based on our current assumptions and beliefs, and we assume no obligation to update them, except as required by law. Our actual results may differ materially from the results predicted. We encourage you to review the risk factors in our most recently filed Form 10-K for the fiscal year ended December 31, 2023. Additional information may also be found in our quarterly report on Form 10-Q for the fiscal quarter ended March 31, 2024, which will be filed on or before May 10, 2024.

在今天的電話會議中，我們將就我們的產品和服務、市場預期、公司預期的未來財務表現以及其他未來事件做出前瞻性陳述。這些聲明是基於我們目前的假設和信念，我們不承擔更新這些聲明的義務，除非法律要求。我們的實際結果可能與預測結果有重大差異。我們鼓勵您查看我們最近提交的截至2023 年12 月31 日的財政年度表格10-K 中的風險因素。 。

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

我們也將討論非公認會計準則財務指標。這些非公認會計原則衡量指標無意取代或優於我們的公認會計原則結果。請務必在我們的投資者關係網站上查看我們的收益報告和股東信函中的公認會計原則和非公認會計原則財務指標的調節表。

This conference call is being recorded, and a replay will be available for a period of time on our IR website.

本次電話會議正在錄音，我們的 IR 網站將在一段時間內提供重播。

Now I'll turn it over to Adam and Matt for some opening remarks, then we'll have the moderator take us through Q&A.

現在我將把它交給 Adam 和 Matt 進行一些開場白，然後我們將由主持人帶領我們進行問答。

Welcome, everyone, and thank you for joining us. We're thrilled to report another record quarter in Q1, continuing our pattern of delivering strong financial results. With AXON 2 turning 1 year old and achieving nearly a full recovery in our share price, after a very difficult 2022, I wanted to reflect on some key themes that we've consistently stated and now actively proven out.

歡迎大家，感謝您加入我們。我們很高興報告第一季再創歷史新高，繼續我們提供強勁財務業績的模式。在經歷了非常困難的 2022 年之後，隨著 AXON 2 的誕生一周年，我們的股價幾乎實現了全面復甦，我想反思一下我們一直以來提出的、現在正在積極證明的一些關鍵主題。

We believe our culture is unique. By staying lean and retaining key contributors, we have built an exceptionally high performing team of subject matter experts capable of innovating faster and more effectively than those at other companies. We believe our business is not limited by the size of the mobile gaming market, but rather that our business can drive market growth. Advertisers have increased their spend on our platform as a result of the improved performance from AXON.

我們相信我們的文化是獨一無二的。透過保持精簡和留住關鍵貢獻者，我們建立了一支表現異常出色的主題專家團隊，能夠比其他公司更快、更有效地進行創新。我們相信我們的業務不會受到手機遊戲市場規模的限制，而是我們的業務可以推動市場成長。由於 AXON 效能的提高，廣告主增加了在我們平台上的支出。

And now we're seeing the industry return to growth. We stated the operating leverage of our software platform business is as good as any technology company in the world. In one year, our quarterly software business revenue grew from $355 million to $678 million. Of this incremental $323 million of revenue, 84% or $273 million flowed through to adjusted EBITDA.

現在我們看到該行業恢復成長。我們表示，我們軟體平台業務的營運槓桿與世界上任何一家科技公司一樣好。一年內，我們的季度軟體業務收入從 3.55 億美元成長到 6.78 億美元。在這 3.23 億美元的增量收入中，84%（即 2.73 億美元）流向了調整後的 EBITDA。

Now 2 more themes that are important to understand as our business goes forward. First, a key driver of our growth will be the ongoing improvements to AXON. Our models are still in an early stage and will continue to improve themselves. But more importantly, our teams are still finding ways to materially improve these algorithms. While these gains may not be predictable, they may sometimes lead to quarters like Q1 where we far exceed expectations. Second, there is nothing that limits our models to just gaming. By expanding into web-based marketing and e-commerce, we expect our AI models to improve with added demand diversity. As we continue to execute on the previously discussed themes, we expect to see further growth in our business.

現在，隨著我們業務的發展，還有兩個重要的主題需要理解。首先，我們成長的關鍵驅動力將是 AXON 的持續改進。我們的模型仍處於早期階段，並將繼續自我改進。但更重要的是，我們的團隊仍在尋找實質改進這些演算法的方法。雖然這些收益可能無法預測，但有時可能會導致像第一季這樣的季度我們遠遠超出預期。其次，沒有什麼可以限制我們的模型僅限於遊戲。透過擴展到基於網路的行銷和電子商務，我們預計我們的人工智慧模型將隨著需求多樣性的增加而改進。隨著我們繼續執行之前討論的主題，我們預計我們的業務將進一步成長。

While our early days in the public markets were volatile, since we started this company 12 years ago, our business has consistently remained strong, and we hope over time, all of our shareholders and prospective investors will gain the same confidence in our business and vision that we have always had. I can promise you that we've never been more excited about our prospects.

雖然我們在公開市場的早期經歷了波動，但自從我們12 年前創辦這家公司以來，我們的業務一直保持強勁，我們希望隨著時間的推移，我們所有的股東和潛在投資者將對我們的業務和願景獲得同樣的信心我們一直都有。我可以向您保證，我們對我們的前景從未如此興奮。

With that, I'll hand it off to Matt to run you through the financial highlights.

接下來，我將把它交給馬特，讓您了解財務要點。

Thanks, Adam, and good afternoon. I'm happy to share we had another quarter of exceptional financial results, generating total revenue of $1.06 billion and adjusted EBITDA of $549 million, which is a 52% margin. Our revenue grew nearly 50% from the same period last year, while adjusted EBITDA has doubled. During the first quarter, we generated $388 million in free cash flow. That's an incredible 71% flow-through from adjusted EBITDA. Our software platform also had another excellent quarter, with revenue of $678 million and adjusted EBITDA of $492 million, retaining our 73% margin and more than doubling our adjusted EBITDA from the same period last year. This represents a 71% flow-through of revenue from the prior quarter.

謝謝，亞當，下午好。我很高興與大家分享，我們又一個季度取得了出色的財務業績，總收入達 10.6 億美元，調整後 EBITDA 達 5.49 億美元，利潤率為 52%。我們的營收比去年同期成長了近 50%，調整後的 EBITDA 也翻了一番。第一季度，我們產生了 3.88 億美元的自由現金流。調整後 EBITDA 的流量高達 71%，令人難以置信。我們的軟體平台也有另一個出色的季度，營收為 6.78 億美元，調整後 EBITDA 為 4.92 億美元，保持了 73% 的利潤率，調整後 EBITDA 比去年同期增長了一倍多。這相當於上一季營收的 71%。

While we remain diligent about cost discipline, we did have a slight step function increase in our cloud data center costs at the end of Q4 to reserve GPU capacity to support future growth. We saw the full impact of the cost increase during this quarter and expect future flow-through to improve. Our business was reinforced by strong market conditions, including expansion in the mobile advertising market and continued adoption of real-time bidding.

雖然我們仍然努力控製成本，但我們的雲端資料中心成本在第四季末確實略有增加，以保留 GPU 容量以支援未來的成長。我們看到了本季成本增加的全面影響，並預計未來的流量將會改善。我們的業務因其強勁的市場條件而得到加強，包括行動廣告市場的擴張和即時競價的持續採用。

Our software platform also benefited from technology improvements, including ongoing self-learning, additional data and enhancements by our engineering team. We continue to be optimistic about our ability to drive compounding efficiencies leading to improved performance for our advertising partners. Our Apps portfolio remained stable from last quarter, maintaining 15% adjusted EBITDA margin.

我們的軟體平台也受益於技術改進，包括持續的自學習、額外的數據和我們的工程團隊的增強。我們對提高複合效率、提高廣告合作夥伴績效的能力持續持樂觀態度。我們的應用程式產品組合與上季相比保持穩定，調整後 EBITDA 利潤率保持在 15%。

Turning to our capital structure. During the quarter, we amended our term loans, capitalizing on favorable market conditions to further reduce interest expense while at the same time, amending our loans to include outstanding revolver borrowings previously used for share repurchases.

轉向我們的資本結構。本季度，我們利用有利的市場條件修改了定期貸款，以進一步降低利息支出，同時修改了貸款，以包括以前用於股票回購的未償還循環借款。

Continuing our commitment to share management. In Q1, we repurchased and withheld a total of 14.9 million shares of our stock. Net of issuances during the quarter, we reduced our total shares outstanding by approximately 3%. Since we began our share management activities in early 2022, we have spent nearly $2.6 billion to repurchase and withhold a combined 79 million shares. That's a remarkable 20% pro forma reduction in our total shares outstanding.

繼續我們對股份管理的承諾。一季度，我們共回購並扣押了1,490萬股股票。扣除本季的發行後，我們的流通股總數減少了約 3%。自 2022 年初開始股票管理活動以來，我們已花費近 26 億美元回購和扣留總計 7,900 萬股股票。我們的已發行股票總數預計減少了 20%。

Turning to our second quarter guidance. We expect to deliver between $1.06 billion and $1.08 billion in revenue. Adjusted EBITDA is expected to be within the range of $550 million and $570 million. That represents an adjusted EBITDA margin between 52% and 53%. In conclusion, we continue to have confidence in our ability to drive growth from our core business while we work to expand our long-term opportunities.

轉向我們的第二季指引。我們預計將實現 10.6 億至 10.8 億美元的收入。調整後的 EBITDA 預計在 5.5 億美元至 5.7 億美元之間。這意味著調整後的 EBITDA 利潤率在 52% 到 53% 之間。總之，我們仍然對推動核心業務成長的能力充滿信心，同時努力擴大長期機會。

Now with that, we'll move on to Q&A.

現在，我們將繼續進行問答。

(Operator Instructions) Our first question is going to come from Clark Lampen with BTIG.

（操作員說明）我們的第一個問題將來自 BTIG 的 Clark Lampen。

Adam, I've got 2 on software and AppDiscovery. You mentioned in the prepared remarks that this quarter results exceeded your internal expectations. Is there anything specific that you might call out for us amongst the sort of key sources of outperformance? And then I guess sort of second and bigger picture, as we think about the trajectory for software and AppDiscovery after a couple of quarters of really strong sequential revenue growth, I think there's some concern percolating that once we anniversary the start of the AXON cycle that maybe growth starts to asymptote. Could you help us frame up, I guess, current momentum and the runway that you see within both the core gaming market and new channels like e-commerce?

Adam，我有 2 個關於軟體和 AppDiscovery 的內容。您在準備好的發言中提到，本季的業績超出了您的內部預期。在表現優異的關鍵來源中，您有什麼具體的建議可以告訴我們嗎？然後我猜想第二個更大的圖景，當我們考慮軟體和應用程式發現在經歷了幾個季度真正強勁的連續收入增長後的軌跡時，我認為，一旦我們慶祝AXON 週期開始週年紀念日，就會出現一些擔憂也許成長開始漸近。我想您能否幫助我們確定當前的勢頭以及您在核心遊戲市場和電子商務等新管道中看到的跑道？

Yes. Thanks, Clark, for the question. So on the first one, I touched on this in the script. But we've got a few growth vectors. One is going to be adding more advertisers both within gaming and then breaking out to these new verticals that we're working on and quite excited about. Secondarily and more importantly, anytime we see improvements in our core models, we see gains in our business. And there's 2 forms of improvements. These models are self-learning. So we've got them in the marketplace. We're serving a ton of impressions every single day. And there's a feedback loop that gets this data back into the model and it improves itself. So there's a component of that. That's why the system continues to get better since we launched it.

是的。謝謝克拉克的提問。所以在第一個劇本中，我就談到了這一點。但我們有一些成長向量。一是在遊戲領域增加更多的廣告商，然後突破我們正在開發的新垂直領域，我們對此感到非常興奮。其次，更重要的是，只要我們看到核心模型的改進，我們就會看到業務的成長。有兩種形式的改進。這些模型是自學習的。所以我們在市場上有它們。我們每天都會提供大量的展示次數。並且有一個回饋循環可以將這些數據返回到模型中並進行自我改進。所以這是其中的一個組成部分。這就是為什麼該系統自我們推出以來不斷變得更好。

And the second piece is our team, obviously, is still working every single day. So every time our research science team creates some sort of innovation or breakthrough on those models, that ends up a step function gain in the business. Because if you think about these models, it's all math and if the math gets more accurate, then we're going to see a gain in the business. And these are very high-margin gains because there's no cost associated with that gain, there's no sales process to go bank that gain, it's just a gain in the business. And so I try to tie it back to the first quarter and performing really well against obviously the toughest quarter in advertising against Q4. The gain we saw in the first quarter was predominantly due to just enhancements to the models themselves. And so that's going to be one of our core drivers going forward.

第二部分是我們的團隊，顯然，他們仍然每天都在工作。因此，每當我們的研究科學團隊在這些模型上創造出某種創新或突破時，最終都會在業務中取得階梯功能增益。因為如果你考慮這些模型，你會發現這都是數學，如果數學變得更準確，那麼我們將會看到業務的成長。這些都是非常高的利潤收益，因為沒有與該收益相關的成本，也沒有銷售流程來儲存該收益，這只是業務收益。因此，我嘗試將其與第一季聯繫起來，並且在第四季度的廣告明顯最艱難的季度中表現得非常好。我們在第一季看到的收益主要歸功於模型本身的增強。因此，這將成為我們前進的核心驅動力之一。

Now to the question of the software growth is slow, look, software is growing about 90%, 100% year-over-year, and it's a 73% margin business. So we don't need it to grow double every single year. It's a net revenue reported business on the vast, vast majority of the revenue. So every incremental dollar is very, very high margin.

現在說到軟體成長緩慢的問題，看，軟體年增約 90%、100%，這是一個 73% 的利潤率業務。所以我們不需要它每年都成長一倍。這是一項淨收入報告業務，佔絕大多數收入。因此，每一美元的增量都是非常非常高的利潤。

We'd love to be in the neighborhood of 20%, 30% long-term grower for many years to come. In order to do that, how do we think about the business longer term? It's the same building blocks that we just talked about. We're going to get more advertisers in gaming that are buying on our platform because now at this point, our platform is the best channel for a mobile gaming customer to go buy advertising.

我們希望在未來的許多年裡成為 20%、30% 的長期種植者。為了做到這一點，我們如何考慮業務的長期發展？這與我們剛才談到的構建塊相同。我們將吸引更多的遊戲廣告商在我們的平台上購買，因為現在，我們的平台是行動遊戲客戶購買廣告的最佳管道。

Now we're the best in the world today at driving value to mobile gaming advertisers, and there's nothing that limits our technology from working outside gaming, how good could we be in other verticals. So the vertical expansion is a key part of our focus. And then beyond that, we're in the business of creating improvements to our technology. So if you start adding all that up, how do we keep growing this business, there's a lot of levers that we have to pull to be really excited. And that's why it ended with we've never been more excited about the prospects we have in front of us than we are today.

現在，我們在為行動遊戲廣告商創造價值方面是世界上最好的，沒有什麼可以限制我們的技術在遊戲之外的應用，我們在其他垂直領域能有多好。所以垂直擴張是我們重點關注的關鍵部分。除此之外，我們也致力於改進我們的技術。因此，如果你開始將所有這些加起來，我們如何繼續發展這項業務，我們必須使用很多槓桿才能真正感到興奮。這就是為什麼我們對擺在我們面前的前景從未像今天這樣興奮過。

And Ralph Schackart with William Blair has the next question.

拉爾夫·沙卡特和威廉·布萊爾提出了下一個問題。

You've been fairly consistent in saying that AXON 2 engine works outside sort of the gaming vertical, and you sort of touched on that in your last response. Can you maybe give an update sort of where you are in that sort of effort outside of gaming? Do you need a new sales force? Are you testing? Any results you could share, sort of want to get a sense of sort of where you are in that effort.

您一直相當一致地表示 AXON 2 引擎在遊戲垂直領域之外運作，您在上次回覆中也談到了這一點。您能否介紹一下您在遊戲之外所做的努力的進展？您需要新的銷售團隊嗎？你在測試嗎？您可以分享的任何結果，都有點想了解您在這項工作中的進展。

Yes. Thanks, Ralph. Good to see you. And a couple of things. One is, we look at the advertising world with apps and websites, right? Like there's 2 forms of media that people are buying to the end destination. And today in the app marketing world, we're very good at gaming. We also work with nongaming apps, and we've seen success once we rolled out AXON 2 across a variety of nongaming companies growing on our platform, too. And I think last call, we touched on that the non-gaming app space is growing faster than the gaming app space on our platform just because it starts from a lower base.

是的。謝謝，拉爾夫。很高興見到你。還有幾件事。一是，我們透過應用程式和網站來看廣告世界，對吧？就像人們購買兩種形式的媒體到達最終目的地一樣。如今，在應用行銷領域，我們非常擅長遊戲。我們也與非遊戲應用程式合作，一旦我們在我們平台上成長的各種非遊戲公司推出 AXON 2，我們就看到了成功。我認為在上次電話會議中，我們談到了我們平台上的非遊戲應用程式空間的成長速度快於遊戲應用程式空間，只是因為它的起點較低。

That success hasn't changed. We still see the same trajectory. Now what has us excited and what we've been working on is launching the first form of web advertising on our platform. And if you think about a lot of transactional industries, e-commerce, in particular, most of the transactions are still done on the website, not the mobile application because a lot of shops don't even have a mobile application. And so that's been work we've been doing. We will be bringing that product to market this quarter, and it's something we're very, very excited about as a way to really build out a lot more demand density into our platform.

這種成功並沒有改變。我們仍然看到相同的軌跡。現在讓我們興奮和我們一直在努力的是在我們的平台上推出第一種形式的網路廣告。如果你考慮很多交易行業，特別是電子商務，大部分交易仍然是在網站上完成的，而不是行動應用程序，因為很多商店甚至沒有行動應用程式。這就是我們一直在做的工作。我們將於本季將該產品推向市場，我們對此感到非常非常興奮，因為它是真正在我們的平台中建立更多需求密度的一種方式。

Moving on to Jason Bazinet with Citi.

接下來是花旗銀行的 Jason Bazinet。

I'm afraid to ask this question because you guys are doing so well. Would you mind just giving us an update on your sales process? I remember several years ago, you sort of made fun of yourself because you didn't really have a sales force and didn't think about it. And I'm just trying to get a sense. You haven't talked about it as a vector. But is all of this growth we're seeing a function of sales and the technology? Or is it just purely the technology and it's sort of selling itself based on the return...

我不敢問這個問題，因為你們做得很好。您介意向我們介紹一下您的銷售流程的最新情況嗎？我記得幾年前，你有點自嘲，因為你沒有真正的銷售隊伍，也沒有考慮過這一點。我只是想了解一下。你還沒有把它當作一個向量來討論。但我們看到的所有這些成長都是銷售和技術的結果嗎？或者它只是純粹的技術，它是一種基於回報的自我銷售...

So look, since day 1, I know that I'm not a very good seller and it was something that we really focus on being product first at the company. We believe if we build great products and we innovate well, that if the advertisers are seeing success on our platform, they're going to tell their peers and their peers are going to come to our platform and this thing could self-sell itself. And we've seen that happen in mobile gaming as AXON 2 continues to perform well.

所以，從第一天開始，我就知道我不是一個很好的賣家，而我們真正關注的是公司的產品至上。我們相信，如果我們打造出色的產品並進行良好的創新，如果廣告商在我們的平台上看到成功，他們就會告訴他們的同行，而他們的同行也會來到我們的平台，而這個東西可以自我推銷。我們已經看到行動遊戲領域發生了這種情況，AXON 2 繼續表現出色。

A lot of the mobile gaming customers who either hadn't heard of us or had chosen not to work with us have adopted our platform over the last year. So we haven't ramped up sales to go get those relationships. And a lot of those relationships are still in an earlier stage than some of the companies that have been on our platform for years. So that will contribute to growth in the gaming vertical over time.

去年，許多沒有聽說過我們或選擇不與我們合作的行動遊戲客戶都採用了我們的平台。因此，我們還沒有提高銷售額來建立這些關係。與一些多年來一直在我們平台上的公司相比，其中許多關係仍處於早期階段。因此，隨著時間的推移，這將有助於遊戲垂直領域的成長。

When we look at outside of gaming, we're still -- we have no interest in getting into brand advertising. So everything is performance-based. We fundamentally want to play -- replay the same playbook, where we're not going to invest heavily in sales now. In some of these transactional categories outside gaming, you do need some presence, some marketing, some sales, but it's not going to be a heavy investment.

當我們審視遊戲以外的領域時，我們仍然對進入品牌廣告沒有興趣。所以一切都是以績效為基礎的。從根本上說，我們想重演同樣的劇本，但我們現在不會在銷售上投入大量資金。在遊戲以外的某些交易類別中，您確實需要一些存在、一些行銷、一些銷售，但這不會是一項大量投資。

And we do believe that if we're able to go drive the same result where, for instance, in e-commerce to shop, see a lot of benefit from marketing on our platform and they can measure the result and they see a stronger result on our platform and some of the other channels they buy on, there's going to be a lot of interest because these other transactionally charged categories desperately need more marketing available to them as those industries are struggling to grow themselves.

我們確實相信，如果我們能夠推動相同的結果，例如在電子商務購物中，我們平台上的行銷會帶來很多好處，他們可以衡量結果，他們會看到更好的結果在我們的平台和他們購買的其他一些管道上，將會有很大的興趣，因為這些其他需要交易的類別迫切需要更多的行銷機會，因為這些行業正在努力發展自己。

Omar Dessouky has the next question.

奧馬爾·德蘇基有下一個問題。

I had a couple of questions about header bidding, aka real-time bidding, I guess, those are the same term. What is the quarterly revenue run rate trajectory for the rest of this year for that? I think you guys said that you collect a 5% fee on header bidding into MAX supply. I was wondering where that stood and how that's going to move going forward.

我有幾個關於標題競價（又稱即時競價）的問題，我想，這些是同一個術語。今年剩餘時間的季度營收運行軌跡是什麼？我想你們說過，你們對 MAX 供應的標頭競價收取 5% 的費用。我想知道現在情況如何以及未來將如何發展。

Yes. So Omar, we don't disclose that level of detail, the revenue for specifically the MAX business or for header bidding. But we have continued to see that trend that we've been talking about historically, the trend of people shifting over to header bidding with an acceleration in Q1. So we're continuing to see that positive trend.

是的。所以奧馬爾，我們不會透露具體的細節，特別是 MAX 業務或標頭競價的收入。但我們繼續看到我們歷史上一直在談論的趨勢，即人們在第一季加速轉向標題競價的趨勢。所以我們繼續看到這種積極的趨勢。

Okay. Then I've heard that Unity will be bidding into AppLovin MAX supply. And I was wondering if you could maybe describe the strategic implications or importance of that to you, right, because they're viewed as a competitor. Is there any new data that you'll be getting about your primary competitor as a result of this? And why does it take so long for this to happen?

好的。然後我聽說 Unity 將競標 AppLovin MAX 供應。我想知道您是否可以描述一下這對您的策略影響或重要性，對吧，因為他們被視為競爭對手。您是否會因此獲得有關主要競爭對手的任何新數據？為什麼這需要這麼長時間才會發生？

Yes. So a bunch of questions embedded in there. But for one, let's just start with the market. The vast, vast majority of the market bids today, 80% plus. So the transition that was a multiyear effort to get the market to go from traditional ad tech in mobile app to go to a real-time format is nearly complete at this point. Two, MAX is, by far, the largest mediation solution in mobile gaming.

是的。所以裡面嵌入了一堆問題。但首先，讓我們先從市場開始。今天絕大多數市場出價，超過 80%。因此，讓市場從行動應用中的傳統廣告技術轉向即時格式的多年努力的轉變目前已接近完成。第二，MAX 是迄今為止行動遊戲領域最大的中介解決方案。

We've touched on this in the past, and it continues to be a very strong platform. So as the marketplace, third parties want to buy on our platform in a real-time format. It's just more efficient. And when any company ends up buying on our platform, they're an advertising solution that's competitive with us. And so I wouldn't call any one company a primary competitor. We're all friendly competitors. And we've also talked about what drives this market, in particular that's quite unique to other markets is there's no zero-sum in this ecosystem. If the whole market is buying efficiently and the publishers are making more, the publishers reinvest more in the user acquisition, the pie grows and all of us advertising companies are hopefully benefiting from that.

我們過去曾經觸及過這一點，它仍然是一個非常強大的平台。因此，作為市場，第三方希望在我們的平台上以即時格式進行購買。它只是更有效率。當任何公司最終在我們的平台上購買時，他們就是一個與我們競爭的廣告解決方案。因此，我不會將任何一家公司稱為主要競爭對手。我們都是友善的競爭對手。我們也討論了推動這個市場的因素，特別是其他市場的獨特之處在於這個生態系統不存在零和。如果整個市場的購買效率很高，出版商賺得更多，出版商就會在用戶獲取上進行更多的再投資，蛋糕就會變大，我們所有的廣告公司都有望從中受益。

The last point to make, and I think there's a misunderstanding in the marketplace on this. We don't have some sort of data advantage with any of the companies that are buying into our platform. We're very secure about data. Our partners can audit us when it comes to our data practices. The data that we have available to us is the same data that any bidder on our platform gets available to them. And so therefore, there isn't some data advantage from a Unity or anyone else buying on our platform. It's a completely fair, transparent and clean auction, and it provides a huge benefit to the publisher. And for us, it's been a very good product that we have in the market and is continuing to do well.

最後一點，我認為市場對此有誤解。對於購買我們平台的任何公司來說，我們都沒有某種數據優勢。我們對資料非常安全。我們的合作夥伴可以對我們的資料實踐進行審核。我們提供的數據與我們平台上的任何投標者獲得的數據相同。因此，Unity 或其他任何在我們平台上購買的人都沒有任何數據優勢。這是一次完全公平、透明、誠信的拍賣，為出版商提供了巨大的利益。對我們來說，這是我們在市場上擁有的非常好的產品，並將繼續表現良好。

Do you have time for one -- just one quick one? I didn't see net revenue for install growth on your letter. Could you update us on that and give us any kind of the puts and takes around that?

你有時間做一件事——只是快速做一件事嗎？我在您的信中沒有看到安裝增長的淨收入。您能否向我們提供最新情況並提供有關該問題的任何類型的看跌期權和看跌期權？

Yes. So the numbers will be disclosed within our 10-Q. Omar, so you can see all the actual figures there. But similar to prior quarters, we've had an increase in both the net revenue per install as well as the volume of installations, and that's through the continued improvement of AXON that we've been talking about. As the technology continues to improve, we should see both a growth in the amount of money that we're making per installation and volume of install as we see more advertisers increasing their spend.

是的。因此，這些數字將在我們的 10-Q 中揭露。奧馬爾，所以你可以看到那裡的所有實際數字。但與前幾季類似，我們的每次安裝淨收入和安裝量均有所增加，這是透過我們一直在談論的 AXON 的持續改進實現的。隨著技術的不斷改進，隨著越來越多的廣告商增加支出，我們應該會看到每次安裝賺取的金額和安裝量都在增加。

And we will now hear from Tim Nollen with Macquarie.

現在我們將聽到提姆·諾倫和麥格理的發言。

I'd like to pull a few strings together from what we've been hearing already. And I'd like to ask about going beyond mobile gaming base of advertising. You answered the question about having access to sales force and accessing other verticals. And you've spoken in the last couple of quarters about expanding your Wurl business into bringing some more demand into CTV. So I just want to combine these into a question to ask, why does that need to be focused on performance-based advertisers and not brand advertisers? I understand the difference, but if you've got an expanded advertising base, more verticals moving into connected TV, I'm just wondering if you could update us on what you're doing with Wurl and why you couldn't become more of a competitor in that CTV ad buying space.

我想從我們已經聽到的情況中收集一些線索。我想問一下手機遊戲廣告基礎之外的問題。您回答了有關接觸銷售人員和接觸其他垂直領域的問題。在過去的幾個季度中，您曾談到要擴大 Wurl 業務，為 CTV 帶來更多需求。所以我只想把這些結合成一個問題來問，為什麼需要關注以效果為基礎的廣告商而不是品牌廣告商？我理解其中的區別，但如果您的廣告基礎有所擴大，更多的垂直領域進入了聯網電視，我只是想知道您是否可以向我們介紹一下您在Wurl 上所做的事情以及為什麼您不能改變得更多CTV 廣告購買領域的競爭對手。

Yes. So Wurl, to us, it just added eyeballs. It's added supply. CTV channel versus the mobile app ecosystem, we touched on. We have over 1 billion daily actives in the mobile app ecosystem. We've got a lot of access to eyeballs, but 5 hours a day of TV watching is inaccessible if we don't get to an SSP that sits in connected TV. So that was the idea with Wurl is bringing a lot of supply online. Now it's our job to go monetize it. .

是的。所以 Wurl 對我們來說，只是增加了眼球。這是補充供應。我們談到了 CTV 頻道與行動應用生態系統。我們的行動應用生態系統中有超過 10 億的每日活躍用戶。我們有很多機會吸引眼球，但如果我們沒有連接電視中的 SSP，我們就無法每天觀看 5 小時的電視。這就是 Wurl 的想法，即在網上提供大量供應。現在我們的工作就是將其貨幣化。 。

We've never wavered from being focused on performance advertising at the company in a couple of reasons. One, again, I don't want to build out a sales force. And if you're selling someone to buy a brand-advertised spent dollar, you have to really convince them that, that dollar is well spent. There's no data that backs it up. The attribution is murky at best. And so you have to have a salesperson that convinces the other side, that $1 spent was well spent. Our model is the advertisers spend $1 and everything is measurable. It's all closed loop. It's real-time reported. And they know if they spend $1 and they made more than $1, they're buying as an arbitrage marketer, and there's not a whole lot of selling to do in the middle there.

我們從未動搖過對公司成效廣告的關注，原因有幾個。第一，我不想建立一支銷售團隊。如果你要賣給某人來購買品牌廣告上花的錢，你必須真正讓他們相信，這筆錢花得值得。沒有數據支持它。歸因充其量是模糊的。因此，你必須有一位銷售人員讓對方相信，花 1 美元是值得的。我們的模型是廣告商花費 1 美元，一切都是可衡量的。這都是閉環的。這是即時報道的。他們知道，如果他們花 1 美元，而賺到的錢超過 1 美元，他們就是作為套利行銷者買入的，中間並沒有大量的拋售可做。

If you have someone spend $1 and earn $2, they will spend that $1 as many times a day as you will spend it on their behalf. And so all of our algorithms, our entire system is predicated on that concept. And what's powerful about that concept is when we can create lifts in our business, as you've seen over the last year, and I touched on the incredible flow-through of this business that we've consistently set as a theme in our business model, we don't have to go convince advertisers to spend more. They will automatically spend more. So our constraint is just how many dollars can our systems accurately, on their behalf, place in the universe.

如果您讓某人花費 1 美元並賺取 2 美元，那麼他們每天花費這 1 美元的次數與您代表他們花費的次數一樣多。因此，我們所有的演算法、我們的整個系統都基於這個概念。這個概念的強大之處在於，我們可以在我們的業務中創造提升，正如您在去年所看到的那樣，我談到了這項業務令人難以置信的流程，我們一直將其作為我們業務的主題模型，我們不必去說服廣告商花更多的錢。他們會自動花更多的錢。因此，我們的限制是我們的系統能夠準確地代表它們在宇宙中放置多少美元。

To create growth, the systems have to improve, which we've shown can drive a lot of growth, and we have to go access more eyeballs. And that's the goal around Wurl. We do think in connected TV advertising, as we get into e-commerce and prove an efficient model for shops to advertise on our platform that will extend very naturally to the e-commerce, to the CTV landscape because the shopping ad could be very beneficial for consumers in that media.

為了創造成長，系統必須改進，我們已經證明這可以推動大量成長，而且我們必須吸引更多的眼球。這就是 Wurl 的目標。我們確實考慮了連網電視廣告，因為我們進入了電子商務領域，並證明了商店在我們的平台上做廣告的有效模式，該模式將非常自然地擴展到電子商務、CTV 領域，因為購物廣告可能非常有益對於該媒體的消費者。

Okay. That makes sense. Any comments on Wurl's growth or contribution to revenues or anything you can share?

好的。這就說得通了。對 Wurl 的成長或對收入的貢獻有何評論或您可以分享的任何內容？

It's still too small to break out, so we don't talk about it, but they've done a great job of bringing a lot of supply online. So now the other side is the opportunity is bringing the demand online.

它仍然太小而無法爆發，所以我們不談論它，但他們在將大量供應帶到網上方面做得很好。所以現在的另一個面向是機會正在將需求帶到線上。

Moving on to Eric Sheridan with Goldman Sachs.

接下來是高盛的艾瑞克·謝裡丹。

Maybe following up on Tim's question, but asking it a little bit different way. Adam, when you think about entering new verticals or new campuses, we've seen you taken a number of different approaches, purchasing companies, taking stakes in companies, partnerships. How should we be thinking about the capital allocation dynamics around thinking through organic versus inorganic growth? How that sort of maximize for ROI when you think about how far-reaching the platform can become as you look at some of these campuses over the medium to longer term?

也許是在跟進蒂姆的問題，但問的方式有點不同。亞當，當你考慮進入新的垂直領域或新園區時，我們看到你採取了多種不同的方法，收購公司、入股公司、建立夥伴關係。我們應該如何圍繞有機成長和無機成長來思考資本配置動態？當您考慮從中長期來看，該平台的影響力有多大時，如何最大限度地提高投資報酬率？

Then second question would just be incremental margins. Obviously, you guys continue to produce very high incremental margins after the investment cycle you've been through in the prior 12, 18 months. Just continued thoughts on guideposts around incremental margins as the business continues to sustain relatively high levels of growth.

那麼第二個問題就是增量獲利。顯然，在經歷了過去 12、18 個月的投資週期之後，你們繼續產生非常高的增量利潤。隨著業務繼續保持相對較高的成長水平，我們將繼續思考圍繞增量利潤的指導方針。

Yes, I'll start with the first, and Matt can answer the second. Thanks, Eric. Really, when we think about our business, we've built a very, very compelling implementation of AI, one of the most powerful systems the world has ever seen in this space. And so organically, we have a huge advantage to continue to build on that.

是的，我將從第一個開始，馬特可以回答第二個。謝謝，埃里克。事實上，當我們考慮我們的業務時，我們已經建立了一個非常非常引人注目的人工智慧實現，這是世界上在這個領域見過的最強大的系統之一。因此，從有機角度來看，我們擁有巨大的優勢，可以繼續在此基礎上繼續發展。

And how do we build on that? It will come from a few different things, get more partnerships, get more data and get more reach. And so all of that in terms of like the way we think about it, getting more reach is accessing eyeballs. Well, we have a carrier OEM business, now we have a CTV business, and we have our core business, and there's over 1 billion daily active users just on the core business. So we access a lot of eyeballs already. So the reach is sort of there sitting there for us to go capitalize on.

我們如何在此基礎上繼續發展？它將來自一些不同的事情，獲得更多的合作夥伴關係，獲得更多的數據並獲得更大的影響力。所以這一切就像我們思考的方式一樣，獲得更多的影響力就是吸引眼球。那我們有營運商OEM業務，現在我們有CTV業務，我們有我們的核心業務，光是核心業務就有超過10億的每日活躍用戶。所以我們已經吸引很多眼球。因此，影響力就在那裡供我們利用。

Demand diversity is, we fundamentally believe, is an organic problem. The algorithms are going to be able to execute on any transactional vertical. And so we just have to get this product rolled out. The R&D effort was building the system to be able to do web marketing for the first time. This is just not something a company named AppLovin really thought about over the last 12 years.

我們從根本上認為，需求多樣性是一個有機問題。這些演算法將能夠在任何交易垂直領域執行。所以我們只需要推出這個產品。研發工作是首次建構能夠進行網路行銷的系統。這並不是一家名為 AppLovin 的公司在過去 12 年裡真正考慮過的事情。

And so now as we go forward, we've got that technology, we're going to be able to execute in that space. And so that, again, is an organically charged effort. And the hardest part of all of this was building the algorithms. Building that -- the AI models are incredibly complex. And a lot of companies, obviously, in the world today and technology almost every company will talk about the AI strategy, but very, very few have been able to actually execute on a large-scale implementation of complex systems like these. So having that at our disposal really keeps us excited about this organic path we've got going forward.

因此，現在隨著我們的前進，我們已經擁有了這項技術，我們將能夠在該領域執行。因此，這又是一項有機的努力。所有這一切中最困難的部分是建立演算法。建構人工智慧模型非常複雜。顯然，在當今世界和技術領域，幾乎每家公司都會談論人工智慧策略，但很少有公司能夠真正大規模實施此類複雜系統。因此，擁有它確實讓我們對我們所前進的這條有機道路感到興奮。

And just in terms of expectations around margins, Eric, I mean, we expect the margins to continue to expand to the extent that we see increased development for AXON, right, as Adam has talked about in the past the improvements to the actual technology because we're already reporting net revenue, essentially dropped to the bottom line. So what you're seeing is as margins, margins grow through that development is that it should continue to expand. Obviously, as volumes growing, then margins should stay relatively flat. So at this point, we wouldn't expect any decrease from our existing level of [margins].

就利潤率的預期而言，埃里克，我的意思是，我們預計利潤率將繼續擴大到我們看到 AXON 不斷發展的程度，對吧，正如 Adam 過去談到的實際技術的改進，因為我們已經報告了淨收入，基本上已經降到了底線。所以你看到的是，隨著利潤率的成長，利潤率會隨著發展而成長，它應該會繼續擴大。顯然，隨著銷量的成長，利潤率應該會保持相對穩定。因此，在這一點上，我們預計現有的[利潤]水準不會出現任何下降。

Jefferies' James Heaney has the next question.

傑富瑞 (Jefferies) 的詹姆斯希尼 (James Heaney) 有下一個問題。

This is Ed Alter on for James Heaney. Piggybacking on some of the earlier questions from some of our checks, we're seeing that the bigger the app developer is, the more they actually are kind of spending share of AppDiscovery. So like besides, obviously, AXON, what are you seeing that is winning those incremental dollars versus others? And where are the bounds of that?

我是詹姆斯希尼 (James Heaney) 的艾德阿爾特 (Ed Alter)。根據我們之前檢查中的一些問題，我們發現應用程式開發人員規模越大，他們實際上在 AppDiscovery 中的支出份額就越大。除此之外，很明顯，AXON，你認為是什麼在與其他公司相比贏得了增量資金？其界線在哪裡？

I mean in our system, we don't really have a limit to what an advertiser spends most. All of our partners don't set any sort of budgetary limitation. So the bigger advertisers, obviously, by definition, have a better base business. They've got probably in mobile gaming and more successful games. So they're a bigger company. Then therefore, they can spend more dollars per day. And the really nice thing about our system today is somehow someone on our research science team tomorrow had a breakthrough and our models got twice as effective. The business would double overnight because there isn't a budgetary constraint. So we think like at this point, our job in mobile gaming to deliver value to the advertiser has been effectively accomplished. And now a lot of the growth is going to come from new advertisers, both in gaming we don't work with 100% penetration of the market or even close to that. So gaming customers around the world now are hearing about this platform that a year ago didn't exist and now is outperforming every other platform in the world.

我的意思是，在我們的系統中，我們對廣告商的最大支出並沒有真正的限制。我們所有的合作夥伴都沒有設定任何形式的預算限制。因此，顯然，根據定義，較大的廣告商擁有更好的基礎業務。他們可能在行動遊戲和更成功的遊戲中取得了成功。所以他們是一家更大的公司。因此，他們每天可以花更多的錢。今天我們的系統真正好的一點是，明天我們的研究科學團隊中的某個人取得了突破，我們的模型的效率提高了一倍。由於沒有預算限制，業務會在一夜之間翻倍。所以我們認為，到目前為止，我們在行動遊戲領域為廣告商提供價值的工作已經有效完成。現在，大部分成長將來自新的廣告商，在遊戲領域，我們的市場滲透率尚未達到 100%，甚至接近這一水平。因此，世界各地的遊戲客戶現在都在聽說這個一年前還不存在的平台，但現在它的表現優於世界上所有其他平台。

And so that -- as we continue to see organic adoption of our platform in the gaming category, we will see growth from these new advertisers, which some are large, some are small, but it all adds up. And then secondarily, again, this expansion outside the mobile gaming business is something we're really excited about.

因此，隨著我們繼續看到我們的平台在遊戲類別中的自然採用，我們將看到這些新廣告商的成長，其中有些很大，有些很小，但所有這些都會增加。其次，我們對行動遊戲業務以外的擴張感到非常興奮。

Yes. Great. Great. Maybe just a follow-up on your view of the -- where we sit in the mobile gaming market in general. After a couple of years of down some -- or expecting growth this year? Is that what you guys see as well? And what's driving that?

是的。偉大的。偉大的。也許只是您對我們在行動遊戲市場的整體定位的看法的後續。經過幾年的下滑——還是預計今年會出現成長？你們也是這樣看的嗎？是什麼推動了這一點？

Yes, totally. We said it on the talk track. But our platform is really large. If you think about our net revenue reported advertising network, which is the vast majority of our software business, for us to have doubled the software business in the last year, there's billions of incremental dollars that were spent in the mobile gaming category on our platform. That didn't hold from other channels. So companies in mobile gaming, they'd go, "Today, I can spend $0.10 extra over here. Therefore, I'm going to take $0.10 from this other channel and move it over." They'll just say, "I can spend $0.10 more in my goal. Therefore, I'm going to spend more on my goal, and that's it." And so it takes a while for that to compound and be reflected in the $100 billion TAM that everyone looks at because these -- the paybacks on the user acquisition tend to be somewhere between 3 to 12 months.

是的，完全可以。我們在談話節目中說過。但我們的平台確實很大。如果你考慮我們報告的淨收入廣告網路（這是我們軟體業務的絕大多數），去年我們的軟體業務翻了一番，那麼我們平台上的行動遊戲類別就增加了數十億美元的支出。從其他管道來看，情況並非如此。因此，行動遊戲公司會說，“今天，我可以在這裡額外花費 0.10 美元。因此，我將從其他管道拿走 0.10 美元，然後將其轉移到其他管道。”他們只會說，“我可以在我的目標上多花 0.10 美元。因此，我會在我的目標上花更多的錢，僅此而已。”因此，需要一段時間才能複合並反映在每個人都關注的 1000 億美元 TAM 中，因為用戶獲取的回報往往在 3 到 12 個月之間。

So if you build out like, okay, well, what happened? Well, AppLovin doubled in a year their business, so billions of more dollars were spent on an industry that spends tens of billions of dollars of user acquisition. So there is certainly a material amount of growth in the dollars invested because of the AXON breakthrough, then you'll start seeing the TAM start expanding once that starts paying off. Users are paying back into those cohorts, into the games that they downloaded, the cohort start stacking and the whole category will expand. And so a lot of the TAM expansion you're starting to see reflected by single-digit growth, which is what -- a lot of that is attributed directly back to the success our technology is having driving growth to these advertisers.

所以，如果你構建像，好吧，發生了什麼？嗯，AppLovin 的業務在一年內翻了一番，因此在這個花費數百億美元獲取用戶的行業上又花費了數十億美元。因此，由於 AXON 的突破，投資的美元肯定會大幅成長，一旦開始獲得回報，您就會開始看到 TAM 開始擴張。用戶正在對這些群組、他們下載的遊戲進行回報，群組開始堆積，整個類別將會擴大。因此，您開始看到的許多 TAM 擴張都反映為個位數成長，這在很大程度上直接歸因於我們的技術所取得的成功，推動了這些廣告商的成長。

Moving on to Vasily Karasyov with Cannonball.

接下來是瓦西里·卡拉瑟夫（Vasily Karasyov）的《砲彈》。

I have a question about your competitive dynamic. Obviously, your results are so good. AXON 2 is working so well. Do you see any competitors ramping up to go after your business and put up a fight against you? And if so, how do you feel about it? And obviously, the returns are too good, right, to pass up. Do you see any changes in the competitive situation at this point? And how are you preparing for that?

我有一個關於你們的競爭動態的問題。顯然，你的結果非常好。 AXON 2 運作良好。您是否看到任何競爭對手正在加速追趕您的業務並與您作鬥爭？如果是這樣，你對此有何感想？顯然，回報太好了，不容錯過。您認為目前競爭情勢有什麼變化嗎？您準備如何做？

Yes. Thanks, Vasily. We've been asked about competition for years, and we always say we don't necessarily pay attention to the competition because, look, there's some people who get the technology that we have and in the industry that we do, and they view it in an oversimplified manner and thank one company build some sort of algorithm and everyone else can just copy and everyone is going to catch up. These systems are really, really complicated.

是的。謝謝，瓦西里。多年來我們一直被問到競爭問題，我們總是說我們不一定關注競爭，因為，看，有些人在我們所做的行業中獲得了我們擁有的技術，他們認為它以一種過於簡單化的方式，感謝一家公司建立了某種演算法，其他人都可以複製，每個人都會趕上。這些系統真的非常非常複雜。

We built cutting-edge AI technologies. It's a multiyear effort for anyone to be able to look at that and go be able to replicate that. And I don't even think it's conceivable that it's something that could be replicated. So by the time there's anyone that's actually going to be able to compete against our technology, we'll be years advanced from where we are today because we're continuing to evolve the technology.

我們建構了尖端的人工智慧技術。對於任何人來說，要能夠看到這一點並能夠複製它，都需要花費多年的努力。我什至不認為這是可以複製的。因此，當有人真正能夠與我們的技術競爭時，我們將比今天先進幾年，因為我們正在繼續發展技術。

Second piece is, we can open source our code tomorrow. We can hand out the code to competition. It still won't matter because these technologies need data that they're achieving in the marketplace to be able to drive themselves. So if you think about like AI models, like what makes an AI model impactful, well, they're utilized and that data feedback that they get from human behavior retrains the model and allows the model to continue to improve itself. ChatGPT being a perfect example of an AI model that's super compelling. Every search -- every word that we all type into it gets a result and that result -- the efficiency of that result and the way the user engages with that result retrains that model, if you give it a thumbs up, thumbs down.

第二件事是，我們明天可以開源我們的程式碼。我們可以將程式碼分發給競爭對手。但這仍然不重要，因為這些技術需要他們在市場上獲得的數據才能驅動自己。因此，如果你考慮人工智慧模型，例如是什麼讓人工智慧模型具有影響力，那麼它們就會被利用，並且從人類行為中獲得的資料回饋會重新訓練模型，並允許模型繼續自我改進。 ChatGPT 是超級引人注目的人工智慧模型的完美範例。每次搜尋——我們輸入的每個單字都會得到一個結果，而該結果——該結果的效率以及用戶與該結果互動的方式會重新訓練該模型，如果你對它表示贊成或反對的話。

In our model, we're getting an insane amount of data into the system every single day. System is continuing to improve itself. So we sort of look at the world now and say, we've got cutting-edge technologies. We're in a leadership position in a category that's pretty large. This isn't the largest and certainly isn't very fast growing, but we've got an opportunity to really go out and expand our business and go deliver value to companies all over the world well outside of mobile gaming and allow them to unlock value for their business through our use of AI. And that's something that we're very excited about and we think is going to continue to allow us to distance ourselves from other players in our ecosystem.

在我們的模型中，我們每天都會向系統中輸入大量資料。系統正在不斷地完善自身。所以我們現在看看世界並說，我們擁有尖端技術。我們在一個相當大的類別中處於領先地位。這不是最大的，當然增長也不是很快，但我們有機會真正走出去，擴展我們的業務，為世界各地的公司提供移動遊戲之外的價值，並讓他們解鎖通過我們使用人工智能為他們的業務創造價值。這是我們非常興奮的事情，我們認為這將繼續讓我們與生態系統中的其他參與者保持距離。

And our next question will come from Martin Yang with Oppenheimer & Co.

我們的下一個問題將來自奧本海默公司的馬丁楊（Martin Yang）。

In your shareholder letter, you highlighted that underlying advertising market have grown year-over-year. And can you maybe comment on what's -- from your view, how much have that market grown in 1Q and you have the number, how much has the market grown in 4Q?

在您的股東信中，您強調了基礎廣告市場逐年成長。您能否評論一下—從您的角度來看，該市場在第一季成長了多少？

You're asking how much of the market grow from quarter-over-quarter or year-over-year?

您問的是市場環比或年成長了多少？

If you have both year-over-year numbers for 1Q and 4Q, respectively.

如果您分別有第一季和第四季的年比數據。

It's very hard for us to understand the whole ad market. And it's also like -- I'm not sure the whole ad market has ever been fairly defined. Is it the global advertising spend? Is it the global advertising spend in mobile apps, like what we look at when we talk about growth are the 2 areas that drive our business. One, IEP category, so we talk about mobile gaming as a vertical a lot. When we talk about the advertising market, in large part, we're talking about the MAX marketplace. That's growing quite a lot, double-digit plus year-over-year, but we don't disclose what the annual year-over-year growth is of the actual MAX marketplace.

我們很難了解整個廣告市場。這也就像——我不確定整個廣告市場是否已經被公平地定義過。是全球廣告支出嗎？行動應用程式中的全球廣告支出是否就像我們在談論成長時所看到的那樣，是推動我們業務的兩個領域。一是 IEP 類別，所以我們經常將行動遊戲作為一個垂直領域進行討論。當我們談論廣告市場時，很大程度上我們談論的是 MAX 市場。這個成長幅度相當大，年成長了兩位數以上，但我們並未透露實際 MAX 市場的年度年增率是多少。

Got it. So is it right to -- are you assuming MAX marketplace is a good proxy for the [overall] market?

知道了。那麼，您是否認為 MAX 市場是[整體]市場的良好代表？

For mobile gaming advertising, yes, given our leadership position in the category and what we've talked about percentage of market share of the MAX product that we think it's so diversified at this point that it is a very good proxy for the growth in advertising-based mobile gaming businesses.

對於行動遊戲廣告來說，是的，考慮到我們在該類別中的領導地位以及我們所討論的 MAX 產品的市場份額百分比，我們認為它目前非常多元化，可以很好地反映廣告增長基於行動遊戲的業務。

Got it. My next question is on your net revenue per install and volume of install, this quarter, it's 5% and 87%, respectively. The net revenue per install change on a year-over-year basis is very different from preceding quarters. How should we interpret those 2 numbers and the changes? Is there any relationship between the 2 that tell us the underlying changes in the market?

知道了。我的下一個問題是關於每次安裝的淨收入和安裝量，本季分別為 5% 和 87%。每次安裝的淨收入同比變化與前幾季有很大不同。我們應該如何解釋這兩個數字和變化？這兩者之間有什麼關係可以告訴我們市場的根本變化嗎？

Yes. So I think we've talked about this in the past, Martin, we see a very large increase in the volume of installations as we were talking about in this quarter. That's correlated to an increase in advertiser spend. So as a result, year-over-year rate comparing to Q1 of 2023 to Q1 of 2024, we saw the AXON on launch during that period. And so as a result of that, we saw advertisers increase their spend pretty dramatically over the last 4 quarters.

是的。所以我想我們過去已經討論過這個問題，馬丁，正如我們在本季度討論的那樣，我們看到安裝量大幅增加。這與廣告商支出的增加有關。因此，與 2023 年第一季到 2024 年第一季相比，我們看到 AXON 在此期間推出。因此，我們看到廣告商在過去 4 個季度大幅增加了支出。

That concludes today's question-and-answer session and today's webinar. We thank you all for your participation, and we look forward to seeing you next quarter. Take care. Until then.

今天的問答環節和網路研討會到此結束。我們感謝大家的參與，期待下季與您見面。小心。直到那時。

Thanks, everyone.

感謝大家。