Applovin Corp (APP) 2025 Q3 法說會逐字稿

Welcome to AppLovin's earnings call for the third quarter ended September 30, 2025.

歡迎參加 AppLovin 截至 2025 年 9 月 30 日的第三季財報電話會議。

I'm David Hsiao, Head of Investor Relations. Joining me today to discuss our results are Adam Foroughi, our Co-Founder, CEO, and Chairperson; and Matt Stumpf, our CFO.

我是投資人關係主管蕭大衛。今天與我一起討論我們業績的有：我們的共同創辦人、執行長兼董事長 Adam Foroughi；以及我們的財務長 Matt Stumpf。

Please note, our SEC filings, to date, as well as our financial update and press release discussing our third-quarter performance are available at investors.applovin.com.

請注意，我們迄今為止向美國證券交易委員會提交的文件，以及我們的財務更新和討論我們第三季度業績的新聞稿，都可以在 investors.applovin.com 上找到。

During today's call, we will be making forward-looking statements, including, but not limited to, the future development and reach of our platform, including the expected timing of product launches; our share repurchase program; the efficiency of our operations; the expected future financial performance of the company; and other future events.

在今天的電話會議上，我們將發表一些前瞻性聲明，包括但不限於我們平台的未來發展和覆蓋範圍，包括產品發布的預期時間；我們的股票回購計劃；我們營運的效率；公司預期的未來財務業績；以及其他未來事件。

These statements are based on our current assumptions and beliefs. We assume no obligation to update them, except as required by law.

這些陳述是基於我們目前的假設和信念。除法律另有規定外，我們不承擔更新這些資訊的義務。

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-Q for the second quarter ended June 30, 2025. Additional information may also be found in our quarterly report on Form 10-Q for the fiscal quarter ended September 30, 2025, which will be filed today.

我們的實際結果可能與預測結果有重大差異。我們建議您查看我們最新提交的截至 2025 年 6 月 30 日的第二季 10-Q 表格中的風險因素。更多資訊請參閱我們截至 2025 年 9 月 30 日的季度報告（表格 10-Q），該報告將於今日提交。

We will also be discussing non-GAAP financial measures. These non-GAAP measures are not intended to be superior to or a substitute for our GAAP results.

我們也將討論非GAAP財務指標。這些非GAAP指標並非旨在優於或取代我們的GAAP結果。

Please be sure to review the GAAP results and the reconciliations of our GAAP and non-GAAP financial measures in our earnings release and financial update available on our Investor Relations site.

請務必查看我們投資者關係網站上發布的盈利報告和財務更新中的 GAAP 結果以及 GAAP 和非 GAAP 財務指標的調整表。

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

本次電話會議正在錄音。比賽錄影將在我們投資者關係網站上保留一段時間。

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，我將把發言權交給亞當和馬特，請他們做些開場白。接下來，主持人將帶領我們進行問答環節。

Thank you, all, for joining us today.

感謝各位今天蒞臨。

First, I'd like to recognize our inclusion in the S&P 500, a huge milestone for our company and a strong acknowledgment of what we built. It's a privilege we do not take lightly. It also means we now carry the expectations of a much broader set of investors. We must push even harder to continue delivering.

首先，我想祝賀我們公司被納入標準普爾 500 指數，這對我們公司來說是一個巨大的里程碑，也是對我們所取得成就的有力認可。我們非常珍惜這份殊榮。這也意味著我們現在肩負著更廣泛投資者群體的期望。我們必須更加努力，才能繼續取得成果。

Turning to our business, Q3 was another very good quarter. Our performance was strong, with gaming advertising continuing on a solid trajectory. Our teams delivered multiple incremental lifts in our core models this quarter. Our MAX supply-side platform, one of the best indicators of our end market growth, continues to grow at very healthy rates. We also opened up international traffic for advertisers promoting websites or shops in Q3 ahead of schedule.

就我們公司業務而言，第三季又是一個非常好的季度。我們的表現十分強勁，遊戲廣告業務持續保持穩健成長動能。本季度，我們的團隊在核心模型中實現了多項增量提升。我們的 MAX 供應側平台是衡量終端市場成長的最佳指標之一，目前正以非常健康的速度持續成長。第三季度，我們提前開放了網站或店鋪推廣廣告商的國際流量。

I'm particularly proud of our team because even while executing a strong quarter, we also delivered our major October 1 launch of our self-service platform and referral form. We did so without any significant hiccups, no major bugs, and effective filtering out of low-quality ad accounts, something I was personally monitoring closely. This speaks volumes about our ability to automate and execute.

我為我們的團隊感到特別自豪，因為即使在本季度業績強勁的情況下，我們也按計劃於 10 月 1 日推出了自助服務平台和推薦表格。我們順利完成了這項工作，沒有出現任何重大問題，沒有出現任何重大錯誤，並且有效地過濾掉了低品質的廣告帳戶，這一點我自己一直在密切關注。這充分說明了我們自動化和執行的能力。

I know everyone wants stats on how self-service is going. Instead of something specific around accounts or ramp-up since we're still very early, I'd like to point out a stat which I watch very closely.

我知道大家都想知道自助服務運作情況的統計數據。鑑於目前仍處於非常早期的階段，我不想具體討論帳戶或成長情況，而是想指出一個我非常關注的統計數據。

While it takes a while for new customers to get going, to integrate, to learn how to use our system, and to ramp spend, we're already seeing spend from these self-service advertisers grow around roughly 50% week over week. It's too soon to be significant but this type of early growth gives us even more confidence that our platform will excel at being an open platform to any type of advertiser.

雖然新客戶需要一段時間才能上手、整合、學習如何使用我們的系統以及增加支出，但我們已經看到這些自助廣告商的支出每週增長約 50%。現在下結論還為時過早，但這種早期成長讓我們更加確信，我們的平台將成為一個對任何類型的廣告商都開放的優秀平台。

Our focus for Q4 and 2026 will be the following, with priority always given to improving our models for all advertisers:

我們第四季和 2026 年的工作重點如下，始終優先改進我們為所有廣告商提供的模型：

We'll continue tuning our onboarding flows and ramping more AI agents into the workflow to support a seamless experience for new advertisers. Once we're satisfied with the quality and experience, we'll open the platform broadly, beyond referral basis.

我們將繼續優化新用戶註冊流程，並在工作流程中逐步引入更多人工智慧代理，以支援新廣告主獲得無縫體驗。一旦我們對平台的品質和體驗感到滿意，我們將不再局限於推薦，而是全面開放該平台。

We'll be testing Generative AI-based ad creatives. Over time, if we can move to mostly automated creative generation, we believe user response rates to more customized ads on our platform will materially improve.

我們將測試基於生成式人工智慧的廣告創意。隨著時間的推移，如果我們能夠實現大部分創意生成自動化，我們相信用戶對我們平台上更個人化廣告的回應率將會顯著提高。

We are actively testing paid marketing to promote the Axon Ads platform to new customers. We'll continue tuning this acquisition method so that when we launch the platform beyond referral in 2026, we can scale advertiser count without a reliance on a large sales force.

我們正在積極測試付費行銷，以向新客戶推廣 Axon Ads 平台。我們將繼續調整這種獲客方式，以便在 2026 年推出推薦以外的平台時，我們可以在不依賴龐大銷售團隊的情況下擴大廣告商數量。

If we maintain execution discipline, we are well positioned to acquire a large volume of new advertisers in the coming years.

如果我們保持執行紀律，我們就能在未來幾年內獲得大量新的廣告客戶。

We believe that giving our powerful recommendation engine a more diverse set of advertisers to recommend will dramatically improve conversion rates, paving the way for elevated growth rates for years to come.

我們相信，為我們強大的推薦引擎提供更多樣化的廣告商推薦，將顯著提高轉換率，為未來幾年更高的成長率鋪平道路。

It's worth noting the backdrop. The market is recognizing our platform, our scalability, and the reach we offer our partners. The institutional dynamics that come with the S&P 500 inclusion are already in motion.

值得注意的是背景。市場正在認可我們的平台、我們的可擴展性以及我們為合作夥伴提供的覆蓋範圍。納入標普500指數所帶來的製度性變化已經開始顯現。

At the same time, we continue to operate in an environment of heightened scrutiny around data, privacy, and ad tech practices. We remain committed to strict compliance, transparency, and execution excellence.

同時，我們仍然在數據、隱私和廣告技術實踐受到高度關注的環境中運作。我們將繼續致力於嚴格遵守法規、保持透明和追求卓越執行。

To conclude, we delivered a very strong Q3. We are executing on our strategic priorities. We are confident that our best days are ahead, as we broaden access to our self-service platform and scale globally.

總之，我們第三季業績表現非常出色。我們正在落實各項戰略重點。我們相信，隨著我們擴大自助服務平台的使用範圍並實現全球擴張，我們最好的日子還在後頭。

With that, I'll turn it over to Matt for a deeper dive into the numbers.

接下來，我將把主題交給 Matt，讓他更深入分析這些數據。

Thanks, Adam. Thanks, everyone, for joining us today.

謝謝你，亞當。感謝各位今天蒞臨。

Q3 was another exceptional quarter. Revenue was approximately $1.405 billion, up 68% year over year due to model updates in the core gaming business; while adjusted EBITDA was $1.158 billion, up 79% at an 82% margin, up 1% quarter over quarter from operating leverage and a modest reduction in operational FX. Quarter-over-quarter flow-through to adjusted EBITDA was 95%, slightly above Q2.

第三季又是表現卓越的季度。營收約 14.05 億美元，年成長 68%，主要得益於核心遊戲業務的模式更新；調整後的 EBITDA 為 11.58 億美元，年成長 79%，利潤率為 82%，環比成長 1%，主要得益於營運槓桿和營運外匯的適度減少。季度環比調整後 EBITDA 的轉換率為 95%，略高於第二季。

Free cash flow was $1.049 billion, up 92% year over year. Free cash flow margin improved sequentially, given no semi-annual cash interest paid on our debt this quarter, as those payments occur in Q2 and Q4 of each year. We ended the quarter with $1.7 billion in cash and cash equivalents.

自由現金流為 10.49 億美元，年增 92%。由於本季無需支付債務的半年期現金利息（因為這些款項每年在第二季和第四季支付），自由現金流利潤率較上季有所提高。本季末，我們持有現金及現金等價物17億美元。

During the quarter, we repurchased and withheld approximately 1.3 million shares for $571 million funded by free cash flow. Over the last three quarters, we have reduced our weighted average diluted common shares outstanding from 346 million in Q4 of last year to 341 million this quarter. During the quarter, our Board of Directors increased our share repurchase authorization by an incremental $3.2 billion.

本季度，我們以自由現金流為資金，回購並持有約 130 萬股股票，總額達 5.71 億美元。在過去的三個季度裡，我們的加權平均稀釋後普通股流通股數量從去年第四季的 3.46 億股減少到本季的 3.41 億股。本季度，我們的董事會將股票回購授權額度增加了 32 億美元。

Finally, turning to our financial outlook for next quarter, in the fourth quarter of 2025, we anticipate revenue between $1.570 billion and $1.6 billion, reflecting between 12% and 14% sequential growth; with adjusted EBITDA between $1.290 billion and $1.320 billion, targeting an adjusted EBITDA margin of 82% to 83%.

最後，展望下一季的財務前景，我們預計 2025 年第四季的營收將在 15.7 億美元至 16 億美元之間，環比成長 12% 至 14%；調整後的 EBITDA 將在 12.9 億美元至 13.2 億美元之間，目標是調整後的 EBITDA 利潤達到 838%。

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

接下來，我們進入問答環節。

(Operator Instructions)

（操作說明）

James Heaney.

詹姆斯希尼。

Could you just start off talking about the characteristics of the advertisers that you've onboarded since October 1? Would you say the GMV of the advertisers are smaller than the initial 600 that you had in the pilot? Or are you going more down market?

能否先談談自 10 月 1 日以來您引入的廣告商的特點？您認為廣告主的GMV是否低於試播時的600家？還是你們打算進軍更低階市場？

Just any help there would be great.

任何幫助都將不勝感激。

Yeah. Sure, James.

是的。當然可以，詹姆斯。

They are obviously filtered set of advertisers when we curated the list last year. That was filtered by our team. And then, this year, it's filtered through referrals.

顯然，這些都是我們去年整理名單時篩選出來的廣告主群。這是由我們團隊篩選過的。然後，今年，它通過推薦進行篩選。

So these aren't, like, your local dry cleaner trying to come on to the platform yet. They are predominantly shops. They're not going to be as large as they were in the cohort last year but they're not going to be materially smaller either. So think of them as comparable in mix.

所以這些還不是像你家附近的乾洗店那樣，還沒想辦法進駐這個平台。它們主要是商店。他們的數量不會像去年那批人那麼多，但也不會明顯減少。所以可以把它們看成是成分相似的。

And then, it's a broad set of categories. There's no limitation when you're open the way we are through a referral to the type of customer that comes in. So a broad set of shopping categories being represented.

而且，它涵蓋的類別非常廣泛。當我們像我們這樣透過推薦來吸引顧客時，對顧客的類型沒有任何限制。因此，涵蓋了廣泛的購物類別。

Great. And then, just one for Matt. Could you just talk about guidance philosophy for Q4? Just curious how you've used e-com seasonality from last Q4 as a proxy for this year? Just interested to hear what's being assumed from the current customers versus new customers on the e-com side?

偉大的。然後，再給馬特一杯。能否談談第四季的指導方針？我很好奇你是如何利用去年第四季的電商季節性因素來預測今年的？我很想知道，電商方面，現有客戶和新客戶的需求有何不同？

Yeah. Sure. It's not the best comp. Obviously, last year, we had an entirely new e-commerce business that was ramping. And then, this quarter, right, we had an existing base. So it's not best comparison year over year.

是的。當然。這不是最好的比較。顯然，去年我們有一個全新的電子商務業務正在快速發展。然後，本季度，我們擁有一個現有的基礎。所以，這不是與往年比較的最佳方式。

Within the guidance, we took an approach where it reflects a combination of different factors that we have going on at the company: obviously, the optimism around the e-commerce referral program; continued model enhancements; the updates that we talked about previously within the Q3 period; and then, also, normal holiday seasonality.

在指導意見中，我們採取了一種綜合考慮公司當前各種因素的方法：顯然，我們對電子商務推薦計劃持樂觀態度；持續的模式改進；我們在第三季度早些時候討論過的更新；以及正常的假日季節性因素。

So the combination of those factors led to the larger guidance that we're projecting quarter over quarter.

因此，綜合以上因素，我們做出了比目前更高的季度環比業績預期。

Omar Dessouky, BofA.

Omar Dessouky，美國銀行。

Adam, I wanted to get back to your comments about substantially higher conversion rates. Am I to read that a significant growth in impressions would not be required to absorb a significant increase in e-commerce advertisers in 2026?

亞當，我想回應你關於轉換率大幅提高的評論。我是否可以理解為，到 2026 年，即使電子商務廣告商數量大幅增長，也不需要廣告展示量大幅增長才能消化這一增長？

Yeah. Look, we've always said we serve a lot of impressions to a lot of users a day, over 1 billion users a day. So we're in a world today where the biggest lever for growth on our business, given we report on a net revenue basis, is increasing the conversion rate.

是的。你看，我們一直都說我們每天向大量用戶投放大量廣告，每天超過 10 億用戶。因此，鑑於我們以淨收入為基礎進行報告，如今推動業務成長的最大槓桿就是提高轉換率。

That happens from a couple of things. You've got the model enhancements, which we always talk about. Those are super impactful in increasing conversion rate. That's a continuous effort. We are in the very, very beginnings of understanding how to work with neural nets and these AI technologies.

這種情況是由以下幾個原因造成的。你們有模型增強功能，我們一直在談論這個功能。這些對提高轉換率有著非常顯著的影響。這是一項持續性的工作。我們對如何使用神經網路和這些人工智慧技術還處於非常非常初級的階段。

If you think about this industry -- and the core AI industry is only a few years old of engineers really being able to extract this kind of value out of these tools and technologies across a broad range of industries. So as this goes forward, we're going to have consistent incremental improvements: sometimes large, sometimes small, but additive to high impact on driving up conversion rate from technology lifts.

想想這個產業——而人工智慧的核心產業也只有短短幾年歷史，工程師們才真正能夠從這些工具和技術中挖掘出這種價值，並將其應用於廣泛的產業領域。因此，隨著這項工作的推進，我們將持續取得漸進式的改進：有時改進幅度大，有時改進幅度小，但這些改進都會對​​技術提升帶來的轉換率提高產生顯著影響。

Then, you're also going to get advertiser density expanding, paired with our recommendation system, giving the model the chance to personalize the advertising to the user better. If we have less advertisers and less categories, we just have less to show. So you can't get a diverse set of content to the customer to maximize that conversion rate.

此外，廣告主密度也會增加，再加上我們的推薦系統，讓模型有機會更好地為使用者個人化廣告。廣告商和廣告類別減少，我們能展示的內容也相應減少。所以你無法提供客戶多樣化的內容，從而最大限度地提高轉換率。

Both those things are just going to naturally happen as we go forward.

隨著我們不斷前進，這兩件事都會自然而然地發生。

The third piece that I touched on to your phrase you repeated is that Generative AI-based creative. Today, in our advertising system, the advertiser can do almost no targeting. They can pick their country; they can put in their economic goals; they can put in a budget and off they go. The one manual lever is creative.

我提到的第三點，也就是你一再提到的那句話，是基於生成式人工智慧的創意。如今，在我們的廣告系統中，廣告主幾乎無法進行任何定向投放。他們可以選擇自己的國家；可以設定經濟目標；可以製定預算，然後就可以開始了。單手動控制桿的設計很有創意。

In particular, in the shopping category or in this, like, website advertising business, a lot of the customers come on board and they don't have a creative that's adapted for our platform. The average viewership of our ads is roughly 35 seconds. The average viewership of an ad on social is roughly 7 seconds. So a lot of these customers are coming in and just porting a short ad and trying to replicate what they have on social on our platform. It's mismatched. It diminishes their possible conversion rate.

尤其是在購物領域或網站廣告業務中，許多客戶加入我們後，並沒有適合我們平台的創意素材。我們的廣告平均觀看時間約為 35 秒。社群媒體廣告的平均觀看時間約為7秒。所以很多客戶只是把他們在社群媒體上投放的簡短廣告移植到我們的平台上，試圖複製他們在社群媒體上的效果。它不匹配。這會降低它們的潛在轉換率。

What does that mean? Well, when we get into a world where we can use Generative AI tools to automatically create ad creatives, on behalf of these customers, they're going to get to a point where they can actually expand their conversion rate.

這意味著什麼？當我們進入一個可以使用生成式人工智慧工具代表客戶自動創建廣告創意的世界時，他們就能真正提高轉換率。

We're doing nothing more other than just expanding the count of creatives into our system and ensuring that the types of creatives in our system follow best practices on our platform and doing that at no cost. And so we're really excited about where the tools in the marketplace are going. That's something we're going to be testing in short order here.

我們所做的只是擴大我們系統中的創意數量，並確保我們系統中的創意類型遵循我們平台上的最佳實踐，而且這一切都是免費的。因此，我們對市場上工具的發展方向感到非常興奮。這是我們很快就會進行測試的內容。

If I could just follow up, you've addressed the conversion rate question I had very clearly. But I did want to touch on how you're thinking about supply, even though, obviously, you've clearly -- you said that the conversion rate is a big driver. In the past, you've talked about double-digit growth in publisher revenue in MAX, over the past few years. I'm wondering if you expect that to accelerate as e-commerce ramps.

如果我能再補充一點，您已經非常清楚地解答了我關於轉換率的問題。但我確實想談談你對供應的看法，儘管很顯然，你已經明確表示轉換率是一個重要的驅動因素。過去，您曾談到 MAX 的出版商收入在過去幾年中實現了兩位數的成長。我想知道您是否認為隨著電子商務的發展，這種情況會加速發生。

Do you see supply driven primarily by higher ad load as dictated by publishers; higher engagement with mobile games, overall; or improvements to MAX, like those you shipped in 2024? Like, which of those factors would be most important?

您認為供應成長的主要驅動因素是發行商要求的更高廣告投放量；行動遊戲整體參與度的提高；還是 MAX 的改進（例如您在 2024 年推出的那些改進）？例如，這些因素中哪一個最重要？

It's a combination of all of the above. The MAX platform ecosystem is growing really quickly. It happens from a couple of different factors.

它是以上所有因素的綜合。MAX平台生態系統發展非常快速。這種情況是由多種因素造成的。

One is, as the ads become higher quality -- and we look at e-commerce shopping and, just, demand density. It's higher quality because the user stops seeing game, game, game, game, game when they're stuck to a game that they actually like. So if you bring more diversity of content, you'd expect retention to go up and ad supply to expand. That's going to be a natural tailwind inside this ecosystem that will unlock as we get more demand outside of just core advertisers that we have today.

一方面，隨著廣告品質的提高——我們觀察電子商務購物，以及需求密度。因為當使用者專注於真正喜歡的遊戲時，就不會再看到遊戲、遊戲、遊戲、遊戲、遊戲的廣告，所以遊戲品質更高。因此，如果引入更多樣化的內容，就可以預期用戶留存率會提高，廣告供應量也會增加。這將成為該生態系統內的一股自然順風，隨著我們獲得除現有核心廣告商之外的更多需求，這股順風將會得到釋放。

Second part of that is what we've talked about in past calls: the unlock of getting -- these publishers who are in-app purchasing predominantly don't tend to run ads or run ads at a very, very small percentage. If you're monetizing a high-LTV game and most of the gaming customers are residing in these deep games, you don't want to run ads for your competition.

第二部分是我們過去通話中討論過的：解鎖獲取——這些主要透過應用程式內購買的發行商往往不投放廣告，或只投放非常非常小比例的廣告。如果你正在透過一款高 LTV 的遊戲獲利，而大多數遊戲玩家都沉浸在這類深度遊戲中，那麼你肯定不想為你的競爭對手投放廣告。

Well, they didn't have a way to monetize as well as gaming ads in the past. So if we can unlock this material demand shift, then we're going to be able to bring more supply into the ecosystem. That's very advantageous for supply, as well.

嗯，他們過去沒有像遊戲廣告那樣有效的獲利方式。因此，如果我們能夠促成這種材料需求的轉變，那麼我們就能為生態系統帶來更多的供應。這對供應來說也非常有利。

So it's a combination of those two things.

所以這是這兩方面因素的結合。

And then, of course, you've got -- as our models improve, the same customer, that publisher, can buy more users that are retained in their game so they can create more growth in audience. They'll get better tools, as well, to better monetize that audience.

當然，隨著我們模型的改進，同一個客戶（即發行商）可以購買更多留在其遊戲中的用戶，從而實現受眾的進一步成長。他們還將獲得更好的工具，以便更好地利用這些受眾群體來獲利。

Jason Bazinet, Citi.

Jason Bazinet，花旗集團。

A quick question. I appreciate that 50% growth in week-over-week spend from these e-commerce customers. Is there any context you can give us of, like, when you looked at that same metric during the pilot phase, what was it? How do you know that that's a good number or a bad number? It sounds great.

問個問題。我很高興看到這些電商客戶的周消費額較上季成長了 50%。您能否提供一些背景信息，例如，在試點階段，當您查看同一指標時，該指標是多少？你怎麼知道這是一個好數字還是一個壞數字？聽起來很棒。

Look, like, one of the simpler mathematical functions is extrapolation, right? Like, we're starting pretty early here. It's a month in. It does take a while for these customers to ramp up.

你看，比較簡單的數學函數之一就是外推法，對吧？我們現在開始得挺早的。已經過去一個月了。這些客戶確實需要一段時間才能適應。

Remember, ours is not a plug-and-play solution. They got to come in. They have to integrate pixels. They've got to go live. All of that takes time. So just to get to a point of go-live is a week-plus, usually. Some can do it very quickly but it's not common to be able to do it in a day.

請記住，我們的解決方案並非即插即用。他們必須進來。它們必須整合像素。他們必須直播。這一切都需要時間。所以，從準備上線到正式上線通常需要一週以上的時間。有些人可以很快做到，但一天之內完成並不常見。

You have a period of lag time from October 1 for even a cohort going live. And then, this cohort is not as big as what the absolute numbers were that we reported. I think we disclosed in Q1 this year of how big that cohort last year swelled to.

即使是新一批學員，從 10 月 1 日起也會有一段時間的延遲。而且，這個群體的規模並沒有我們報道的絕對數字那麼大。我認為我們在今年第一季披露了去年該群體規模的成長。

But given the ramp-up, the ramp-up is really swift. So we're excited that if this continues to compound at the rate it is and then, you keep adding new customers, this thing is going to then snowball on itself.

但考慮到產能提升，這個提升速度真的很快。所以我們很高興，如果這種情況繼續以目前的速度發展，並且不斷增加新客戶，那麼這件事就會像滾雪球一樣越滾越大。

The true value for us, right now, is not go, okay, how do we extrapolate this out to when customers in this category become a bigger and bigger part of our business? It's more are we actually building a tool that we have confidence is going to succeed in converting a lot of customers, over time?

對我們來說，現在真正的價值不在於，如何將這種模式推廣到這類客戶在我們業務中佔據越來越大比重的時候？更重要的是，我們是否真的在建立一個我們有信心能夠隨著時間的推移成功轉化大量客戶的工具？

That breaks down into a few things we look at. Of course, I get excited by seeing scaling spend. But I'm more excited about the fact that we didn't introduce a ton of bucks. We didn't have a bunch of customer complaints. We didn't bring in low-quality advertisers. Anything that was low quality was automatically kicked off the platform.

這可以分解為幾個方面，我們需要仔細考察。當然，看到支出規模不斷擴大，我會感到興奮。但我更興奮的是，我們沒有投入大量資金。我們沒有收到很多客戶投訴。我們沒有引入低品質的廣告商。任何低品質的內容都會自動從平台上移除。

So the team enabled a whole bunch of tools to get a product release that was not immaterial into market in a seamless manner. Now, we're in a point of optimization.

因此，團隊啟用了一系列工具，以無縫的方式將一款意義重大的產品推向市場。現在，我們正處於優化階段。

One point of optimization that's key is when a customer signs up, is it easy for them to understand the value proposition and get through integration to the point of go live? That's something we're really focused on optimizing because as we mentioned, we do want to eventually promote the Axon platform to future customers. If we want to do that, just like any advertiser in the world, we've got to optimize our conversion funnel.

優化的一個關鍵點是，當客戶註冊時，他們是否能夠輕鬆理解價值主張並順利完成集成，最終上線？這是我們目前非常關注並致力於優化的方面，因為正如我們所說，我們最終希望將 Axon 平台推廣給未來的客戶。如果我們想做到這一點，就像世界上任何廣告商一樣，我們必須優化我們的轉換漏斗。

The other piece that's important is our teams are constantly working on embedding tools into the interface so large language model-powered tools that allow the customer to get support without interfacing with us. We're not seeing a huge influx of customer support tickets. We're seeing these customers go live; be able to manage themselves; get best practices extracted out of the tools we've enabled in the dash. That's fantastic to see.

另一點也很重要，我們的團隊一直在努力將工具嵌入到介面中，例如大型語言模型驅動的工具，讓客戶無需與我們互動即可獲得支援。我們並沒有看到客戶支援工單數量大幅增加。我們看到這些客戶上線了；能夠自我管理；從我們在儀錶板中啟用的工具中提取最佳實踐。看到這個真是太棒了。

So what I look at when I see this ramp-up is not I'm extrapolating to how is this going to become billions and billions of dollars, it's more that the fact that it's working already a month in and we're not getting bombarded with customer complaints and we're not seeing a ton of issues implies that we're on the right track to eventually get open in '26 and really be able to bring in a ton of advertisers over the following quarters and years.

所以，當我看到這種成長勢頭時，我關注的不是它最終會變成數十億美元，而是它在一個月內就已經運轉良好，我們沒有收到大量的客戶投訴，也沒有看到很多問題，這表明我們正走在正確的道路上，最終將在 2026 年開業，並在接下來的幾個季度和幾年裡真正吸引大量的廣告商。

Clark Lampen, BTIG.

克拉克·蘭彭，BTIG。

Sorry. I have, like, four mute buttons, right now, that I had to take out.

對不起。我現在有四個靜音按鈕，我不得不把它們都取下來。

Complex set-up over there, Clark.

克拉克，那邊的佈置很複雜。

Right. It's a little too complicated. Okay.

正確的。這有點太複雜了。好的。

As we're thinking about the growth of what has the potential to be, like, a really big business for you guys over time, billions of incremental, as you just talked about. I'm curious how you think about balancing growth, chasing new pockets of potential supply and building up demand to go after that with displacement for your core gaming customer, because you are introducing a new bidder with potentially higher transaction value or consumer LTV.

正如你剛才所說，我們正在思考，隨著時間的推移，這項業務有可能發展成為你們的一項非常大的業務，帶來數十億美元的增量收入。我很好奇您是如何考慮在成長、追逐新的潛在供應點和建立需求以爭取這些供應點的同時，還要應對核心遊戲客戶的流失問題，因為您正在引入一個交易價值或消費者終身價值可能更高的新競標者。

Is that something that model improvements and a faster pace of model enhancement will take care of along the way? How do you, if any, think about gating the growth of this business if you have to for the purposes of managing the core?

這個問題能否透過模型改進和加快模型增強速度來解決？如果為了管理核心業務而必須限制業務成長，您會如何考慮（如果有的話）？

Yeah. Look, one, we don't try to gate growth. We look at a platform as it's going to develop and evolve as it does. But understanding these models gives me confidence that as we get more density of advertisers, we're actually going to have expanded spend for gaming customers, not diminished spend.

是的。首先，我們不會試圖限製成長。我們會專注於一個平台的發展和演變過程。但了解這些模型讓我確信，隨著廣告商密度的增加，我們實際上將會看到遊戲客戶的支出增加，而不是減少。

This is a bit counterintuitive but here's why.

這有點違反直覺，但原因如下。

The model today, if you go back a year prior to us getting into e-commerce and shops, you ended up having 1,000 impressions to show a user and you bombarded them with games. Well, that's not a great offering. It's as if you had a social network that was showing short-form video and said, I'm only going to show golf videos.

如果回到我們涉足電子商務和網店之前的一年，你會發現，如今的模式是，你最終會向用戶展示 1000 次廣告展示，然後你會用遊戲轟炸他們。嗯，這可不是好選擇。這就像你有一個專門播放短視頻的社交網絡，然後它說，我以後只播放高爾夫視頻。

Everyone who's on the golf videos at that moment would churn. Well, in our case, the customers aren't churning. They're playing games. But they're not going to convert. Our conversion rates are really low.

當時所有正在看高爾夫球影片的人都會感到厭煩。就我們而言，客戶並沒有流失。他們在玩遊戲。但他們不會改變主意。我們的轉換率真的很低。

There are moments when the model knows a user is going to be in the game. When those moments happen, the CPM for a game advertiser is phenomenal. It's really, really high.

有些時候，模型能夠預知用戶即將進入遊戲。當這些時刻到來時，遊戲廣告主的 CPM 收益將非常驚人。真的很高。

Our average conversion rate is that 1% that we've given a year-plus ago. Maybe it's higher now but just for this example, let's use 1%. We're driving 10 game installs over 1,000 impressions. But we're probably wasting 80%, 90% of those impressions because the model knows, in a tight percentage of impressions, games are going to convert, this user is ready for something new, and the CPM there will beat anything else that comes along.

我們的平均轉換率還是一年多前給出的1%。現在可能更高了，但為了舉例說明，我們先用 1%。我們透過 1000 次曝光帶來了 10 次遊戲安裝。但我們可能浪費了 80% 到 90% 的展示機會，因為模型知道，在很小一部分展示機會中，遊戲廣告會轉化為實際的轉化，用戶已經準備好嘗試新事物，而且遊戲廣告的 CPM 將超過其他任何廣告形式。

So you go and bring in demand density. What happens?

所以你要做的就是提高需求密度。會發生什麼事？

Now, the model can better use all that access impression. And so, if it does, what's going to happen is your gaming customer is not going to diminish. It's just going to be more targeted. Maybe impressions go down, CPM goes up for them. But everything is priced to revenue for our customers so they get the same revenue out.

現在，該模型可以更好地利用所有這些訪問印象。因此，如果這種情況發生，你的遊戲玩家數量不會減少。只是會更有針對性而已。或許他們的曝光量下降了，但每千次展示成本卻上升了。但是，我們所有產品的定價都以客戶的收益為導向，因此他們能夠獲得相同的收益。

And then, these new customers better monetize the user and give them more diversity of content, which hopefully will train them to better engage with our ads.

然後，這些新客戶能夠更好地實現用戶變現，並為他們提供更多樣化的內容，希望這能訓練他們更好地與我們的廣告互動。

And then, you take it to the next level, which is, now, all of a sudden, we're getting data from way more types of customers. We now know, let's say, tomorrow, someone buys a $5,000 handbag on a website, that's the data point we didn't have a year ago. That data point, in my simple mind, can probably tell you that's a good user for Candy Crush, if they haven't played Candy Crush. The neural net is going to tell you a lot more than that, based on its correlations.

然後，你把它提升到一個新的水平，那就是，現在，突然之間，我們從更多類型的客戶那裡獲得了數據。我們現在知道，比如說，明天有人在網站上買了一個價值 5000 美元的手提包，這是我們一年前沒有的數據點。依我簡單的理解，這個數據點或許可以告訴你，如果他們還沒玩過 Candy Crush，那麼他們很可能就是 Candy Crush 的好用戶。根據相關性分析，神經網路會告訴你更多。

And so you're building up a data set that doesn't just limit itself to the shopping category or the website advertising category. It helps enable better advertising for the gaming customers, as well.

因此，你正在建立一個資料集，該資料集不僅限於購物類別或網站廣告類別。這也有助於為遊戲玩家提供更好的廣告服務。

You put all those pieces together, I'm really confident that we're not going to squeeze anyone in our platform. We're probably going to have expansion across the board, as we add more demand density and get more data into the system.

把所有這些因素綜合起來，我非常有信心，我們的平台不會對任何人造成擠壓。隨著需求密度增加和系統資料量的增加，我們可能會全面擴張。

That's helpful. Maybe just as a very quick follow-up, you guys highlighted tuning the onboarding flows and Generative AI creative, how far away are you or at what rate are we making progress to getting one of those tools live? Would either of those things be a gating factor to launching or introducing [GA] at this point? Or are they vital to going to a broader customer base?

那很有幫助。或許可以快速跟進一下，你們強調了調整使用者引導流程和生成式 AI 創意，那麼距離我們把其中一項工具上線還有多遠，或者說我們目前的進展速度如何？這兩件事是否會成為目前推出或引進 [GA] 的障礙？或者，它們對於拓展客戶群至關重要？

The Axon Ads site is a prompt at this point. Part of the logic of doing that was to get inputs into that prompt so we can tune a bot that's external-facing and then bring it internal. So we're in the midst of doing that. That's not far off.

此時會彈出 Axon Ads 網站。這樣做的部分邏輯是，為了獲得該提示的輸入，我們可以調整面向外部的機器人，然後將其引入內部。所以我們正在進行這項工作。那差不多就是事實。

We'll have different implementations of bots inside the site. As you know -- and we've talked about last quarter -- when a customer uploads ads or uploads a website to promote, we're not manually checking it. There's a bot there that's automatically checking for our quality and ensuring that the quality meets the standard that we need on the platform, both for the creative and for the website being promoted or the application.

網站內部將採用不同的機器人實作方式。如您所知——我們上個季度也討論過——當客戶上傳廣告或網站進行推廣時，我們不會手動檢查。那裡有一個機器人，它會自動檢查我們的質量，確保品質符合我們在平台上所需的標準，無論是創意作品還是被推廣的網站或應用程式。

We already have various points of bots into the tool. We'll have more. It's just going to get better as we get more data in. We can tune it so that it's actually accurate across the board.

我們已經將各種機器人整合到該工具中。我們還會再有。隨著我們獲得更多數據，情況只會越來越好。我們可以對其進行調整，使其在所有方面都準確無誤。

The Generative AI-based ad creatives don't depend entirely on us. But Sora 2 came out this past quarter. That was another step forward. Veo 3 keeps getting better. So you can assume these tools are getting pretty close.

基於人工智慧生成的廣告創意並不完全依賴我們。但《索拉2》是上季發售的。這是向前邁出的又一步。Veo 3 越來越好。所以你可以認為這些工具已經非常接近目標了。

We're probably far away from the point where the model itself can recursively just go and create more content and just bring more ads into the system. But we're probably not very far away. I'm hoping, in a matter of weeks or months, to be able to test a Generative AI-based creative that we create with a little help, some tooling on top of the large language models; and then, submit to the advertisers for approval.

我們可能離模型本身能夠遞歸地創建更多內容並將更多廣告引入系統的階段還很遠。但我們可能離目的地不遠了。我希望在幾週或幾個月內，能夠測試我們藉助一些工具和大型語言模型創建的基於生成式人工智慧的創意；然後，將其提交給廣告商進行批准。

That, in itself, can really explode the count of ads on the platform. And so that's not far off.

僅此一項就足以使平台上的廣告數量爆炸性增長。所以，這離目標並不遠。

On your last question of, are these gating to general release? I don't think so. I think the main thing that we care about there is how we tune the flows. Is the conversion funnel appropriate? Are customers getting confused? Are they getting a good experience from onboarding to ramping? If they're getting a seamless experience and we're not getting overly overwhelmed with inbound complaints or concerns or need for support, then we're ready to go open.

關於你最後一個問題，這些內容是否會限制公開發布？我不這麼認為。我認為我們最關心的是如何調整流量。轉換漏斗模型是否合適？顧客是否感到困惑？他們從入職到上手培訓是否獲得了良好的體驗？如果顧客能獲得流暢的體驗，而且我們沒有被大量的投訴、疑慮或支援需求壓得喘不過氣來，那麼我們就可以開業了。

Alec Brondolo, Wells Fargo.

Alec Brondolo，富國銀行。

I appreciate it. I think, as we've spoken about direct payments and this transition from paying the App Store and the Play Store 30% to going to an O&O payment product, we've talked about this, I think, historically as more of a medium- to long-term tailwind. Do you think that might be manifesting sooner than expected? Did it contribute to third-quarter results?

謝謝。我認為，正如我們之前討論過的直接支付以及從向 App Store 和 Play Store 支付 30% 的佣金過渡到使用自有支付產品，我們一直以來都認為，從歷史上看，這更像是一種中長期的利好因素。你認為這種情況會比預期更早顯現嗎？它對第三季業績有貢獻嗎？

I don't think it's contributing much at all yet. I think it is going to be, over the quarters that it's going to take impact. I don't think it's realistic that 30% tax goes to low-single digits. So let's just take the midpoint, 15%. That's a material lift in LTV for a lot of these in-app purchasing games, roughly 20%.

我認為它目前還沒有起到多大作用。我認為在接下來的幾個季度裡，它的影響將會逐漸顯現。我不認為 30% 的稅率能降到個位數是現實的。所以我們取中間值，15%。對於許多這類應用程式內購遊戲來說，這相當於用戶終身價值 (LTV) 的實質提升，大約提升了 20%。

Some portion of that is going to go into development of more content, which is great. They're going to make better games. Some portion of that, they'll bank into the bottom line. Some portion of that will go to marketing companies.

其中一部分將用於開發更多內容，這很好。他們會製作出更好的遊戲。其中一部分會計入最終利潤。其中一部分將支付給行銷公司。

I'll say the one thing about our business, always, is we don't try to think about what's happening outside of us. This is something that's outside of our control. It's up to the platforms; regulators; and then, the content creators. It's not up to us.

關於我們這個產業，我始終要強調一點：我們不會去考慮外在世界正在發生的事情。這是我們無法控制的事情。這取決於平台、監管機構以及內容創作者。這不由我們決定。

What's up to us and inside our control is how good our tools are. Q3 was driven by what we said on the earnings script. The models continue to get better, iterative improvements in the template, more advertisements on the platform, more advertisers on the platform, all of that's compounding to really quick growth rate. even in the core category.

我們能控制的，是我們工具的好壞。第三季業績主要受我們在財報電話會議所說的內容所影響。模型不斷改進，模板不斷迭代優化，平台上的廣告越來越多，廣告商也越來越多，所有這些因素共同促成了快速成長，即使在核心類別也是如此。

We're still believing very confidently in this 20% to 30% long-term growth rate in our core category. But even in the core, we're beating that. And then, now you're layering on, on top of that, all this opportunity with the self-service platform.

我們仍然非常有信心，我們的核心品類將維持 20% 至 30% 的長期成長率。但即便在核心領域，我們也超越了這一點。然後，現在你又在此基礎上，透過自助服務平台獲得了所有這些機會。

So we're really excited about where we are, focused on what we have underneath our control.

所以我們對目前所處的位置感到非常興奮，專注於我們能夠掌控的事情。

Perfect. Maybe if I could ask a follow-up, I think there's always been this talk about eventually extending the reach of supply. Like, right now, most of the ads are placed in mobile games. And then, the idea is perhaps, over time, we could go to other surfaces. It seems like some combination of AdX and Google Ads Manager might come up for sale as a function of the Google ad tech, antitrust trial. Would you be interested in those assets, if they were available?

完美的。或許我可以追問一下，我認為一直以來都有關於最終擴大供應範圍的討論。例如現在，大部分廣告都投放在手機遊戲中。然後，我們或許可以設想，隨著時間的推移，我們可以去其他表面。看來，隨著Google廣告技術反壟斷審判的進行，AdX 和 Google Ads Manager 的某種組合可能會被出售。如果這些資產可以出售，您會感興趣嗎？

Without commenting on what else is out there, like commenting about our business, the reality with our business is we think about providing the best solution to our partners.

暫且不對其他情況發表評論，例如評論我們自己的業務，我們業務的現實情況是，我們致力於為合作夥伴提供最佳解決方案。

For the advertisers, we believe we're on the track to really give them a good way to access a really large audience playing games. For the game publisher and then, expanding publishers, as we get to more publishers on our platform, we've built them very good tools to monetize and promote their products and grow their businesses.

對於廣告商而言，我們相信我們正在朝著真正為他們提供一個很好的途徑來接觸到龐大的遊戲受眾群體的目標穩步前進。對於遊戲發行商，以及隨著我們平台上發行商數量的增加而不斷擴展的發行商，我們為他們建立了非常好的工具，以幫助他們實現產品變現和推廣，並發展業務。

As we think about going broader than that, the open web publishers and other app publishers that currently can't access our tools the same way, could use better monetization. We all know that category is pretty slow growth. And then, we talked about CTV in the past, too.

當我們考慮將業務範圍擴大到更廣泛的領域時，目前無法以相同方式存取我們工具的開放網路出版商和其他應用程式出版商可能需要更好的獲利模式。我們都知道這個品類的成長速度相當緩慢。然後，我們過去也討論過 CTV。

Everywhere else is struggling to monetize, except in the walled gardens and except on games, predominantly because of the success of our platforms. And so, if that's the case, we look at that as our potential prospect clients, as well.

除了封閉平台和遊戲領域之外，其他所有領域都在努力實現盈利，這主要是因為我們的平台取得了成功。因此，如果情況確實如此，我們也會將他們視為潛在客戶。

We should be able to extend our product offering over time to those folks. We need more demand. We're not supply-constrained today, we're demand-constrained. But if we do our job right and bring on a lot of advertisers, it serves us well because it serves them well to be able to extend our offering out to more publishers.

隨著時間的推移，我們應該能夠將我們的產品擴展到這些人當中。我們需要更多需求。我們目前面臨的不是供應短缺，而是需求短缺。但是，如果我們把工作做好，吸引很多廣告商，這對我們和他們都有好處，因為這樣一來，我們就能將服務擴展到更多的出版商。

Vasily Karasyov, Cannonball.

瓦西里‧卡拉肖夫，《砲彈》。

Adam, I wanted to follow up on what you said earlier about LTV calculations that you think your advertisers do. If given the variance in growth rates in in-app purchases market and in-app advertising market, right, can you comment on what you see -- if your advertisers' LTV calculations are evolving, let's say, compared to a year ago compared to now? I would think that the advertising component would be much higher now, right? (multiple speakers) and how do you -- what it means for you?

Adam，我想就你之前提到的關於廣告主如何計算 LTV 的問題做個後續討論。考慮到應用程式內購買市場和應用程式內廣告市場的成長率存在差異，您能否就您觀察到的情況發表評論——例如，與一年前相比，您的廣告客戶的 LTV 計算是否發生了變化？我認為現在廣告費用佔比應該更高才對，對吧？（多位發言者）以及你如何看待──這對你意味著什麼？

Look, generally, as a whole, the in-app purchasing market is more mature than the in-app advertising market. We're seeing much faster growth rates on the MAX platform. We've said multiples faster than the in-app purchasing market grows because those publishers, both the older publishers in that category are getting better tools, both for growth and monetization. And then, newer publishers see these other publishers scaling so they integrate more ads.

總的來說，應用程式內購買市場整體上比應用程式內廣告市場更成熟。我們看到 MAX 平台的成長速度快得多。我們說過，其成長速度比應用程式內購買市場成長速度快數倍，因為這些發行商，包括該類別中的老發行商，都獲得了更好的工具，用於成長和獲利。然後，新晉出版商看到其他出版商規模擴大，於是也開始整合更多廣告。

So you're seeing more supply come online and existing supply monetize better.

因此，你會看到更多供應上線，現有供應也能更好地變現。

In-app purchasing market isn't really creating that many more monetization tools. It requires, for growth, this tax to go down. If the 30% goes to 15%, that creates a really big tailwind. It creates better monetization mechanics.

應用程式內購買市場並沒有真正創造出更多新的獲利工具。要實現經濟成長，就需要降低這種稅收。如果30%降到15%，那將產生巨大的順風效應。它創造了更好的獲利機制。

That's really hard in that category. It's up to the game developers. But it's not uniform across the platform.

那確實很難。這取決於遊戲開發商。但不同平台上的情況並不統一。

And then, it requires more IAP games. There's a really big set of games that are just mature in that category that, frankly, don't really have much of a way to grow anymore.

然後，它就需要更多的應用程式內購買遊戲。在這個類別中，有許多遊戲已經發展成熟，坦白說，它們已經沒有太多發展空間了。

And then, there are newer ones that constantly come live. If you look in the top 10 to 20 in-app purchasing top-grossing games, there's a huge mix of games that have launched in the last two years that are now on the top 20. So there's new ones that go live that help grow there.

而且，還有不斷有新的服務上線。如果你查看應用程式內購買收入最高的 10 到 20 款遊戲，你會發現很多遊戲都是在過去兩年內推出的，而這些遊戲現在都進入了前 20 名。所以會有新的項目上線，幫助那裡發展壯大。

But, for us, what we're focused on is where we can drive an impact. We can help the in-app purchasing ones promote themselves.

但對我們來說，我們關注的是我們可以產生影響力的地方。我們可以幫助那些進行應用程式內購買的用戶進行推廣。

The in-app advertising ones are really exciting for us because they power our true market. The true market is the supply side on MAX. As we give them better monetization tools and better growth tools, we see that supply expanding. That supply expanding the growth rate there is the direct market that helps us grow.

應用程式內廣告對我們來說真的非常令人興奮，因為它們支撐著我們真正的市場。MAX 的真正市場是供應方。隨著我們為他們提供更好的獲利工具和更好的成長工具，我們看到供應量正在擴大。供應量的增加帶動了當地成長率的擴大，而這正是幫助我們發展的直接市場。

And then, hopefully, we can grow on top of that even more because of improvements in all the other parts of our business.

然後，希望我們能夠在此基礎上，由於公司其他各個方面的改進，實現更大的成長。

(Operator Instructions)

（操作說明）

Matthew Cost, Morgan Stanley.

馬修‧科斯特，摩根士丹利。

Thank you for the 50% week-on-week growth metric. That is really interesting. Is that the metric that you're managing to try to find the point at which you're going to go general availability? If not, what are you looking at? Like, what will be the things that you need to knock down for that to happen?

感謝您提供的50%的周環比增長率數據。這真有趣。這是你們用來尋找何時全面上市的指標嗎？如果不是，那你又在看什麼呢？比如說，你需要掃除哪些障礙才能達成這個目標？

All these things take time to build. I don't, like, spend -- obviously, if spend wasn't going up a lot, I'd be a lot more concerned when you got a business in any scale growing 50% week-over-week. There's a reason to be excited.

所有這些都需要時間來建立。我不會像有些人那樣花錢——顯然，如果支出沒有大幅增長，當一家企業（無論規模大小）每週增長 50% 時，我會更加擔心。確實有理由感到興奮。

But what I care more about is that we have time to optimize the funnel. We need to make sure the conversion funnel is optimized. This is just like launching a B2C property. Your first funnel is not going to be your best funnel. We've already optimized it once. So what's today on the site is better than what was on the site four weeks ago.

但我更關心的是我們有時間優化銷售漏斗。我們需要確保轉換漏斗得到優化。這就像推出B2C產品一樣。你的第一個銷售漏斗不會是最好的。我們已經優化過一次了。所以，今天網站上的內容比四周前網站的內容好。

But there's room for improvement there. Your communications with the clients, the e-mails that the potential clients get after they sign up, we can improve that. We can improve the tooling inside the dashboard, all the AI bots that we've talked about.

但在這方面還有進步的空間。我們可以改善您與客戶的溝通，以及潛在客戶註冊後收到的電子郵件。我們可以改進儀錶板內部的工具，以及我們之前討論過的所有人工智慧機器人。

And so there's different aspects of this that we just need time to get to a place where we go, this meets our quality standard, then we're ready to open up. Because if we open up today, we may be okay, we may not. We may get inundated with user concerns, as you shrink the size of the advertiser.

因此，這其中涉及不同的方面，我們需要時間來達到我們認為符合品質標準的水平，然後我們才能準備開業。因為如果我們今天開放，也許會沒事，也許不會。隨著廣告商規模的縮小，我們可能會收到大量用戶回饋。

So one day, I'd like to make sure that that local laundromat that signs up gets a great experience promoting themselves to this gamer audience on our platform. If we're not ready yet today, we're going to take our time to get there.

所以有一天，我希望確保註冊加入我們平台的本地洗衣店能夠獲得良好的體驗，從而更好地向遊戲玩家群進行推廣。如果今天我們還沒準備好，我們會慢慢來，直到我們達到目標。

We don't think it's a long time away. I think I'd said on our prior earnings call, for sure in '26. So this isn't a very long time away. We're just going to take our time to ensure that we've got the product at the level that we want.

我們認為不會太久。我想我在之前的財報電話會議上說過，肯定會在 2026 年。所以，這一天不會太遠了。我們會慢慢來，確保產品達到我們想要的水平。

Great. And then, on the paid marketing front, I think you talked last quarter -- and maybe even mentioned in passing this quarter -- the opportunity to do more of that. It looks like based on your sales and marketing budget in the third quarter that it wasn't something that you started to lean into.

偉大的。然後，在付費行銷方面，我想您上個季度談到了——甚至可能在本季度也順帶提到了——可以更多地開展這方面的工作。根據你們第三季的銷售和行銷預算來看，你們似乎並沒有開始重視這方面。

How should we think about the timing and potential magnitude of doing more marketing?

我們該如何考慮加大行銷力道和時機？

Yeah. We're testing right now, actively. Testing budget is going to be not large. Even if we ever scale this, the scale of our business is quite large. So, like, some of the largest advertisers in the world can only spend a couple of hundred million dollars a year.

是的。我們正在積極進行測試。測試預算不會很大。即使我們未來擴大規模，我們業務的規模也相當龐大。所以，世界上一些最大的廣告商一年只能花幾億美元。

As you think about the scale of our business, it's never going to be a very large line item against the revenue potential. But because our LTV is so high and we're optimizing our conversion rate and we think we can get that to be really compelling and the brand isn't known, the set-up is really good for promoting our product to potential end customers.

考慮到我們業務的規模，這筆費用在潛在收入中所佔的比例永遠不會很大。但由於我們的 LTV 非常高，我們正在優化轉換率，我們認為我們可以讓它變得非常有吸引力，而且品牌知名度不高，所以這種模式非常適合向潛在的終端客戶推廣我們的產品。

And so, if that's the case -- and we know we have a great LTV to cost of user acquisition -- we'll spend. We'll break it out. As it scales, we'll show the unit economics so people can understand what we're doing. But we're really good performance marketers. I think we can all agree at this point. So we're not going to waste money on this.

因此，如果情況確實如此——而且我們知道我們擁有極高的 LTV 與用戶獲取成本比——我們將投入資金。我們把它拆開來看看。隨著規模擴大，我們將展示單位經濟效益，以便人們可以了解我們正在做的事情。但我們是非常優秀的效果行銷人員。我想這一點我們都能達成共識。所以我們不會在這上面浪費錢。

We're not brand marketers. The dollars will be much greater than the dollars we spend on user acquisition. For me, it's the full-blown automation of a salesforce. We'll need some salespeople. But we can keep a very lean sales team in line with our traditional culture if we can automate onboarding through advertising all the way to point of go-live.

我們不是品牌行銷人員。這筆錢將遠遠超過我們在用戶獲取上花費的金額。對我來說，這意味著銷售團隊的全面自動化。我們需要一些銷售人員。但是，如果我們能夠將廣告宣傳到產品上線的整個流程自動化，我們就可以在保持傳統文化的前提下，保持一支非常精簡的銷售團隊。

Benjamin Black, Deutsche Bank.

班傑明·布萊克，德意志銀行。

Is there any reason to think that the take-rate or revenue margin from your e-com spend should be any different to that of the core gaming business? Any structural differences to the advertising credits you're offering folks early on, perhaps lower the conversion, temporarily? But, longer term, are there any differences to be aware of?

是否有任何理由認為，您的電子商務支出的分成率或收入利潤率應該與核心遊戲業務的分成率或收入利潤率有所不同？你早期向用戶提供的廣告積分在結構上是否有任何不同，可能會暫時降低轉換率？但從長遠來看，是否存在需要注意的差異？

No. Look, the advertising credits we offer is such a tiny fraction to overall value of a new customer. So it's no different than, like, a cost of user acquisition if we got the customer through paid marketing. It's just really low. Consider that immaterial.

不。你看，我們提供的廣告積分與新客戶的整體價值相比只是很小的一部分。所以，這和透過付費行銷獲得客戶所產生的用戶獲取成本沒什麼差別。真的太低了。認為這一點無關緊要。

The business is not built to, say, web advertising or shops is treated differently than games. It's one unified auction. We're a single platform. So when we get a higher conversion rate, whether that comes from gaming or shops or any category, it's going to have a constant take-rate across the board. It just implies that more density equals better conversion rate, possibly higher take.

該業務並非為網路廣告或商店而建立，其運作方式與遊戲截然不同。這是一場統一的拍賣。我們是一個單一平台。所以，當我們獲得更高的轉換率時，無論轉換率來自遊戲、商店或任何類別，其整體轉換率都會保持穩定。這只是意味著更高的密度意味著更好的轉換率，可能更高的收益。

All right. Great. And then, second question would be -- you're clearly growing your ambitions within AI automation, more broadly. Maybe talk to us about your investment priorities as we look ahead to the next year. I'd imagine your compute capacity requirements are likely scaling. So how does that play into your expense outlook as we look ahead to the next year?

好的。偉大的。那麼，第二個問題是——很明顯，您在人工智慧自動化領域，乃至更廣泛的範圍內，都擁有越來越大的雄心壯志。展望來年，或許您可以和我們談談您的投資重點。我估計您的運算能力需求可能會不斷增長。那麼，展望來年，這會對您的支出預期產生怎樣的影響呢？

Yeah. We're pay-as-you go. Like, we try to project and buy, in particular, GPUs -- that being the more lead time-dependent part of the stack. We try to buy those a year in advance.

是的。我們採用按需付費模式。例如，我們會嘗試預測和採購，特別是 GPU——這是整個技術堆疊中對交貨時間要求較高的部分。我們盡量提前一年購買這些商品。

So if you've looked at the financials, you'll see spikes in infrastructure investment. But it runs through the P&L. It's not capitalized. We do plan it really effectively.

所以，如果你查看財務數據，你會發現基礎設施投資出現了激增。但它會影響損益表。它沒有大寫。我們的計劃確實非常周密。

We don't try to really overinvest ahead of revenue. We want to make sure we're really disciplined. That's completely aligned with our culture where we want to be cost-disciplined in every aspect of the business.

我們不會在收入實現之前進行過度投資。我們希望確保自己真正做到自律。這完全符合我們的企業文化，我們希望在業務的各個方面都嚴格控製成本。

Chris Kuntarich, UBS.

瑞銀集團的克里斯·昆塔里奇。

(Operator Instructions)

（操作說明）

Hopefully, you can hear me.

希望你能聽到我說話。

Just wanted to ask on web-based becoming available to EU advertisers. Any update there?

我想問一下，歐盟廣告商何時才能使用網路廣告服務？那邊有任何進展嗎？

And then, Matt, just a quick follow-up. Are you making any assumptions about advertisers that aren't currently onboarded in the 4Q guide?

然後，馬特，還有一個簡短的後續問題。您是否對目前尚未納入第四季度指南的廣告商做出任何假設？

Yeah. On the EU side, we can work with EU advertisers today. We just don't open up our inventory for website or shop advertisers in the EU region of our audience.

是的。在歐盟方面，我們目前可以與歐盟廣告商合作。我們不會向我們目標受眾所在的歐盟地區的網站或店鋪廣告商開放我們的廣告資源。

Just a clarification bullet. It's -- EU tends to be somewhere in the low-teens percentage of our business, if I remember off the top of my head. So it's not a huge priority versus expanding out the business.

補充說明一點。如果我沒記錯的話，歐盟在我們業務中所佔的比例通常在百分之十幾左右。所以與拓展業務相比，這並不是一項非常重要的優先事項。

GDPR rules are more restrictive and require a build-out for us. So we'll get to it in due time. It's not a priority against getting to general release of our platform and building out the rest of these tools we've talked about.

GDPR 規則更加嚴格，我們需要進行相應的調整。所以我們會在適當的時候談到這一點。優先完成平台的全面發布和我們之前討論過的其他工具的開發，並不是解決這些問題的首要任務。

Yeah. In terms of guidance, I think we've done pretty consistent to our approach, thus far. We've communicated before that we guide to where we feel very comfortable that we could potentially land. So we guide to what we know. We don't guide to try to estimate for something that's unpredictable.

是的。就指導方針而言，我認為到目前為止，我們一直堅持我們的方法。我們之前已經溝通過，我們會引導大家前往一個我們感覺非常舒適、可能會降落的地方。所以我們根據我們所知的事物來做指導。我們不建議嘗試估算不可預測的事情。

In this case, we can't predict the number or the volume of new advertisers coming on to the system through the referral program and how that potential ramp in spend could happen through the quarter. So there is no incremental assumption built into the guide for onboarding of incremental customers.

在這種情況下，我們無法預測透過推薦計畫加入系統的新廣告商的數量或規模，也無法預測本季支出可能會如何成長。因此，在該指南中沒有針對新增客戶制定任何增量式入職假設。

Rob Sanderson, Loop Capital.

Rob Sanderson，Loop Capital。

I have two.

我有兩個。

Just in terms of understanding more of the current points of friction to bringing people on, it sounds like you're doing a lot of work to tune the onboarding flow. But what other points of friction are necessary to address to just further optimize?

就了解目前在人員招募方面存在的摩擦點而言，聽起來你們在調整入職流程方面做了很多工作。但為了進一步優化，還需要解決哪些其他摩擦點？

And then, you've also said that you're not seeing a ton of complaints. But I'm sure you are getting asks for features and things. So maybe what are some common asks for feature add to Axon Ads Manager?

而且，你也說過你沒有看到很多投訴。但我相信你肯定收到過關於功能和其他方面的請求。那麼，大家對 Axon Ads Manager 的功能有哪些常見需求呢？

Yeah. The first question, like, you've got 2 points of this funnel, pre getting-to-us. Eventually, we've got to get the brand out there. We got to be able to market the platform.

是的。第一個問題是，在這個漏斗中，在聯繫我們之前，您有兩個要點。最終，我們必須把品牌推廣出去。我們必須能夠推廣這個平台。

We're constrained by how many referral codes we gave out. Like, just advertisers coming to the Axon platform and signing up. So let's set that aside because we purposefully constrained that.

我們受到發放的推薦碼數量限制。例如，廣告商來到 Axon 平台並註冊。所以，我們先把這個放在一邊，因為我們已經刻意限制了它。

After the sign-up, we want to make sure we have as little drop-off as possible. Of course, with any product, when you get a sign-up, not every sign-up is going to be qualified but we think a lot of these are qualified. So we're optimizing to as high a rate as we can from sign-up to go-live.

註冊完成後，我們希望確保流失率盡可能低。當然，對於任何產品來說，當你獲得註冊用戶時，並不是每個註冊用戶都是合格的，但我們認為其中許多都是合格的。因此，我們正在努力優化，力求從註冊到上線的整個流程達到盡可能高的效率。

In terms of feature requests, surprisingly, not a whole lot. This is like, I would say, hard to guarantee that it will be that, going forward, because we're only a month in. Like, if there's a lag time to integration and ramp up and we're seeing the swift growth, you don't have time for these customers to really understand the platform yet.

出乎意料的是，在功能需求方面，並沒有太多。我覺得很難保證未來也會如此，因為我們才過了一個月。例如，如果整合和啟動需要時間，而我們看到快速成長，那麼這些客戶就沒有時間真正了解平台。

So that may change but we get more feature requests from our current cohort of customers, the ones that went live a year ago, much more so than what we brought on in the last month.

所以這種情況可能會改變，但我們從現有客戶群（一年前上線的客戶）收到的功能請求比上個月新加入的客戶多得多。

If I could ask on international, you mentioned that you launched a little early. It sounds like no EU. So maybe where are you available? Anything surprising or different about the behavior from this cohort?

我可以問一下國際方面的問題嗎？您提到你們的發佈時間稍微提早了一些。聽起來不像歐盟。那麼，你現在在哪裡有空呢？這一批人的行為有什麼令人驚訝或不尋常之處嗎？

And then, just anything you can share on next steps to expanding? You probably have some language optimization to do, I'm sure, and channel development work but what are some of the next steps to make international a much bigger component?

那麼，關於下一步的擴張計劃，您還有什麼可以分享的嗎？我相信你們可能需要進行一些語言優化和管道開發工作，但要讓國際化成為更重要的組成部分，下一步應該採取哪些措施？

Yeah. First off, it's everywhere in the world, except for EU traffic, for web shops and web advertisers. App advertisers are everywhere in the world. We don't operate inside China so but the rest of the world is there.

是的。首先，它適用於歐盟以外的世界各地，包括網路商店和網路廣告商。應用程式廣告商遍布世界各地。我們不在中國境內開展業務，但世界其他地區都在那裡。

In our business, the customers that we have today are mostly Western shops. And so those Western shops aren't likely to go into Japan or Korea. Japan being our second biggest market and promote themselves. They're just not going to have a localized product offering. So the countries that have really been successful for this current customer base are the obvious ones: Canada, Australia, New Zealand, et cetera. So English-speaking; similar make-up to the US.

在我們的業務中，我們目前的客戶大多是西方商店。因此，這些西方商店不太可能進入日本或韓國市場。日本是我們的第二大市場，他們也積極進行市場推廣。他們根本不會提供在地化的產品。因此，對於目前的客戶群而言，真正成功的國家顯而易見：加拿大、澳洲、紐西蘭等等。所以，英語是主要語言；人口組成與美國相似。

As we go open up the platform, that's when we'll go try to get local presentation inside Japan, Korea, and other markets that are more closed off but very large markets for us. In the Western markets, we already have a presence so it will be faster to get going.

隨著我們平台的開放，我們將嘗試在日本、韓國以及其他相對封閉但對我們來說非常大的市場進行在地化推廣。我們在西方市場已經佔有一席之地，所以發展速度會更快。

I think, over time, localization is fortunately not a challenge anymore with LLMs. Language is pretty easy to solve. So we're fairly solved over there. It's just much more built around getting the system to be workable the way we're talking about for the West, goes global, right?

我認為，隨著時間的推移，在地化對於LLM來說已不再是一個挑戰。語言問題很容易解決。所以那邊的問題基本上解決了。它更多的是圍繞著如何讓這個系統能夠像我們談論的那樣在西方運作，並走向全球而建構的，對吧？

Like, all users around the world that we see playing games, the human beings behave similarly. They might buy a shot from different shops because there's local merchants in each one of these markets but humans aren't behaving much differently in Japan or Korea or Canada or Australia to the US. So the model translates all human behavior to math.

就像我們看到的世界各地玩遊戲的使用者一樣，人類的行為方式很相似。他們可能會從不同的商店購買酒水，因為每個市場都有當地的商販，但日本、韓國、加拿大或澳洲的人們的行為與美國人並沒有太大的不同。因此，該模型將所有人類行為轉化為數學。

Math is universal. And so as we launch and broaden out the platform, we don't think there's going to be some big lift to really see a lot of success internationally. We haven't seen that as we've opened up these markets and have these same customers expand out.

數學是通用的。因此，隨著我們推出和擴展該平台，我們認為不會出現什麼大的提升，從而在國際上真正取得很大的成功。隨著我們開拓這些市場，並讓這些客戶拓展業務，我們還沒有看到這種情況。

Martin Yang, Op Co.

Martin Yang，Op Co.

Related to the last question, can you maybe talk a bit more about your current cohort, how they have been performed in 3Q? For example, are they more actively spending, given your improvement in tools, having more features, et cetera?

關於上一個問題，您能否再多談談您目前的學員群體，他們在第三季的表現如何？例如，鑑於您在工具方面的改進、功能的增加等等，他們的消費意願是否更高了？

Yeah. Look, over the last year -- it's been a year since we've had this product, right? The team is continuously improving the product so the return on ad spend for the customers have gotten better.

是的。你看，過去一年——我們推出這款產品已經一年了，對吧？團隊不斷改進產品，因此客戶的廣告支出報酬率也提高了。

The tooling has gotten better. We went from the old dashboard to the Axon Ads Manager. So the tools that they have at their disposal has gotten better.

工具性能有所提升。我們從舊的控制面板升級到了 Axon 廣告管理工具。因此，他們所掌握的工具也變得更好了。

The customers' understanding of our platform has gotten better. Just that nuance on ad creative that ours are 35 seconds on average, whereas social is 7 seconds, it took months with a lot of customers to explain that fine details and that if you're not building a 45-second ad, you're going to lose to your competitor.

客戶對我們平台的了解有所提升。只是廣告創意上的細微差別，我們的廣告平均長度為 35 秒，而社群媒體廣告平均長度為 7 秒，我們就花了幾個月的時間向許多客戶解釋這些細微之處，並讓他們明白，如果你不製作 45 秒的廣告，你就會輸給競爭對手。

So all these things just compound, we're one year into a product in a very large advertising market, competing with other companies that are years or decade-plus into that same market. So as you build better tooling and as you get a better understanding of your tools, you see the effect compounding, the knowledge compounding, the usage compounding. And so we're seeing trends that are positive.

所以所有這些因素都會疊加起來，我們進入一個非常大的廣告市場才一年，就要和其他已經在這個市場摸爬滾打了數年甚至十多年的公司競爭。因此，隨著你建立更好的工具，隨著你對工具的了解加深，你會看到效果不斷累積，知識不斷累積，使用量不斷累積。因此，我們看到了一些積極的趨勢。

But this thing is going to take time to build at the level that we want to build. We've been in the gaming business for 13 years. We're clearly the best channel for the gaming customers at this point. We think we can replicate that success across all these other categories.

但要達到我們想要的水平，還需要時間。我們從事遊戲業已有13年了。目前來看，我們顯然是遊戲用戶的最佳管道。我們認為我們可以將這種成功複製到所有其他類別。

As we build to the scale that we're accustomed to operating at, you'd expect a lot of compounding success over time across knowledge, usage, and tooling.

隨著我們發展到習慣的營運規模，隨著時間的推移，我們在知識、使用和工具方面都會取得巨大的複利成功。

Got it. I have a quick follow-up on the PSU issued in October that's for engineering employees. Can you maybe give us more context? Is it for a small handful, single recruiting, retention? Any additional details would be helpful.

知道了。我有一個關於10月份發布的工程員工的PSU的後續問題。您能否提供更多背景資訊？是針對少數、單一的招募和留任嗎？提供更多細節將不勝感激。

Yeah. It's a pool, Martin, for a group of engineers. But it's also a future tool that we can use for recruiting, as well, for new hires into the engineering team.

是的。馬丁，這是一群工程師使用的游泳池。但它也是我們未來招募工程團隊新進員工時可以使用的工具。

Jim Callahan, Piper Sandler.

吉姆·卡拉漢，派珀·桑德勒。

I just had a follow-up on the referral codes. Are all the codes, so far, given out? Or is this something we can expect the partners to continue doing through early 2026?

我剛剛跟進了一下推薦碼的情況。目前為止，所有的驗證碼都發放完了嗎？或者我們可以預期合作夥伴會一直這樣做到 2026 年初嗎？

Yeah. Generally, if there's a partner that we gave [X] codes to and they run through X and they deliver quality leads, we give them more. We can measure back to every referral partner success of the customers they bring.

是的。一般來說，如果我們給了某個合作夥伴 [X] 個代碼，而他們透過 X 代碼提供了高品質的潛在客戶，我們就會給他們更多。我們可以衡量每位推薦合作夥伴所帶來的客戶的成功情況。

So we don't want to constrain good referral partners. The gate is solely to slow it down so that we have time to build the tool the way I've been talking about.

所以我們不想限制優秀的推薦夥伴。設置閘門只是為了減緩速度，以便我們有時間按照我一直所說的方式來建造工具。

But if someone is bringing us good leads, we're going to take good leads. So we're going to be dynamic in the codes that we issue across the board, if we see success coming in.

但如果有人能給我們好的線索，我們就會採納。所以，如果我們看到成效，我們將靈活調整我們發布的各項法規。

Got it. That's helpful. And then, just a follow-up on -- you talked about low quality and, like, making sure you're selective and having the right advertisers. What would you define as, like, low quality or an advertiser that wouldn't work with the platform?

知道了。那很有幫助。然後，我想跟進一下——你剛才談到了低質量，以及如何確保你有所選擇，找到合適的廣告商。您如何定義低品質廣告商或不願意與平台合作的廣告主？

Yeah. Over time, you broaden out the type of advertisers you have to basically everything because you have a lot of density and a customer is never going to see 200 impressions of the same thing. Where we are today, we don't have a lot of density. So in certain categories, a customer may see 200 impressions of the same thing.

是的。隨著時間的推移，你將廣告商的類型擴展到幾乎所有類型，因為你的廣告密度很高，而一個客戶永遠不會看到同一內容的 200 次曝光。我們目前所在的地方人口密度不高。因此，在某些類別中，客戶可能會看到同一件事的 200 次展示。

Well, the bar we set right now is if our team is willing to buy that product or not. If they think it's a good product, they're willing to buy it, great, we want to run it on our platform. That doesn't mean we're going to maintain the same standard forever.

嗯，我們現在設定的標準是，我們的團隊是否願意購買該產品。如果他們認為這是一個好產品，並且願意購買，那就太好了，我們希望在我們的平台上運行它。但這並不意味著我們會永遠維持同樣的標準。

Most of the companies that today we call low quality or we're not letting on the platform, they're running ads on social, they're running ads on search. These are real businesses. They're substantial businesses, in many cases.

如今我們稱之為低品質或不被允許入駐平台的絕大多數公司，都在社群媒體上投放廣告，在搜尋引擎上投放廣告。這些都是真實存在的企業。在很多情況下，它們都是規模相當大的企業。

But we just want to make sure that we think about our audience as a very consistent large audience. We want to train them that our ads are really high quality.

但我們只想確保將我們的受眾視為一個非常穩定且龐大的受眾。我們想讓他們相信我們的廣告品質真的很高。

But in the absence of that competition, if they're getting bombarded with single offers, we want to make sure each one of those is really, really high value for that customer.

但是，如果沒有這種競爭，如果他們收到大量單一優惠，我們希望確保每個優惠對客戶來說都真正具有很高的價值。

Nat Schindler, Scotiabank.

納特辛德勒，加拿大豐業銀行。

I'm going to go really high-level and touch back on an earlier question someone asked, about whether or not you were interested in some of those Google assets if they ever came up. You're growing at obviously absurd rates and you're doing it to -- it sounds like you're going to continue in your core market in gaming; and you're adding obviously e-commerce, which is an enormous opportunity.

我打算從宏觀層面來談談之前有人問過的一個問題，那就是如果谷歌的某些資產出現，你是否有興趣。你們的成長速度顯然非常驚人，而且──聽起來你們打算繼續深耕遊戲這一核心市場；同時，你們顯然也在拓展電子商務，這是一個巨大的機會。

I assume a lot of this is your conversion rates keep improving. You guys have been great at that over time. But some of it has to do with inventory itself.

我猜想這很大程度是因為你們的轉換率持續提高。你們在這方面一直做得非常出色。但其中一些問題與庫存本身有關。

So at some point, conversion rates can improve too much and if e-commerce is a lower-converting area than gaming, when do you run out of inventory on your core gamer market?

因此，在某種程度上，轉換率可能會提高得過高，如果電子商務的轉換率低於遊戲領域，那麼你的核心遊戲玩家市場何時會出現庫存不足的情況呢？

Yeah. Look, we don't know is the simple answer. There's a long way to go, we think, just because we have so little advertiser density today. There's never been any company that's been set up like ours in the advertising space in history.

是的。答案很簡單，我們不知道。我們認為還有很長的路要走，原因很簡單，就是因為目前廣告主密度太低。在廣告業的歷史上，從來沒有哪家公司像我們這樣運作的。

Where -- what we reported, I think it was in Q1, was $11 billion-plus of ad spend. And then, the disclosures we've given you across web advertisers and gaming advertisers puts it in the low thousands. So you've got such a high amount of spend for such a low amount of advertisers across over 1 billion daily active users.

據我們報道，第一季廣告支出超過 110 億美元。再加上我們從網路廣告商和遊戲廣告商那裡了解到的訊息，總額在幾千美元左右。所以，在超過 10 億日活躍用戶中，廣告商數量如此之少，廣告支出卻如此之高。

Well, what happens when we get more density? You get more data, you get more density, you get more time to improve your models, that conversion rate is going to go up.

那麼，當密度增加時會發生什麼事呢？獲得更多數據，獲得更高的密度，獲得更多時間來改善模型，轉換率就會上升。

If you think about social. It's not like there's more users on social. The growth in social has consistently come from, the last few years, more customers getting a higher-conversion rate because, just, the technologies are getting more powerful.

如果你思考一下社會問題。社群媒體上的用戶數量並沒有更多。近幾年來，社群媒體的成長一直源自於更多客戶獲得更高的轉換率，這僅僅是因為科技變得越來越強大。

And so we think we're going to see the same thing but we're going to be able to pair it with this advertiser recruitment. We're starting from such a low point. There's going to be quarters, possibly many years, of growth in conversion rate to come before we start worrying about supply.

所以我們認為我們會看到同樣的情況，但我們可以將其與廣告商招募結合。我們現在的起點非常低。未來幾個季度，甚至可能很多年，轉換率都會持續成長，之後我們才會開始擔心供應問題。

Now, that said, we've talked about it is interesting to us to go help the broader set of publishers, both in the open web and connected TV to better monetize. We get pinged all the time. It's no secret that we're really good at performance advertising at this point.

話雖如此，我們之前也討論過，幫助更廣泛的出版商群體（包括開放網路和連網電視領域的出版商）更好地獲利，對我們來說是一件很有趣的事情。我們經常收到ping訊息。眾所周知，我們現在非常擅長效果廣告。

So at some point, we would like to broaden out the supply base, as well. Because, why not? That builds a really good growth catalyst into the future.

所以，在某個時候，我們也希望擴大供應基礎。為什麼不呢？這將為未來的發展奠定良好的成長基礎。

But, today, we're really heads-down focused on the demand side of the platform because there's so much work to do there. At some point, you'll see us talking about both sides.

但是，今天我們真正專注於平台的需求端，因為這方面還有很多工作要做。在某個時候，你會看到我們談論雙方的觀點。

That concludes the question-and-answer session for this quarter.

本季問答環節到此結束。

We thank you, all, for joining us today. Have a good afternoon.

感謝各位今天蒞臨現場。午安.

Thanks, everyone.

謝謝大家。

Thank you.

謝謝。