Applovin Corp (APP) 2021 Q3 法說會逐字稿

Greetings, and welcome to the AppLovin Third Quarter 2021 Earnings Conference Call.

您好，歡迎參加 AppLovin 2021 年第三季度收益電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員說明）作為提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Mr. Ryan Gee, Head of Investor Relations and Strategic Finance for AppLovin.

現在我很高興向您介紹您的主持人，AppLovin 投資者關係和戰略財務主管 Ryan Gee 先生。

Thank you.

謝謝你。

Mr. Gee, you may begin.

吉先生，你可以開始了。

Thank you, Jason, and welcome, everyone, to AppLovin earnings call for the quarter ended September 30, 2021.

謝謝 Jason，歡迎大家參加截至 2021 年 9 月 30 日的季度 AppLovin 財報電話會議。

Joining me today to discuss our results are our Co-Founder, CEO and Chairperson, Adam Foroughi; and our President and Chief Financial Officer, Herald Chen.

今天和我一起討論我們的結果的是我們的聯合創始人、首席執行官兼主席 Adam Foroughi；以及我們的總裁兼首席財務官 Herald Chen。

Please note our SEC filings, earnings release and shareholder letter discussing our 3Q performance are available at investors.applovin.com.

請注意我們的 SEC 文件、收益發布和討論我們第三季度業績的股東信函，可在 Investors.applovin.com 上查閱。

During today's call, we may be making forward-looking statements regarding future events and the future financial performance of the company.

在今天的電話會議中，我們可能會就未來事件和公司未來的財務業績做出前瞻性陳述。

These statements are based on assumptions and beliefs and we assume no obligation to update them.

這些陳述基於假設和信念，我們不承擔更新它們的義務。

Actual results may differ materially from the results predicted.

實際結果可能與預測結果大相徑庭。

Please review the risk factors in our most recently filed Form 10-Q as well as elsewhere in our SEC filings for further clarification.

請查看我們最近提交的表格 10-Q 以及我們提交給 SEC 的其他文件中的風險因素，以進一步澄清。

We will also be discussing non-GAAP financial measures.

我們還將討論非公認會計原則的財務措施。

Reconciliations of our GAAP and non-GAAP financial measures are included in our earnings press release, shareholder letter and our 10-Q.

我們的 GAAP 和非 GAAP 財務指標的對賬包含在我們的收益新聞稿、股東信函和我們的 10-Q 中。

Please be sure to review these reconciliations as the non-GAAP measures are not intended to be a substitute for or superior to our GAAP results.

請務必查看這些對賬，因為非 GAAP 措施並非旨在替代或優於我們的 GAAP 結果。

A reminder, this conference call is being recorded.

提醒一下，本次電話會議正在錄音。

and a replay will be available on our IR website shortly.

很快就會在我們的 IR 網站上提供重播。

With that, I will now turn it over to our CEO, Adam Foroughi.

有了這個，我現在將把它交給我們的首席執行官 Adam Foroughi。

Thanks, Ryan.

謝謝，瑞恩。

Our headline results and our shareholder letter outlined our strong Q3 performance.

我們的總體業績和股東信概述了我們強勁的第三季度業績。

So I'm going to keep my comments brief to allow more time for Q&A.

因此，我將保持我的評論簡短，以便有更多時間進行問答。

I want to emphasize 3 things that really speak to the platform we are building and how our differentiated model is driving our success.

我想強調與我們正在構建的平台真正相關的三件事，以及我們的差異化模式如何推動我們的成功。

First, consider how fast we are growing.

首先，考慮一下我們的增長速度。

Our software platform revenue just grew 385% year-over-year to $193 million.

我們的軟件平台收入僅同比增長 385% 至 1.93 億美元。

Our growth has been accelerating for 4 quarters in a row now, largely organic.

我們的增長已經連續四個季度加速，主要是有機的。

We quadrupled our new SPECs and our net dollar-based retention was 255%.

我們將新的 SPEC 翻了兩番，基於美元的淨留存率為 255%。

Second, consider the massive opportunity still ahead of us.

其次，考慮仍然擺在我們面前的巨大機遇。

As the market absorbed IDFA changes, most advertising platforms saw modest sequential gains.

隨著市場對 IDFA 變化的吸收，大多數廣告平台的環比漲幅不大。

Yet our software business grew 32% quarter-over-quarter.

然而，我們的軟件業務環比增長了 32%。

We were growing fast before platform changes and continue to do so after, which is a testament to the strength of our team and our technologies.

在平台更改之前，我們一直在快速增長，並且在之後繼續這樣做，這證明了我們團隊和技術的實力。

Our customers are performance-driven.

我們的客戶以績效為導向。

That means our growth and our scale is a direct reflection of the strong performance of our integrated platform.

這意味著我們的增長和規模直接反映了我們集成平台的強勁表現。

Our exceptional growth rate is continued proof of the advantages created by our business model and machine learning platform, AXON.

我們卓越的增長率繼續證明了我們的商業模式和機器學習平台 AXON 所創造的優勢。

You may not realize it, but AXON is only a year old, and we've seen rapid acceleration in customer performance and adoption.

您可能沒有意識到，但 AXON 才成立一年，我們已經看到客戶性能和採用率的快速提升。

That's why we're so excited about our future.

這就是為什麼我們對我們的未來如此興奮。

We think we have a path to grow our software business for 30% plus year-over-year for many years to come.

我們認為，在未來的許多年裡，我們的軟件業務將同比增長 30% 以上。

Now there's clearly a lot of execution ahead.

現在顯然有很多執行工作。

But just imagine what it would take for us to grow like that for the next decade.

但試想一下，在接下來的十年裡，我們需要如何成長。

It would only take adding 20% more SPECs a year and growing the $1 per SPEC 10% per year.

每年只需增加 20% 的 SPEC，並將每個 SPEC 的 1 美元每年增長 10%。

Today, we have 280 SPECs on AppDiscovery and MAX accounting for $587,000 per quarter each of GAAP reported software revenue.

今天，我們有 280 個關於 AppDiscovery 和 MAX 的 SPEC，每季度 GAAP 報告的軟件收入為 587,000 美元。

The count of SPECs just grew 18% versus Q2 and our dollar per SPEC just grew 13% versus Q2.

SPEC 數量與第二季度相比僅增長了 18%，我們每 SPEC 的美元與第二季度相比僅增長了 13%。

We just brought on a sales force for the first time.

我們只是第一次引入了銷售團隊。

We have just begun selling our platform, AXON.

我們剛剛開始銷售我們的平台 AXON。

Our performance is exceptional for our existing clients, and we have a huge opportunity to attract new ones.

對於現有客戶而言，我們的表現非常出色，我們有巨大的機會吸引新客戶。

It isn't hard to imagine us being a $10 billion software business in 10 years.

不難想像，我們將在 10 年內成為價值 100 億美元的軟件企業。

And remember, all the incremental dollars are almost all margin.

請記住，所有增加的美元幾乎都是保證金。

Lastly, consider the potential combination of MAX and MoPub.

最後，考慮 MAX 和 MoPub 的潛在組合。

MAX is already one of the largest and fastest-growing ad exchanges, powering around $5 billion in media spend.

MAX 已經是最大、增長最快的廣告交易平台之一，為大約 50 億美元的媒體支出提供支持。

A year ago, 10,000 apps were using MAX as a software platform to manage their ad monetization.

一年前，有 10,000 個應用程序使用 MAX 作為軟件平台來管理其廣告獲利。

As of the end of Q3, that number is almost 30,000 and growing rapidly.

截至第三季度末，這個數字接近 30,000，並且增長迅速。

We believe our unified platform should surpass $15 billion in advertiser spend across all industry bidders entering 2023.

我們相信，到 2023 年，我們的統一平台在所有行業競標者中的廣告客戶支出將超過 150 億美元。

This would make our exchange one of the largest advertising ecosystems in the world.

這將使我們的交易所成為世界上最大的廣告生態系統之一。

With that, I'll hand it off to Herald to walk you through our financial details.

有了這個，我會把它交給先驅報，讓你了解我們的財務細節。

Thanks, Adam, and thanks to everyone for taking the time to join us today.

謝謝，亞當，感謝大家今天抽出時間加入我們。

As you can hear from Adam, we're extremely pleased with the performance of the business in the quarter, continuing on the strong momentum we saw in the first half of the year.

正如您從亞當那裡聽到的那樣，我們對本季度的業務表現感到非常滿意，並延續了我們在上半年看到的強勁勢頭。

And we feel like we're very well positioned for growth in the fourth quarter next year and beyond.

而且我們覺得我們已經為明年第四季度及以後的增長做好了準備。

In Q3 year-over-year, we did grow total revenue 90% and EBITDA more than doubled year-over-year.

在第三季度，我們的總收入確實增長了 90%，EBITDA 同比增長了一倍以上。

We were able to drive 26% EBITDA margins and have another rule out number that's well in the 3 digits.

我們能夠推動 26% 的 EBITDA 利潤率，並獲得另一個 3 位數的排除數字。

As Adam noted, our software performance was exceptional, and I wanted to highlight a few more details that you'll find in our shareholder letter.

正如亞當所指出的，我們的軟件性能非常出色，我想強調一些您可以在我們的股東信中找到的更多細節。

Even when excluding Adjust, our software platform revenue quadrupled versus last year, and increased organically by 316%.

即使不包括 Adjust，我們的軟件平台收入也比去年翻了兩番，有機增長了 316%。

It's due to the efficacy of our software solutions that's clear to the market, adding both the number of SPECs that we added as well as increasing the take rate we are getting from each one of those SPECs.

這是由於我們的軟件解決方案的功效對市場很清楚，增加了我們添加的 SPEC 的數量以及提高了我們從每個 SPEC 中獲得的獲取率。

Software now represents 27% of our overall revenue.

軟件現在占我們總收入的 27%。

And as our software grows, that drives margins and cash flow that can be reinvested in our business.

隨著我們軟件的發展，這將推動可以再投資於我們業務的利潤和現金流。

On the app side, the portfolio grew 56% year-over-year, a very solid performance, and our maps increase quarter-over-quarter as well.

在應用程序方面，產品組合同比增長 56%，表現非常穩健，我們的地圖也環比增長。

While this is a strong performance from an application standpoint, this really helps to generate more scaled first-party data, which is a key component of our AXON machine learning engine, which, as you know, powers our software platform.

雖然從應用程序的角度來看，這是一個強大的性能，但這確實有助於生成更多規模的第一方數據，這是我們 AXON 機器學習引擎的關鍵組件，如您所知，它為我們的軟件平台提供動力。

Note, this extra cash flow that we've been generating from software allows us to reinvest in our business across the board, including studio development capacity and investments in Q3 where we're investing behind a robust slate of future titles.

請注意，我們從軟件中產生的這種額外現金流使我們能夠對我們的業務進行全面再投資，包括工作室開發能力和第三季度的投資，我們正在投資於未來一系列強勁的遊戲。

As Adam mentioned, we continue to see positive tailwinds in our business and are excited about our expanding market and strategic and financial position soon entering '22.

正如亞當所說，我們繼續看到我們業務的積極順風，並對我們即將進入 22 年的不斷擴大的市場以及戰略和財務狀況感到興奮。

As we talked about in the second quarter, our outlook for software is to reach over $1 billion of revenue in fiscal '22.

正如我們在第二季度所談到的，我們對軟件的展望是在 22 財年實現超過 10 億美元的收入。

That's over a 60% year-over-year growth over our $600 million target also offered in the second quarter.

這比我們在第二季度提出的 6 億美元目標同比增長 60% 以上。

Now on top of that, with the pending acquisition of MoPub, that would add an incremental $240 million to $260 million of revenue run rate exiting '22 and would have very minimal costs at about $40 million.

現在最重要的是，隨著對 MoPub 的收購，這將增加 2.4 億美元至 2.6 億美元的收入運行率，退出 22 年，並且成本非常低，約為 4000 萬美元。

As discussed, we're waiting for regulatory approval to determine the timing of the close of that transaction.

如前所述，我們正在等待監管部門的批准，以確定該交易的結束時間。

Before we take your questions, Adam and I are pleased to also announce that Alyssa Harvey Dawson has joined our Board of Directors.

在我們回答您的問題之前，亞當和我很高興地宣布 Alyssa Harvey Dawson 已加入我們的董事會。

Lisa is currently the Chief Legal Officer at Gusto, a modern HR software platform.

Lisa 目前是現代人力資源軟件平台 Gusto 的首席法務官。

Her deep experience in past roles across tech and consumer verticals will be highly accretive to our Board.

她過去在技術和消費者垂直領域的豐富經驗將極大地增加我們的董事會。

We're also pleased to announce that our Board member, Cathy Sun, joined AppLovin full time this past summer to help lead new initiatives.

我們也很高興地宣布，我們的董事會成員 Cathy Sun 在去年夏天全職加入 AppLovin，以幫助領導新計劃。

Given her new role on the Board, she will be stepping down from the Board -- she has stepped down from our Board this past meeting.

鑑於她在董事會的新角色，她將從董事會下台——她在上次會議上已從我們的董事會下台。

With that, I'll turn it over to Ryan to help organize some questions.

有了這個，我會把它交給 Ryan 來幫助組織一些問題。

(Operator Instructions) Our first question comes from Youssef Squali from Truist Securities.

（操作員說明）我們的第一個問題來自 Truist Securities 的 Youssef Squali。

Two quick questions.

兩個快速的問題。

First, maybe on the software platform revenues, explosive growth.

首先，也許是軟件平台收入，爆發式增長。

How should we think about growth in the fourth quarter and fiscal '22, particularly as you anniversary the launch of AXON in September, I guess.

我猜我們應該如何考慮第四季度和 22 財年的增長，尤其是在 AXON 於 9 月推出週年紀念日之際。

You've already, I guess, anniversaried the $193 million run rate.

我猜，你已經慶祝了 1.93 億美元的運行率。

The $1 billion target that you have for next year looks pretty reasonable.

明年的 10 億美元目標看起來很合理。

Just wondering if there is -- if you see potential upside to that ex AdMob, of course.

只是想知道是否存在 - 當然，如果您看到前 AdMob 的潛在優勢。

And then it looks like half or maybe 40 of the SPEC's net adds came from Adjust, which maybe speaks to the traction in upselling those clients to your solution.

然後看起來 SPEC 的一半或 40 個淨增加來自 Adjust，這可能說明了向這些客戶追加銷售您的解決方案的吸引力。

The other half were, I think, net new which is kind of in line with what you guys did in the prior quarter, I think in Q2.

我認為另一半是全新的，這與你們在上一季度所做的一致，我認為在第二季度。

Is that the right interpretation and the right cadence we should think of as maybe we look forward or we look at the growth in that segment?

這是我們應該考慮的正確解釋和正確的節奏，也許我們期待或我們著眼於該細分市場的增長？

Yes.

是的。

Thanks, Youssef.

謝謝，優素福。

Maybe I'll start, and Adam, you can add on and take it in reverse order.

也許我會開始，亞當，你可以添加並以相反的順序進行。

Just in terms of the number of SPECs we do break it out for you in the shareholder letter, where we articulate that excluding Adjust, we had 280 SPECs on our AppLovin software, excluding Adjust.

就 SPEC 的數量而言，我們確實在股東信中為您詳細說明了這一點，我們在其中明確指出，不包括 Adjust，我們的 AppLovin 軟件上有 280 個 SPEC，不包括 Adjust。

And in the second quarter, we had 237.

在第二季度，我們有 237 個。

So that run rate, you're right, is about additional 40, excluding Adjust.

所以你說得對，運行率大約是額外的 40，不包括調整。

Now Adjust, obviously, gives us access to their sales force, they're cross-selling our solutions.

顯然，現在 Adjust 讓我們能夠接觸到他們的銷售團隊，他們正在交叉銷售我們的解決方案。

And in and of themselves, by the way, the Adjust product for attribution is growing and adding SPEC count as well.

順便說一下，Adjust 歸因產品本身也在增長，並且也增加了 SPEC 數量。

That gets us to the total of 449.

這使我們達到了 449 的總數。

So we're excited by that progress.

所以我們對這一進展感到興奮。

We're excited by that sales force.

我們對那支銷售隊伍感到興奮。

Ultimately, if we're able to close MoPub, that obviously gives a lot more bandwidth in terms of team as well as technology to sell as well.

最終，如果我們能夠關閉 MoPub，這顯然會在團隊和銷售技術方面提供更多帶寬。

So I think that's a good run rate for us to continue to execute against that 40-plus SPECs for AppLovin alone.

所以我認為這對我們來說是一個很好的運行率，可以繼續針對 AppLovin 的 40 多個 SPEC 執行。

It will start to get more confusing, though as we do cross-sell.

儘管我們進行交叉銷售，但它會開始變得更加混亂。

It will be harder to determine.

將更難確定。

Was it really just an AppLovin customer.

它真的只是 AppLovin 的客戶嗎？

As you know, we have over 8,000 customers on our platform, but only the 449 that are at the SPEC level today.

如您所知，我們的平台上有 8,000 多個客戶，但目前只有 449 個處於 SPEC 級別。

So there's a lot of existing customers that may not be viewed as new, but will become SPEC over time.

因此，有很多現有客戶可能不會被視為新客戶，但隨著時間的推移將成為 SPEC。

And with your question with regard to software, we gave the guidance in the second quarter on software for the first time.

關於你關於軟件的問題，我們在第二季度首次給出了軟件方面的指導。

We don't intend to update that guidance today.

我們今天不打算更新該指南。

But as Adam said, we are extremely excited by the quarter-over-quarter growth rate where we had the 18% increase and 13% increase in price quantity, respectively.

但正如亞當所說，我們對環比增長率感到非常興奮，我們的價格分別增長了 18% 和 13%。

And we think that momentum will continue as Adjust sales force continues to ramp, our technology and our machine learning engine continues to improve.

我們認為隨著 Adjust 銷售隊伍的不斷壯大、我們的技術和機器學習引擎的不斷改進，這種勢頭將繼續下去。

And with scale, machine learning engines also improve.

隨著規模的擴大，機器學習引擎也得到了改進。

So as we add on to the platform, there is a virtuous cycle to that improvement.

因此，當我們添加到平台上時，這種改進存在一個良性循環。

And then hopefully, with MoPub in '22 some time, that we'll be able to accelerate it from there.

然後希望，隨著 MoPub 在 22 年的某個時間，我們將能夠從那裡加速它。

I think our plan will be to update guidance in general, including talking about our software number, when we report the fourth quarter numbers early next year.

我認為我們的計劃將是在明年初報告第四季度數據時更新總體指導，包括談論我們的軟件編號。

The next question comes from Stephen Ju from Credit Suisse.

下一個問題來自瑞士信貸的 Stephen Ju。

Okay.

好的。

So Adam, big picture.

所以亞當，大局。

I think at last quarter's shareholder letter, you disclosed that you helped your clients install about 2 billion apps in the first half of the year.

我認為在上個季度的股東信中，您透露您在上半年幫助您的客戶安裝了大約 20 億個應用程序。

So if we are on track to make that 4 billion installs for all of this year, on an audience that you have of around like 2 million people, that's like 2 installs per user per year, which seems like a lot of white space for you to run into.

因此，如果我們有望在今年全年實現 40 億次安裝，在您擁有大約 200 萬人的受眾上，這就像每個用戶每年 2 次安裝，這對您來說似乎有很多空白碰到。

So you talked a lot about like the dollar growth that you can drive, but talk about the pieces that are coming together for you to make more efficient use of your ad impressions that you're showing now.

所以你談了很多，比如你可以推動的美元增長，但談到了為你更有效地利用你現在展示的廣告印象而組合在一起的部分。

So we can think about taking the installs from maybe $4 billion this year to maybe $15 billion, $16 billion, $20 billion over some time frame?

所以我們可以考慮在一段時間內將安裝量從今年的 40 億美元提高到 150 億美元、160 億美元、200 億美元？

Or your growth is not going to be as volume-driven, but what can help you drive higher effective pricing over time?

或者您的增長不會像銷量那樣受到影響，但是隨著時間的推移，什麼可以幫助您推動更高的有效定價？

Thanks, Stephen.

謝謝，斯蒂芬。

And really, this ties back to some of the stuff I was saying in the lead-in.

實際上，這與我在介紹中所說的一些內容有關。

But we're really excited about the many year outlook on the software business because AXON is just a year old, and it's really easy to forget that in our business.

但我們對軟件業務的多年前景感到非常興奮，因為 AXON 剛剛成立一年，在我們的業務中很容易忘記這一點。

And machine learning platforms get much more precise over time as they accumulate more data and more opportunity.

隨著時間的推移，機器學習平台會越來越精確，因為它們會積累更多的數據和更多的機會。

When we started the platform a year ago, we only had in the hundreds of SPECs.

一年前我們啟動該平台時，我們只有數百個 SPEC。

Now we have 280.

現在我們有280個。

Imagine a machine learning software that had 1. It couldn't personalize or match-make very accurately in terms of what it was going to show a customer.

想像一個機器學習軟件，它有 1。它不能非常準確地個性化或匹配它要向客戶展示的內容。

Well, we have 280 customers that are spending a substantial amount with us and getting exceptional performance.

好吧，我們有 280 名客戶在我們身上花費了大量資金並獲得了卓越的表現。

So what we're most excited about is bringing more customers online will give the platform the capacity to become more personalized in the offering, and then that will drive up pricing because it will also drive up competition.

因此，我們最興奮的是讓更多客戶在線，這將使平台能夠在產品中變得更加個性化，然後這將推高定價，因為它也會推動競爭。

We think that can lead to an immense amount of growth over the next decade.

我們認為這可以在未來十年帶來巨大的增長。

The next question comes from Tim Nollen from Macquarie.

下一個問題來自麥格理的 Tim Nollen。

Just like to ask a question on MoPub, please.

只是想在 MoPub 上提問。

If you could talk a bit more about the scale benefits that it really brings you.

如果你能多談談它真正給你帶來的規模效益。

It seems like kind of an obvious thing to say that scale is important especially on the ad mediation side.

說規模很重要，尤其是在廣告中介方面，這似乎是一件顯而易見的事情。

But just maybe a bit more color on how that really helps you.

但是，這可能對您真正有幫助。

And then its growth rate seems to have been fairly slow coming into your acquisition.

然後它的增長率在你的收購中似乎相當緩慢。

I wonder how much you can help accelerate it or it can help accelerate your growth?

我想知道你能在多大程度上幫助加速它，或者它可以幫助加速你的成長？

Thanks, Tim.

謝謝，蒂姆。

MoPub itself as a platform has been in the market for about a decade.

MoPub 本身作為一個平台已經上市了大約十年。

They built out a lot of tools.

他們構建了很多工具。

They cater to a much broader set of demand.

它們滿足更廣泛的需求。

Tools that are successful tools for agencies and brands to bring demand into the mobile marketplace as well as a robust set of DSPs.

這些工具是代理商和品牌將需求帶入移動市場的成功工具，也是一組強大的 DSP。

Pretty much every DSP in mobile was working with their marketplace.

幾乎每個移動 DSP 都在與他們的市場合作。

When we launched MAX 3 years ago, we took a different approach and built a lightweight platform that was really automated and pure for the mobile game developer.

當我們 3 年前推出 MAX 時，我們採取了不同的方法，構建了一個輕量級的平台，該平台對移動遊戲開發者來說真正自動化和純粹。

And MAX, as we've noted, has grown immensely.

正如我們所指出的，MAX 已經取得了巨大的增長。

It's processing around $5 billion of advertising spend a year right now on the platform.

它現在每年在該平台上處理大約 50 億美元的廣告支出。

What we didn't do was layer on this incremental functionality that would bring even more demand into the ecosystem.

我們沒有做的是對這種增量功能進行分層，從而為生態系統帶來更多需求。

By bringing MoPub supply in, we'll expand the supply to get to a point of late next year what we think is a target of over $15 billion of ad spend, which makes it one of the largest platforms in the world.

通過引入 MoPub 供應，我們將擴大供應，到明年年底達到我們認為超過 150 億美元的廣告支出目標，這使其成為世界上最大的平台之一。

When you have a platform that big, it attracts demand.

當你有一個這麼大的平台時，它就會吸引需求。

And we'll be combining in the unified solution the MoPub product set to go attract that demand over.

我們將在統一的解決方案中結合 MoPub 產品集來吸引這種需求。

And we think once that happens, the whole platform will accelerate in growth.

我們認為一旦發生這種情況，整個平台將加速增長。

And does it expand you much beyond the gaming vertical into other sectors as well?

它是否也將您從遊戲垂直擴展到其他領域？

100%.

100%。

MoPub works with both games and non-games.

MoPub 適用於遊戲和非遊戲。

And a lot of these technologies and products that they've built for a broader set of demand appeal to non-gaming just as much as gaming.

他們為更廣泛的需求而構建的許多技術和產品對非遊戲的吸引力與對遊戲的吸引力一樣大。

So we're going to go after the entire mobile app ecosystem with this integration and unified solution.

因此，我們將通過這種集成和統一的解決方案來追求整個移動應用生態系統。

The next question comes from Alexia Quadrani from JPMorgan.

下一個問題來自摩根大通的 Alexia Quadrani。

Adam, I wonder if you could just provide an update on how the IDFA changes impacted your software and content businesses through the quarter.

Adam，我想知道您是否可以提供有關 IDFA 更改如何在本季度影響您的軟件和內容業務的最新信息。

And then maybe I'll do a follow-up on MoPub.

然後也許我會跟進 MoPub。

I'm wondering if you could just talk to the integration a bit.

我想知道你是否可以談談集成。

How you'll onboard their apps on to MAX and maybe speak to any risk of client attrition during that time.

您將如何將他們的應用程序加載到 MAX 上，以及在此期間可能會遇到任何客戶流失的風險。

Yes.

是的。

I'll go in reverse order, just so I could remember.

我會按相反的順序去，這樣我才能記住。

MAX, in marketplace discussions and talking about a unified MAX MoPub platform, the reception has been exceptionally positive, both in terms of advertisers and publishers.

MAX，在市場討論和談論統一的 MAX MoPub 平台時，無論是廣告商還是出版商，反響都異常積極。

MoPub itself, as part of Twitter, wasn't a focused product.

MoPub 本身，作為 Twitter 的一部分，並不是一個專注的產品。

It's been a long-term product that had a lot of retained customers for many years, but there hasn't been a lot of innovation in product investment the way we do when we're focused on a product that's core to our business.

多年來，它一直是一款擁有大量留存客戶的長期產品，但在產品投資方面並沒有像我們專注於我們業務核心的產品時那樣進行大量創新。

And so as we've spoken to the publishers, there's a lot of excitement about the possibility of bringing the 2 platforms together, and tapping into the cement scale and incremental demand, which we think will create more competition, more publisher yield and more growth in the ecosystem for all parties that intersect with it.

因此，正如我們與出版商交談的那樣，將這兩個平台整合在一起並利用水泥規模和增量需求的可能性令人興奮，我們認為這將創造更多的競爭、更多的出版商收益和更多的增長在與它相交的所有各方的生態系統中。

On the first question, the IDFA impact in the marketplace, as you saw in our numbers and a lot of advertising platforms, advertising quarter-over-quarter was mostly muted in terms of growth.

關於第一個問題，IDFA 對市場的影響，正如您在我們的數據和許多廣告平台中看到的那樣，就增長而言，季度環比的廣告大多處於低迷狀態。

So there is loss in terms of targeting that's possible with IDFA going away, and publisher CPMs did diminish on iOS.

因此，隨著 IDFA 的消失，在定位方面可能會出現損失，而且 iOS 上的發布商每千次展示費用確實減少了。

That was offset on the publishing side with games on Android as demand shifted over there.

隨著需求轉移，這在 Android 上的遊戲在發行方面被抵消了。

Now our platform, we have an advantage in the marketplace because of our scaled first-party data that fuels our AXON machine learning system.

現在是我們的平台，我們在市場上擁有優勢，因為我們規模化的第一方數據為我們的 AXON 機器學習系統提供了動力。

And as prices came down and competition lessened, our platform stood stronger than others, and that's what allowed us to grow faster than others.

隨著價格下降和競爭減少，我們的平台比其他平台更強大，這就是讓我們比其他平台發展得更快的原因。

That, paired with the fact that we were already on a really fast growth trajectory because of AXON quarter-over-quarter for the last few quarters, and that continues to accelerate, led to the strong quarter.

再加上由於 AXON 在過去幾個季度的季度環比增長，我們已經處於非常快速的增長軌道上，而且這種情況繼續加速，導致了強勁的季度。

The next question comes from Clark Lampen from BTIG.

下一個問題來自 BTIG 的 Clark Lampen。

I wanted to ask a follow-up on IDFA relative to the last question.

關於最後一個問題，我想問一個關於 IDFA 的後續問題。

When we did some checks intra-quarter, one of the biggest sort of points of friction that we sort of came up with as you and peers were seemingly gaining share was the idea that developers were somewhat limited in terms of budget deployment because of scale and reach.

當我們在季度內進行一些檢查時，當您和同行似乎獲得份額時，我們提出的最大摩擦點之一是，開發人員在預算部署方面由於規模和抵達。

The MoPub deal seems to go a long way in sort of reducing that kind of friction.

MoPub 交易似乎在減少這種摩擦方面大有幫助。

So I'm curious if we should expect maybe share gains to increase or compound -- or maybe spending to increase or compound from here.

所以我很好奇我們是否應該期望股票收益可能會增加或複合 - 或者可能會從這裡增加或複合。

And then separately, on the consumer business, I wanted to see, given you guys just launched Bermuda Adventures at Belka,I wanted to see if you could give us an update on maybe what the pipeline looks like over the balance of this year and into next, and also whether there are specific games or studios where you're expecting to deliver new content that might help you recapture or grow the active player base?

然後另外，關於消費者業務，我想看看，鑑於你們剛剛在貝爾卡推出了百慕大冒險，我想看看你是否可以向我們提供有關今年剩餘時間和進入管道的最新情況接下來，以及是否有特定的遊戲或工作室，您希望提供可能幫助您重新獲得或擴大活躍玩家群的新內容？

So on the first question, obviously, to grow our business as quickly as we are, it could be the possibility of technological enhancement, more customers or share gain.

因此，在第一個問題上，顯然，要盡快發展我們的業務，這可能是技術改進、更多客戶或分享收益的可能性。

We think we've gotten -- and we've executed across all 3 of those vectors.

我們認為我們已經得到了——並且我們已經在所有 3 個向量中執行了。

And you almost have to be able to grow as much as we did quarter-over-quarter.

而且您幾乎必須能夠像我們季度環比那樣增長。

Companies that depend on identity lose more when the ID goes away, especially when that identity is built on third-party data.

當 ID 消失時，依賴身份的公司損失更大，尤其是當身份建立在第三方數據上時。

Our identity and our data sets and models are built on our first-party data.

我們的身份以及我們的數據集和模型建立在我們的第一方數據之上。

And so we ended up in a very advantaged position.

所以我們最終處於一個非常有利的位置。

We're also starting from a very low point of penetration with customers.

我們也是從與客戶的滲透率非常低的起點開始的。

When you talk about a business that's getting as big as ours as quickly as it is and only having 280 software platform enterprise clients, it leaves a lot of room for growth.

當您談論一家像我們一樣迅速發展並且只有 280 個軟件平台企業客戶的企業時，它留下了很大的增長空間。

So we were already executing on all vectors coming in.

所以我們已經在所有進入的向量上執行了。

IDFA changes help decrease competition in the market.

IDFA 的變化有助於減少市場競爭。

Our business model has advantages that are going to be hard for others to overcome, and we continue to accelerate through it.

我們的商業模式具有其他人難以克服的優勢，我們將繼續加速通過它。

Now the market is just greenfield for us, and there's going to be more customers that are going to come on our platform because as we unify MAX and MoPub supply, there are very few ad opportunities in the world at the scale of $15 billion a year of ad spend flowing through 1 single access point.

現在市場對我們來說只是一片綠地，將會有更多的客戶來到我們的平台，因為隨著我們統一 MAX 和 MoPub 供應，世界上每年 150 億美元規模的廣告機會非常少流經 1 個單一接入點的廣告支出。

And our exchange will be that.

我們的交流就是這樣。

And so we're really excited about the future prospects of this business.

因此，我們對這項業務的未來前景感到非常興奮。

In terms of games and evergreen titles, we touched on this last quarter.

在遊戲和常青遊戲方面，我們談到了上個季度。

We do invest heavily in game development, and in particular, organic releases of games.

我們確實在遊戲開發方面進行了大量投資，特別是遊戲的有機發行。

It's going to be a focus going forward.

這將是未來的一個重點。

In order to continue to facilitate growth in our software business, data is key and first-party data, as we've touched on, is really important.

為了繼續促進我們軟件業務的增長，數據是關鍵，正如我們所提到的，第一方數據非常重要。

So we do want to keep our content fresh.

因此，我們確實希望保持內容新鮮。

Over the quarter, we launched 3 titles that took hefty investment.

在本季度，我們推出了 3 款投入巨資的遊戲。

And what we call an evergreen title is one that we think will get to $100 million-plus a year revenue run rate and cost multiple millions of dollars to develop.

我們所謂的常青遊戲是我們認為年收入超過 1 億美元、開發成本高達數百萬美元的遊戲。

We launched 3 of those in the quarter: ACE Defender, Bermuda Farm and Jackpot Master Slots.

我們在本季度推出了其中的 3 個：ACE Defender、Bermuda Farm 和 Jackpot Master Slots。

All 3, we believe, over the next year, will go and achieve the $100 million a year run rate and will be titles that will engage players for years to come.

我們相信，在接下來的一年裡，所有 3 款遊戲都將達到每年 1 億美元的運行速度，並且將成為未來幾年吸引玩家的遊戲。

As we continue to invest in our workforce, now 3,000 roughly creators around the world, we're really going to invest behind developing our own content, organically releasing them in a high amount of frequency and continuing to fuel growth on the app side and more fresh data coming in that we can then go monetize on our highly successful software platform.

隨著我們繼續投資於我們的員工隊伍，現在全球大約有 3,000 名創作者，我們真的會投資開發我們自己的內容，以高頻率有機地發布它們，並繼續推動應用程序方面的增長等等新數據進來，然後我們可以在我們非常成功的軟件平台上獲利。

Our next question comes from David Pang from Stifel.

我們的下一個問題來自 Stifel 的 David Pang。

Can you talk about the composition of new enterprise clients?

您能談談新企業客戶的構成嗎？

Did you see an uptick of non-gaming clients in third quarter?

您是否看到第三季度非遊戲客戶有所增加？

The new enterprise clients, in large part still, are a lot of clients that are just spending more on our platform and tipping the threshold.

新的企業客戶在很大程度上仍然是很多客戶，他們只是在我們的平台上花費更多，並打破了門檻。

As you've got 250% roughly net dollar retention, a lot of those customers, as Herald touched on, 8,000 in the system, will continue to cross over into the threshold and grow because the solution is just working so well for even the smaller clients in our system.

由於您獲得了 250% 的大約 250% 的淨美元保留率，正如 Herald 所提到的，系統中的 8,000 名客戶將繼續跨越門檻並增長，因為該解決方案對於即使是較小的我們系統中的客戶。

The Adjust cross-sell opportunity -- and really, instead of calling it that, I'd like to think of it as our sales force, is bringing new customers on board as well.

Adjust 的交叉銷售機會——實際上，與其這麼稱呼它，我更願意將其視為我們的銷售團隊，它也在吸引新客戶。

And we didn't touch on this, but just one data point that's exciting for us is that non-gaming customers, quarter-over-quarter, Q3 versus Q2, grew almost 100%.

我們沒有提及這一點，但只有一個令我們興奮的數據點是，第三季度與第二季度相比，非遊戲客戶季度環比增長了近 100%。

It was our fastest-growing vertical.

這是我們增長最快的垂直領域。

Now we don't break that out formally yet.

現在我們還沒有正式打破它。

It's still too small in the overall grand scheme of all of our numbers, but it is a huge growth opportunity.

在我們所有數字的整體宏偉計劃中，它仍然太小，但它是一個巨大的增長機會。

And as we bring that MoPub supply online, and integrate it with our MAX supply and create that amount of scale, both across gaming and non-gaming publishers, we think that non-gaming category is going to be very compelling.

隨著我們將 MoPub 供應上線，並將其與我們的 MAX 供應整合，並在遊戲和非遊戲發行商之間創造出如此大的規模，我們認為非遊戲類別將非常引人注目。

We've also recently put out a couple of case studies to highlight new non-gaming customers coming on our platform and seeing a lot of success.

我們最近還發布了一些案例研究，以突出新的非遊戲客戶進入我們的平台並取得了很大的成功。

So going forward, we expect that to continue to be a growing part of our new SPECs coming online.

因此，展望未來，我們希望這將繼續成為我們即將上線的新 SPEC 的一部分。

Next question comes from Ralph Schackart from William Blair.

下一個問題來自 William Blair 的 Ralph Schackart。

This is Nick Leibold on for Ralph Schackart.

這是拉爾夫·沙卡特的尼克·萊博德。

I wanted to ask on the MAX mediation platform, more recently, Unity announced its in-app bidding offering.

我想在 MAX 中介平台上提問，最近，Unity 宣布了其應用內競價服務。

And ironSource, announced its acquisition of Tapjoy.

而ironSource，則宣布收購Tapjoy。

And obviously, your MoPub acquisition has been talked about.

很明顯，你的 MoPub 收購已經被討論過了。

So I was hoping you can maybe share your view on the competitive landscape within mobile ad tech with this recent consolidation.

因此，我希望您可以通過最近的整合分享您對移動廣告技術競爭格局的看法。

Do you view the growth in consolidation of other mediation platforms as a threat?

您是否將其他中介平台整合的增長視為一種威脅？

Or is it a net benefit to the ecosystem?

還是對生態系統的淨收益？

And how much crossover is there on clients that are using both yours and ironSource and Unity's offering?

同時使用您的和ironSource 和Unity 產品的客戶有多少交叉？

So clients tend to only use one because these platforms are pretty robust and fairly complicated to integrate.

所以客戶傾向於只使用一個，因為這些平台非常強大並且集成起來相當複雜。

But we're a fan of there being more options for publishers.

但我們喜歡為出版商提供更多選擇。

The more options there are in the marketplace, the more innovation there is, both in terms of demand partners and in terms of publishing partners.

市場上的選擇越多，就需求合作夥伴和出版合作夥伴而言，創新就越多。

What we're focused on is delivering the best solution for publishers.

我們專注於為發布商提供最佳解決方案。

And we put out a blog actually on the AppLovin blog yesterday that we linked to off the shareholder letter that shows you how fast MAX has been growing.

我們昨天在 AppLovin 博客上發布了一個博客，我們鏈接到了股東信函，向您展示了 MAX 的增長速度。

We launched it 3 years ago.

我們在 3 年前推出了它。

In 3 years, it's grown to be one of the largest platforms in the marketplace, and almost 30,000 apps have integrated this platform.

在 3 年內，它已發展成為市場上最大的平台之一，並且有近 30,000 個應用程序集成了該平台。

And as I touched on, they don't usually use another one at the same time.

正如我所提到的，他們通常不會同時使用另一個。

So you can think of it as almost exclusive integration.

因此，您可以將其視為幾乎排他性的集成。

The MoPub clients coming over will take that scale and create a lot more, roughly double, both in terms of apps, audience and dollars spent through the platform.

即將到來的 MoPub 客戶將擴大規模並創造更多，大約翻倍，無論是在應用程序、受眾和通過該平台花費的美元方面。

And so we're really excited about the possibility of unifying the platforms, the products that we're going to be able to enable, and the gains that publishers and advertisers will see from all of that.

因此，我們對統一平台的可能性、我們將能夠實現的產品以及出版商和廣告商將從所有這些中看到的收益感到非常興奮。

And so we're very focused on executing our vision going forward.

因此，我們非常專注於執行我們未來的願景。

The next question comes from Brian Nowak from Morgan Stanley.

下一個問題來自摩根士丹利的 Brian Nowak。

It's Matt on for Brian.

布賴恩是馬特。

It looks like there was about $180 million of acquisition in the quarter on the cash flow statement.

在現金流量表上，該季度似乎有大約 1.8 億美元的收購。

I'm just wondering was there anything -- what was the composition of those acquisitions?

我只是想知道有什麼——這些收購的構成是什麼？

And was there any contribution to 3Q revenue from any business that you brought in?

您引入的任何業務對第三季度的收入有什麼貢獻嗎？

And then just secondly, just looking at the composition of growth, it looks like spend for SPEC and SPEC were both off in 3Q.

其次，從增長的構成來看，SPEC 和 SPEC 的支出似乎在第三季度都下降了。

Adam, you referred to kind of like a future formula for growth of growing at a 10% rate.

亞當，你提到了一種未來以 10% 的速度增長的公式。

I know that wasn't guidance, but just how do you think about the drivers of growth on a per SPEC basis?

我知道這不是指導，但您如何看待每個 SPEC 的增長驅動因素？

What are people spending more on?

人們在什麼方面花費更多？

Do they just use -- putting more wallet share into your products?

他們只是使用——將更多的錢包份額放入你的產品中嗎？

Are they using multiple products?

他們是否使用多種產品？

How does that go up over time?

隨著時間的推移，它是如何上升的？

Yes.

是的。

Let me answer the second one, the business question, and then Herald will touch on the usage of capital in the quarter.

讓我回答第二個，商業問題，然後先驅報將談到本季度的資本使用情況。

The driving factors for dollars growing on SPECs in the platform are really it's very simple.

平台中的 SPEC 增長的驅動因素實際上非常簡單。

It's just efficiency.

這只是效率。

Customers are buying on our platform on a performance basis.

客戶在我們的平台上根據性能進行購買。

They're either buying targeting a specific return on ad spend or they're buying targeting a cost per subscriber, a cost per first food order, cost per purchaser.

他們要么以特定的廣告支出回報為目標進行購買，要么以每位訂閱者的成本、每份首次食品訂單的成本、每位購買者的成本為目標進行購買。

But it is some function of a goal that they have that they go and target.

但這是他們所追求的目標的某些功能。

As customers spend more, they put more data into our system and our system gets more efficient.

隨著客戶花費更多，他們將更多數據放入我們的系統，我們的系統變得更加高效。

As it gets more efficient, they want to put more dollars into the system.

隨著它變得更有效率，他們希望在系統中投入更多資金。

So it just creates a very sticky product that gets them to have a desire to continue to invest more dollars into the platform.

所以它只是創造了一個非常有粘性的產品，讓他們有繼續向平台投入更多資金的願望。

And that's what you saw this quarter with just quarter-over-quarter, the same clients growing 13% in the dollars that they spent.

這就是您在本季度看到的情況，僅季度環比，相同的客戶花費的美元增長了 13%。

Now again, we only have 280 SPECs in the system.

現在再一次，我們在系統中只有 280 個 SPEC。

As we get more competition in the platform, if customers are getting the results that they want and competition goes up, inevitably, they're going to have to price more aggressively to continue to spend at a more accelerated clip.

隨著我們在平台上獲得更多競爭，如果客戶得到他們想要的結果並且競爭加劇，不可避免地，他們將不得不更積極地定價以繼續以更快的速度消費。

And those 2 factors combined create a function that creates growth on both numbers.

這兩個因素結合起來創造了一個函數，可以在兩個數字上創造增長。

And so that's what we're very excited about.

這就是我們非常興奮的地方。

That's been a formula that's fueled at ecosystems that have become very big over time.

這是一個公式，隨著時間的推移已經變得非常大的生態系統得到了推動。

Consistently, as you add competition, you create growth.

始終如一地，當你增加競爭時，你就會創造增長。

And so that's the inflection point that we're at.

這就是我們所處的拐點。

We've got the sales force.

我們有銷售人員。

We'll bring in the MoPub team as well, super sophisticated team.

我們還將引入 MoPub 團隊，超級成熟的團隊。

They'll be able to sell to agencies and DSPs and a lot of app developers.

他們將能夠向代理商和 DSP 以及許多應用程序開發人員銷售產品。

Our own team will be selling app developers.

我們自己的團隊將銷售應用程序開發人員。

And so we think as more clients come in, everything's is going to go up and to the right from here for many years to come.

所以我們認為，隨著越來越多的客戶進來，未來很多年一切都會從這裡往上走。

And Herald can touch on the usage of cash.

先驅報可以觸及現金的使用。

Yes.

是的。

Thanks, Adam, and thanks, Matt, for the question.

謝謝亞當，謝謝馬特的問題。

Look, overall, as everyone knows on the M&A side, we continue to be on the lookout for the right strategic acquisitions to drive long-term growth.

總體而言，眾所周知，在併購方面，我們將繼續尋找合適的戰略收購來推動長期增長。

We know what we're looking for.

我們知道我們在尋找什麼。

We know what assets are worth, and it allows us to move quickly with speed and certainty on what we want to own and then not waste time on things that don't fit our criteria.

我們知道什麼資產是有價值的，它使我們能夠快速、確定地擁有我們想要擁有的東西，而不是把時間浪費在不符合我們標準的東西上。

As you know, on the gaming side, we've got a fairly comprehensive portfolio now and with a strong first-party data, however, we certainly want to augment that as we can.

如您所知，在遊戲方面，我們現在擁有相當全面的產品組合，並且擁有強大的第一方數據，但是，我們當然希望盡可能地擴大它。

And in the quarter, we did find of that number, there was 1 asset that was about $150 million of an asset app purchase.

在本季度，我們確實發現了這個數字，有 1 項資產大約是 1.5 億美元的資產應用程序購買。

That was included -- another casual game app that fits well into our portfolio.

其中包括 - 另一個非常適合我們產品組合的休閒遊戲應用程序。

That was the majority of the spend in the quarter.

這是本季度支出的大部分。

But we'll continue to be on the hunt for those assets.

但我們將繼續尋找這些資產。

We're not super focused on adding apps, particularly given the elevated pricing in the market, but we'll certainly be looking.

我們並不是特別關注添加應用程序，特別是考慮到市場價格上漲，但我們肯定會關注。

And then on the software side, as you can tell, in particular with the MoPub deal, we're looking for the right strategic opportunities there as well.

然後在軟件方面，如您所知，特別是與 MoPub 的交易，我們也在尋找合適的戰略機會。

(Operator Instructions) Our next question is from Martin Yang from Oppenheimer & Company.

（操作員說明）我們的下一個問題來自 Oppenheimer & Company 的 Martin Yang。

A follow-up question on the previous analyst.

對前任分析師的後續問題。

Can you maybe talk about how your scaled first-party data that are collected on the platform can inform your app development and the type of studios you choose to partner with?

您能否談談您在平台上收集的規模化第一方數據如何為您的應用開發以及您選擇合作的工作室類型提供信息？

So our scaled first-party data is much more important to fuel the growth of our software side.

因此，我們規模化的第一方數據對於推動我們軟件方面的增長更為重要。

It helps inform the models on what the users are interested in and what other users that are similar to them are interested in.

它有助於告知模型用戶感興趣的內容以及與他們相似的其他用戶感興趣的內容。

And that's really what's fueling the success on the software side.

而這正是推動軟件方面成功的真正原因。

That first-party data doesn't inform what we do on the app development side.

第一方數據並不能告知我們在應用程序開發方面的工作。

Actually, for years, our goal on app development was to go partner with studios across every genre of mobile gaming that we believe we can grow.

實際上，多年來，我們在應用程序開發方面的目標是與我們認為可以發展的各種手游類型的工作室合作。

And many of these studios were early in their growth cycle.

這些工作室中的許多都處於成長周期的早期。

And so we went out, partnered with them, helped facilitate growth.

所以我們走出去，與他們合作，幫助促進增長。

That scaled data across an interest category to us.

對我們來說，這將跨興趣類別的數據進行了縮放。

That data then feeds into our software engine, and that's fueled a lot of the growth.

然後，這些數據會輸入到我們的軟件引擎中，這推動了很多增長。

We now are at a point where with numerous studios, almost 20 around the world and 3,000 creators, we've got expertise across every major mobile gaming category.

我們現在擁有眾多工作室，在全球擁有近 20 家工作室和 3,000 名創作者，我們擁有涵蓋每個主要移動遊戲類別的專業知識。

So we're very excited about where we're at.

所以我們對我們所處的位置感到非常興奮。

And now we're investing into taking the current games and continuing to expand them and creating new games and organically releasing them into the market.

現在我們正在投資現有的遊戲並繼續擴展它們，創造新的遊戲並將它們有機地發佈到市場上。

And so long as we execute on that, we'll continue to have scaled data feeding into our engine that we're monetizing exceptionally well.

只要我們執行此操作，我們將繼續將規模化的數據饋送到我們的引擎中，我們的盈利能力非常好。

Got it.

知道了。

The second question is on whether or not there's any synergy between MoPub and Adjust that it will help you to approach non-gaming customers?

第二個問題是 MoPub 和 Adjust 之間是否有協同作用，可以幫助您接觸非遊戲客戶？

Or are they just separate touch points to work with in the non-gaming customers?

還是他們只是在非遊戲客戶中使用的單獨接觸點？

It gives us access to more potential clients, both for Adjust and AppDiscovery, and obviously, the unified mediation platform.

它使我們能夠接觸到更多潛在客戶，包括 Adjust 和 AppDiscovery，顯然還有統一的中介平台。

The MoPub team is also very seasoned.

MoPub 團隊也非常有經驗。

So they'll integrate with our team.

所以他們將與我們的團隊整合。

The Adjust sales force will integrate and will create a unified offering, both in terms of publisher sales and advertiser sales.

Adjust 銷售團隊將整合併創建統一的產品，包括發布商銷售和廣告商銷售。

And we think just reach and access of market-leading solutions across attribution, growth and discovery and monetization will let us go get in front of every single major company in the space, which should facilitate more sales.

我們認為，只要在歸因、增長、發現和貨幣化方面獲得市場領先的解決方案，就能讓我們走在該領域每一家大公司的前面，這應該會促進更多的銷售。

Our last question comes from Clark Lampen from BTIG.

我們的最後一個問題來自 BTIG 的 Clark Lampen。

I've got a hunch that you guys are going to punt this question into the stratosphere, but you dropped a bit of a breadcrumb with Cathy Sun coming on board before to help you explore some new initiatives for the business.

我有一種預感，你們將把這個問題拋諸腦後，但在 Cathy Sun 加入幫助你們探索一些新的業務舉措之前，你們放棄了一些麵包屑。

I'm just curious if you might be willing to give us a general sense for what she's spending your time on now?

我只是好奇你是否願意讓我們大致了解她現在花時間在什麼上？

Or maybe asked differently, could you remind us what you guys think are the most attractive adjacent opportunities for the business today?

或者換個方式問，你能提醒我們你們認為當今企業最有吸引力的相鄰機會是什麼嗎？

We'll get there soon, Clark.

我們很快就會到達那裡，克拉克。

But right now, what you should think about is what are the assets that we have in place and what else can we do with them?

但是現在，您應該考慮的是我們擁有哪些資產以及我們還能用它們做什麼？

Because that's what guides our thought around new initiatives.

因為這就是指導我們圍繞新舉措進行思考的原因。

And we launched AXON machine learning edge in a year ago, and you've seen really dramatic growth on software.

一年前，我們推出了 AXON 機器學習邊緣，您已經看到軟件的顯著增長。

We went from 200 a year ago to talking about 600-plus this year to over 1 billion next year and accelerating.

我們從一年前的 200 個到今年的 600 多個，到明年超過 10 億個，並且還在加速增長。

And that software is working really well in a highly competitive ad ecosystem.

該軟件在競爭激烈的廣告生態系統中運行良好。

What else can that type of machine learning be applied to is something we will always ask ourselves, and that can guide us.

這種類型的機器學習還能應用於什麼是我們總是會問自己的問題，這可以指導我們。

Another way we think about it is we go out and monetize mobile app inventory right now, predominantly using full-screen video ads.

我們考慮的另一種方式是，我們現在就走出去通過移動應用庫存獲利，主要使用全屏視頻廣告。

Where are other places where the consumers that we have data on, and this first-party data, that we can go find those consumers and serve them video ads using our software engine to create scale and growth?

我們擁有數據的消費者以及第一方數據的其他地方在哪裡，我們可以找到這些消費者並使用我們的軟件引擎為他們提供視頻廣告以創造規模和增長？

So that's another way to think about it in what we think about.

所以這是我們思考問題的另一種方式。

And then the third and most important maybe is our audience is around 200 million monthly actives playing our mobile games.

然後第三個也是最重要的可能是我們的觀眾每月有大約 2 億活躍在玩我們的手機遊戲。

We've got 3,000 game developers building content for our platform.

我們有 3,000 名遊戲開發者為我們的平台構建內容。

The audience of our own network is in the $2 billion -- 2 billion users a month.

我們自己網絡的受眾是 20 億美元——每月 20 億用戶。

So it's a massively scaled audience of mobile game players, and then mobile game developers both building games for us and third-party clients of ours.

因此，這是一個龐大的移動遊戲玩家受眾群體，然後是移動遊戲開發商為我們和我們的第三方客戶開發遊戲。

If we can use that reach, that audience, those games, to then go after some of the newer opportunities in terms of usage and gameplay and ownership to the consumer and things like metaverse and blockchain, that could also be interesting.

如果我們能夠利用這種影響力、受眾、那些遊戲，然後在使用和遊戲玩法以及對消費者的所有權以及元宇宙和區塊鍊等事物方面尋求一些新的機會，那也可能很有趣。

And so we think about all of these things.

所以我們考慮所有這些事情。

We think we've got very exciting assets in place to really go after these opportunities.

我們認為我們擁有非常令人興奮的資產來真正抓住這些機會。

And over the next couple of years, we hope you'll see us execute on many of the above.

在接下來的幾年裡，我們希望您能看到我們在上述許多方面執行。

There are no more questions in the queue.

隊列中沒有更多問題。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連接。