Applovin Corp (APP) 2024 Q3 法說會逐字稿

Welcome to Applovin's earnings call for the third quarter and it's September 30, 2024. I'm David Hsiao, Head of Investor Relations.

歡迎參加 Applovin 第三季財報電話會議，時間為 2024 年 9 月 30 日。

Joining me today to discuss our results are Adam Foroughi, our Co-Founder, CEO, and Chairperson, and Matt Stumpf. Our CFO. Please note, our SEC filings to date as well as our shareholder letter and press release discussing our third quarter are available at investors.applovin.com.

今天與我一起討論我們的結果的是我們的共同創辦人、執行長兼董事長 Adam Foroughi 和 Matt Stumpf。我們的財務長。請注意，我們迄今向 SEC 提交的文件以及討論我們第三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, our share repurchase program including future amounts available for repurchase, 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.

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、我們的股票回購計劃（包括未來可回購金額、公司預期的未來財務業績以及其他未來事件）做出前瞻性陳述。這些聲明是基於我們目前的假設和信念，除非法律要求，否則我們不承擔更新這些聲明的義務。我們的實際結果可能與預測結果有重大差異。

We encourage you to review the risk factors in our most recently filed form 10-Q for the second quarter ended June 30, 2024. Additional information may also be found in our quarterly report on form 10-Q for the fiscal quarter ended September 30, 2024, which will be filed later today.

我們鼓勵您查看我們最近提交的截至2024 年6 月30 日第二季度的10-Q 表格中的風險因素。中找到。

We will also be discussing non-GAAP financial measures. These non-GAAP measures are not intended to be superior to or a substitute for 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 GAAP 衡量標準無意優於或取代 GAAP 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中公認的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. 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.

本次電話會議正在錄音，一段時間內將在我們的 IR 網站上提供重播。現在我會把它交給 Adam 和 Matt 做一些開場白。然後我們將由主持人帶我們進行問答。

Thank you all for joining us. We're excited to welcome a growing group of investors this quarter. Before we dive into our strong Q3 results, I want to emphasize the role that our culture plays as a fundamental strength in our business. Recently, in Silicon Valley, much has been said about the importance of founder mode. While I'm a very hands-on founder, I believe that the key to our success lies not only in my hands-on approach, but more importantly, in surrounding myself with a team that shares a similar mindset and drive.

感謝大家加入我們。我們很高興本季迎來越來越多的投資者。在我們深入探討第三季的強勁業績之前，我想先強調我們的文化作為我們業務的基本優勢所發揮的作用。最近，在矽谷，關於創辦人模式的重要性，人們議論紛紛。雖然我是一個非常親力親為的創辦人，但我相信我們成功的關鍵不僅在於我的親力親為，更重要的是，我周圍有一個有著相似心態和動力的團隊。

Here are some defining traits of that mindset. We act like owners, treating the business with personal accountability. We approach each day with urgency and purpose. We have an insatiable desire to learn. We are driven by a relentless pursuit of excellence. We're constantly optimizing for diversity of thought and unity of ambition. We prioritize automation wherever possible. We don't get bogged down in overthinking. Instead, we make decisions and take action, adjusting quickly when needed.

以下是這種心態的一些定義特徵。我們像所有者一樣，以個人責任對待企業。我們以緊迫感和目標來對待每一天。我們有永不滿足的學習慾望。我們不斷追求卓越。我們不斷優化思想的多元性和野心的統一性。我們盡可能優先考慮自動化。我們不會陷入過度思考的泥淖。相反，我們做出決定並採取行動，並在需要時快速調整。

Our managers aren't just managers, they're doers and expected to lead by example. We take pride in our profitability, with our business generating over $1.5 million in run rate adjusted EBITDA per employee, an efficiency we aim to improve. This quarter, I took on oversight of our HR function to ensure our culture thrives as we continue to grow.

我們的經理不只是管理者，他們還是實干家，並期望以身作則。我們對我們的盈利能力感到自豪，我們的業務每名員工的運轉率調整後 EBITDA 超過 150 萬美元，我們的目標是提高效率。本季度，我負責監督我們的人力資源職能，以確保我們的文化隨著我們的不斷發展而蓬勃發展。

Now turning to our quarterly performance. We continue to execute well, expanding our core business and laying the groundwork for its sustained growth. Last quarter, I shared our confidence in achieving 20% to 30% year-over-year growth for the foreseeable future. We continue to expect 4% to 5% quarterly growth through self-learning and market growth, with occasional step changes resulting from enhancements to our AXON algorithm.

現在轉向我們的季度業績。我們繼續良好執行，擴大我們的核心業務，為其持續成長奠定基礎。上個季度，我表示我們對在可預見的未來實現 20% 至 30% 的同比增長充滿信心。我們繼續預計，透過自我學習和市場成長，季度成長率將達到 4% 至 5%，並且我們的 AXON 演算法的增強會導致偶爾的步驟變化。

This quarter, we saw one of those step changes, with meaningful growth driven by advancements to AXON. While we can't predict the timing of these breakthroughs, we are in the early stages of AI software development, both within our company and in the broader industry. We expect ongoing research advancements to continue driving our technology forward.

本季度，我們看到了其中一個重大變化，AXON 的進步推動了有意義的成長。雖然我們無法預測這些突破的時間，但無論是在我們公司內部還是在更廣泛的行業中，我們都處於人工智慧軟體開發的早期階段。我們期望持續的研究進展能夠繼續推動我們的技術向前發展。

While we remain confident in 20% to 30% growth for mobile gaming advertisers alone, we're also exploring new areas, as shown by our recent e-commerce pilot. Early data has exceeded our expectations, with the advertisers in the pilot seeing substantial returns, often surpassing those from other media channels and, in many cases, experiencing nearly 100% incrementality from our traffic.

雖然我們對行動遊戲廣告商的成長 20% 到 30% 仍然充滿信心，但我們也在探索新的領域，正如我們最近的電子商務試點所示。早期數據超出了我們的預期，試點中的廣告商獲得了可觀的回報，通常超過其他媒體管道的回報，並且在許多情況下，我們的流量實現了近 100% 的增量。

We're increasingly confident this vertical will scale significantly in 2025 and become a strong contributor for us over the next year and beyond. To support this, we've streamlined resources and are reallocating talent from other initiatives to our e-commerce go-to-market team. In the next few quarters, we'll launch a self-service platform, opening global opportunities for advertisers of all sizes.

我們越來越有信心，這個垂直領域將在 2025 年大幅擴展，並在明年及以後成為我們的強大貢獻者。為了支持這一目標，我們精簡了資源，並將其他計畫中的人才重新分配給我們的電子商務上市團隊。在接下來的幾個季度中，我們將推出一個自助服務平台，為各種規模的廣告主提供全球機會。

Next, an update on our earnings communication. While we've been issuing quarterly shareholder letters, we believe businesses are built over years, not quarters. And to align with this vision, we will shift to an annual shareholder letter. Financial results and guidance will still be released quarterly, but each year, we'll provide a comprehensive summary of the past year and our plans for the future in the form of an annual shareholder letter.

接下來是我們收益通訊的最新情況。雖然我們一直在發布季度股東信函，但我們相信業務是經過多年而不是幾個季度建立的。為了實現這個願景，我們將轉向年度股東信函。財務業績和指導仍將每季發布一次，但每年，我們都會以年度股東信函的形式提供過去一年的全面總結和未來計劃。

Finally, I'd like to thank our team for their outstanding execution and relentless drive. After 13 years, I'm continually inspired by the passion and excellence that define our company. We're in the early stages of building one of the world's most innovative technology platforms. The future is incredibly bright, and we have the right team to seize every opportunity in front of us.

最後，我要感謝我們的團隊出色的執行力和不懈的努力。 13 年後，我不斷受到我們公司的熱情和卓越的啟發。我們正處於建構世界上最具創新性的技術平台之一的早期階段。未來是非常光明的，我們有合適的團隊來抓住我們面前的每一個機會。

Now I'll hand it off to Matt to run you through the financial details.

現在我將把它交給馬特，讓他向您介紹財務詳細資訊。

Good afternoon. We had another fantastic quarter with total revenue reaching $1.2 billion and adjusted EBITDA of $722 million, achieving a 60% adjusted EBITDA margin. This marks a 39% increase in revenue and a 72% increase in adjusted EBITDA from the same period last year, translating to an impressive 91% flow-through from revenue to adjusted EBITDA.

午安.我們又度過了一個出色的季度，總收入達到 12 億美元，調整後 EBITDA 為 7.22 億美元，調整後 EBITDA 利潤率為 60%。這標誌著與去年同期相比，營收成長了 39%，調整後 EBITDA 成長了 72%，這意味著從營收到調整後 EBITDA 的流量達到了令人印象深刻的 91%。

In the third quarter, we generated $545 million in free cash flow. That's up 182% year-over-year. Quarter-over-quarter, our free cash flow grew 22%, consistent with adjusted EBITDA growth over the same period and representing 76% flow-through from adjusted EBITDA to free cash flow. At the end of the third quarter, we had $568 million in cash and cash equivalents and 335 million shares outstanding.

第三季度，我們產生了 5.45 億美元的自由現金流。較去年同期成長 182%。與上一季相比，我們的自由現金流成長了 22%，與同期調整後 EBITDA 成長一致，佔調整後 EBITDA 流向自由現金流的 76%。截至第三季末，我們擁有 5.68 億美元的現金和現金等價物以及 3.35 億股已發行股票。

During the quarter, improvements in our AXON technology, driven by ongoing self-learning, and enhancements by our engineering team contributed to further growth of our software platform. This segment generated $835 million in revenue and $653 million in adjusted EBITDA, achieving a 78% margin and growing 66% in revenue and 79% in adjusted EBITDA from the same period last year. Quarter-over-quarter flow-through from revenue to adjusted EBITDA was 107%.

本季度，在持續自我學習的推動下，我們 AXON 技術的改進以及我們工程團隊的增強，促進了我們軟體平台的進一步成長。該部門的營收為 8.35 億美元，調整後 EBITDA 為 6.53 億美元，利潤率達 78%，與去年同期相比，營收成長了 66%，調整後 EBITDA 成長了 79%。從營收到調整後 EBITDA 的季度環比流量為 107%。

Our software platform adjusted EBITDA this quarter was positively impacted by several nonrecurring cost benefits associated with the renewal of our Google Cloud contract, PSU vesting in the prior quarter and foreign exchange. On a normalized basis, we estimate our quarter-over-quarter flow-through would be approximately 100%.

我們的軟體平臺本季調整後的 EBITDA 受到與 Google Cloud 合約續約、上一季 PSU 歸屬和外匯相關的多項非經常性成本效益的正面影響。在標準化的基礎上，我們估計季度環比流量約為 100%。

Next quarter, we expect software flow-through to reduce slightly as a result of PSU-related vesting costs and an increase in data center capacity to support future growth. As our core Advertising business now represents substantially all of our software platform revenue and future focus for the company, starting with our next shareholder letter and annual 10-K, we will rename our software platform and associated revenue to Advertising to better align with the nature of this business.

下個季度，由於與 PSU 相關的歸屬成本以及支援未來成長的資料中心容量增加，我們預計軟體流通量將略有減少。由於我們的核心廣告業務現在基本上代表了我們所有的軟體平台收入和公司未來的重點，從我們的下一封股東信和年度10-K 開始，我們將把我們的軟體平台和相關收入重新命名為廣告，以更好地符合性質這項業務的。

Our Apps revenue for the quarter was $363 million, a 1% increase from last year, with $68 million in adjusted EBITDA representing a 19% margin. We continue to expect the Apps business to be stable in the future. We believe a strong capital structure and effective capital allocation plan are crucial to the creation of long-term shareholder value. To that end, we're focused on a few areas.

本季我們的應用營收為 3.63 億美元，比去年成長 1%，調整後 EBITDA 為 6,800 萬美元，利潤率為 19%。我們仍預期應用業務未來將保持穩定。我們相信，強大的資本結構和有效的資本配置計畫對於創造長期股東價值至關重要。為此，我們重點關注幾個領域。

First and foremost, to drive organic growth by recruiting top talent and investing in our technology in the most lean and cost-efficient way possible. Second, to manage our outstanding shares through ongoing repurchases, funded from free cash flow, and prudent equity grants to employees. This quarter, we retired and withheld a total of 5 million shares for a total cost of $437 million.

首先也是最重要的是，透過招募頂尖人才並以最精簡和最具成本效益的方式投資我們的技術來推動有機成長。其次，透過持續回購來管理我們的流通股，資金來源為自由現金流和向員工審慎的股權授予。本季度，我們退休並扣留了總計 500 萬股股票，總成本為 4.37 億美元。

To further our share management efforts, we also received our Board's approval to increase our repurchase authorization by $2 billion, bringing our remaining authorization to a total of $2.3 billion. And third, to build a strong capital foundation with sufficient liquidity to support financial flexibility with a net debt leverage ratio below 2x.

為了進一步加強我們的股票管理工作，我們也獲得了董事會的批准，將回購授權增加 20 億美元，使剩餘授權總額達到 23 億美元。第三，建立堅實的資本基礎和充足的流動性，以支持財務彈性，淨負債槓桿率低於2倍。

Finally, turning to our financial guidance for next quarter. In the fourth quarter of 2024, we anticipate to deliver between $1.24 billion and $1.26 billion in revenue, with adjusted EBITDA between $740 million and $760 million, targeting an adjusted EBITDA margin of 60%.

最後，轉向我們下個季度的財務指引。 2024 年第四季度，我們預計實現 12.4 億美元至 12.6 億美元的收入，調整後 EBITDA 7.4 億美元至 7.6 億美元之間，調整後 EBITDA 利潤率目標為 60%。

Now with that, let's move to Q&A.

現在，讓我們進入問答環節。

(Operator Instructions)

（操作員說明）

Clark Lampen, BTIG.

克拉克·蘭彭，BTIG。

Hey, can you guys hear me all right?

嘿，你們聽得到我說話嗎？

We can hear you. We can't see you. Well.

我們能聽到你的聲音。我們看不到你。出色地。

Okay. Sorry, having some tech issues tonight, which is something that you guys, based on these quarter's results, you're completely unfamiliar with. I just wanted to, if I could, I wanted to unpack 3Q performance a little bit.

好的。抱歉，今晚有一些技術問題，根據本季的結果，你們完全不熟悉這些問題。我只是想，如果可以的話，我想稍微釋放一下 3Q 的效能。

Adam, at the risk of asking kind of an obvious and dumb question, I would assume that while e-commerce is in pilot phase, there's really very little revenue contribution. Is that right? And then, if so, for the existing gaming and nongaming businesses, was one a bigger contributor this quarter? Meaning, was one more responsive, I guess, to the performance improvements that you delivered?

亞當，冒著問一個明顯而愚蠢的問題的風險，我認為雖然電子商務處於試點階段，但收入貢獻確實很小。是這樣嗎？那麼，如果是這樣，對於現有的遊戲和非遊戲業務來說，本季是否有一個更大的貢獻者？我想，這意味著，您是否對您提供的效能改進做出了更積極的回應？

And then, Matt, I'll just ask, amidst my tech difficulties, the second question and then get out of the way here. The capacity increase that you took down this quarter, is it possible to contextualize for us how big the cluster expansion was? And was this earlier than you expected also?

然後，馬特，我會在技術困難的情況下問第二個問題，然後就離開這裡。您本季取消的容量成長，是否可以為我們介紹一下叢集擴充的規模有多大？這也比你預期的早嗎？

Yes. So e-commerce is still in pilot, as we touched on last quarter. I'll say, before jumping into impact this quarter, it's the -- it's a super compelling product. Our team has done an amazing job building it. In all my years, it's the best product I've ever seen released by us, fastest growing, but it's still in pilot. So compared to the scale of our business inside gaming, it's too early for e-commerce to make a financial impact that's material.

是的。因此，正如我們上季度提到的那樣，電子商務仍處於試點階段。我想說的是，在本季產生影響之前，它是一款非常引人注目的產品。我們的團隊在建立它方面做得非常出色。在我這些年裡，這是我見過的我們發布的最好的產品，成長最快，但它仍處於試點階段。因此，與我們在遊戲領域的業務規模相比，電子商務要產生實質的財務影響還為時過早。

The step-up this quarter was entirely on the gaming side, which, obviously, is the vast majority of our advertising business today. We've talked for multiple quarters now about how there's a long runway in gaming. The gaming category has a need for more UA dollars spent, but it's constrained by the return on ad spend goals of the advertisers and the technology capabilities that a platform like us has today.

本季的成長完全是在遊戲方面，顯然，這是我們今天廣告業務的絕大多數。我們已經討論了多個季度關於遊戲領域如何發展的問題。遊戲類別需要花費更多的用戶獲取資金，但它受到廣告商的廣告支出目標回報以及像我們這樣的平台今天擁有的技術能力的限制。

Now our technology continues to improve. We've got a long road map of enhancements that we can deliver to this platform because, like I said in the talk script, these AI technologies are just really, really early in existence, both internally and externally. And all research advancements are going to let us really expand the business inside the gaming category. E-commerce, on the other hand, is looking so strong that it's something that we think will be impactful to the business financially '25 and then for the long term.

現在我們的技術不斷在改進。我們已經制定了一個可以向這個平台提供增強功能的漫長路線圖，因為就像我在演講腳本中所說的那樣，這些人工智慧技術無論在內部還是外部都非常非常早地存在。所有研究進展都將使我們真正擴大遊戲類別內的業務。另一方面，電子商務看起來非常強勁，我們認為這將對 25 年以及之後的長期業務產生影響。

And in terms of the Google Cloud question, Clark, you asked, so the renewal of our contract was slightly earlier than the planned renewal, but that was for us to really get capacity to support future growth. So we signed up the contract and renewed in advance of kind of the normal timing of the end of that contract. But that was because we've had such fantastic success with the software platform, thus far, and we wanted to continue to support that growth over the next couple of years.

至於谷歌雲端的問題，克拉克，你問，所以我們的合約續約比計畫的續約要早一些，但這是為了我們真正獲得支持未來成長的能力。因此，我們簽署了合同，並在合約結束的正常時間之前續約了。但那是因為到目前為止，我們的軟體平台已經取得了巨大的成功，我們希望在未來幾年繼續支持這種成長。

Yes. The only thing I'd add there, too, is Google has been a great partner for us on the cloud side. They've gotten us the compute that we need. We've got one of the largest GPU deployments in the world at this point, and we like to invest ahead of our needs so that we can continue to build more complicated models that will help the business scale. So when we make these investments, we're investing in infrastructure that is quarters ahead of where we are today in terms of consumption.

是的。我唯一要補充的是，谷歌一直是我們在雲端方面的出色合作夥伴。他們為我們提供了所需的計算能力。目前，我們擁有世界上最大的 GPU 部署之一，我們希望在需求之前進行投資，以便我們可以繼續建立更複雜的模型，從而幫助業務擴展。因此，當我們進行這些投資時，我們投資的基礎設施比我們今天的消費水準領先幾季。

Jason Bazinet, City.

賈森·巴齊內特，城市。

It's exciting to hear that you're excited about your e-commerce pilot. I just had one question. As investors sort of think about the ramp of that business, is there anything about it that could ramp more slowly even if you're more excited about the efficacy of the product? And I'm thinking specifically about your brand just not being known in e-commerce circles and maybe you have to spend marketing dollars or hire a sales team or something that's just different than the brand name you have within the gaming ecosystem that could make it ramp more slowly, even though it might be a better product or as good of a product. Thanks.

聽到您對電子商務試點感到興奮，我很興奮。我只有一個問題。當投資者考慮該業務的成長時，即使您對該產品的功效更加興奮，是否有任何事情可以使其成長速度更慢？我正在特別考慮您的品牌在電子商務圈中並不為人所知，也許您必須花費行銷資金或僱用銷售團隊或與您在遊戲生態系統中擁有的品牌名稱不同的東西才能使其成功儘管它可能是更好的產品或同樣好的產品，但升級速度會更慢。謝謝。

Good to see you, Jason. So look, e-commerce is a new category for us. So we do need brand awareness. That's a given. But our products are really good. And the key to when we started the business and doing so well in gaming is we took a really long-term approach. We said we're going to build a product that's so good that advertisers have to have it. We're not going to invest heavily in sales, and we're going to organically grow over the years. And we've done that.

很高興見到你，傑森。所以看，電子商務對我們來說是一個新類別。所以我們確實需要品牌知名度。這是既定的。但我們的產品確實很好。我們開始業務並在遊戲領域取得如此出色的成績的關鍵是我們採取了真正的長期策略。我們說過我們要打造一款好到廣告主必須擁有的產品。我們不會在銷售方面投入大量資金，我們將在未來幾年內實現有機成長。我們已經做到了。

And you can look at the trajectory of the company since we've been public, but even if you backdate it to when we started, every year, we've gotten bigger and gotten more penetration into the gaming category and done it organically. So when we look at e-commerce, we're not in any sort of rush. Now that said, if you check even Twitter today, there's tons of noise from e-commerce brands saying, in our pilot, they're seeing as much scale and a strong ROAS as they're seeing anywhere in the world today on their user acquisition buys.

你可以看看公司自上市以來的發展軌跡，但即使你回溯到我們成立時，每年我們都會變得更大，對遊戲類別的滲透率也越來越高，並且有機地做到了這一點。因此，當我們看待電子商務時，我們並不著急。也就是說，如果你今天查看 Twitter，你會發現來自電子商務品牌的大量噪音說，在我們的試點中，他們在用戶身上看到了與當今世界任何地方一樣大的規模和強勁的 ROAS收購購買。

So when you have that kind of performance, you're delivering an automated return on ad spend model approach to a very large, fragmented category, like e-commerce, that desperately needs another marketing channel after having so many promises in the past that haven't panned out. It's something that's probably going to get a lot of noise and be very attractive to the other side very quickly.

因此，當你擁有這種表現時，你就可以為一個非常大的、分散的類別（例如電子商務）提供自動的廣告支出回報模型方法，在過去做出瞭如此多的承諾之後，該類別迫切需要另一個行銷管道。這可能會引起很大的轟動，並且很快就會對對方產生很大的吸引力。

Thank you.

謝謝。

Matthew cost, Morgan Stanley.

馬修‧科斯特，摩根士丹利。

Great. Thanks for taking the questions. I guess the first one is just on that e-commerce pilot. Sorry, can you guys hear me?

偉大的。感謝您提出問題。我想第一個就是電子商務試點。抱歉，你們聽得到我說話嗎？

We can hear you.

我們能聽到你的聲音。

Okay, sorry. Yes. So the question is just on that e-commerce pilot. I guess, given that you're, based on the results of the pilot, successfully expanding into other verticals and using AXON and the data available to you to target other types of advertising outside of gaming, do you have any reason to believe or any doubt about the ability to expand the model to cover other verticals other than just e-commerce? Because it seems like, given the size of the audience and just the amount of data that you have to observe, it shouldn't necessarily just be limited to e-commerce. If you can move beyond gaming, do you believe you can move to other verticals? And I have one follow-up.

好吧，抱歉。是的。所以問題就在於電子商務試點。我想，鑑於您根據試點結果成功擴展到其他垂直領域，並使用 AXON 和您可用的數據來定位遊戲之外的其他類型的廣告，您是否有任何理由相信或有任何理由相信？將此模式擴展到電子商務以外的其他垂直領域？因為看起來，鑑於受眾的規模以及您必須觀察的數據量，它不一定僅限於電子商務。如果你可以超越遊戲，你相信你可以進入其他垂直領域嗎？我還有一個後續行動。

Yes, great question. 10 years from now, we think every advertiser that has a transactional model, whether it's collecting an e-mail address for a newsletter or a local pizza shop or an e-commerce brand or a gambling brand or a gaming brand or anything across any category, can buy on our platform and do it at scale. So there's no limitation to the power of the math and the technology that we've written.

是的，很好的問題。十年後，我們認為每個廣告商都會有一個交易模式，無論是收集時事通訊的電子郵件地址、當地的披薩店、電子商務品牌、賭博品牌、遊戲品牌或任何類別的任何東西，可以在我們的平台上購買並大規模進行。因此，我們所寫的數學和技術的力量是無限的。

But the only limitation, the only reason why we referenced it as e-commerce today is the go-to-market. We do want to be thoughtful about how we penetrate new categories. But even inside e-commerce, we're not approaching it as we're only going to go to fashion and then we're going to go to beauty. We're approaching it as we're going to go to the entirety of e-commerce, and then we're going to go to the entirety of the rest of the categories of advertising that matter. And then hopefully, we're going to go to the whole world of transactional businesses over time.

但唯一的限制，我們今天稱之為電子商務的唯一原因是進入市場。我們確實想考慮如何滲透新類別。但即使在電子商務領域，我們也不會接近它，因為我們只會進入時尚領域，然後進入美容領域。我們正在接近它，因為我們將進入整個電子商務，然後我們將進入所有其他重要的廣告類別。希望隨著時間的推移，我們將進入交易業務的整個世界。

Great, thanks. And then, Matt, I just want to revisit, and you talked a little bit about this in the prepared remarks, capital allocation. So the Board made a big increase to the buyback authorization this quarter. The stock, I think, after market is up 450% year-to-date. Has that impacted your opinion of the attractiveness of buying back stock? And there's been some speculation in the press about a small M&A deal out there. Is M&A something that's on your guys' mind on the advertising side? Or do you have what you need?

太好了，謝謝。然後，馬特，我想回顧一下，你在準備好的演講中談到了這一點，即資本配置。因此，董事會在本季大幅增加了回購授權。我認為該股今年迄今已上漲 450%。這是否影響了您對回購股票吸引力的看法？媒體對一項小型併購交易進行了一些猜測。你們在廣告上考慮的是併購嗎？或是你有你需要的東西嗎？

Yes. Maybe I'll do answer those in inverse order, Matt. So on the M&As front, we've been pretty consistent in communicating that our focus is really on growing the organic business. And we have no plans, right, to do any M&A at this point on the advertising side of the business. And obviously, we've communicated in the past about the Apps business that we've optimized that for profitability, and we're comfortable in divesting that business if the opportunity arises.

是的。也許我會以相反的順序回答這些問題，馬特。因此，在併購方面，我們一直非常一致地表示，我們的重點實際上是發展有機業務。目前我們還沒有計劃在廣告業務方面進行任何併購。顯然，我們過去曾就應用業務進行過溝通，我們已對其進行了優化以提高盈利能力，如果有機會，我們很樂意剝離該業務。

In terms of the buyback, really, the stock price increase has no impact on our decision to continue to buy back our own shares. If we look at the company's long-term trajectory and our goal in the future of growing the business 20% to 30% plus, we still feel like our stock is a great investment for shareholders.

就回購而言，確實，股價上漲對我們繼續回購自己股票的決定沒有影響。如果我們看看公司的長期發展軌跡以及未來業務成長 20% 至 30% 以上的目標，我們仍然認為我們的股票對股東來說是一項很好的投資。

Okay, thank you.

好的，謝謝。

Omar Dasuki, Bank of America.

奧馬爾·達蘇基，美國銀行。

Okay, thank you. Guys, I wanted to ask whether the timing of your e-commerce solution for general availability has, has shifted at all. You know, since the last earnings call. And also if, if you could update us on your thoughts about you go to market partners, If there's any more specificity you could give on that, that would be great. And then I have a follow up which is more of an educational question for new investors.

好的，謝謝。夥計們，我想問你們的電子商務解決方案的普遍可用性的時間是否已經改變了。你知道，自從上次財報電話會議。另外，如果您可以向我們介紹您對市場合作夥伴的最新想法，如果您可以對此提供更多具體信息，那就太好了。然後我有一個後續問題，這對新投資者來說更像是教育問題。

All right. Great to see you, Omar. Good questions. So timing-wise, we're still on track. We're approaching it the same way as we always have. In pilot, we look at it as what we define as a pilot is what our people on the business team, which we run pretty lean, as you know, can handle in terms of onboarding and really working with the advertiser closely to scale. General availability to us is a self-service state, where advertisers of all types can just come into the platform and start marketing. And so that's some point next year, as we've touched on before.

好的。很高興見到你，奧馬爾。好問題。所以從時間上來說，我們仍然在正軌上。我們一如既往地以同樣的方式處理這個問題。在試點中，我們將其視為我們對試點的定義，正如您所知，我們業務團隊的人員可以處理入職並真正與廣告商密切合作以擴大規模。對我們來說，一般可用性是一種自助服務狀態，所有類型的廣告商都可以進入該平台並開始行銷。正如我們之前提到的，這就是明年的某個時刻。

The one thing I'll say in terms of partners, we haven't disclosed any partners, but I referenced this a couple of seconds ago. If you search Twitter, you're going to start seeing more and more noise because the customers are seeing a lot of success, and we're not going to be able to stop social media from talking about the successes that they're having on our platform. So that's the way you can really decipher which customers, how are they performing and then what else is out there.

關於合作夥伴，我要說的一件事是，我們還沒有透露任何合作夥伴，但我幾秒鐘前提到了這一點。如果你搜尋 Twitter，你會開始看到越來越多的噪音，因為客戶看到了很多成功，而我們無法阻止社群媒體談論他們所取得的成功我們的平台。這樣您就可以真正了解哪些客戶、他們的表現如何以及還有哪些客戶。

Awesome. And so just one more like educational question. Now the market cap of your stock has gone up much higher and is a lot closer and has eclipsed some online advertising. And advertising and ad tech stocks that have been widely followed by investors for a long time, some of them are in the open web. And I was wondering if you could explain what are some aspects of the DSP ecosystem that you're in that lend itself to an arbitrage model, which is what I understand how it's run, as opposed to a percentage of gross ad spend model, like we see in open web DSPs.

驚人的。還有一個類似教育的問題。現在，您的股票市值已經上漲了很多，並且更加接近，並且已經超過了一些在線廣告。長期以來受到投資者廣泛關注的廣告和廣告科技股票，其中一些是在公開網路上的。我想知道您是否可以解釋一下您所在的 DSP 生態系統的哪些方面適合套利模型，這就是我所理解的套利模型的運作方式，而不是總廣告支出模型的百分比，例如我們在開放網路DSP 中觀看到了這一點。

Yeah, I guess, more specifically, you're referencing Trade Desk versus our business models. So like, it's just two different approaches to the market. They've targeted the big agencies and taken a very smart Software-as-a-Service type of approach. And we've targeted brands and direct-to-consumer and e-commerce, gaming, game developers on the gaming side. And what these companies care about is not the media dollars or percentage markup. They care about optimization and automated advertising to a revenue goal.

是的，我想，更具體地說，您指的是 Trade Desk 與我們的商業模式。就像，這只是進入市場的兩種不同方法。他們瞄準了大型機構，並採取了非常聰明的軟體即服務類型的方法。我們的目標是品牌、直接面向消費者、電子商務、遊戲、遊戲方面的遊戲開發商。這些公司關心的不是媒體費用或百分比加價。他們關心優化和自動廣告以實現收入目標。

And that's really like what our system is predicated on is that. We take all the risk on the media side. We have to deliver really compelling performance on the technology side. And I guess, like what's most exciting for me on what we've built and where we are in terms of, like you said, market cap and scale as a business today is we're on top of 1.4 billion daily actives. So it's really easy to forget the scale of the audience reach that we have on our platform.

這確實就像是我們的系統所依據的。我們承擔媒體方面的所有風險。我們必須在技術方面提供真正引人注目的性能。我想，對我來說最令人興奮的是我們所建立的東西以及我們目前的市值和規模，就像您所說的那樣，我們今天的每日活躍量達到了 14 億。因此，我們很容易忘記我們平台上的受眾範圍。

We've got the largest mediation solution in the sector, and our teams built maybe the most innovative advertising technology that the world has yet seen. And we're now scaling it out. And so if you sort of just fast forward over the quarters and the years from here, we're going to be able to service tens of thousands to hundreds of thousands to millions of advertisers on our platform to access this audience that they had never accessed before.

我們擁有該領域最大的中介解決方案，我們的團隊建立了可能是世界上迄今為止最具創新性的廣告技術。我們現在正在擴大規模。因此，如果你從現在開始快轉幾個季度和幾年，我們將能夠在我們的平台上為數萬、數十萬甚至數百萬廣告商提供服務，以接觸到他們從未接觸過的受眾前。

And now mobile devices, if you think about the four hours to five hours a day of time spent, this is a 45-minute component of that four hours that is untapped for most of these advertisers. Our technology can now unlock it for them, and this was never possible historically on any platform. So it gives us a lot of excitement that not only are we performing today, we've got a long runway to expand this platform and become one of the strongest companies the world has seen.

現在，如果您考慮一下行動裝置每天花費的四到五個小時的時間，那麼這四個小時中的 45 分鐘是大多數廣告商尚未利用的部分。我們的技術現在可以為他們解鎖，這在歷史上在任何平台上都是不可能的。因此，這讓我們非常興奮，我們不僅今天表現出色，而且還有很長的路要走，可以擴展這個平台並成為世界上最強大的公司之一。

Thanks a lot, Adam, appreciate it.

非常感謝，亞當，非常感謝。

Chris Kuntarich, UBS.

克里斯·昆塔里奇，瑞銀集團。

Great. Thanks for taking the question. Maybe another one here on e-commerce. Adam, I think you had said on 2025, we should be starting to see a material contribution. We've been getting a lot of questions from investors. Just kind of how to be thinking about material and just any tighter of a time frame you could maybe help us understand? I know 1Q is seasonally weak for e-commerce, but could it be as soon as 1Q that we start to see a contribution from that business?

偉大的。感謝您提出問題。也許這是關於電子商務的另一篇文章。 Adam，我想你曾說過，到 2025 年，我們應該開始看到物質貢獻。我們收到了許多投資者的問題。只是如何考慮材料以及更嚴格的時間框架，您可以幫助我們理解嗎？我知道第一季電子商務的季節性疲軟，但我們是否可以從第一季開始看到該業務的貢獻？

Like we've said, we're confident in the 20% to 30% in gaming alone. This is sort of additive. I also just said it's the fastest-growing product I've ever seen. So it looks really good. Now if we were scaled in e-commerce, we'd have seasonality in the business. We don't today really have seasonality in the business. When you're in pilot, you're talking about tens to hundreds total shops. And so we're really just early stages here, but the performance is really strong.

正如我們所說，我們對遊戲領域的 20% 到 30% 充滿信心。這是一種添加劑。我還剛剛說過，這是我見過的成長最快的產品。所以看起來真的很好。現在，如果我們擴大電子商務規模，我們的業務就會出現季節性。我們現在的業務並沒有真正的季節性。當您處於試點階段時，您談論的是數十到數百家商店。所以我們確實還處於早期階段，但表現非常強勁。

So it's hard for us to predict how quickly it can ramp. And I do like to remind people that when you have a scaled business, I think, run rate-wise, now $3.3 billion or so on this advertising business, that's really a lot of net revenue that we're reporting, gross it up to total ad dollars on the platform.

因此我們很難預測它的成長速度。我確實想提醒人們，當你擁有規模化的業務時，我認為，就運行率而言，現在廣告業務的收入約為 33 億美元，這確實是我們報告的大量淨收入，總計可達平台上的總廣告費用。

And for e-commerce to really drive material impact, and let's define that by 10% plus, is going to take some time to ramp up to. But we've never seen anything that looks like this in terms of strength in market. And so if it does scale the way we think it will, it's going to make an impact in '25.

電子商務要真正推動實質影響（我們將其定義為 10% 以上），需要一些時間才能達到。但就市場實力而言，我們從未見過這樣的事。因此，如果它確實按照我們想像的方式擴展，它將在 25 年產生影響。

Got it. Very helpful. And maybe just one more. Shifting over to the licensing side. You've had this partnership with the Flip app. Curious kind of what those learnings have been and kind of what that has influenced either from your e-commerce road map or how you think about potentially licensing AXON 2.0 out to other platforms?

知道了。非常有幫助。也許還有一個。轉向許可方面。您已經與 Flip 應用程式建立了合作關係。好奇這些經驗是什麼，以及它們對您的電子商務路線圖或您如何考慮將 AXON 2.0 授權給其他平台的潛在影響？

Yeah, We talked about AXON licensing a couple of quarters ago. It's still something that we're working on. But in all fairness to that product, it's sort of longer-term focus, not short-term focus. We're all hands on deck, both on the business side and the engineering side on scaling out what we think is this e-commerce scale-out, and then broader than that, as I touched on to Matt's question a second ago.

是的，幾個季度前我們討論過 AXON 許可。這仍然是我們正在努力的事情。但平心而論，該產品是長期關注，而不是短期關注。我們在業務方面和工程方面都全力以赴，以擴展我們認為的電子商務擴展，然後擴展到更廣泛的範圍，正如我剛才談到馬特的問題一樣。

So that's so just compelling that it's taken all of our resources now, and we're trying to speed it up as much as we can with the resources we have available. That doesn't mean we're not excited about AXON licensing. It just means that that's going to come secondary to the opportunity in front of us on the other side.

因此，這非常引人注目，以至於它現在佔用了我們所有的資源，我們正在嘗試利用我們現有的資源來盡可能加快它的速度。這並不意味著我們對 AXON 許可不感興趣。這只是意味著，與我們面前的機會相比，這將是次要的。

Great. Thanks.

偉大的。謝謝。

James Heaney, Jeffries.

詹姆斯·希尼，杰弗里斯。

Great. Thanks for the question. Based on the revenue guidance for Q4, it would imply you're, at the very least, going to enter 2025 growing Software Platform well above the 20% to 30% growth range that you've provided. Is there just any update you can share just in terms of how we should think about growth in 2025? Thank you.

偉大的。謝謝你的提問。根據第四季度的收入指導，這意味著您至少將進入 2025 年成長的軟體平台，其成長幅度遠高於您提供的 20% 到 30% 的成長範圍。關於我們應該如何看待 2025 年的成長，您是否有任何更新可以分享？謝謝。

We don't provide long-term guidance, James, on an annual basis. So I mean the 20% to 30% was just kind of a -- it was a directional goal for the company. And we do think that as we drive directed model enhancements, we could get more than that. And as Adam mentioned before, that 20% to 30% is also only including the existing mobile gaming opportunity. And so any additional opportunity that we could -- that we see within e-commerce would be additive to that in the future.

詹姆斯，我們不會每年提供長期指導。所以我的意思是 20% 到 30% 只是一種——這是公司的一個方向性目標。我們確實認為，當我們推動定向模型增強時，我們可以獲得的不僅僅是這些。正如 Adam 之前提到的，這 20% 到 30% 也只包括現有的手機遊戲機會。因此，我們在電子商務中看到的任何額外機會都將在未來增加。

And I think what we've told you all consistently is that 20% is based on just being in the market in gaming, and then it goes up from there. And we can't predict these model enhancements. These are research lifts that the team delivers to the technology that is based on either internal research or external research that's applicable to our tech stack. So when you have that, it's not predictable, but it's very impactful.

我認為我們一直告訴大家的是，20% 是基於進入遊戲市場，然後從那裡開始上升。我們無法預測這些模型的增強。這些是團隊為技術提供的研究提升，這些技術是基於適用於我們技術堆疊的內部研究或外部研究。所以當你擁有它時，它是不可預測的，但它是非常有影響力的。

And so when I talked about it last quarter, I said, you get to 30% if you get one of those. Well, we've had multiple of those this year. So obviously, the growth rate is over 30%, right? So there is no constraint on demand. There's no constraint on interest from our advertisers. If we're able to continuously improve the technology over the years faster than one material enhancement a year, then the growth rate is going to be higher than 30%.

因此，當我上個季度談到這個問題時，我說，如果你得到其中之一，你就可以達到 30%。嗯，今年我們已經經歷過很多這樣的事情了。很明顯，成長率超過30%，對嗎？所以需求沒有限制。我們的廣告商的興趣不受限制。如果我們能夠多年來不斷改進技術，速度比每年一次材料改進的速度更快，那麼成長率將高於 30%。

Great. And then maybe just one more. We heard Meta call out that they have over 1 million advertisers using gen AI for creative. And I'm just curious if you could talk maybe more about the timeline for potentially using gen AI features across more of your products, and then just any of the benefits that you could see over time.

偉大的。然後也許還有一個。我們聽到 Meta 說他們有超過 100 萬廣告商使用 gen AI 進行創意。我只是好奇您是否可以更多地談論在您的更多產品中可能使用人工智慧功能的時間表，以及隨著時間的推移您可以看到的任何好處。

It's absolutely on our road map. It's super exciting. You can imagine, today, we serve static advertisements to all this audience of 1.4 billion. Over time, you'd imagine that the ad creative can become personalized and that would have a material lift to our business.

這絕對在我們的路線圖上。太令人興奮了。您可以想像，今天我們向所有 14 億受眾提供靜態廣告。隨著時間的推移，您會想像廣告創意可以變得個人化，這將對我們的業務產生實質的提升。

But we can't time it for you, nor can we size it because it's in our road map, but it's not in the immediate future. But it's something that we think is going to be very impactful. And probably all advertising businesses are going to see a substantial response rate lift to the advertisements as that content gets personalized.

但我們無法為您安排時間，也無法確定其規模，因為它在我們的路線圖中，但不是在不久的將來。但我們認為這將是非常有影響力的事情。隨著內容變得個人化，所有廣告業務可能都會看到廣告的回應率大幅提升。

Great. Thank you.

偉大的。謝謝。

Alec Brando, Wells Fargo.

亞歷克白蘭度，富國銀行。

Hey, thanks so much for the question. Can you hear me okay? So a lot of questions on the call tonight about kind of expanding the business into e-commerce and potentially beyond e-commerce from a demand perspective. I was hoping to get your thoughts on potentially expanding supply. My understanding is that almost all of the ads are served in the mobile games ecosystem today.

嘿，非常感謝你的提問。你聽得到我說話嗎？因此，今晚的電話會議上有很多關於將業務擴展到電子商務的問題，從需求的角度來看，可能會超出電子商務範圍。我希望了解您對可能擴大供應的想法。我的理解是，現在幾乎所有的廣告都是在手機遊戲生態系統中投放的。

Obviously, there's a lot of ad supply outside of mobile games, and there's ways to tap into it programmatically. So as you expand demand outside of mobile games, how do you think about potentially expanding your supply outside of mobile games?

顯然，手機遊戲之外還有大量的廣告供應，並且有多種方法可以透過程式設計方式利用它。因此，當您擴大手機遊戲以外的需求時，您如何考慮擴大手機遊戲以外的供應？

Yes, it's definitely another growth vector. So I think of it on my last earnings call as the last bullet of the growth vectors I laid out in my talk track. And so supply expansion is something that's important to us. Right now, supply isn't our constraint. We think there's a lot of room to improve the way we monetize the 1.4 billion daily actives. But we did buy Wurl to tap into CTV. That's an immense amount of supply.

是的，這絕對是另一個成長載體。因此，我在上次財報電話會議上將其視為我在談話中提出的成長向量的最後一個要點。因此，擴大供應對我們來說很重要。目前，供應不是我們的限制。我們認為，我們透過 14 億每日活躍活動獲利的方式還有很大的進步空間。但我們確實收購了 Wurl 來進軍 CTV。這是一個巨大的供應量。

That category today still doesn't have a really strong performance marketing platform, helping brands reach that audience through television in a very measurable way. So you can imagine that's appealing to us. And then you can just go out from there. So if we fast forward 5 years from now, we're certainly going to have more supply reach than just the mobile gaming side.

如今，該類別仍然沒有真正強大的效果行銷平台，無法幫助品牌以非常可衡量的方式透過電視吸引受眾。所以你可以想像這對我們很有吸引力。然後你就可以從那裡出去了。因此，如果我們從現在起快進 5 年後，我們肯定會擁有比行動遊戲方面更多的供應範圍。

Perfect. Thank you so much.

完美的。太感謝了。

Mo Khallouf, HSBC.

莫·哈盧夫，匯豐銀行。

Congrats on your strong results. Just a quick one for me. In terms of the growth you're doing, obviously, it's phenomenal. But when we look at the mobile gaming market in terms of revenues or UA spend, the whole mobile market, it's well behind that. So I'm just wondering, is it market share gains that's driving a lot of your growth? And can you continue to do that in terms of where you're positioned in the market?

恭喜您取得優異成績。對我來說只是一個快速的。就您正在做的增長而言，顯然這是驚人的。但當我們從收入或用戶獲取支出的角度來看行動遊戲市場時，整個行動市場卻遠遠落後於此。所以我只是想知道，市場佔有率的成長是否推動了你們的成長？就您在市場中的定位而言，您能繼續這樣做嗎？

Look, we're really big in gaming at this point. So it can't be market share gains because there's not a whole lot to go take. We've created a bigger market. So we've talked about this. And I think there's been some really good research that's been put out, too, that shows this category is now accelerating its growth rate, driven by user acquisition.

看，我們現在在遊戲領域真的很強大。因此，這不可能是市場佔有率的成長，因為沒有太多的東西可以取得。我們創造了一個更大的市場。所以我們已經討論過這個了。我認為也有一些非常好的研究表明，在用戶獲取的推動下，這個類別現在正在加速其成長速度。

That's what drives the growth in mobile gaming. There's not new device growth. There's not a new audience. The audience that we have is very stable. That these advertisers have a really deep and strong need for more user acquisition, that's what drives their revenue. And nobody discloses what that user acquisition amount is. But as our platform has been getting better and better, it unlocks more dollars.

這就是推動行動遊戲成長的原因。新設備沒有成長。沒有新的觀眾。我們的觀眾非常穩定。這些廣告商對獲取更多用戶有著深刻而強烈的需求，這就是他們收入的成長動力。沒有人透露用戶獲取量是多少。但隨著我們的平台變得越來越好，它釋放了更多的資金。

They don't go, I can double my spend on Applovin within my arbitrage goals, and then I'm going to go take from these other channels. They go, like, I can double my spend on Applovin and keep spending on these other channels to expand my business and grow it faster. And so that's what you're seeing. And what you'll end up seeing over time is that the growth rates and the mobile gaming TAM will return to a pretty healthy clip so long as our platform continues to improve given we're the largest in the sector.

他們不去，我可以在我的套利目標內將我在 Applovin 上的支出加倍，然後我將從其他管道獲取。他們說，我可以將在 Applovin 上的支出增加一倍，並繼續在其他管道上支出，以擴大我的業務並使其增長得更快。這就是你所看到的。隨著時間的推移，您最終會看到的是，鑑於我們是該行業中最大的平台，只要我們的平台繼續改進，成長率和行動遊戲 TAM 就會恢復到相當健康的水平。

Vasily Karasyov, Cannonball.

瓦西里‧卡拉瑟夫，《砲彈》。

Thank you. Good afternoon. Adam, you spoke a couple of quarters ago about the fact that AXON 2.0 is so good that you could put the open code out, and you don't think that there would be competitors who would be able to catch up with you, right? So can you help us understand this e-commerce opportunity?

謝謝。午安. Adam，幾個季度前您曾談到 AXON 2.0 非常好，您可以將開放代碼發佈出來，您認為不會有競爭對手能夠趕上您，對吧？那麼您能幫助我們了解這個電子商務機會嗎？

Is it just taking AXON 2.0 as it is and just making minor tweaks so that it just selects for targeted potential e-commerce customers? Or is it a big overhaul? And then how much of an advantage will you be able to take from the gaming and take it to e-commerce? And who -- if you can, whom will you be competing against? Who is currently taking up those budgets?

是否只是照原樣使用 A​​XON 2.0 並進行一些細微的調整，以便它只選擇目標潛在的電子商務客戶？或者說是一次大修？那麼你能從遊戲中獲得多少優勢並將其帶入電子商務？如果可以的話，你將與誰競爭？目前誰在使用這些預算？

So it's a bunch of questions in there. So starting with like competition. I don't think, to date, anyone has delivered a solution inside mobile games for categories outside of gaming. And so we're going into greenfield. And what's exciting about these shops, and I said this on my talk track, when they're marketing on our platform today, this is a new audience.

所以裡面有很多問題。所以從類似的競爭開始。我認為，迄今為止，還沒有任何人在手機遊戲內部為遊戲以外的類別提供解決方案。所以我們即將進入新領域。這些商店的令人興奮的地方是，我在談話中說過，當他們今天在我們的平台上進行行銷時，這是一個新的受眾。

They're not otherwise able to reach this audience in that moment in time. So when we're able to show an ad for them and do it precisely and measure it all, there's an immense amount of incremental value for them from that advertisement. So it's a really strong solution for them.

否則他們無法在那一刻及時接觸到這些觀眾。因此，當我們能夠為他們展示廣告並精確執行並衡量這一切時，他們就會從該廣告中獲得巨大的增量價值。所以這對他們來說是一個非常強大的解決方案。

So it will continue to make our platform able to monetize that audience better, which is going to be a huge boon for our business and very healthy for the publisher as well, who will generate more dollars from their users, but also get more diversity of content to their users. And in this case, if you're a game publisher, an e-commerce ad is not for someone who is building another game, it's for something that is completely different than your product. So it's a great win-win for all parties involved.

因此，它將繼續使我們的平台能夠更好地透過受眾貨幣化，這對我們的業務來說是一個巨大的福音，對出版商來說也非常健康，他們將從用戶那裡獲得更多的收入，同時也獲得更多的多樣性。在這種情況下，如果您是遊戲發行商，則電子商務廣告不是針對正在建立其他遊戲的人，而是針對與您的產品完全不同的東西。因此，這對所有相關方來說都是一個巨大的雙贏。

On the technology side, I never like to talk about complexities of technology. I certainly wouldn't say anything we do is simple. I don't think a lot of people in the world, I mean, maybe hundreds, max, engineers understand how to build these types of platforms. We've seen very few, only a handful of software implementations that are compelling at scale inside what we're calling these AI technologies, and we're one of those.

在技​​術方面，我從來不喜歡談論技術的複雜性。我當然不會說我們所做的任何事情都很簡單。我認為世界上沒有很多人，我的意思是，最多可能有數百名工程師了解如何建立這些類型的平台。我們看到的軟體實作非常少，只有少數在我們所說的人工智慧技術中具有大規模的吸引力，而我們就是其中之一。

And our engineers are building really complicated technologies that can do a lot more than just the first implementation did, which was drive performance marketing to gaming. So we think there's going to be a lot of expansion opportunity over time. The technology platform is really powerful, and math is not limited to categories. So there's going to be, I think, years of growth ahead of us.

我們的工程師正在建立非常複雜的技術，這些技術可以比第一次實施做更多的事情，這推動了遊戲的績效行銷。因此，我們認為隨著時間的推移，將會有許多擴張機會。技術平台真的很強大，數學不限於類別。因此，我認為我們還將面臨數年的成長。

Martin Yang, OppCo.

馬丁楊，OppCo.

Thank you. I have twoquestions, one on gaming, another on e-commerce. On gaming, do you think your customers are responding pretty consistently to step-up in AXON 2.0's performance? Is there certain customers that will ramp up spending faster than the others?

謝謝。我有兩個問題，一個關於遊戲，另一個關於電子商務。在遊戲方面，您認為您的客戶對 AXON 2.0 效能提升的反應是否一致？是否有某些客戶會比其他客戶更快增加支出？

So Martin, our whole system is automated. So there's not like -- I think last time I also said like every advertiser has more budget interest in spending on our platform than we can deliver on a daily basis. So tomorrow, if someone -- one of our engineers somehow find some research that doubles the platform in terms of ability to match up and drive spend, everything will just double. So there's not like a one or another. When we get these step functions, they all have a tolerance to spend more.

馬丁，我們的整個系統都是自動化的。所以，我想上次我也說過，每個廣告商在我們平台上的支出預算興趣都超過了我們每天所能提供的。因此，明天，如果有人——我們的一位工程師以某種方式找到了一些研究，使平台在匹配和推動支出的能力方面加倍，那麼一切都會加倍。所以不存在這樣或那樣的情況。當我們得到這些階梯函數時，它們都有承受更多花費的能力。

Got it. And then on e-commerce, where are you spending or investing in commerce? And is there any bottlenecks you're trying to break through as you ramp up e-commerce and then get it to commercial stage?

知道了。那麼在電子商務方面，您在哪些方面進行了商業支出或投資？當您加強電子商務並使其進入商業階段時，您是否試圖突破任何瓶頸？

No. Like I said, it's the most exciting product that we've ever launched. We've never seen this kind of data on a new product. And if you recall, I mean, I don't voice optimism much since we've gone public on new products. We've talked about a lot of products. We are a very entrepreneurial company. We will try a lot of things. But the last time I talked about a really good product was when we launched AXON 2.0. That turned out pretty good for us, our company, our partners and our investors.

不。我們從未在新產品上看到過這樣的數據。如果你還記得的話，我的意思是，自從我們上市新產品以來，我並沒有表現出太多樂觀情緒。我們已經討論了很多產品。我們是一家非常有創業精神的公司。我們會嘗試很多事情。但我上次談論真正好的產品是在我們推出 AXON 2.0 的時候。結果這對我們、我們的公司、我們的合作夥伴和我們的投資者來說都非常好。

So if we're talking about this product as being the most compelling one we've seen yet, that you can assume we're not running into bottlenecks, other than like we just don't have the capacity yet in terms of human capital and every solution component automated to scale it out as quickly as the market demands. So we've got to line out the door of companies that want to jump on to this platform.

因此，如果我們談論這個產品是我們見過的最引人注目的產品，那麼您可以假設我們沒有遇到瓶頸，除了我們在人力資本方面還沒有能力之外每個解決方案組件都可以自動化地根據市場需求快速擴展。因此，我們必須將那些想要進入這個平台的公司拒於門外。

Thank you.

謝謝。

Cory Carpenter, J.P. Morgan.

科里·卡彭特，摩根大通。

I know this is a tough question to ask or answer, Adam, but just any insight you can give us into what the unlock was that contributed to the technical step function change in the quarter? Or maybe why these unlocks seem to be happening more frequently now than they were going forward?

我知道這是一個很難提出或回答的問題，亞當，但是您能給我們任何見解，了解是什麼解鎖了促成本季度技術步驟功能變化的內容嗎？或者為什麼這些解鎖現在似乎比未來更頻繁地發生？

Yes. I mean, look, our team on the engineering and the research science side, in particular, is one of the world's best. The people are really talented. They know these technologies, but it's a new field. And this field, both internally and externally, has just a lot of interest in it. So if you look at all the research that's being done externally, there's an immense amount of research that's been published over the last few years.

是的。我的意思是，你看，我們的工程和研究科學團隊，尤其是世界上最好的團隊之一。人民真是有才華。他們了解這些技術，但這是一個新領域。無論是內部還是外部，這個領域都引起了極大的興趣。因此，如果您查看外部正在進行的所有研究，您會發現過去幾年發表了大量研究。

And every time there's something that's interesting that's published or every time one of our researchers could figure something out from something published in the past or they create their own research and then incorporate it into the technology stack, we get more effective in what we do. And so I'm not going to sit here and say I actually even understand this technology because it's way beyond my mathematical understanding. This team is exceptional, and they've been able to unlock an immense amount of opportunity for our platform and our business.

每當有一些有趣的東西發佈時，或者每當我們的一位研究人員能夠從過去發布的東西中找出一些東西，或者他們創建自己的研究，然後將其納入技術堆疊時，我們的工作就會變得更有效。所以我不會坐在這裡說我實際上理解這項技術，因為它遠遠超出了我的數學理解範圍。這個團隊非常出色，他們為我們的平台和業務釋放了大量機會。

And just a quick follow-up. The switch to probabilistic billing on iOS you made in August, is that something that had any notable impact on the business?

只是快速跟進。你們八月在 iOS 上轉向機率計費，這對業務有什麼顯著影響嗎？

Not really. It was to make it more accurate and aligned with how advertisers tracked it, but the deltas were nominal.

並不真地。這是為了使其更加準確並與廣告商的追蹤方式保持一致，但增量是名義上的。

Great. Thank you.

偉大的。謝謝。

Okay. And that concludes the question-and-answer session for this quarter. We thank you all so much for joining us today. Have a good afternoon and evening ahead.

好的。本季的問答環節到此結束。我們非常感謝大家今天加入我們。祝你下午和晚上愉快。

Thanks, everyone.

謝謝大家。

Thank you.

謝謝。