AppLovin Corporation (APP) 2026 Q1 法說會逐字稿

Standby, we are about to begin.

請稍候，我們即將開始。

Welcome to Applovin's earnings call for the first quarter ended March 31, 2026. I'm David Hsiao, Head of Investor Relations. Joining me today to discuss our results are Adam Foroughi, our Co-Founder and CEO; and Matt Stumpf, our CFO. Please note, our SEC filings to date as well as our financial update and press release discussing our first quarter performance are available at investors.applovin.com.

歡迎參加 Applovin 截至 2026 年 3 月 31 日止第一季的財報電話會議。我是 David Hsiao，投資人關係主管。今天與我一同討論公司業績的有共同創辦人兼執行長 Adam Foroughi，以及財務長 Matt Stumpf。請注意，我們迄今向 SEC 提交的申報文件，以及討論第一季表現的財務更新與新聞稿，皆可於 investors.applovin.com 查閱。

During today's call, we will be making forward-looking statements, including, but not limited to, the future development and reach of our platform, our expected growth opportunities, 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.

在今天的電話會議中，我們將作出前瞻性陳述，包括但不限於：我們平台未來的發展與觸及範圍、我們預期的成長機會、公司預期的未來財務表現，以及其他未來事件。這些陳述係基於我們目前的假設與信念，除法律要求外，我們不承擔更新之義務。

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-K for the year ended December 31, 2025. Additional information may also be found in our quarterly report on Form 10-Q for the fiscal quarter ended March 31, 2026, which will be filed today.

我們的實際結果可能與預測結果存在重大差異。我們鼓勵您查閱我們最近提交的截至 2025 年 12 月 31 日止年度 Form 10-K 中的風險因素。其他資訊亦可見於我們截至 2026 年 3 月 31 日止會計季度的 Form 10-Q 季度報告，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. 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.

我們也將討論非 GAAP 財務衡量指標。這些非 GAAP 指標並非意在優於或取代我們的 GAAP 結果。請務必查閱我們投資人關係網站上之財報新聞稿與財務更新中所列的 GAAP 結果，以及 GAAP 與非 GAAP 財務衡量指標之調節表。

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

本次電話會議將被錄音，並將於一段期間內在我們的投資人關係網站提供重播與逐字稿。

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.

接下來我將把時間交給 Adam 與 Matt 做開場致詞，之後由主持人帶領進行問答。

Thanks, everyone, for joining us today. I want to start this call a little bit differently than our last few. No preamble on stock price, no addressing short sellers, no reacting to noise. This quarter, the conversation is about us and our future. And from where we sit, the future has never looked better.

感謝各位今天加入我們。我想用與過去幾次稍有不同的方式開始這通電話會議。不先談股價、不回應放空者、也不對雜音作出反應。本季的對話聚焦在我們以及我們的未來。以我們目前所見，未來從未如此光明。

We just delivered another quarter where we beat our own guidance. Again, we continue to grow this business very quickly despite the numbers getting much bigger, and we are doing it while margins keep expanding.

我們剛交出又一個超越自身財測指引的季度。再次強調，即使基數大幅提高，我們仍持續非常快速地成長，同時利潤率也持續擴張。

The rate of top line growth, profitability and free cash flow generation that we are delivering is exceptionally rare in public markets, and our team deserves all the credit for that. What I want to spend my time on today is the opportunity ahead because we are quickly moving through a lot of the goals we set for the business this year, and we are now well on our way to opening up our platform to the public in June.

我們所展現的營收成長率、獲利能力與自由現金流創造能力，在公開市場上極為罕見，這完全歸功於我們的團隊。我今天想花時間談的是前方的機會，因為我們正快速推進今年為業務設定的多項目標，並且正穩步邁向在六月向大眾開放我們的平台。

That is a major milestone. For 14 years, we have been a closed platform. Come June, advertisers across the world will be able to sign up for Axon and start running campaigns. That changes the trajectory of this company in a very meaningful way.

這是一個重要的里程碑。14 年來，我們一直是封閉式平台。到了六月，全球的廣告主都能註冊 Axon 並開始投放行銷活動。這將以非常實質的方式改變公司的發展軌跡。

Let me start with gaming because it remains the foundation of everything we do, and it is performing really well. A couple of weeks ago, we hosted our annual Gaming CEO Summit. We bring in the top executives from the biggest mobile gaming companies in the world, and the energy this year was unlike anything I have seen. These companies have been our closest partners for over a decade in many cases, and the excitement was strong.

我先從遊戲談起，因為它仍是我們一切工作的基礎，而且表現非常出色。幾週前，我們舉辦了年度 Gaming CEO Summit。我們邀請全球最大型行動遊戲公司的頂尖高階主管與會，而今年的氛圍與能量是我前所未見的。在許多情況下，這些公司十多年來一直是我們最緊密的合作夥伴，而他們的興奮感非常強烈。

There is a real sense that we are entering a new phase of growth for the industry and our platform is at the center of it. Here is what is driving that excitement. First, AI technologies are now enabling these studios to do things they cannot do before. Incumbent gaming companies, the ones that already have successful titles, can now use AI tools to improve their current games faster and cheaper.

大家普遍感受到，我們正進入產業的新一輪成長階段，而我們的平台正處於核心位置。以下是驅動這股興奮的原因。第一，AI 技術如今讓這些工作室能做到過去做不到的事。既有的遊戲公司，也就是已擁有成功作品的公司，現在可以運用 AI 工具以更快、更低成本的方式改善現有遊戲。

More importantly, it is giving them the confidence to launch new games. The cost of experimentation has come down dramatically, and that is unleashing a wave of new content that is really healthy for our ecosystem.

更重要的是，這也讓他們更有信心推出新遊戲。試驗成本已大幅下降，這正釋放出一波新的內容浪潮，對我們的生態系非常健康。

Second, we are seeing a meaningful shift in how these companies think about monetization. Games that historically only made money from purchases are now really focused on testing hybrid models where they also unlock incremental revenue from ads. This is a big deal.

第二，我們看到這些公司對變現方式的思維正在出現顯著轉變。過去主要靠內購（IAP）賺錢的遊戲，現在正積極測試混合模式，透過廣告解鎖額外增量收入。這非常重要。

For years, a lot of these IAP-only games would not run ads because they did not want to promote competing titles. But as we scale advertisers who are not gaming companies, whether apps or websites, e-commerce or other categories, which we now call our consumer vertical, those concerns go away. A cookware company or a fashion brand is not competition to a puzzle game. So we fully expect to see a lot of IAP-only games start monetizing with ads that will not be deemed competitive.

多年來，許多僅靠 IAP 的遊戲不投放廣告，因為他們不希望替競品遊戲導流。但隨著我們擴大非遊戲公司的廣告主規模，無論是 App 或網站、電商或其他類別——我們現在稱之為消費者垂直領域——這些顧慮就會消失。鍋具公司或時尚品牌並不是益智遊戲的競爭對手。因此，我們完全預期會看到許多原本僅靠 IAP 的遊戲開始透過不被視為競爭性的廣告來變現。

That is going to be a strong tailwind for many quarters. Together, we and our gaming partners can acknowledge that our platform is driving the market's leading scale and return on ad spend and continues to help the industry grow faster than expected. The ad-supported part of the ecosystem continues to grow at really healthy rates, multiples faster than the growth of the more mature in-app purchasing category.

這將在未來多個季度形成強勁的順風。我們與遊戲合作夥伴一致認同，我們的平台正帶來市場領先的規模與廣告投資報酬率（ROAS），並持續協助產業以超出預期的速度成長。生態系中以廣告支撐的部分仍以非常健康的速度成長，其增速是較成熟的應用程式內購買類別的數倍。

As we look forward, we expect to see much more high-quality content come to market that taps into both ads and in-app purchasing monetization, and that plays really well into our strengths. Now that brings me to the consumer vertical, which is growing even faster than gaming. This is still only 1.5-years-old product. I want people to really internalize that. And it is scaling at a pace that gets us very excited.

展望未來，我們預期市場將出現更多高品質內容，同時運用廣告與應用程式內購買的變現方式，而這非常符合我們的優勢。接著談到消費者垂直領域，它的成長速度甚至快於遊戲。這仍是一個僅 1.5 年歷史的產品。我希望大家真正把這點放在心上。而它的擴張速度讓我們非常振奮。

A couple of weeks ago, we had another material model release that improves scale and return on ad spend significantly for our consumer advertisers. These are the types of compounding improvements we have talked about on prior calls.

幾週前，我們又發布了一次重要的模型更新，為消費者廣告主在規模與廣告投資報酬率方面帶來顯著提升。這正是我們在先前電話會議中談到的那種可複利式的改進。

The team improves the model, advertisers see better returns and they put more budget into our system. It is a virtuous cycle, and it is working. The consumer vertical exited the quarter very strong with March growing roughly 25% more than the numbers we did in January and April reaching a record month in advertiser spend, higher than any peak Q4 month. That kind of acceleration is exactly what you want to see from a product that is still early in its development curve.

團隊改善模型，廣告主看到更好的回報，便把更多預算投入我們的系統。這是一個良性循環，而且正在奏效。消費者垂直領域在本季末表現非常強勁：3 月的成長約比 1 月的數字高出 25%，而 4 月更創下廣告主支出創紀錄的月份，高於任何 Q4 旺季月份的峰值。對於仍處於早期發展曲線的產品而言，這種加速正是你希望看到的。

Advertisers are seeing real success on our platform, and they are ramping aggressively. We are thrilled that this is happening, and we are really excited about what comes next. When we open up our platform in June and start pursuing our mission of helping all the businesses in the world add another material marketing channel to their set of opportunities, that is when this thing just continues to compound.

廣告主在我們的平台上看到了真正的成效，並且正積極加速投入。我們很高興看到這一切正在發生，也對接下來的發展感到非常興奮。當我們在六月開放平台，並開始推進我們的使命——協助全球所有企業在其機會組合中新增另一個具實質影響力的行銷管道——這項業務就會持續以複利方式成長。

We've always said we want to help the smaller businesses scale. Last quarter, I highlighted an Israeli cookware company that went from $4 million in revenue to $16 million to now projecting $80 million with the majority of their ad spend on our platform. That is the kind of story we want to replicate thousands of times over.

我們一直都說，我們希望幫助較小型的企業擴大規模。上一季，我提到一家以色列廚具公司，營收從 400 萬美元成長到 1,600 萬美元，如今預估將達到 8,000 萬美元，而且其廣告支出的大部分都投放在我們的平台上。這正是我們希望能夠複製成千上萬次的故事。

As we look forward, one of the things that I'm most excited about is how advertisers will interact with our platform. We are already seeing advertisers use AI agents to manage their marketing spend, and we are building Axon to be natively accessible to those agents. Between self-serve access in June, our AI-powered ad creative tools and agent-compatible infrastructure, we are building a system where an advertiser can onboard, generate high-performing ads and scale campaigns profitably without ever needing to talk to a human.

展望未來，我最興奮的一點是廣告主將如何與我們的平台互動。我們已經看到廣告主使用 AI 代理來管理其行銷支出，而我們正在打造 Axon，使其能原生地被這些代理存取。結合 6 月的自助式存取、我們的 AI 驅動廣告創意工具，以及可與代理相容的基礎架構，我們正在建立一套系統，讓廣告主能夠完成上線導入、產生高效能廣告並以獲利方式擴大投放活動，全程甚至不需要與任何人員對話。

We're also showing up more, podcast, sponsorships, a larger voice in the market, that visibility reflects a deeper conviction, Axon-powered growth isn't a niche phenomenon. It's a blueprint for transformation at a scale the world hasn't seen yet. Millions of businesses, that's the opportunity in front of us.

我們也更常出現在市場上——播客、贊助，以及更大的市場聲量；這種能見度反映出更深的信念：由 Axon 驅動的成長並非小眾現象。它是一個前所未見規模的轉型藍圖。數以百萬計的企業——這就是擺在我們面前的機會。

Let me close with this. We are a focused company, more excited about our opportunities than at any point in our history. The gaming business is strong, our partners are energized, and we are helping the industry grow.

最後我想用這段話作結。我們是一家專注的公司，對於我們的機會感到前所未有的興奮。遊戲業務表現強勁，我們的合作夥伴士氣高昂，而我們正在協助整個產業成長。

The consumer vertical is scaling fast, and we are just getting started. Our platform opens to the world next month. We will continue to ignore noise, execute on our path forward, perform well and drive value to our customers. We know that, in turn, that will set us up for a much bigger future than where we are today.

消費者垂直領域正在快速擴張，而我們才剛剛開始。我們的平台將於下個月向全球開放。我們將持續忽略雜音，沿著既定路徑執行，交出良好表現並為客戶創造價值。我們也知道，這反過來將使我們迎向比今天更宏大的未來。

With that, I will turn the call over to Matt to walk us through the financials.

接下來，我把電話會議交給 Matt，請他帶大家回顧財務表現。

Thanks, Adam, and thanks to everyone for joining us today. Q1 was another exceptional quarter. We exceeded the high end of our guidance on revenue and adjusted EBITDA, expanded margins to a new high and continued our disciplined return of meaningful capital to shareholders. Revenue in the first quarter was $1.84 billion, up 59% year over year and 11% sequentially, driven by continued technology advancements across our core gaming business and our expanding consumer vertical.

謝謝你，Adam，也謝謝各位今天加入我們。第一季又是一個表現極為出色的季度。我們在營收與調整後 EBITDA 方面都超越了指引區間上緣，將利潤率擴張至新高，並持續以紀律性的方式向股東返還可觀資本。第一季營收為 18.4 億美元，年增 59%、季增 11%，主要受惠於我們核心遊戲業務的持續技術進展，以及不斷擴張的消費者垂直領域。

Adjusted EBITDA was $1.56 billion, up 66% year over year, representing an 85% margin. Margins expanded approximately 400 basis points from the same period last year. Quarter over quarter flow-through to adjusted EBITDA was 86%, again, reflecting the operating leverage of our model.

調整後 EBITDA 為 15.6 億美元，年增 66%，對應 85% 的利潤率。利潤率較去年同期擴張約 400 個基點。本季相較上季流入（flow-through）至調整後 EBITDA 的比例為 86%，再次反映我們商業模式的營運槓桿。

Free cash flow for the quarter was $1.29 billion, slightly elevated due to interest and tax payment timing. As cash tax payments are weighted toward the second and third quarters, free cash flow conversion is naturally lower in those periods and will normalize over the course of the year to approximately 75% of EBITDA for 2026.

本季自由現金流為 12.9 億美元，因利息與稅款支付時點而略為偏高。由於現金稅款支付主要集中在第二與第三季，這些期間的自由現金流轉換率自然較低，並將在全年過程中回歸正常；我們預期 2026 年自由現金流約為 EBITDA 的 75%。

We ended the quarter with $2.76 billion in cash and cash equivalents, providing significant flexibility to continue funding both organic investment and capital returns. During the first quarter, we repurchased and withheld 2.23 million shares for $1 billion, ending the quarter with 336 million shares outstanding and approximately $2.3 billion remaining under our share repurchase authorization, a program that continues to reflect our conviction in the value and durability of our business.

本季末我們持有 27.6 億美元的現金及約當現金，為持續投入有機投資與資本回饋提供了高度彈性。第一季期間，我們以 10 億美元回購並扣留 223 萬股，季末流通在外股數為 3.36 億股；在股票回購授權額度下仍剩餘約 23 億美元。此一計畫持續反映我們對公司價值與業務韌性的信心。

Turning to our outlook for the second quarter of 2026. We expect revenue between $1.915 billion and $1.945 billion, representing 52% to 55% year over year growth or 4% to 6% sequentially. Adjusted EBITDA is expected to be between $1.615 billion and $1.645 billion with an adjusted EBITDA margin of approximately 84% to 85%.

接著談談我們對 2026 年第二季的展望。我們預期營收介於 19.15 億至 19.45 億美元，代表年增 52% 至 55%，或季增 4% 至 6%。調整後 EBITDA 預期介於 16.15 億至 16.45 億美元，調整後 EBITDA 利潤率約為 84% 至 85%。

To close, Q1 was a beat across every metric with margins at a new high and significant cash returned to shareholders. Our capital allocation priorities for the balance of the year are unchanged, fund organic investment and return capital through buybacks, reflecting our continued commitment to driving shareholder value through disciplined capital deployment.

總結來說，第一季在每一項指標上都優於預期，利潤率創新高，並向股東返還了大量現金。我們今年剩餘期間的資本配置優先順序維持不變：支持有機投資，並透過回購返還資本，反映我們持續以紀律性的資本部署來提升股東價值的承諾。

With that, let's move to Q&A.

接下來我們進入問答環節。

We'll now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答時段。(接線員指示)

Matthew Cost, Morgan Stanley.

Morgan Stanley 的 Matthew Cost。

Hi, everybody. Thanks for taking the questions. I guess on the product road map, Adam, you talked about a significant product breakthrough just a couple of weeks ago. I guess, could you give us a little bit more detail about what that entailed? Was it a new type of model targeting a different use case?

大家好。謝謝讓我提問。我想就產品路線圖請教一下，Adam，你提到幾週前有一項重大的產品突破。能否請你再多分享一些細節，這項突破具體包含哪些內容？是針對不同使用情境、全新類型的模型嗎？

Or was it an existing one? And then we think about, when we think about the road map forward from a product perspective, what should we be watching for signs of you continuing to expand that opportunity in -- I guess, what you're calling consumer now? Is it about launching new models? What are the milestones that we should be watching for success?

還是既有模型的改進？另外，從產品角度來看，當我們思考接下來的路線圖時，我們應該觀察哪些訊號，來判斷你們持續擴大——我想你們現在稱之為「消費者」——這個機會？是推出新模型嗎？我們應該關注哪些里程碑，作為成功的指標？

Yes. Thanks, Matt. So if you recall, when we first launched AXON 2.0, we've had a lot of fast growth quarters since. I think it's been 12 straight. And almost, most of that has been attributed to two things. One is releasing new products. So as we've gotten deeper into gaming, you know that we've come out with longer-dated periods of models. And the second and more important is improving the underlying model.

是的。謝謝，Matt。如果你還記得，我們在首次推出 AXON 2.0 之後，接下來出現了許多快速成長的季度。我想已經連續 12 季了。而其中幾乎大部分都可歸因於兩件事。第一是推出新產品。隨著我們在遊戲領域更深入，你也知道我們推出了更長期間（longer-dated）的模型。第二點、也是更重要的一點，是改善底層模型本身。

An analogy is when you get to the LLMs, they can continuously uptick their model. They're releasing new models that perform better. In e-commerce and now what we're calling consumer, this product is really early. So it's like AXON 2.0, call it, 10 quarters ago. We're going through the phase of not only rolling out a model and understanding what the consumer needs, but also then on the other side, getting more data into the system.

可以類比到大型語言模型（LLM）：它們可以持續把模型能力往上推升。它們會推出表現更好的新模型。在電商以及我們現在稱為「消費者」的領域，這項產品其實還非常早期。所以它就像是 AXON 2.0——如果要這麼說——大約 10 個季度前的狀態。我們正處於一個階段：不僅要推出模型並理解消費者需求，同時在另一端把更多資料導入系統。

As we add more advertisers, we get more data, then we can build a more sophisticated model that can process it and create better output. So we've been continuously doing that. Last quarter earnings, I mentioned we just had one new model that had just created an uplift. The one we just had a couple of weeks ago was quite substantial.

隨著我們加入更多廣告主，我們會取得更多資料，接著就能建立更精密的模型來處理這些資料並產生更好的輸出。因此我們一直在持續進行這件事。在上一季的財報電話會議中，我提到我們剛推出一個新模型，已經帶來了提升（uplift）。而我們在幾週前推出的那個，提升幅度相當顯著。

So that's why I highlighted on the talk track that we saw a big acceleration going exiting the quarter. And then April Q2, bigger than any quarter that we had in Q4, which, as you know, most advertising businesses, I don't know of another advertising business, actually, they can grow Q1 over Q4. But when you're in e-commerce, normally, the first half of the year is a huge drop against Q4. So already being ahead of where we were in Q4 prior to opening up the platform gets us really excited.

所以我才會在講稿中強調，我們在季度末離場（exiting the quarter）時看到明顯加速。而且第二季 4 月的表現，比我們在第四季任何一個季度都更大；如你所知，多數廣告業務——我其實不知道還有哪一家廣告業務能在第一季比第四季還成長。但在電商領域，通常上半年相較第四季會大幅下滑。因此，在平台尚未全面開放之前，我們就已經領先於第四季的水準，這讓我們非常振奮。

Got it. Great. And then just on, you mentioned the GenAI creative tool. You've been talking about that for a couple of quarters, but I think you're in the process of rolling it out more broadly. So I guess how is uptake there? And then I guess, more importantly, for the advertisers that are using it, what sort of impacts are you observing from that?

了解。很好。接著，你提到 GenAI 創意工具。你們已經談了幾個季度，但我想你們正在把它更廣泛地推出。所以我想問，目前的採用情況如何？另外更重要的是，對於正在使用它的廣告主，你們觀察到哪些影響？

Yeah. So I mean, as you know, we've talked about in past quarters, the creative placement on our platform is much different than anywhere else in the world. I'd argue it's the best ad there is. You get over 30 seconds of viewer time and the user can't do anything else. So they're watching our ad and they get to, the brand can deliver a really thoughtful message there and then go to other steps in the ad that can drive transaction.

是的。所以我的意思是，如你所知，我們在過去幾個季度談過，我們平台上的創意版位跟世界上其他任何地方都很不一樣。我會說這是最好的廣告版位。你能獲得超過 30 秒的觀眾時間，而且使用者無法做其他事情。所以他們會看我們的廣告，品牌就能在那裡傳遞非常有深度的訊息，然後再進入廣告中的其他步驟，以推動交易。

Because it is so different and unique, advertisers have a problem coming to platform and investing in the creative resources necessary to make our platform scale. On the other hand, on gaming, we're the largest there is anywhere in the world when it comes to mobile gaming user acquisition. So creative resources are entirely dedicated to our platform. So the importance of this shouldn't be understated.

因為它如此不同且獨特，廣告主在進入平台並投入必要的創意資源、讓我們的平台能規模化時會遇到問題。另一方面，在遊戲領域，就行動遊戲用戶獲取而言，我們是全球最大的平台。因此創意資源是完全為我們的平台而配置的。所以這件事的重要性不容低估。

It was critical for us to get a model on top of the popular image and video generation models out so that we can hand to advertisers the capacity to just create ads out of the box that work for our platform. We rolled out something called our interactive page generator earlier in the quarter. That's out to all customers. That has pretty widespread adoption at this point.

對我們來說，關鍵是要在主流的圖片與影片生成模型之上再做一個模型，這樣我們就能把「開箱即用」且適用於我們平台的廣告製作能力交到廣告主手上。我們在本季較早時推出了一個叫做互動頁面產生器的功能。這已經向所有客戶開放。目前的採用率相當廣泛。

But more important is the video side. That's still in testing. We're going to roll it out to all accounts shortly. And then that's important before we go to a general release as well because that was the point that I mentioned on the last earnings call, advertisers trip up on, is a lot of advertisers don't even have video for a platform like us. We'll hand it to them with these tools.

但更重要的是影片端。那部分仍在測試中。我們很快會把它推向所有帳戶。而且在我們進行全面正式發布之前，這也很重要，因為正如我在上次財報電話會議提到的，廣告主最容易卡住的一點是：很多廣告主甚至沒有適用於我們這種平台的影片素材。我們會透過這些工具把它交給他們。

Thank you.

謝謝。

Omar Dessouky, BofA.

Omar Dessouky，美國銀行（BofA）。

Hi, Can you hear me now? I wanted to focus on the gaming business for a second, right, because it kept on getting bigger and bigger. So the past several quarters, your quarterly run rate derived from mobile game advertisers has increased every quarter. And more specifically, the amount by which it steps up has also increased in the last several quarters.

嗨，現在聽得到我嗎？我想先聚焦一下遊戲業務，因為它一直變得越來越大。過去幾個季度，你們來自行動遊戲廣告主的季度年化營收（run rate）每一季都在增加。而且更具體地說，近幾個季度每次上台階（step-up）的增量也在變大。

Did you see that trend continue in the first quarter? Do you expect it to continue the rest of the year? And how does your capacity to fund GPU capacity separate you from some of your competitors who are also adding a lot quarter on quarter. Obviously, you're the biggest, but it seems like there's a number of firms growing here.

你們在第一季有看到這個趨勢延續嗎？你們預期今年剩下的時間會持續嗎？另外，你們能夠投入資金擴充 GPU 產能的能力，如何讓你們與一些同樣每季都在大幅增加的競爭對手區隔開來？顯然你們是最大的，但看起來有不少公司也在成長。

So sorry, so a couple of questions. Did you see the trend continue? Do you expect it to continue for the step-ups to get bigger? And how does your GPU, your ability to fund GPUs separate you from competitors, if at all?

不好意思，所以是幾個問題。你們有看到這個趨勢延續嗎？你們預期這些上台階的增量會繼續變大嗎？以及你們的 GPU——也就是你們投入資金購置 GPU 的能力——是否、以及如何讓你們與競爭對手有所區隔？

Yes, Omar, you asked like you're almost surprised, but obviously, we're pretty good at game advertising. I'd say with two less days in the quarter and coming off the holidays to have that much growth in the quarter, Q-over-Q against Q4 is quite substantial. When you look at 59% year over year, a large, large part of that still because gaming is such a large part of our business comes from the gaming vertical.

是的，Omar，你問得好像你有點驚訝，但顯然我們在遊戲廣告方面做得相當好。我會說，在本季少了兩天、而且又是從假期後接續的情況下，與第四季相比仍能有這麼多的季度環比成長（Q-over-Q），是相當可觀的。當你看到年增 59% 時，其中很大、很大一部分仍然來自遊戲垂直領域，因為遊戲在我們業務中占比很大。

We have yet since we launched AXON 2.0, seen a slowdown. I also touched on a couple of bullets that were important to understand on the talk track. We've got a lot of these IAP game companies that are really, really good at monetizing in an existing game, now able to create more games at lower cost. Much of those more games will be ad-supported and in-app purchasing supported. This hybrid category is explosive growth on our platform.

自從我們推出 AXON 2.0 以來，還沒有看到成長放緩。我也在發言重點中提到幾個需要理解的重要要點。我們有很多 IAP（應用內購買）遊戲公司非常擅長在既有遊戲中變現，現在也能以更低成本製作更多遊戲。其中許多新遊戲會同時採用廣告變現與應用內購買變現。這種混合類別在我們平台上呈現爆發式成長。

So as you think about that, we're going into a period post growing really quickly, but one where there's going to be a lot more games from the highest quality developers and more games that are targeted directly at what we're very good at, ads and IAP. So at least thus far, we haven't seen a slowdown in growth. We've talked about 20% to 30% long-term growth in the games category. I think we mentioned that maybe 6 to 8 quarters ago.

所以當你這樣思考時，我們正進入一個階段：在快速成長之後，將會有更多由最高品質開發者推出的遊戲，以及更多直接針對我們強項——廣告與 IAP——而設計的遊戲。因此至少到目前為止，我們還沒有看到成長放緩。我們談過遊戲類別長期 20% 到 30% 的成長。我想我們大概在 6 到 8 個季度前提過。

We've never had a single quarter that's come close to those growth numbers. We've been way over those rates. And we've never stated any different view on our long-term growth rates on the gaming vertical alone. I think you can sort of bank on that at this point. We're doing really well.

我們從來沒有任何一個季度的成長接近那些數字。我們一直遠高於那些成長率。而且我們也從未對僅就遊戲垂直領域而言的長期成長率提出不同看法。我想你現在大可以把這點當作可依賴的基準。我們做得非常好。

On the GPU capacity, as the models get more complex, as we continue adding more customers, we're going to need more GPUs. We work with Google Cloud on it, and we can go to any cloud, but we have the GPUs that we need to process the business today. And it's very likely we're going to need to continue to buy GPUs. In the market we exist in, the amount of GPUs you have is not the direct indicator of who's going to have the most success.

關於 GPU 產能，隨著模型變得更複雜、以及我們持續新增更多客戶，我們會需要更多 GPU。我們與 Google Cloud 合作，也可以使用任何雲端，但就處理目前的業務而言，我們擁有所需的 GPU。而且很可能我們還需要持續購買 GPU。在我們所處的市場中，你擁有多少 GPU 並不是誰會最成功的直接指標。

If you compare us to the mobile gaming ad platforms, we probably have the largest infrastructure. However, if you compare us to Google and Facebook, we certainly don't have anywhere near the largest infrastructure. And the reality is different businesses use infrastructure for different purposes. What makes our business really compelling is that for this space, we've written the best models and products for the advertisers.

如果把我們和行動遊戲廣告平台相比，我們可能擁有最大的基礎設施。但如果把我們和 Google、Facebook 相比，我們當然遠遠不是基礎設施最大的。而現實是，不同的企業會把基礎設施用在不同目的上。讓我們的業務真正有吸引力的是：在這個領域，我們為廣告主打造了最好的模型與產品。

That's super critical. That's what allows us to do so well. And we process that data and create a better output than anyone else. And that technology lead plus the data expansion, plus all the budgets being on our platform, first and foremost, drives the scale, growth and success you've seen from us.

這非常關鍵。這也是讓我們能做得這麼好的原因。我們處理這些資料，並產出比任何人都更好的結果。而這個技術領先，加上資料擴張，再加上所有預算都優先投放在我們平台上，首先驅動了你們所看到的我們的規模、成長與成功。

Okay, thanks. It was really a question about the quarterly run rate and how much has stepped up, but I do appreciate the answer. Maybe we can talk in the after call about it. Thank you.

好的，謝謝。我其實是想問季度年化營收（run rate）以及每次上台階的增量有多大，但我也很感謝你的回答。也許我們可以在會後再聊這個。謝謝。

Jason Bazinet, Citi.

Jason Bazinet，花旗。

So Adam, I've listened to you long enough to know when you say something a couple of times, it's probably true. And you've mentioned this migration of in-app purchase games moving to hybrid monetization for a couple of quarters now.

所以 Adam，我聽你講夠久了，知道你一件事講個兩三次，多半就是真的。而且你已經連續好幾個季度提到，應用內購買（IAP）遊戲正在遷移到混合變現模式。

And since you're pretty good at doing math on the fly, could you just spend a few seconds and just sort of give us your sense of sort of what the mix is today in terms of in-app purchase only versus hybrid? And pick a number, if 5% of the games go over to this hybrid model, what would that mean in terms of your top line? Like how should we dimensionalize what it could mean for Applovin?

既然你很擅長即席算數，你能不能花幾秒鐘，跟我們分享一下你對目前「純 IAP」對比「混合」的組合占比大概是什麼感覺？再假設一個數字，如果有 5% 的遊戲轉向這種混合模式，對你們的營收（top line）會意味著什麼？我們應該怎麼量化它對 AppLovin 可能帶來的影響？

Yeah. It's really, really hard to do that, especially on the fly. But I'll give you some qualitative points. The in-app purchasing market is mature. It's around $100 billion market. Most of the largest in-app purchasing games are some of our big advertisers. There's been a few that are new, but most are pretty old games. Almost all new games and a lot of these older games are really looking at this hybrid strategy because the growth in that hybrid category has been phenomenal.

是。這真的、真的很難算，尤其是臨場要算。但我可以給你一些定性的觀點。應用內購買市場已經成熟。大約是 1,000 億美元的市場。多數最大的 IAP 遊戲都是我們的大型廣告主。有一些是新的，但大多是相當老的遊戲。幾乎所有新遊戲以及很多老遊戲都在看這個混合策略，因為混合類別的成長非常驚人。

There was a company out of Turkey this past quarter that just with a dozen people roughly sold for nearly $1 billion about six months after launch. Vast majority of all their user acquisition was on our platform, hybrid game and the growth was phenomenal, got up to a nine-figure year business literally in half a year. And so why is that? Well, the people who are likely to pay in a mobile game are probably all people on our platform given we service adults.

上個季度有一家土耳其公司，大概只有十來個人，在上線後大約六個月就以接近 10 億美元的價格賣出。他們的用戶獲取絕大多數都在我們的平台上完成，是混合變現遊戲，成長非常驚人，半年內就做到年營收破億美元等級的生意。那為什麼會這樣？因為在手機遊戲裡最可能付費的人，考量到我們服務的是成年人，基本上很可能都在我們的平台上。

But at any given time inside a mobile game, sub-10% of the population will pay in a short window. And we optimized a 28-day window. Now when you look at that and go, okay, if I'm a really good developer and I'm making an in-app purchasing game and I'm coming to this really strong marketing platform, Axon, and I'm only buying 10% of their audience, what am I doing?

但在任何時間點，一款手機遊戲裡，短時間窗口內會付費的人口占比通常不到 10%。而我們優化的是 28 天窗口。當你看著這件事會想：好，如果我是很厲害的開發者，我做的是 IAP 遊戲，我來到這個很強的行銷平台 Axon，但我只買到他們受眾的 10%，那我到底在做什麼？

Well, let me go and layer on hybrid monetization. And what happens, 10x the market opportunity for that same customer. So these in-app purchasing developers are really starting to understand that there's massive growth in this mix monetization model.

那我就去疊加混合變現。結果會怎樣？對同一個客戶，市場機會放大 10 倍。所以這些 IAP 開發者正開始理解，這種混合變現模式的成長空間非常巨大。

You've got this ad-supported market that's much smaller. But as you know, from the growth rates of all of our peers in the ecosystem and our own, has to be growing way faster than the single-digit growth rate in the in-app purchasing market.

你還有一個以廣告支撐的市場，規模小得多。但如你所知，從生態系裡我們所有同業以及我們自己的成長率來看，它一定是以遠高於 IAP 市場個位數成長率的速度在成長。

It's also starting smaller. Where it is today, I would guess, is going to continue to converge to where the in-app purchasing market is over the next five years, and it's going to make it a really strong market opportunity for us and all other players in the ecosystem given how much more available inventory there will be to monetize. Then what gets us excited is you pair that with all this extra demand that we're bringing in and the model improvements, and that's really what catalyzes all the growth that you've seen from us.

而且它是從更小的基數開始。我猜它目前所在的位置，未來五年會持續向 IAP 市場的規模收斂；在可變現的可用庫存（inventory）大幅增加的前提下，這會為我們以及生態系的其他玩家帶來非常強的市場機會。更讓我們興奮的是，你把這些額外需求（demand）與我們帶進來的模型改進結合起來，這才是真正催化你們看到我們成長的原因。

Thank you.

謝謝。

James Heaney, Jefferies.

James Heaney，Jefferies。

Yeah, great. Thanks for the question. Just one for Adam and one for Matt. So just for Adam, I think last quarter, you talked about the breakage that you're seeing in your new customer onboarding flow. Could you just give us a progress update on that and how far below your target breakage rate you currently are? And then I had a follow-up for Matt.

好的，很棒。謝謝讓我提問。我有一題問 Adam，一題問 Matt。先問 Adam：我記得上季你談到在新客戶導入流程（onboarding flow）中看到的流失／中斷（breakage）。你能否更新一下目前進展，以及目前的 breakage rate 距離你們目標值低了多少？然後我還有一個追問要問 Matt。

Yes, James. I don't know that we have a target. I mean, look, in any sort of platform when you get customers on, whether it's social network or an ads platform, you're going to have some breakage. Our job is to give the best tools possible to the customers and really understand what the breakpoints are.

好的，James。我不確定我們是否有一個明確的目標。我的意思是，你看，任何平台在導入客戶時，不管是社群網路還是廣告平台，都會有一些 breakage。我們的工作是提供客戶最好的工具，並真正理解斷點（breakpoints）在哪裡。

The main thing that we talked about last call, resolving, we're still in the midst of resolving. We will over the next couple of weeks before we go to general release, and that's delivering video out of the box. That's not a trivial task, but we initially rolled it out a few weeks ago with customers.

我們在上次電話會議提到的主要問題，我們仍在處理中。在我們進入全面發布（general release）之前的接下來幾週會把它解決，也就是「開箱即用」提供影片（video out of the box）。這不是一件簡單的事，但我們幾週前已經先對客戶做了初步上線。

There's a blog on our website, so you can see some of the AI-generated ads. Frankly, the AI-generated ads are really, really tough to tell that they're built by AI instead of a human being. And the cost is exceptionally low relative to what a human-generated video would cost.

我們網站上有一篇部落格，所以你可以看到一些 AI 生成的廣告。坦白說，AI 生成的廣告真的、真的很難分辨是 AI 做的還是人做的。而且相較於人工製作影片的成本，成本低得驚人。

So we think we're pretty close to having that ready to go for anyone to just plug in and get video out of the box. And then we talked about opening up the platform in June. So in a matter of weeks, we'll think we're there. We'll roll it out to the broader base of new customers and just get going.

所以我們認為距離讓任何人都能直接接上、開箱就能產出影片，已經很接近了。然後我們也談到會在六月把平台開放。所以再過幾週，我們認為就到位了。我們會把它推向更廣泛的新客戶群，然後就開始跑起來。

Great. Thanks for that. And then one for Matt, just on marketing expense for the second half of the year. I mean, is it fair to say, obviously, you've got Axon launching broadly in June? I mean is it something you're looking at kind of, I don't want to say bumping up, but bumping the marketing expense higher in the second half? Like how do you think about that investment?

很好。謝謝你的說明。接著問 Matt 一題，關於下半年行銷費用。我的意思是，Axon 在六月要更大範圍上線，這樣說公平嗎？你們是否會在下半年把行銷費用提高一些——我不想說「大幅拉高」，但就是提高一些？你們怎麼看待這筆投資？

Yeah. I mean we've communicated this in the past, James. We're spending performance marketing the same way that our customers do. So we're looking at the return from that spend, and we're only investing where we can do that in an efficient and a profitable way.

是。James，我們過去也溝通過。我們做成效型行銷（performance marketing）的方式，跟我們客戶做的一樣。所以我們看的是這筆支出的回報（return），只在能夠有效率且有利潤的情況下才投資。

So we might see some increase in sales and marketing costs associated with the general audience launch and just this ongoing building of our overall brand awareness as well that you've seen, Adam is doing more podcasts that he mentioned in the preamble as well.

因此，隨著面向大眾的上線（general audience launch），以及你看到我們持續建立整體品牌知名度——Adam 也在開場提到他做了更多 podcast——我們的銷售與行銷成本可能會有所增加。

So we'll be spending more costs. So you might see some temporary increase in the sales and marketing costs associated with that. But over time, if we're really ramping up spend, it should be a positive signal to investors and to the market that we're seeing really profitable returns coming from that. So it should be received very positively.

所以我們會花更多成本。因此你可能會看到與此相關的銷售與行銷成本短期上升。但長期來看，如果我們真的在加速拉升支出，這應該對投資人與市場是一個正向訊號，代表我們看到非常可觀的獲利回報。所以應該會被非常正面地解讀。

Yeah. A couple of other cool stats I pulled before the call on that, too, is we're still running under 30-day breakeven on the dollars we're spending. We're doing a mix of paid marketing and sponsorships. So you might have seen us on some podcasts, you might see the ads on social media, you might see the ads on search. We're going to keep doing that, but we're very disciplined about what we do.

對。我在電話會議前也整理了幾個很酷的數據：我們花出去的錢，回本期（breakeven）仍然在 30 天以內。我們同時做付費行銷與贊助（sponsorships）的組合。所以你可能在一些 podcast 上看到我們，也可能在社群媒體上看到廣告，也可能在搜尋上看到廣告。我們會持續做，但我們在做什麼、怎麼做都非常自律。

We're not in a rush to go really sprint at this opportunity because at the same time as it's really important for us to bring advertisers on, we need time to keep improving our models and our products. And as you know, every time we do that, everything lifts with it. And then secondarily, I was looking at right before the call, what's the actual value in the frontier of a new customer.

我們不急著在這個機會上全力衝刺，因為在把廣告主帶進來同時，我們也需要時間持續改進我們的模型與產品。而如你所知，每次我們做到這些，整體都會隨之提升。另外，我在電話會議前剛看了一下，新客戶在前沿（frontier）上的實際價值是多少。

And our business, as you know, as customers retain over time, the growth that will happen to the cohorts will be pretty material after the first few months to the front year to the following years. We almost never churned customers once they get through the first 30 days on our platform.

而我們的業務，如你所知，隨著客戶隨時間留存，各期（cohort）在前幾個月之後、從第一年到後續年度的成長會相當可觀。客戶一旦度過在我們平台上的前30天，我們幾乎從不流失（churn）這些客戶。

Right now, we're projecting well over $70,000 a year from every new customer. So if you just want to size that, if we open up the platform and sign on 100,000 customers in the next year, first year revenue from them are ad spend, advertising spend would be roughly $7 billion.

目前，我們預估每位新客戶每年可貢獻遠超過70,000美元。所以如果你想估算一下，假設我們開放平台並在未來一年簽下100,000位客戶，他們第一年的收入（也就是廣告花費、廣告支出）大約會是70億美元。

And then you start stacking the cohorts up. So the market opportunity for us now that we've seen that the ticket size is pretty material, even though we've opened up the platform in part through referral is really, really large. We just have to go execute on it.

接著你會開始把各期（cohort）一層層疊加起來。因此，既然我們已經看到客單價（ticket size）相當可觀，即使我們目前部分是透過轉介（referral）來開放平台，對我們而言的市場機會仍然非常、非常大。我們只需要把它執行到位。

Great. Helpful. Thank you.

很好。很有幫助。謝謝。

Stephen Ju, UBS.

UBS 的 Stephen Ju。

Hi, Adam. Matt, thanks for taking the time. I guess I don't want to split hairs here, but Adam, you've started to talk about the broader consumer segment instead of just the narrower e-commerce definition. The retail opportunity is, of course, pretty large. But as you think about the rest of the ad market out there that could be spending with AppLovin, can you talk about how easily transportable your current efforts will be to some of the other verticals?

嗨，Adam。Matt，謝謝你們撥冗。我想我不想在這裡吹毛求疵，但 Adam，你開始談的是更廣泛的消費者族群，而不只是較狹義的電商定義。零售的機會當然相當大。但當你思考外部其餘可能在 AppLovin 投放的廣告市場時，你能談談你們目前的作法要移植到其他垂直領域有多容易嗎？

And secondarily, I don't know if this has ever been a concern, but versus the amount of inventory that's out there, how much incremental inventory do you think can be realized with some of the IAP-only publishers as you start to bring them advertisers that do not necessarily compete with them? And should we be thinking about the sales cycles to these publishers is not going to be that difficult because you're hopefully going to be showing up at their doorstep with lots of cash. Thanks.

另外，我不確定這是否曾是個疑慮，但相較於市場上現有的庫存（inventory）量，當你開始為那些僅靠 IAP（應用內購買）營收的發行商帶來不一定與他們競爭的廣告主時，你認為可以實現多少增量庫存（incremental inventory）？而且我們是否應該認為，對這些發行商的銷售週期不會太困難，因為你們希望能帶著大量現金出現在他們門口？謝謝。

Yeah. So great question, Stephen. So let's cover the second one first because I can remember right now, we'll go back to the first one. So the second one, inventory expansion is pretty important for us over time, but not necessary right now. We have over 1 billion daily active users, and we undermonetize what we show right now. As you know, our conversion rate on 1,000 impressions is pretty low to a revenue-generating event for us.

是的。Stephen，這是個很好的問題。我們先談第二個，因為我現在記得比較清楚，之後再回到第一個。第二個部分，庫存擴張對我們長期而言相當重要，但就目前來說不是必要條件。我們每天有超過10億的日活躍用戶（DAU），而我們目前展示的內容變現程度偏低（undermonetize）。如你所知，我們每1,000次曝光的轉換率，轉到能為我們帶來收入的事件，目前相當低。

And that's only going to go up as the models improve and advertiser density improves. But there's a couple of logical places to go to get inventory. So as you talk about in-app purchasing games, if you just start with the $100 billion market and say, Activision when they were public, and they used to report King ad revenue, they've gotten it to 15%. Let's just take that as an estimate, $15 billion a year to the publisher and then obviously, revenue on top for ad networks.

但隨著模型改善、廣告主密度提升，這只會持續上升。不過，取得庫存有幾個合乎邏輯的方向。以應用內購買（IAP）遊戲來說，如果你從1,000億美元的市場出發，並假設 Activision 在還是上市公司時曾披露 King 的廣告收入占比，他們做到15%。我們就把這當作估算：每年約150億美元給發行商，然後當然還有廣告網路在其上的收入。

Most of those apps today don't run ads. So if you say, let's say, even half of them do, now you have a $7.5 billion opportunity publisher, there's a massive supply side expansion for us. That's sort of sitting there pretty easy out of the box. We're going to go after that in short order.

目前多數這類 App 都不投放廣告。所以如果你說，假設其中一半開始投放，那麼對發行商而言就是75億美元的機會，對我們來說供給端（supply side）會有巨大的擴張。這基本上是現成、很容易就能啟動的。我們會在短期內著手推進。

The other side of this that is important to understand is as we go and get more publishers to look at us as an advertising monetization platform, we're not competitive with really anyone in the world. So you can imagine any type of publisher that's sitting out there outside of the really big walled gardens are going to want monetization support. It's not particularly easy to place a game ad on a social network or a music streaming site or a show streaming business. However, you can imagine e-commerce would place pretty well.

另一個重要的點是，當我們去讓更多發行商把我們視為廣告變現平台時，我們在全球幾乎不與任何人直接競爭。所以你可以想像，任何在那些大型封閉生態（walled gardens）之外的發行商，都會想要變現支援。把遊戲廣告放到社群網路、音樂串流網站或影視串流業務上，其實並不特別容易。不過，你可以想像電商會相當契合。

And tied back to your first question, things like lead generation and things like fintech would place really well as well. And so as we start going out to these other categories, build the models for them, bring on the demand, in parallel, we're going to go to get more supply, both on mobile and then hopefully execute on the connected TV strategy as well.

回到你的第一個問題，像是名單開發（lead generation）以及像是金融科技（fintech）也會非常契合。因此，當我們開始拓展到這些其他類別、為它們建立模型、帶入需求的同時，我們也會並行去取得更多供給，包含行動端，並希望也能把連網電視（Connected TV）的策略執行起來。

So this is all on our road map. It's stuff that we're actually working on and thinking about today. It's not stuff that I would say for 2026 is going to have any material financial impact. But as we think about our business, our job is to execute on things today that will help the coming years. That's one of the key bullets that we care about.

所以這些都在我們的路線圖上。這些是我們今天就正在做、正在思考的事情。但我不會說在2026年它會帶來任何重大的財務影響。不過就我們的業務而言，我們的工作是把今天該做的事情執行好，以幫助未來幾年。這是我們在意的關鍵要點之一。

Now on the first question of advertiser demand expansion, I'll start with we're never going to get into branding. We believe everything should be performance when it comes to advertisers. So if you think about our business today, almost all of it drives to revenue generation for advertisers, but we're missing a huge category, leads.

至於第一個問題：廣告主需求擴張。我先說，我們永遠不會做品牌廣告（branding）。我們相信對廣告主而言，一切都應該是效果導向（performance）。所以如果你看我們今天的業務，幾乎全部都在為廣告主帶來營收，但我們缺少一個很大的類別：名單（leads）。

If you think about some of the biggest advertisers on social, you've got e-commerce, you've got gaming, you have apps that drive to subscription. So those businesses are all revenue-generating businesses. We do that well.

如果你看社群平台上一些最大的廣告主，有電商、有遊戲，還有推動訂閱的 App。所以這些都是能產生營收的業務。我們在這方面做得很好。

The other huge category are things like auto insurance, health insurance, fintech, food delivery. These are things that are structured around a lead. Now we're missing that today. We're in the midst of testing a model around that right now. And as we roll that out, we're going to be sort of in the early stages of what we were when we rolled out the original consumer vertical, what we call e-commerce six quarters ago.

另一個很大的類別是像汽車保險、健康保險、金融科技、外送。這些業務的結構是圍繞著名單（lead）。而我們今天在這方面是缺席的。我們目前正在測試一個針對這類型的模型。當我們把它推出時，我們會處在一個早期階段，類似於六個季度前我們推出最初的消費者垂直領域（我們稱之為電商）時的狀態。

We'll be at that same stage. But that's something that we're going to invest in. We're going to go service those kinds of advertisers. The 1 billion-plus daily active users are not just gamers as we've proven. They're also not just gamers and shoppers for D2C products. They're going to broadly want to do things. And so being able to service them with financial services offers, health insurance, auto insurance is a big part of our strategy.

我們會在同樣的階段。但這是我們會投入資源的方向。我們會去服務這類廣告主。我們已經證明，超過10億的日活躍用戶不只是玩家。他們也不只是玩家與 D2C 產品的購物者。他們會廣泛地想做各種事情。因此，能用金融服務方案、健康保險、汽車保險等來服務他們，是我們策略中的重要一環。

Thank you.

謝謝。

Benjamin Black, Deutsche Bank.

Benjamin Black，德意志銀行。

Great. Thanks for taking the question. So Adam, on web-based or I guess, consumer advertisers across your existing customers. Can you talk about the difference you're seeing across those who are having success and those who are not yet having success on Axon? And then maybe what you're doing to eliminate some of those points of friction before you open up the self-serve platform in June?

很好。謝謝讓我提問。Adam，關於你們現有客戶中的網路型（或我想是）消費者廣告主。你能談談在 Axon 上已經取得成效與尚未取得成效的客戶之間，你們觀察到的差異嗎？另外，在你們於六月開放自助式平台之前，你們可能正在做些什麼來消除一些摩擦點？

And then secondarily, we're hearing more and more developers bypass App Store fees, which obviously improves their margin. So as their profitability increases, have you seen a noticeable tailwind on the gaming side?

其次，我們聽到越來越多開發者繞過 App Store 費用，這顯然會改善他們的利潤率。因此，隨著他們的獲利能力提升，你們在遊戲端是否看到明顯的順風？

Yeah. The second one is easier, so I'm just going to answer that directly. We don't notice it. It will flow into the ecosystem as it does. It's never going to be uniform. The game developer ecosystem is so fragmented as is our advertiser base. So as they see benefits one-off, they might start investing, but game developers tend to be risk-averse as well. So it's very unlikely that there's been a massive change in economics to the, net to the game developer thus far.

是的。第二個比較容易，所以我就直接回答。我們沒有注意到。它會像以往一樣流入整個生態系。這永遠不會是均勻一致的。遊戲開發者生態系非常分散，我們的廣告主基礎也是如此。所以當他們零星看到一些好處時，可能會開始投入，但遊戲開發者也傾向於風險趨避。因此，到目前為止，遊戲開發者端的淨經濟性不太可能出現大幅變化。

On the first one, as you think, actually, my mind is slipping up, can you remind me of the question again?

第一個問題，照你這麼說，其實我腦袋有點打結，你可以再提醒我一次問題是什麼嗎？

Yeah. Okay. So when it comes to success versus not, we've talked about this before, ad creative matters a lot. We put out blogs around this. We're trying to instruct the advertisers. But it turns out when we first launched this product, it was pretty easy to tell the advertisers port your social media ads to our platform.

可以。好。關於成功與否，我們之前談過，廣告素材非常重要。我們也針對這點發佈過部落格文章。我們正試著指導廣告主。但事實是，當我們剛推出這個產品時，很容易跟廣告主說：把你們的社群媒體廣告移植到我們的平台。

That was sort of almost a trap in a way because a 10-second ad that's meant to hook a user in 3 seconds is not very well suited to a 30-second video spot. And so what we've really been doing over the last 18 months with the customers is trying to get them to understand our placements are different. They need to really build creative for our platform. And then not only that, we're starting at a point in time where demand density doesn't exist on our platform.

某種程度上那幾乎像個陷阱，因為一支 10 秒、目的是在 3 秒內抓住使用者的廣告，其實不太適合 30 秒的影片版位。因此，過去 18 個月我們真正一直在做的，是讓客戶理解我們的版位不同。他們需要為我們的平台真正打造素材。而且不只如此，我們目前所處的起點是：我們平台上的需求密度還不存在。

If you go to social, it's very rare that you're going to see the advertiser 5 times in a row. If you come to our platform, we're just getting started. And one, this is sort of a hindrance today, but a huge opportunity over time. If we think that users in the market for a mattress, they might see the same mattress offer 5 times in a row.

如果你去社群平台，很少會連續看到同一個廣告主 5 次。但如果你來到我們的平台，我們才剛起步。這一點今天算是一種阻礙，但長期來看是很大的機會。如果我們想像某個正在找床墊的使用者，他可能會連續看到同一個床墊優惠 5 次。

Now that mattress company wouldn't have had that case in social. When it comes to us, if they serve 5 times in a row, they better have 5 times the video creative, right? Now come a year from now, if we have way more home goods advertisers because the density is inevitably going up, we would serve five different ads in those slots, which would drive our conversion rate up.

在社群平台上，那家床墊公司不會遇到這種情況。但在我們這裡，如果連續投放 5 次，他們最好就要有 5 套影片素材，對吧？而一年之後，如果我們有更多家居用品廣告主，因為密度勢必會上升，我們就會在那些版位投放 5 支不同的廣告，這會把我們的轉換率推高。

So thus far, we've seen success with customers that know to invest in our platform for its unique attributes. And we've seen less success for those that think just port over what they're doing elsewhere, and that's going to work out of the box.

所以到目前為止，我們看到的成功案例，是那些知道要為我們平台的獨特屬性而投入的客戶。而那些認為只要把在其他地方做的東西直接搬過來就能立即奏效的客戶，成功相對較少。

Longer term, the opportunity on our platform is large and what we're excited about is that the conversion rate is inevitably going to go up as we get more advertiser density and drive more competition, which is going to lower frequency of each individual advertiser to the end consumer.

長期來看，我們平台的機會很大；我們感到興奮的是，隨著我們獲得更多廣告主密度並帶來更多競爭，轉換率勢必會上升，這也會降低單一廣告主對終端消費者的曝光頻次。

Thank you very much.

非常感謝。

Alec Brondolo, Wells Fargo.

Alec Brondolo，富國銀行。

Yeah, hey, thanks so much for the question. I appreciate it. Maybe two for me. We track the number of apps and games that are being added to the app stores every month. I think that March was up something like 170% year over year. It's a pretty meaningful inflection.

是的，嗨，謝謝讓我提問。我很感激。我這邊可能兩個問題。我們每月追蹤新增到各大應用商店的 App 與遊戲數量。我記得三月年增大概有 170%。這是一個相當顯著的拐點。

I think that the these apps are probably going to be different than the apps that were on the App Store before. I think a lot of them are Vibe coded, A lot of them are being created by prosumers. And I guess the question is, does the way that you distribute the mediation solution need to change in order to kind of reach this new long tail of games and apps that are being created. So that's the first question.

我認為這些 App 可能會不同於先前在 App Store 上的 App。我想其中很多是用 Vibe coding 寫出來的，很多是由「專業消費者」（prosumers）所創作。我想問的是，你們分發（推廣）中介（mediation）解決方案的方式，是否需要改變，才能觸及這個由新長尾遊戲與 App 所構成的族群？這是第一個問題。

Maybe the second question, I think the kind of Applovin creating a social media platform has been floating around (inaudible) for a couple of months. I think it keeps coming up. You did a podcast maybe a week ago where you mentioned it again. And so could we maybe just get a little bit of clarification. Is there interest in building a social media network or maybe acquiring one? What is the thought there? Thank you.

第二個問題，關於 Applovin 要打造一個社群媒體平台的說法，這幾個月一直在流傳（聽不清）。我覺得它一直被提起。你大概一週前上了一個 podcast，也再次提到。所以我們能否請你稍微澄清一下。你們是否有興趣建立一個社群媒體網路，或是收購一個？背後的想法是什麼？謝謝。

Yes. So the first question is a good question. Look, right now, a lot of the Vibe coded stuff in the world is quite a bit of slop more than substance. But as you go forward, what's going to end up happening is these tools are going to let the best developers create more content. Quality is going to go up. The content count is going to go up and the need for discovery is going to go up. So that plays right into our strong suit.

是的。第一個問題問得很好。你看，目前世界上很多 Vibe coded 的東西，與其說是實質內容，不如說是比較多的「雜訊／粗製濫造」。但往後會發生的是，這些工具會讓最優秀的開發者創造更多內容。品質會提升。內容數量會增加，而被發現（discovery）的需求也會上升。這正好切中我們的強項。

The better quality apps are you going to need mediation. Integration with our mediation solution is really trivial. Anyone could integrate with our mediation solution using the popular Vibe coding tools today. So there's nothing that we need to change there. Now it's not our job to go monetize $0.10 a day monetizing apps. There's not a whole lot of value in the long tail.

品質更好的 App 會需要中介（mediation）。與我們的中介解決方案整合其實非常容易。今天任何人都可以用主流的 Vibe coding 工具來整合我們的中介解決方案。所以這部分我們不需要改變什麼。當然，我們的工作不是去把每天只賺 0.10 美元的 App 也拿來變現。長尾並沒有太多價值。

But, so I would say we don't get excited over the flood of apps in the App Store today. What we get excited about is the ramification of Vibe coding tools for the best developers today. They're only going to get better as we go forward.

所以我會說，我們不會因為今天 App Store 上 App 的洪流而感到興奮。我們真正感到興奮的是 Vibe coding 工具對當今最優秀開發者所帶來的影響。隨著時間推進，它們只會變得更好。

On the second point, I mentioned this on the podcast, we also can Vibe code products. And there is once upon a time we bid on TikTok. So you know that we have an interest in better monetizing social. We believe we're very good at recommendation engine technology. We have one of the world's most sophisticated advertising technology and the possibility to work on an engagement algorithm with a social app is enticing to our team.

第二點，我在 podcast 裡提過，我們也可以用 Vibe coding 來做產品。而且曾經有一段時間，我們在 TikTok 上競價投放。所以你知道我們對把社群流量變現得更好是有興趣的。我們相信自己在推薦引擎技術上非常強。我們擁有全球最先進的廣告技術之一，而能在社群 App 上做互動（engagement）演算法的可能性，對我們團隊很有吸引力。

What we look at when it comes to the world of Vibe coding and just releasing products is there's very little cost. But what it does for your business to be able to build new products is attract more engineers. Our CTO, Giovanni's job is to hire the best talent in the world of recommendation systems.

當我們談到 Vibe coding 的世界以及單純把產品推出去時，我們看到的是成本其實非常低。但它對你業務的作用在於，能夠打造新產品會吸引更多工程師。我們的 CTO Giovanni 的工作就是在推薦系統領域招募全球最頂尖的人才。

And so the social media app is an example of something that will play that role. Not only will it allow us to attract great talent, that team is pretty excited about the things that they're building, and we're going to be able to test and iterate on our product in a very low-cost and swift way because of the popular Vibe coding tools out there.

因此，這個社群媒體 App 就是一個會扮演那個角色的例子。它不僅能讓我們吸引優秀人才，那個團隊也對他們正在打造的東西感到相當興奮；而且因為市面上流行的 Vibe coding 工具，我們將能以非常低成本且快速的方式測試並迭代我們的產品。

Clark Lampen, BTIG.

Clark Lampen，BTIG。

Thanks, guys. Adam, I wanted to go back to, I guess, the hybrid conversion comments that you were making before. I think you said that net of those changes, developers were seeing 10x improvements in monetization. Is it possible to give us like a relative comparison or some relative framing of how monetization post those changes or the bidding dynamics, I guess, post those changes compares between gaming advertisers and non-gaming advertisers.

謝謝各位。Adam，我想回到你先前提到的混合變現（hybrid conversion）相關評論。我記得你說，在扣除那些變更的影響後，開發者在變現上看到了 10 倍的改善。能否請你給我們一個相對比較或一些相對的框架，說明在那些變更之後的變現情況，或我想說的是，在那些變更之後的競價動態，在遊戲類廣告主與非遊戲類廣告主之間是如何比較的？

I think there's some concern that as density builds for the latter that if they're bidding against a higher transaction value that there could be some shift in the bidding dynamics that would be unfavorable for your gaming marketers. Is that happening? Or is that -- are you seeing any signs of that occurring?

我想有些人擔心，隨著後者的密度提升，如果他們是在對更高的交易價值出價，競價動態可能會出現某種轉變，對你們的遊戲行銷客戶不利。這種情況正在發生嗎？或者你們有看到任何正在發生的跡象嗎？

Yes. I mean, look, that's a great question, Clark. Originally, when we got into e-commerce and now what we call consumer, we were a little worried like is this going to cannibalize the gaming customers? And we said we are wasting a lot of impressions showing game, game, game, game. And the model given the opportunity to personalize ads is going to drive incremental transactions without cannibalizing.

有。我的意思是，Clark，這是個很好的問題。最初我們切入電商、以及現在我們稱之為消費者（consumer）的領域時，我們確實有點擔心：這會不會侵蝕（cannibalize）遊戲客戶？但我們也說過，我們浪費了大量曝光，一直在展示遊戲、遊戲、遊戲、遊戲。而模型一旦有機會做廣告個人化，就能在不侵蝕的情況下帶來增量交易。

Now this business continues to grow. So we talked about the $1 billion run rate a year ago. It's much bigger now. And we talked about our fastest growth month and then now in April, getting bigger than any month in Q4. So you see the trends where it's growing, and you just saw us put up a huge growth quarter where most of that growth is driven by gaming.

現在這個業務仍在持續成長。所以我們談到一年前的年化 10 億美元營收（run rate）。現在規模大得多了。我們也談到我們成長最快的月份，而現在在 4 月，規模已經超過第四季任何一個月份。所以你可以看到它在成長的趨勢；而你也看到我們交出一個高成長的季度，其中大部分成長是由遊戲所驅動。

So we have yet to see any cannibalization. There's, not only is there an offset, which is we have a lot of impressions that we waste that now we can utilize for better targeted product ads, the other offset is as we get more e-commerce or consumer brands to go live, we get more data into the system.

所以我們至今尚未看到任何侵蝕。不僅有一個抵銷因素（offset）——也就是我們過去浪費了很多曝光，現在可以用來投放更精準的商品廣告；另一個抵銷因素是，隨著更多電商或消費品牌上線，我們會把更多資料導入系統。

The more data we get into our model benefits both kinds of advertisers. So as we get more targeted with gaming ads, it's not likely we're going to see a loss. And then the third tailwind there, which frankly isn't up to us, is that these game developers, I mentioned, again, more sophisticated.

我們導入模型的資料越多，對兩種類型的廣告主都有好處。因此，當我們讓遊戲廣告的定向更精準時，不太可能會看到流失。第三個順風因素，坦白說不完全由我們決定，就是我提到的這些遊戲開發商會變得更成熟。

They're going to have more titles coming out, and they're going to be doing these hybrid monetization strategies, which paired with the App Store fee cuts are going to drive their monetization up a lot, their reach up a lot and create this opportunity to really expand the ecosystem.

他們會推出更多作品，並採用這些混合變現策略；再加上 App Store 費率下調，將大幅提升他們的變現能力、也大幅提升觸及，並創造出真正擴大生態系的機會。

Okay. That's helpful. And maybe for the next question, going back to the top, and I think following up on Matt's question around the timeline for directed model improvements that we are seeing. You guys talked about a conversion rate of around 1.3% intra-quarter.

好的。這很有幫助。那下一個問題，回到一開始，我想延續 Matt 關於我們看到的定向模型改善（directed model improvements）時間線的提問。你們提到單季內（intra-quarter）的轉換率大約是 1.3%。

It feels, I guess, at least at a high level, like we're seeing a faster pace of directed model improvements of late. Is that, one, is that right? And I guess, two, if so, is there something that you guys have figured, like figured out about your underlying models that is leading to a faster pace of improvement or some unlock there? Like could the next 1.3% come faster?

我覺得，至少從高層次來看，最近我們看到定向模型改善的速度更快。第一，這樣的理解對嗎？第二，如果是的話，你們是否在底層模型上找到了什麼方法，導致改善速度更快，或有某種解鎖？例如下一個 1.3% 會不會來得更快？

I mean, look, the 1.3% comes from advertiser onboarding and model enhancements. This is really a testament to the team. We're now further evolved at understanding how to improve these models, right? So they understand the techniques. They've gotten more sophisticated at what they're doing.

我的意思是，1.3% 來自廣告主導入（onboarding）以及模型強化。這其實是對團隊的肯定。我們現在在理解如何改善這些模型方面更成熟了，對吧？所以他們了解相關技術。他們在做的事情也變得更精密、更成熟。

The AI research space, obviously, is seeing fast improvement, too. You've seen an insane amount of product releases in the large language model space in short order because of everything that's happening there. A lot of those same trends apply to us, but I think it starts with our team is just getting much smarter about the tests that they're doing.

AI 研究領域顯然也在快速進步。你已經看到大型語言模型領域在短時間內有大量產品發布，因為那邊正在發生的一切。其中很多相同的趨勢也適用於我們，但我認為首先是我們的團隊在他們所做的測試上變得更聰明了。

So we have 100% seen faster improvements to the models, both across the consumer business and the gaming business. And we don't really see a reason why that's going to slow down. As our team of researchers get smarter about the things that they're testing, the success rate goes up, which is going to enable us to continue to push the technology forward, to drive better return on ad spend.

所以我們百分之百看到模型改善速度變快，無論是在消費者業務還是遊戲業務上都是如此。而我們也看不出有什麼理由會讓這件事放緩。隨著我們的研究團隊對他們測試的內容更了解，成功率就會提高，這將使我們能持續推進技術，帶來更好的廣告投資報酬率（ROAS）。

That drives up same-store growth. The same customers we have today should keep growing and then pair that with opening up the platform and new advertisers and new data, it makes us really excited about where we're going.

這會推升同店成長（same-store growth）。我們今天既有的客戶應該會持續成長；再加上平台開放、新廣告主與新資料的導入，讓我們對未來的走向感到非常興奮。

Thanks, guys.

謝謝各位。

Yeah.

是的。

Rob Sanderson, Loop Capital.

Rob Sanderson，Loop Capital。

Good afternoon, everybody. I wanted to go back to the video creation tool that you're in testing now, obviously. Is it mostly technology readiness that you're testing? I mean, is it too early for any learnings on how it changes spending patterns?

各位下午好。我想回到你們目前正在測試的影片製作工具。你們主要是在測試技術就緒度嗎？我的意思是，現在是否還太早，還看不出它如何改變支出模式的任何心得？

Second question on that. I know you source multiple models, but any hiccup with OpenAI dropping Sora? And also like is SeeDance 2.0 something you're interested in leveraging? Is that something you can leverage? And then as the product becomes more popular and you can see this scaling to thousands of customers, maybe more than that over time.

關於這點的第二個問題。我知道你們會採用多個模型來源，但 OpenAI 推出 Sora 有沒有造成任何卡關或波折？另外像 SeeDance 2.0 你們有興趣採用嗎？那是你們能夠採用的嗎？然後隨著產品變得更受歡迎，你們可能會看到它擴展到數千名客戶，甚至隨時間更多。

But what are the implications for compute costs? And do you expect that's going to be a drag on margin? Do you think the revenue stimulus is much higher and it maybe comes at lower margin? Or do you think the business can absorb the costs? Or do you think there might be some consumption fee or something like that?

但這對算力成本（compute costs）有什麼影響？你們預期這會拖累毛利率嗎？你們認為營收刺激會高得多、但可能伴隨較低的毛利？或者你們認為業務可以吸收這些成本？又或者你們認為可能會有某種用量費（consumption fee）之類的收費？

Yeah, you got a ton of questions. I love it.

是的，你問了很多問題。我很喜歡。

You got to remember them all.

你得把它們全都記住。

Let's see if we can keep them straight. All right. Like video creation tool is new for us. So we don't have, right now, like in terms of adoption and total volume on the platform, it's pretty low. The job is to make sure that a customer can access the screen, request a video ad and get an output that they're satisfied with.

看看我們能不能把它們理清楚。好。像影片製作工具對我們來說是新的。所以就目前而言，無論是採用率還是平台上的總量，都相當低。我們的工作是確保客戶能夠進入介面、提出影片廣告需求，並拿到他們滿意的成品。

And so like once we clear that hurdle and there's not a whole lot of back and forth on that, we'll roll it out. So as I said earlier, I mean, we're days away from rolling it out. So we're in a pretty good spot with believing that the tool is ready. Now we know for a fact, more creatives that are catered to our platform drive up spend. That's pretty much standard.

所以一旦我們跨過那道門檻，而且不需要太多來回溝通，我們就會推出。如我先前所說，我們距離上線只剩幾天。所以我們對工具已準備就緒這件事相當有把握。我們也確定一件事：更貼合我們平台的更多創意素材會帶動支出增加。這基本上是常態。

Like it's really not a complex task. So we think it's going to be very beneficial, especially for the smaller customers. There are big customers that make ads for our platform. So if you think about like the gaming companies, not as beneficial for them. They're already investing heavily in creating ads for our platform. I mentioned that on the last earnings call, some of the top ones have 50,000 ads plus live at any given time.

這其實不是一個很複雜的任務。所以我們認為它會非常有幫助，尤其是對較小的客戶。也有大型客戶會為我們的平台製作廣告。所以如果你想到像遊戲公司，對他們來說就沒那麼有利。他們本來就已經在為我們的平台製作廣告上投入很多。我在上次財報電話會議提過，其中一些頂尖客戶在任何時點都有超過 50,000 支廣告在投放。

This tool isn't meant for them. But the tool is meant for the long tail that we're about to onboard and a lot of these e-commerce/consumer brands that just aren't ramped up on creative production. Now when it comes to cost, which was your last question, we're going to roll it out where we're going to give them sort of an unlimited access. But if people start over delivering creatives, one, it's beneficial. It means the tool works really well.

這個工具不是為他們設計的。但它是為我們即將導入的長尾客群，以及許多電商/消費品牌而設，這些品牌在創意產能上還沒有拉起來。至於成本，也就是你最後一個問題，我們會以某種「不限量使用」的方式推出。但如果有人開始大量產出創意素材，第一，這是好事。代表這個工具運作得非常好。

But two, it's a revenue stream for us. We can start charging, we can cap credits. There's companies out there that are raising tons of money at insanely high valuations. They're simply doing this. So if we see that kind of adoption, we could just start charging for it.

第二，這對我們來說是一條營收來源。我們可以開始收費，也可以設定點數上限。市場上有些公司以極高估值募到大量資金。他們做的基本上就是這件事。所以如果我們看到那種採用程度，我們也可以直接開始收費。

And frankly, the cost is going to be so low compared to what they can generate in human-generated creatives, that would be a really good sign for the success of what we're building here. And then, so I wouldn't factor this into our economic profile at all. I would not expect margin compression. This is also not our own compute. This is utilizing third-party services.

坦白說，相較於他們用人工製作創意所能產生的成本，這個成本會低得多，這將是我們正在打造的東西成功的一個很好的訊號。因此，我不會把這個納入我們的經濟模型（economic profile）考量。我不預期毛利率會被壓縮。而且這也不是我們自有的運算資源。這是使用第三方服務。

So it's really just a tax that we have to pay to third-party services to utilize their compute. So then to your last question, which third-party services do we utilize or how is the market evolving when it comes to image and video generation.

所以這基本上只是我們為了使用第三方的運算資源而必須支付的一種「稅」給第三方服務。那回到你最後一個問題：我們使用哪些第三方服務，或是在影像與影片生成方面市場如何演進。

Sora 2 is a good product. Obviously, it is one of the ones that we use underneath the hood. It going away doesn't change a whole lot. One of the nice things about being an independent company looking at all the large language models is we don't have to be favored toward any of them.

Sora 2 是個不錯的產品。很明顯地，它是我們底層使用的其中之一。它下線其實不會改變太多。作為一家獨立公司，能夠檢視所有大型語言模型的一個好處是，我們不需要偏袒任何一個。

And so you mentioned SeeDance, there's other ones out of China as well. We can deploy any form of model, whether open source or closed source in any of the categories, text, image or video and utilize the one that's best for the purposes that we have. And you can assume we do that. We don't stick to just one. We want to be optimized for the field. And so that's something that we constantly do. Therefore, Sora 2 being deprecated didn't impact us at all

你提到 SeeDance，中國那邊也還有其他的。我們可以部署任何形式的模型，不管是開源或閉源，涵蓋文字、影像或影片等任何類別，並選用最符合我們用途的那一個。你可以假設我們就是這麼做的。我們不會只綁定單一模型。我們希望在這個領域做到最佳化。所以這是我們持續在做的事情。因此，Sora 2 被淘汰對我們完全沒有影響。

I know there were six questions, but I'm going to do a follow-up anyway. Just any learnings from the audience segmenting and targeting like you went prospecting campaigns to discovery campaigns. Like any generalization on what this is doing to unlock budget for existing customers?

我知道剛剛有六個問題，但我還是想追問一下。關於受眾分群與定向的學習：像你們從拓客（prospecting）活動轉到探索（discovery）活動。有沒有什麼概括性的結論，說明這如何為既有客戶釋放/解鎖預算？

Yeah. I mean, look, it's simple. It helps. As you think about like the three different levels of targeting, we talk about it as going to the extreme top of funnel. The discovery tool is to send brand-new site visitors, optimize them and try to convert them for an advertiser. So this is site visitors the customer has never seen before.

有。我的意思是，你看，這很簡單。它有幫助。當你想到三個不同層級的定向方式時，我們把它描述為走向漏斗最頂端。探索工具的目的，是導入全新的網站訪客、對他們做最佳化，並嘗試替廣告主完成轉換。所以這些是客戶以前從未接觸過的網站訪客。

That's the extreme top of funnel. Then you go to a prospecting campaign that's sort of like you're going a little bit further down funnel, but you're still near the top, where you're driving a new customer that's never bought before, so zero retargeting, but something that is a new customer that might have visited the site before. And then our universal campaigns are a mixture of retargeting and not.

那就是漏斗最頂端。接著是拓客活動，算是往漏斗再往下一點，但仍然接近頂端；你要帶來從未購買過的新客戶，所以沒有再行銷（retargeting），但可能是以前曾經造訪過網站的潛在新客戶。然後我們的通用（universal）活動則是再行銷與非再行銷的混合。

And so by going from the, giving this targeting that we allow the advertiser to go complete top of funnel middle of funnel and bottom of funnel, we're seeing that unlock much greater aggregate budget. Most customers that care about this or have these recurring high brand loyalty type of business models usually use a mix of all three.

因此，透過我們提供的這些定向能力，讓廣告主可以覆蓋完整的漏斗：頂端、中段與底端，我們看到這能解鎖更大的整體預算。多數在意這件事、或是具有高品牌忠誠度且重複購買的商業模式的客戶，通常會三者混用。

And it gives them just more tools in the tool set. And so it is nice to do that for your customers. It allows them to break things down better. It allows them to change their budgets to better map to their goals. And we've only seen success since we've rolled out those other incremental targeting types.

這只是讓他們的工具箱裡多了更多工具。所以能為客戶做到這點是很好的。這讓他們能更好地拆解。也讓他們能調整預算，使其更貼合他們的目標。自從我們推出那些額外的增量定向類型以來，我們只看到成功的結果。

Thanks, Adam.

謝謝你，Adam。

Vasily Karasyov, Cannonball.

Vasily Karasyov，Cannonball。

Good afternoon, Adam and Matt. So Adam, following up on what you mentioned a couple of questions ago, you mentioned Connected TV, right? And I remember, I think for 2025, you listed connected TV as your five top priorities for the year, right?

午安，Adam 和 Matt。Adam，我接著你前幾個問題提到的內容，你提到了連網電視（Connected TV），對吧？我記得你在 2025 年把連網電視列為當年度五大優先事項之一，對吧？

Obviously, not getting a ton of attention. But can you explain your vision there? You say you will never do brand, right? You have Wurl. And by the way, Roku mentions Wurl now and then in their shareholder letters that they integrate with them. So can you help us understand how, what your vision is and how, what you're doing now will sort of evolve into that. Thank you.

顯然目前沒有受到太多關注。但你能說明一下你們的願景嗎？你說你們永遠不做品牌（brand）廣告，對吧？你們有 Wurl。順帶一提，Roku 在他們的股東信中偶爾會提到 Wurl，說他們與其整合。所以你能幫我們理解你們的願景是什麼，以及你們現在在做的事情將如何演進到那個方向嗎？謝謝。

Yeah. I mean if you think about what happened, this e-commerce/consumer business just started growing really quickly. So we sort of shifted focus and said, we don't need to take a bunch of shots on goal last year. We said, all in, let's go make this product really scale. Let's build the Axon Ads Manager, let's open up the platform.

是。我的意思是，如果你回頭看發生了什麼，這個電商/消費業務開始非常快速地成長。所以我們某種程度上調整了重點，並說去年我們不需要到處嘗試很多不同方向。我們說，全面投入，把這個產品真正做出規模化。我們要打造 Axon Ads Manager，並把平台開放出來。

The opportunity was just too big to ignore. So we went all hands on deck on what was in front of us. That doesn't change the fact that we still believe television is massively undermonetized. And truly the holy grail of advertising when it comes to my view on advertising, defining performance as being able to drive actual incremental revenue for customers is to be able to take that small and medium-sized business that can't today access the big screen and let them buy the big screen and prove that they're driving incremental value.

這個機會大到讓人無法忽視。所以我們把眼前的事情全力以赴、全員投入。但這不改變一個事實：我們仍然相信電視的變現程度嚴重不足。而且就我對廣告的看法而言，真正的「聖杯」——把成效定義為能為客戶帶來實際的增量營收——就是能把那些今天還無法觸及大螢幕的中小型企業帶上大螢幕，讓他們買得起大螢幕，並證明他們確實創造了增量價值。

If we're able to do that, we can take the customers that we're acquiring now and be able to give them a click of a button to go to the television screen. That's something that we're still working on.

如果我們能做到這一點，我們就能把目前正在獲取的客戶，讓他們只要按一下按鈕就能投放到電視螢幕上。這也是我們仍在努力推進的事情。

Take the creative that you generated for them and choose to place it on big screen somewhere. Is that?

把你為他們產出的素材，選擇投放到某個地方的大螢幕上。是這樣嗎？

Exactly right. And be able to do, prove to them that, that big screen ad drove more revenue for them than the cost that they were paying us on it. If we can do that well, that's a massively scalable business line. And it's also one that's really enticing to us because it's such an underused screen for performance marketing.

完全正確。而且還能向他們證明，那個大螢幕廣告為他們帶來的營收，超過他們為此支付給我們的成本。如果我們能把這件事做好，這會是一條極具規模化能力的業務線。同時這也非常吸引我們，因為對成效型行銷而言，這是一個被嚴重低度使用的螢幕。

It's overused for brand marketing historically. It's underused for a lot of these small- to medium-sized businesses, and those are the ones that we really are building tools for. So if we can help them get there, it will grow their businesses and it will be really dramatic growth for us. That's something that we're working on.

從歷史上看，它在品牌行銷上被過度使用。但對許多中小型企業而言，它又被低度使用，而這些正是我們真正要為之打造工具的客群。所以如果我們能幫他們做到這一步，既能帶動他們的業務成長，也會為我們帶來非常顯著的成長。這也是我們正在推進的事情。

Now as you've seen in the past, we work on a lot of things. We don't talk about things really until we know that things are going to work. It's easy to do extrapolation math. And you've seen us really signal new product is going to scale.

如同你過去所看到的，我們同時在做很多事情。在我們確定事情會奏效之前，我們通常不太會談。做外推數學很容易。你也看過我們確實會釋放訊號：某個新產品將會規模化。

And I don't know that we've been wrong once yet, right? Like, so this is early in development for connected TV. We're still working on it. At the point in time when it becomes something that's real, tangible and we can extrapolate to big numbers, we'll start talking about it more.

而且我想我們到目前為止一次都沒看錯，對吧？所以，連網電視（Connected TV）這塊目前還在早期開發階段。我們仍在努力。等到它成為真正、具體、而且我們可以外推到很大數字的時候，我們就會開始更常談它。

But I just laid out for you how we think about it, and we do think it's a big opportunity for us as a company in the long term

但我剛剛已經向你說明我們如何看待它，而我們確實認為，長期來看這對我們公司而言是一個很大的機會。

Thank you very much.

非常感謝。

Jim Callahan, Piper Sandler.

Jim Callahan，Piper Sandler。

To scale, how should we think about balancing the user acquisition needs between consumer, I guess, now consumer and gaming verticals?

在規模化的過程中，我們應該如何看待在用戶獲取需求上，在消費者（我想現在是消費者）與遊戲垂直領域之間的平衡？

I think we missed the first part of your question, Jim. Could you?

Jim，我想我們漏聽了你問題的前半段。你可以再說一次嗎？

Sorry. Just as e-commerce scales, how should we think about balancing needs between the consumer and gaming verticals on sort of the user acquisition side, making sure they're both sort of happy.

抱歉。就是隨著電商規模擴大，在用戶獲取這一側，我們應該如何看待在消費者與遊戲垂直領域之間的需求平衡，確保兩邊都算是滿意。

Yeah. I mean, look, we don't really think about that because, as I mentioned earlier to Clark's question, we haven't seen any cannibalization effect. And so in the absence of, our job is to continue to invest for both verticals. But the reason why we talk about the platform as a single platform is it's a single auction.

是的。我的意思是，你看，我們其實不太這樣想，因為如我先前回答 Clark 的問題時提到的，我們沒有看到任何互相侵蝕（cannibalization）的效應。所以在沒有看到侵蝕的情況下，我們的工作就是持續對兩個垂直領域都投資。但我們之所以把平台稱為單一平台，是因為它是一個單一的拍賣。

It's our job to deliver as much demand diversity into the model so that the model can decide how to place the ad. Now the two models we've talked about historically are different. So we continue to invest on the gaming side, and we continue to invest on the e-commerce/consumer side. It's also our job to keep improving the underlying technology on both at rapid rates.

我們的工作是把盡可能多元的需求導入模型，讓模型決定如何投放廣告。而我們過去談到的兩個模型在歷史上是不同的。因此我們會持續投資遊戲端，也會持續投資電商／消費者端。同時，我們的工作也是要以很快的速度持續改善兩邊的底層技術。

So that's something that we haven't stopped on. Obviously, the gaming vertical for us is much bigger than anything else in our platform today. When we met with the gaming executives in Greece, they've taken note of the fact that our models continue to improve. So we're not going and saying we're going to slow down on one in favor of the other.

所以這件事我們沒有停下來。顯然，對我們而言，遊戲垂直領域目前仍遠大於平台上的其他任何領域。當我們在希臘與遊戲產業的高層會面時，他們也注意到我們的模型持續在進步。所以我們不會跑去說要放慢其中一邊、偏向另一邊。

We're saying we're going to push both forward. And if we continue to see gaming growing really well, we're almost certainly going to see consumer growing faster. But because we haven't seen any cannibalization, it doesn't make us think about, okay, how do you balance the two.

我們的說法是兩邊都要往前推。而如果我們持續看到遊戲成長得很好，我們幾乎可以肯定會看到消費者端成長得更快。但因為我們沒有看到任何互相侵蝕，所以這不會讓我們去思考：好，那要怎麼在兩者之間做平衡。

Okay, that's great. Thank you. And then just one more on e-com. Talked about the step-up in April recently. There have been a lot of sort of new product rollouts. I'd be curious what you'd kind of call out as like the biggest flag of kind of the improvement there.

好的，這很棒。謝謝。另外再問一個關於電商的問題。你最近提到 4 月的提升幅度。也有很多新產品陸續上線。我很好奇，你會把那裡的改善中，最大的訊號（flag）歸因於什麼？

I mean the product rollouts help advertisers build campaigns, launch ads. Those are sort of like the basics of ad campaign management. A lot of that is going to be automated in the future, too, with agents. But the most important driver of our success, especially this early in the product, is the engineers improving the model to drive better return on ad spend for advertisers at a higher scale. So when we talk about we saw a big uplift. Something that creates a big uplift across all is almost certainly to be an improvement on a next release version of the model.

我的意思是，產品上線能幫助廣告主建立活動、啟動廣告。這些算是廣告活動管理的基本功。未來其中很多也會透過代理（agents）自動化。但推動我們成功最重要的驅動因素，尤其在產品還這麼早期的階段，是工程師持續改善模型，讓廣告主在更大規模下獲得更好的廣告投資報酬（ROAS）。所以當我們說看到很大的提升，能在整體帶來大幅提升的因素，幾乎可以確定是模型下一個發佈版本的改進。

Robert Coolbrith, Evercore.

Robert Coolbrith，Evercore。

Great, guys, really appreciate the opportunity. Adam, just wanted to get your response on a couple of topics that may come up in conversations with some of the gaming developers. On the direct billing or web shops, obviously, there's the cost savings side of the equation, but we also hear some developers talk about that as an interesting new surface area for data capture and remarketing. Do you think that's going to be a meaningful opportunity for the sector? And is that something that's potentially a good fit for AppLovin to develop the solution around?

很好，各位，真的很感謝這個機會。Adam，我想就幾個可能在與一些遊戲開發者對話時會出現的主題，聽聽你的看法。關於直連計費（direct billing）或網頁商店（web shops），顯然方程式的一邊是成本節省，但我們也聽到一些開發者把它視為一個有趣的新資料擷取與再行銷（remarketing）介面。你認為這會是這個產業一個有意義的機會嗎？以及這是否可能很適合 AppLovin 來圍繞它開發解決方案？

And then second, we also hear some people talking about some of the new creative or generative creative tools, things like playables generation and iteration or versioning. Is that something that you think fits in with the platform could fit alongside some of the things that you're doing with Creative clustering? Thank you.

第二，我們也聽到有人在談一些新的創意工具或生成式創意工具，例如可玩式廣告（playables）的生成與迭代或版本化。你認為這是否適合納入平台，並且能與你們在 Creative clustering 上做的一些事情並行？謝謝。

Yeah, thanks for the question. Yes. Thanks for the question. So web shops is not a space we're going to get into directly, but obviously, we benefit. So if the game developers have the capacity to get more user data, build a more intimate relationship with the user, launch things like remarketing or even possibly ads on those checkout pages, those are things that we can play a role in.

好的，謝謝你的問題。是的。謝謝你的問題。所以網頁商店不是我們會直接切入的領域，但顯然我們會受益。因此，如果遊戲開發者有能力取得更多用戶資料、與用戶建立更緊密的關係、推出像是再行銷，甚至可能在那些結帳頁面上投放廣告，這些都是我們可以扮演角色的地方。

We don't need to be the one responsible for the billing now. When it comes to the generative creative tools, it's not our goal to just stop on video and interactive pages. Eventually, we'll have playables. And hopefully, over time, using these tools, we can create more types of templates as well.

我們現在不需要再成為負責帳單開立的那一方。談到生成式創意工具，我們的目標不只是停留在影片和互動頁面。最終，我們會有可玩式廣告。也希望隨著時間推移，運用這些工具，我們也能建立更多類型的範本。

There's no desire or expectation that for the rest of our existence, we're only going to serve videos and playables and gaming. It's very possible there'll be other types of ad formats. And as we get into high iteration mode using the LLMs, it's possible we'll land on new techniques, too, that can create a better response from consumers.

我們並沒有任何意願或期待在我們存在的其餘時間裡，只提供影片、可玩式廣告和遊戲。很有可能會出現其他類型的廣告格式。而且當我們使用 LLM 進入高迭代模式時，也可能會找到新的技術，進一步帶來更好的消費者回應。

Now today, the game developers already use a lot of these tools to create way more content into our system. I really doubt any customer created 50,000-plus ads by hand. So these tools are already benefiting us as a platform that's closed loop in this large scale and also really for the game developer, the first destination.

現在，遊戲開發者已經在使用許多這類工具，將更多內容導入我們的系統。我非常懷疑有任何客戶會手動製作超過 50,000 則廣告。因此，這些工具已經讓我們受益，作為一個大規模的封閉迴路平台，同時也確實成為遊戲開發者的第一站。

If they're going to spend money on AI tools to create ads, they're going to start with, let's create ads for the Axon platform and then they're going to go beyond that. So we're already seeing a benefit. But I think that benefit will continue to grow as we get better at building out these tools ourselves.

如果他們要花錢買 AI 工具來製作廣告，他們會先從「替 Axon 平台製作廣告」開始，然後再往外延伸。所以我們已經看到效益。但我認為，隨著我們自己把這些工具做得更好，這個效益會持續擴大。

Thank you.

謝謝。

Martin Yang, Op Co.

Martin Yang，Op Co。

Thank you for taking my question. My question first is on the consumer side. The strength you saw in April. If you break it down, is that from newer cohorts that onboarded since 4Q last year or from a more mature cohorts?

謝謝讓我提問。我第一個問題是關於消費者端。你們在四月看到的強勁表現。如果拆開來看，這是來自去年第四季以來上線的新客群，還是來自較成熟的客群？

Yeah, Martin, it's from both. I mean newer cohorts are never going to ramp up all that much. So if you recall, I just mentioned, call it, over $70,000 in the front year. So you're not talking about a lot of advertiser spend per month over the cohorts that we've gotten. So you could say like if we're seeing material growth, it almost certainly is coming from the current existing customer base as they see the product improving.

是的，Martin，兩者都有。我的意思是，新客群的拉升幅度通常不會那麼大。所以如果你還記得，我剛提到，前一年大約超過 70,000 美元。因此，就我們取得的這些客群而言，每月的廣告主支出其實不算多。所以你可以說，如果我們看到顯著成長，幾乎可以確定是來自現有客戶基礎，因為他們看到產品在改善。

What we care about is growth from those existing customers. If your current cohorts are growing much faster than expected, it's with certainty you're going to be able to open up your platform and get new customers. That's something that we just know is a function that's inevitable.

我們在意的是這些既有客戶帶來的成長。如果你目前的客群成長速度遠超預期，那你就可以確定，你將能夠開放平台並獲得新客戶。這件事我們知道是一個必然會發生的函數關係。

We don't want growth from new to distract from the need to create growth from pre-existing. So we're always fixated on growth from current as the most important KPI that we want to see, and that's exactly what we're seeing as we improve the models.

我們不希望新客戶帶來的成長，分散了必須從既有客戶創造成長的需求。所以我們始終把「現有客戶的成長」視為最重要、我們想看到的 KPI，而隨著我們改善模型，這正是我們所看到的。

And second question on the new features and tools you created for your consumer customers. What about the gaming side? Are those customers getting as many new features and updates as the consumer side?

第二個問題是關於你們為消費者客戶打造的新功能與工具。那遊戲端呢？那些客戶獲得的新功能與更新，是否和消費者端一樣多？

Yeah. I mean, look, on the underlying model, the gaming models are continuing to evolve as quickly as the consumer side. So that's why gaming you keep seeing is growing really, really quickly. There's nothing that suggests we should be growing gaming at the scale that we operate at this quickly other than we have to be improving the model really quickly.

是的。我的意思是，就底層模型而言，遊戲模型持續以和消費者端一樣快的速度演進。所以你才會看到遊戲業務持續非常、非常快速地成長。在我們目前的營運規模下，若不是我們必須非常快速地改善模型，沒有任何跡象顯示遊戲業務應該能以這麼快的速度成長。

On the ad creative side, I just mentioned like these gaming companies are already really sophisticated. They don't need the tools to be ready for them as much as the consumer advertisers. It's our job to make the consumer advertisers scale, but then get better at these tools for the gaming customers as well.

在廣告創意端，我剛提到，這些遊戲公司本來就非常成熟。相較於消費者廣告主，他們不那麼需要工具為他們準備到位。我們的工作是讓消費者廣告主能夠規模化，同時也要把這些工具做得更好，提供給遊戲客戶使用。

So I just touched on that eventually, we'll have a playable generator as well. So we'll get into all these categories. But right now, because the tools are so early, the lowest hanging fruit for us was the consumer vertical.

所以我剛也提到，最終我們也會有可玩式廣告生成器。我們會進入所有這些類別。但目前因為工具還很早期，對我們而言最容易先取得成果的，是消費者垂直領域。

Got it. Thank you. That's it for me.

了解。謝謝。我這邊就這些。

Ralph Schackart, William Blair.

Ralph Schackart，William Blair。

Hey, Adam. Hey, Matt. Just two quick ones. It doesn't look like the macro impacted you in the quarter, but just kind of curious, Adam, anything you're hearing out there, particularly probably the e-comm customers or advertisers with oil prices where they are?

嗨，Adam。嗨，Matt。兩個很快的問題。看起來宏觀環境在本季沒有影響你們，但我有點好奇，Adam，你在市場上聽到什麼嗎？特別是可能電商客戶或廣告主，在油價處於目前水準的情況下？

And then talking to ad buyers intra-quarter, we're hearing retention rates were a lot higher at least the people we've been talking to on the self-serve product. I'm just kind of curious if that's something you're also observing on a broader basis on your platform? Thanks a lot.

另外，我們在季度中與廣告買方交流時，聽到至少就我們接觸到的自助式產品客戶而言，留存率高了很多。我想了解你們在平台更廣泛的層面上，是否也觀察到同樣的情況？非常感謝。

Yeah. I mean, like the first one, we don't tend to get much macro impact. We're selling revenue and profit to advertisers. So if they're buying profit, they're not going to come and cut the dollar that's driving them the best ROI on their advertising. So it's not something that we really see.

是的。第一點，我們通常不太會受到宏觀因素影響。我們賣給廣告主的是營收與利潤。所以如果他們買的是利潤，他們不會來砍掉那筆在廣告投放中帶來最佳 ROI 的預算。因此這不是我們真正會看到的情況。

And then on the consumer side, where you'd say broader set of customers around the economy, most of our customers still are Western as we haven't yet really launched an effort to go get customers around the world.

另外在消費者端，若你說是更廣泛、與整體經濟相關的一群客戶，我們的大多數客戶仍然在西方市場，因為我們尚未真正啟動一個面向全球獲客的計畫。

So I'd say short is no impact from us, but I don't know that we have the visibility to even know. And it's very likely that just the structure of our business selling revenue and profit to customers makes us pretty insulated for macro trends long term.

所以簡單說，對我們沒有影響，但我也不確定我們是否有足夠能見度去判斷。而且很可能，我們這種把營收與利潤賣給客戶的商業結構，讓我們長期而言對宏觀趨勢相當有防護性。

On the self-service retention rates, I guess, to your question, are we seeing strong retention from self-service customers? Yes, yes, for sure. I mean I mentioned a few minutes ago that if they get to 30 days of spend, there's first like get them live, which we're continuing to work to improve.

至於自助式的留存率，我想你問的是：我們是否看到自助式客戶有很強的留存？是的，確實是。我幾分鐘前提到，如果他們能達到 30 天的投放，首先是讓他們上線，而我們也持續努力改善這一點。

But once they get live, if they get to 30 days of spend, customers almost never churn on our platform. So it's our job to get them there, but we see pretty low churn overall when customers go live relative to what you would expect on products like these because we're selling again, we're selling profit to them.

但一旦上線後，如果他們能投放到 30 天，客戶在我們平台上幾乎不會流失。所以我們的工作是把他們帶到那個階段；但相較於你對這類產品的預期，我們在客戶上線後看到的整體流失率相當低，因為我們賣的同樣是利潤給他們。

So they launch, they see good return on ad spend out of the box. It costs very little for them to see that, then they continue to invest in the platform. And that's why when we look at a product offering that today has less than a 30-day breakeven on the marketing dollars that we're spending, that's really exciting.

所以他們一上線，就能立即看到不錯的廣告投資報酬率（ROAS）。他們只需要付出很少成本就能看到這點，接著就會持續加碼投資這個平台。也因此，當我們看到一個產品方案，在我們投入的行銷費用上今天能做到不到 30 天的回本期，這真的令人非常振奮。

Obviously, we have really strong retention long term and those cohorts, net dollar retention is going to be pretty strong as well. And you break even that quickly, you're going to make a lot of money as you go get more customers.

顯然，我們的長期留存非常強，而那些同批次用戶的淨美元留存也會相當強勁。而且你能那麼快就達到損益兩平，隨著你去獲取更多客戶，你會賺到很多錢。

Thanks, Adam.

謝謝你，Adam。

Tim Nollen, SSR.

Tim Nollen，SSR。

Tim, feel free to turn on your camera, unmute, and ask your question.

Tim，歡迎打開鏡頭、解除靜音並提出你的問題。

I'm ready.

我準備好了。

Jonathan Kees, Daiwa.

Jonathan Kees，Daiwa。

Okay. Waiting patiently here. So glad to make it. And yes, you guys can see me. I guess I wanted to ask a strategy question. You're now talking about this as consumer, which has many verticals. And in the past, you talked about going after transactional base and now you're talking about transaction and lead based, talking about the three parts of the funnel.

好的。我在這裡耐心等候。很高興能接上。是的，你們可以看到我。我想我想問一個策略問題。你們現在把它定位為消費者（consumer），而這裡面有很多垂直領域。過去你們談的是主攻以交易為基礎的模式，而現在你們談的是交易與以線索為基礎，並提到漏斗的三個部分。

The question that you guys, I'm sure, received when you're first going to go into e-commerce and now it came to mind again as you talk about consumer with many verticals. isn't it too much? I mean you guys got really good because you focus on just one vertical, mobile games, that you guys dominate that, right?

我相信你們在最初要進入電商時就收到過這個問題，而現在當你們談到擁有多個垂直領域的消費者業務時，我又想到這點：會不會做得太多了？我的意思是，你們之所以做得很出色，是因為你們只專注在一個垂直領域——手機遊戲——並且在那裡取得主導地位，對吧？

And now you're taking that expertise over to e-commerce and the verticals within consumer, understood. But you're also talking you have to have two separate models and stuff like that and resources can be scarce. That question pops up again in terms of, are you doing too much and especially like you're still trying to gain traction with like the video ad market, the TV ad market. So I guess that's the, I'll leave it with that.

而現在你們把那套專業能力延伸到電商，以及消費者領域內的各個垂直領域，這我理解。但你們也在說需要兩套不同的模型之類的，而資源可能會很稀缺。所以這個問題又浮現：你們是不是做得太多了？尤其是你們還在努力在影音廣告市場、電視廣告市場取得動能。我想就先問到這裡。

Yeah. And look, it's a good question. We have a great team. People love working hard. They love the products that they're working on. And we've never reached the point of too much. I mean it's one of those things where like it's easy to look at how lean we are and think, okay, they can't do more. But these incremental products are things that we understand really well. Their goal is to go better monetize the audience that we have.

是的。你看，這是個好問題。我們有一個很棒的團隊。大家喜歡努力工作。他們也喜歡自己正在做的產品。而我們從未到達「做得太多」的程度。我的意思是，外界很容易看到我們有多精實，就覺得：好吧，他們不可能再做更多了。但這些增量型產品是我們非常了解的事情。它們的目標是更好地把我們既有的受眾變現。

And so as we talk about like launching cost per lead model, getting into lead gen, it's not a materially big lift compared to what we've already done because we know really what we have to do. Then we talked about in the talk track, giving our dashboard access to agents or any of the popular LLMs.

所以當我們談到推出按線索計費（cost per lead）模式、進入線索開發（lead gen）時，相較於我們已經做過的事情，這並不是實質上很大的額外負擔，因為我們很清楚需要做什麼。接著我們也在講稿中提到，讓代理（agents）或任何主流的 LLM 取得我們儀表板的存取權。

Eventually, you can imagine advertisers will just be able to use their favorite LLM take all the action they need in our dashboard, automatically create the video and end cards, get live, get profits, get leads, scale. That doesn't require a lot of effort from us. A lot of the stuff in the world that we're going into is going to go automated.

最終，你可以想像廣告主只要使用他們最喜歡的 LLM，就能在我們的儀表板裡完成所需的所有操作，自動建立影片與結尾卡（end cards）、上線、獲利、取得線索並擴大規模。這不需要我們投入大量精力。我們要進入的世界裡，很多事情都會走向自動化。

And then it's up to our team of really sophisticated engineers to build great product. And it's up to our business team to make sure, the business and growth marketing teams to make sure that our brand is recognized and the customers come to our platform.

接下來就取決於我們這支非常成熟的工程師團隊去打造優秀的產品。也取決於我們的商務團隊——商務與成長行銷團隊——確保我們的品牌被市場認可，並讓客戶來到我們的平台。

Those are things that overlap to everything that we're talking about here, whether it's the lead gen model or the connected TV model. So what gets us excited about that is all of these growth vectors, also including just getting more supply, are all really related to each other.

這些事情在我們這裡談到的所有方向上都是共通的，不論是線索開發模式或是連網電視（connected TV）模式。因此讓我們感到興奮的是，所有這些成長向量——也包括取得更多供給——彼此之間其實都高度相關。

And a lot of this effort is not meant for this year again. Like we're not saying we're going to race after this opportunity and count on it this year. We don't need to count on anything this year. This business is growing really fast. What we're talking about is a whole bunch of related opportunities that are really large that will hopefully set us up for exceptional growth rates and profitability expansion over the coming years

而且再次強調，這裡很多投入並不是為了今年。我們不是在說要衝刺追逐這個機會，並在今年就仰賴它。我們今年不需要仰賴任何事情。這門業務成長非常快。我們在談的是一整串彼此相關、規模很大的機會，希望能在未來幾年讓我們具備卓越的成長率與獲利能力擴張。

Great. All right. Thank you. Good luck.

很好。好。謝謝。祝你好運。

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

以上為本季的問答環節。感謝各位今天與會。祝各位下午愉快。

Thank you.

謝謝。