Applovin Corp (APP) 2021 Q3 法說會逐字稿

Greetings, and welcome to the AppLovin Third Quarter 2021 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 AppLovin 2021 年第三季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

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

現在我很高興介紹您的主持人，AppLovin 投資者關係和策略財務主管 Ryan Gee 先生。謝謝。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. 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. Please note our SEC filings, earnings release and shareholder letter discussing our 3Q performance are available at investors.applovin.com.

謝謝傑森，歡迎大家參加 AppLovin 截至 2021 年 9 月 30 日的季度財報電話會議。今天與我一起討論我們業績的有我們的共同創辦人、執行長兼董事長 Adam Foroughi 和我們的總裁兼財務長 Herald Chen。請注意，我們的 SEC 文件、收益報告和討論我們第三季業績的股東信可在 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. These statements are based on assumptions and beliefs and we assume no obligation to update them. Actual results may differ materially from the results predicted. Please review the risk factors in our most recently filed Form 10-Q as well as elsewhere in our SEC filings for further clarification.

在今天的電話會議中，我們可能會對未來事件和公司未來財務表現做出前瞻性陳述。這些聲明是基於假設和信念，我們不承擔更新它們的義務。實際結果可能與預測結果有重大差異。請查看我們最近提交的 10-Q 表以及我們向美國證券交易委員會提交的其他文件中的風險因素，以獲得進一步的說明。

We will also be discussing non-GAAP financial measures. Reconciliations of our GAAP and non-GAAP financial measures are included in our earnings press release, shareholder letter and our 10-Q. 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. A reminder, this conference call is being recorded. and a replay will be available on our IR website shortly.

我們也將討論非公認會計準則財務指標。我們的 GAAP 和非 GAAP 財務指標的對帳包含在我們的收益新聞稿、股東信函和 10-Q 中。請務必查看這些對賬，因為非 GAAP 指標並非旨在替代或優於我們的 GAAP 結果。提醒一下，本次電話會議正在錄音。重播將很快在我們的 IR 網站上提供。

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

現在，我將把時間交給我們的執行長 Adam Foroughi。

Thanks, Ryan. Our headline results and our shareholder letter outlined our strong Q3 performance. So I'm going to keep my comments brief to allow more time for Q&A.

謝謝，瑞安。我們的整體業績和股東信概述了我們強勁的第三季業績。因此我將簡短地發表我的評論，以便留出更多時間進行問答。

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

我想強調三件事，它們真正說明了我們正在建立的平台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. Our software platform revenue just grew 385% year-over-year to $193 million. Our growth has been accelerating for 4 quarters in a row now, largely organic. We quadrupled our new SPECs and our net dollar-based retention was 255%.

首先，考慮一下我們的成長速度有多快。我們的軟體平台營收年增 385%，達到 1.93 億美元。我們的成長已連續四個季度加速，主要是有機成長。我們的新 SPEC 增加了四倍，淨美元保留率達到了 255%。

Second, consider the massive opportunity still ahead of us. As the market absorbed IDFA changes, most advertising platforms saw modest sequential gains. Yet our software business grew 32% quarter-over-quarter. 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.

其次，考慮一下我們面前仍存在的巨大機會。隨著市場吸收 IDFA 變化，大多數廣告平台都實現了適度的連續成長。然而我們的軟體業務則是季增了 32%。我們在平台變革之前就已經快速發展，並且在平台變革之後也持續保持快速發展，證明了我們團隊和技術的實力。

Our customers are performance-driven. That means our growth and our scale is a direct reflection of the strong performance of our integrated platform. Our exceptional growth rate is continued proof of the advantages created by our business model and machine learning platform, AXON. You may not realize it, but AXON is only a year old, and we've seen rapid acceleration in customer performance and adoption. That's why we're so excited about our future. We think we have a path to grow our software business for 30% plus year-over-year for many years to come.

我們的客戶注重績效。這意味著我們的成長和規模直接反映了我們整合平台的強勁表現。我們卓越的成長率持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。您可能沒有意識到，但 AXON 才剛成立一年，我們已經看到客戶效能和採用率的快速提升。這就是我們對未來如此興奮的原因。我們認為，在未來許多年裡，我們的軟體業務將實現每年 30% 以上的成長。

Now there's clearly a lot of execution ahead. But just imagine what it would take for us to grow like that for the next decade. It would only take adding 20% more SPECs a year and growing the $1 per SPEC 10% per year. Today, we have 280 SPECs on AppDiscovery and MAX accounting for $587,000 per quarter each of GAAP reported software revenue. The count of SPECs just grew 18% versus Q2 and our dollar per SPEC just grew 13% versus Q2.

現在顯然還有很多工作要做。但想像一下，在未來十年，我們需要做些什麼才能達到這樣的成長。每年只需增加 20% 的 SPEC，並且每年將每個 SPEC 的成本提高 10%。今天，我們在 AppDiscovery 和 MAX 上有 280 個 SPEC，每季的 GAAP 報告軟體收入為 587,000 美元。與第二季相比，SPEC 的數量增加了 18%，而每個 SPEC 的成本增加了 13%。

We just brought on a sales force for the first time. We have just begun selling our platform, AXON. Our performance is exceptional for our existing clients, and we have a huge opportunity to attract new ones. It isn't hard to imagine us being a $10 billion software business in 10 years. And remember, all the incremental dollars are almost all margin.

我們剛剛首次招募了一支銷售隊伍。我們剛開始銷售我們的平台 AXON。我們為現有客戶提供了卓越的服務，並且我們擁有巨大的機會來吸引新客戶。不難想像，10 年後我們將成為一家價值 100 億美元的軟體公司。請記住，所有增量資金幾乎都是利潤。

Lastly, consider the potential combination of MAX and MoPub. MAX is already one of the largest and fastest-growing ad exchanges, powering around $5 billion in media spend. A year ago, 10,000 apps were using MAX as a software platform to manage their ad monetization. As of the end of Q3, that number is almost 30,000 and growing rapidly. We believe our unified platform should surpass $15 billion in advertiser spend across all industry bidders entering 2023. This would make our exchange one of the largest advertising ecosystems in the world.

最後，考慮 MAX 和 MoPub 的潛在組合。MAX 已經是規模最大、成長最快的廣告交易平台之一，其媒體支出總額約為 50 億美元。一年前，有 10,000 個應用程式使用 MAX 作為軟體平台來管理其廣告貨幣化。截至第三季末，該數字已接近 30,000，並且還在快速增長。我們相信，到 2023 年，我們統一的平台在所有行業競標者中的廣告支出將超過 150 億美元。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.

有了這些，我將把它交給《先驅報》，向你們介紹我們的財務細節。

Thanks, Adam, and thanks to everyone for taking the time to join us today. 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. And we feel like we're very well positioned for growth in the fourth quarter next year and beyond.

謝謝，亞當，也謝謝大家今天抽出時間來參加我們的活動。正如亞當所說，我們對本季的業務表現非常滿意，延續了上半年的強勁勢頭。我們感覺我們已經為明年第四季及以後的成長做好了充分的準備。

In Q3 year-over-year, we did grow total revenue 90% and EBITDA more than doubled year-over-year. We were able to drive 26% EBITDA margins and have another rule out number that's well in the 3 digits.

與去年同期相比，第三季我們的總營收成長了 90%，EBITDA 年比成長了一倍以上。我們能夠實現 26% 的 EBITDA 利潤率，並且還有另一個 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.

正如亞當所說，我們的軟體效能非常出色，我想強調您可以在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%. 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. Software now represents 27% of our overall revenue. And as our software grows, that drives margins and cash flow that can be reinvested in our business.

即使不包括 Adjust，我們的軟體平台收入也比去年增長了四倍，有機成長率達 316%。這是因為我們的軟體解決方案的有效性在市場上是顯而易見的，它不僅增加了我們添加的 SPEC 數量，還提高了我們從每個 SPEC 中獲得的接受率。軟體現在占我們總收入的 27%。隨著我們軟體的發展，這將推動利潤和現金流的增加，這些利潤和現金流可以重新投資於我們的業務。

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

在應用程式方面，產品組合年增 56%，表現非常穩健，我們的地圖也較上季成長。雖然從應用的角度來看這是一個強大的性能，但這確實有助於產生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，正如您所知，它為我們的軟體平台提供支援。

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. 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.

請注意，我們從軟體產生的額外現金流使我們能夠全面重新投資於我們的業務，包括工作室開發能力和第三季的投資，我們正在投資一系列未來的產品。正如亞當所提到的，我們繼續看到我們業務中的積極順風，並對我們即將進入 22 年的不斷擴大的市場和戰略及財務地位感到興奮。

As we talked about in the second quarter, our outlook for software is to reach over $1 billion of revenue in fiscal '22. That's over a 60% year-over-year growth over our $600 million target also offered in the second quarter. 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. As discussed, we're waiting for regulatory approval to determine the timing of the close of that transaction.

正如我們在第二季所討論的，我們預計軟體業務在 22 財年的營收將超過 10 億美元。這比我們第二季提出的 6 億美元目標年增了 60% 以上。除此之外，隨著對 MoPub 的收購即將完成，到 22 年底，這將使營收運行率增加 2.4 億至 2.6 億美元，而成本將非常低，約 4,000 萬美元。正如所討論的，我們正在等待監管部門的批准來確定交易的完成時間。

Before we take your questions, Adam and I are pleased to also announce that Alyssa Harvey Dawson has joined our Board of Directors. Lisa is currently the Chief Legal Officer at Gusto, a modern HR software platform. Her deep experience in past roles across tech and consumer verticals will be highly accretive to our Board.

在回答您的問題之前，亞當和我很高興地宣布，艾莉莎·哈維·道森已加入我們的董事會。Lisa 目前是現代人力資源軟體平台 Gusto 的首席法律長。她過去在科技和消費垂直領域所累積的豐富經驗將為我們的董事會帶來巨大的增值。

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

我們也很高興地宣布，我們的董事會成員 Cathy Sun 於去年夏天全職加入 AppLovin，幫助領導新計劃。鑑於她在董事會的新角色，她將辭去董事會職務——在上次會議上她已辭去我們董事會職務。

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

有了這些，我將把它交給 Ryan 來幫助組織一些問題。

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

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

Two quick questions. First, maybe on the software platform revenues, explosive growth. 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. You've already, I guess, anniversaried the $193 million run rate. The $1 billion target that you have for next year looks pretty reasonable. Just wondering if there is -- if you see potential upside to that ex AdMob, of course.

兩個簡單的問題。首先，也許軟體平台的收入會出現爆炸性的成長。我想，我們應該如何看待第四季和 22 財年的成長，尤其是在 9 月 AXON 推出週年紀念日之際。我想，您已經慶祝了 1.93 億美元的營業額週年紀念日了。您為明年設定的 10 億美元目標看起來相當合理。只是想知道是否有——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. 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. 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?

然後看起來 SPEC 的淨增值中有一半或 40% 來自 Adjust，這也許說明了向這些客戶追加銷售您的解決方案的吸引力。我認為另一半是淨新增，這與你們在上一季（我想是第二季）的表現一致。當我們展望未來或關注該領域的成長時，這是正確的解釋和正確的節奏嗎？

Yes. Thanks, Youssef. Maybe I'll start, and Adam, you can add on and take it in reverse order. 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. And in the second quarter, we had 237. So that run rate, you're right, is about additional 40, excluding Adjust.

是的。謝謝，優素福。也許我會開始，亞當，你可以添加並按相反的順序進行。就 SPEC 的數量而言，我們在股東信中為您進行了分解，其中我們明確表示，不包括 Adjust，我們的 AppLovin 軟體上有 280 個 SPEC（不包括 Adjust）。第二季度，我們的得分為 237 分。因此，您說得對，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. And in and of themselves, by the way, the Adjust product for attribution is growing and adding SPEC count as well. That gets us to the total of 449.

現在，Adjust 顯然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。順便說一下，Adjust 歸因產品本身也在不斷發展，並且也增加 SPEC 數量。這樣總數就達到 449了。

So we're excited by that progress. We're excited by that sales force. 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. So I think that's a good run rate for us to continue to execute against that 40-plus SPECs for AppLovin alone.

因此我們對這項進展感到非常興奮。我們對這支銷售隊伍感到非常興奮。最終，如果我們能夠關閉 MoPub，那麼顯然我們會在團隊和技術銷售方面提供更多的頻寬。因此，我認為這對於我們繼續執行僅針對 AppLovin 的 40 多個 SPEC 來說是一個很好的運行率。

It will start to get more confusing, though as we do cross-sell. It will be harder to determine. Was it really just an AppLovin customer. As you know, we have over 8,000 customers on our platform, but only the 449 that are at the SPEC level today. So there's a lot of existing customers that may not be viewed as new, but will become SPEC over time.

然而，當我們進行交叉銷售時，它會開始變得更加混亂。這將更加難以確定。它真的只是 AppLovin 的客戶嗎？如您所知，我們的平台上有超過 8,000 名客戶，但目前只有 449 名達到 SPEC 等級。因此，許多現有客戶可能不會被視為新客戶，但隨著時間的推移，它們會成為 SPEC。

And with your question with regard to software, we gave the guidance in the second quarter on software for the first time. We don't intend to update that guidance today. 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. And we think that momentum will continue as Adjust sales force continues to ramp, our technology and our machine learning engine continues to improve. And with scale, machine learning engines also improve. So as we add on to the platform, there is a virtuous cycle to that improvement. And then hopefully, with MoPub in '22 some time, that we'll be able to accelerate it from there.

關於您關於軟體的問題，我們首次在第二季給出了有關軟體的指導。我們今天不打算更新該指南。但正如亞當所說，我們對季度環比成長率感到非常興奮，價格和數量分別成長了 18% 和 13%。我們認為，隨著 Adjust 銷售團隊的不斷壯大以及我們的技術和機器學習引擎的不斷改進，這種勢頭將會持續下去。隨著規模的擴大，機器學習引擎也會得到改進。因此，當我們擴展平台時，就會形成一個良性循環，以實現改進。然後希望隨著 22 年 MoPub 的推出，我們能夠從那裡加速這一進程。

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.

我認為我們的計劃是，當我們明年年初報告第四季度數據時，更新總體指導，包括談論我們的軟體數量。

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

好的。那麼亞當，請看大局。我記得在上個季度的股東信中，您披露您在上半年幫助您的客戶安裝了大約 20 億個應用程式。因此，如果我們計劃在今年全年實現 40 億次安裝，而您的受眾大約有 200 萬人，那麼平均每位用戶每年就會安裝 2 次，這似乎會給您帶來很大的空白。因此，您談了很多關於您可以推動的美元成長的內容，但也談了一些可以幫助您更有效地利用現在展示的廣告印象的部分。那麼，我們可以考慮將安裝量從今年的 40 億美元提高到一段時間內的 150 億美元、160 億美元、200 億美元嗎？或者您的成長不會像數量驅動那樣，但什麼可以幫助您隨著時間的推移提高有效定價？

Thanks, Stephen. And really, this ties back to some of the stuff I was saying in the lead-in. 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. And machine learning platforms get much more precise over time as they accumulate more data and more opportunity.

謝謝，史蒂芬。事實上，這與我在前言中所說的一些內容有關。但我們對軟體業務的多年前景感到非常興奮，因為 AXON 才成立一年，在我們的業務中很容易忘記這一點。隨著機器學習平台累積更多的數據和機會，它們會變得越來越精確。

When we started the platform a year ago, we only had in the hundreds of SPECs. Now we have 280. 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. Well, we have 280 customers that are spending a substantial amount with us and getting exceptional performance. 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. We think that can lead to an immense amount of growth over the next decade.

當我們一年前啟動該平台時，我們只有數百個 SPEC。現在我們有 280 個。想像一下，一個機器學習軟體有 1. 它無法根據向客戶展示的內容進行個性化或非常準確的匹配。嗯，我們有 280 位客戶在我們這裡花費了大量資金，並獲得了卓越的業績。因此，我們最興奮的是，吸引更多的線上客戶將使平台能夠提供更個人化的服務，這將推高價格，因為這也會加劇競爭。我們認為這將在未來十年帶來巨大的成長。

The next question comes from Tim Nollen from Macquarie.

下一個問題來自麥格理的蒂姆·諾倫。

Just like to ask a question on MoPub, please. If you could talk a bit more about the scale benefits that it really brings you. It seems like kind of an obvious thing to say that scale is important especially on the ad mediation side. But just maybe a bit more color on how that really helps you. And then its growth rate seems to have been fairly slow coming into your acquisition. I wonder how much you can help accelerate it or it can help accelerate your growth?

請問一下關於 MoPub 的一個問題。如果您可以多談談它真正為您帶來的規模效益。規模很重要，尤其是在廣告中介方面，這似乎是顯而易見的事。但也許可以更詳細地說明它如何真正幫助您。在您收購它之後，它的成長率似乎相當緩慢。我想知道您能在多大程度上幫助加速它，或者它能在多大程度上幫助加速您的成長？

Thanks, Tim. MoPub itself as a platform has been in the market for about a decade. They built out a lot of tools. They cater to a much broader set of demand. Tools that are successful tools for agencies and brands to bring demand into the mobile marketplace as well as a robust set of DSPs. Pretty much every DSP in mobile was working with their marketplace.

謝謝，蒂姆。MoPub 本身作為一個平台已經存在於市場上大約十年了。他們製造了很多工具。它們滿足了更廣泛的需求。這些工具是幫助代理商和品牌成功吸引行動市場需求的工具，同時也是一套強大的 DSP。幾乎每個行動領域的 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. And MAX, as we've noted, has grown immensely. It's processing around $5 billion of advertising spend a year right now on the platform. What we didn't do was layer on this incremental functionality that would bring even more demand into the ecosystem. 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. When you have a platform that big, it attracts demand. And we'll be combining in the unified solution the MoPub product set to go attract that demand over. And we think once that happens, the whole platform will accelerate in growth.

當我們三年前推出 MAX 時，我們採取了不同的方法，為手機遊戲開發者建立了一個真正自動化和純粹的輕量級平台。正如我們所注意到的，MAX 已經取得了巨大的發展。目前，該平台每年處理的廣告支出約為 50 億美元。我們沒有做的是增加這種增量功能，從而為生態系統帶來更多的需求。透過引入 MoPub 供應，我們將擴大供應量，到明年年底達到我們認為的超過 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。當你擁有如此大的平台時，它就會吸引需求。我們將在統一的解決方案中結合 MoPub 產品來吸引這項需求。我們認為，一旦發生這種情況，整個平台將加速成長。

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

它是否將你們的業務從遊戲垂直領域擴展到其他領域？

100%. MoPub works with both games and non-games. 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. So we're going to go after the entire mobile app ecosystem with this integration and unified solution.

100%。MoPub 適用於遊戲和非遊戲。他們為滿足更廣泛的需求而開發的許多技術和產品對非遊戲領域的吸引力與對遊戲領域的吸引力一樣大。因此，我們將透過這種整合和統一的解決方案來涵蓋整個行動應用生態系統。

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. And then maybe I'll do a follow-up on MoPub. I'm wondering if you could just talk to the integration a bit. How you'll onboard their apps on to MAX and maybe speak to any risk of client attrition during that time.

亞當，我想知道您是否可以提供最新情況，說明 IDFA 變更對本季您的軟體和內容業務有何影響。然後我可能會對 MoPub 進行跟進。我想知道您是否可以簡單談談整合問題。您將如何將他們的應用程式納入 MAX，並可能談論在此期間客戶流失的任何風險。

Yes. I'll go in reverse order, just so I could remember. 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. MoPub itself, as part of Twitter, wasn't a focused product. 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. 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.

是的。我將按相反的順序進行，這樣我就能記住。MAX，在市場討論中，談到統一的 MAX MoPub 平台，無論是廣告商還是出版商，都得到了非常正面的迴響。作為 Twitter 的一部分，MoPub 本身並不是一個專注的產品。它是一種長期產品，多年來擁有大量忠實客戶，但在產品投資方面並沒有像我們專注於核心業務產品時那樣進行太多創新。因此，正如我們與出版商交談時所說，他們對將兩個平台整合在一起並利用固定規模和增量需求的可能性感到非常興奮，我們認為這將為與之相交的所有各方創造更多的競爭、更多的出版商收益和更多的生態系統增長。

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. So there is loss in terms of targeting that's possible with IDFA going away, and publisher CPMs did diminish on iOS. That was offset on the publishing side with games on Android as demand shifted over there.

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，廣告季度環比成長大多處於低位。因此，隨著 IDFA 的消失，定位方面可能會出現損失，並且發布商在 iOS 上的 CPM 確實會減少。隨著需求的轉移，Android 遊戲的發行抵消了這一影響。

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

現在我們的平台在市場上具有優勢，因為我們擁有可擴展的第一方數據，為我們的 AXON 機器學習系統提供動力。隨著價格下降和競爭減少，我們的平台比其他平台更強大，這使我們能夠比其他平台更快發展。再加上過去幾季由於 AXON 的環比成長，我們已經處於非常快速的成長軌道，而且這種成長還在繼續加速，從而帶來了強勁的季度業績。

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. 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. The MoPub deal seems to go a long way in sort of reducing that kind of friction. So I'm curious if we should expect maybe share gains to increase or compound -- or maybe spending to increase or compound from here.

我想就上一個問題詢問有關 IDFA 的後續問題。當我們在季度內進行一些檢查時，我們發現最大的摩擦點之一是，由於規模和覆蓋範圍的原因，開發人員在預算部署方面受到了一定限制，因為您和同行的份額似乎在不斷增加。MoPub 交易似乎在很大程度上減少了這種摩擦。所以我很好奇，我們是否應該預期股價會上漲或複合成長——或者支出從現在開始增加或複合成長。

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 Belka 推出了《百慕大冒險》，我想看看您是否可以向我們介紹一下今年和明年的剩餘時間裡，你們的計劃是什麼樣的，以及是否有特定的遊戲或工作室，你們期望提供新的內容，以幫助您重新獲得或擴大玩家群？

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. We think we've gotten -- and we've executed across all 3 of those vectors. And you almost have to be able to grow as much as we did quarter-over-quarter. Companies that depend on identity lose more when the ID goes away, especially when that identity is built on third-party data. Our identity and our data sets and models are built on our first-party data. And so we ended up in a very advantaged position.

因此，關於第一個問題，顯然，要讓我們的業務快速成長，可能需要技術改進、更多客戶或增加市場佔有率。我們認為我們已經得到了——並且我們已經執行了所有這三個向量。而且你幾乎必須能夠像我們一樣逐季成長。當身分資訊消失時，依賴身分資訊的公司會損失更大，尤其是當身分資訊建立在第三方資料上時。我們的身分、資料集和模型都是建立在我們的第一方資料之上的。因此我們最終處於非常有利的地位。

We're also starting from a very low point of penetration with customers. 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. So we were already executing on all vectors coming in. IDFA changes help decrease competition in the market. Our business model has advantages that are going to be hard for others to overcome, and we continue to accelerate through it.

我們也是從一個非常低的客戶滲透點開始的。當你談論像我們這樣快速成長並且只有 280 個軟體平台企業客戶的企業時，它還有很大成長空間。因此，我們已經開始執行所有傳入的向量。IDFA 的變化有助於減少市場競爭。我們的商業模式具有其他人難以克服的優勢，我們將繼續利用這一優勢來加速發展。

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. And our exchange will be that. And so we're really excited about the future prospects of this business.

現在，市場對我們來說只是一片綠地，將會有更多的客戶加入我們的平台，因為隨著我們統一 MAX 和 MoPub 供應，世界上很少有廣告機會能夠透過單一存取點實現每年 150 億美元的廣告支出。我們的交流就是這樣。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. We do invest heavily in game development, and in particular, organic releases of games. It's going to be a focus going forward. 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. So we do want to keep our content fresh.

關於遊戲和經典遊戲，我們在上個季度談到了這一點。我們確實在遊戲開發方面投入了大量資金，尤其是遊戲的自然發布。這將成為未來的重點。為了繼續促進我們的軟體業務的成長，數據是關鍵，正如我們所提到的，第一方數據非常重要。所以我們確實希望保持我們的內容新鮮。

Over the quarter, we launched 3 titles that took hefty investment. 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. We launched 3 of those in the quarter: ACE Defender, Bermuda Farm and 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.

本季度，我們推出了 3 款耗資巨大的遊戲。我們所說的常青作品是指我們認為年收入可達 1 億美元以上，並且開發成本可達數百萬美元的作品。我們在本季推出了三款遊戲：ACE Defender、Bermuda Farm 和 Jackpot Master Slots。我們相信，這三款遊戲明年的年票房收入都將達到 1 億美元，並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.

我們將繼續投資於我們的員工隊伍，現在我們在全球擁有大約 3,000 名創作者，我們將真正投資於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和更多新鮮數據的湧入，然後我們可以在我們非常成功的軟體平台上將其貨幣化。

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

能否談談新企業客戶的組成？您是否發現第三季非博彩客戶數量增加？

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. 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.

在很大程度上，新的企業客戶仍然是那些在我們的平台上花費更多並突破門檻的客戶。由於您的淨美元保留率已達到 250%，正如 Herald 所提到的，系統中的許多客戶（8,000 名）將繼續跨入門檻並實現成長，因為該解決方案甚至對我們系統中較小的客戶也非常有效。

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. 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%. It was our fastest-growing vertical. Now we don't break that out formally yet. It's still too small in the overall grand scheme of all of our numbers, but it is a huge growth opportunity. 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.

Adjust 交叉銷售機會－實際上，與其這樣稱呼它，我更願意把它看作是我們的銷售隊伍，也在吸引新客戶。我們沒有談到這一點，但令我們興奮的一個數據點是，非遊戲客戶數量與上一季、第三季相比第二季增加了近 100%。這是我們成長最快的垂直產業。現在我們還沒有正式公佈這一點。與我們所有的數字總體相比，它仍然太小，但這是一個巨大的成長機會。當我們將 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中創造如此大的規模時，我們認為非遊戲類別將會非常引人注目。

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

我們最近也發布了一些案例研究，重點介紹了進入我們平台並取得巨大成功的新非遊戲客戶。因此，展望未來，我們預計這將繼續成為我們新上線的 SPEC 中不斷增長的一部分。

Next question comes from Ralph Schackart from William Blair.

下一個問題來自威廉布萊爾公司的拉爾夫·沙卡特。

This is Nick Leibold on for Ralph Schackart. I wanted to ask on the MAX mediation platform, more recently, Unity announced its in-app bidding offering. And ironSource, announced its acquisition of Tapjoy. And obviously, your MoPub acquisition has been talked about. So I was hoping you can maybe share your view on the competitive landscape within mobile ad tech with this recent consolidation. Do you view the growth in consolidation of other mediation platforms as a threat? Or is it a net benefit to the ecosystem? And how much crossover is there on clients that are using both yours and ironSource and Unity's offering?

這是 Nick Leibold 為 Ralph Schackart 主持的節目。我想問一下 MAX 中介平台，最近 Unity 宣布了其應用程式內競價服務。而ironSource則宣布收購Tapjoy。顯然，你們收購 MoPub 的事情已經被談論過了。因此，我希望您能透過最近的整合分享您對行動廣告科技領域競爭格局的看法。您是否將其他中介平台的整合成長視為威脅？或者說它對生態系統來說是淨效益？同時使用您的產品、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. But we're a fan of there being more options for publishers. 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. What we're focused on is delivering the best solution for publishers. 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. We launched it 3 years ago. 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. And as I touched on, they don't usually use another one at the same time. So you can think of it as almost exclusive integration.

因此客戶傾向於只使用一個，因為這些平台非常強大且整合起來相當複雜。但我們希望出版商能有更多選擇。市場上的選擇越多，創新就越多，無論是需求夥伴或出版夥伴方面。我們專注於為出版商提供最佳解決方案。實際上，我們昨天在 AppLovin 部落格上發布了一篇博文，並連結到股東信中，向大家展示了 MAX 的成長速度。我們三年前就推出了它。三年來，它已發展成為市場上最大的平台之一，近 30,000 個應用程式已整合該平台。正如我所提到的，他們通常不會同時使用另一個。因此你可以將其視為幾乎排他性的整合。

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

新的 MoPub 客戶將擴大這一規模，創造更多價值，無論是在應用程式、受眾還是透過平台消費的金額方面，都將增加一倍左右。因此，我們對統一平台的可能性、我們將能夠提供的產品以及出版商和廣告商將從中獲得的收益感到非常興奮。因此，我們非常專注於實現我們未來的願景。

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. It looks like there was about $180 million of acquisition in the quarter on the cash flow statement. I'm just wondering was there anything -- what was the composition of those acquisitions? And was there any contribution to 3Q revenue from any business that you brought in?

馬特代替布萊恩上場。從現金流量表上看，本季的收購金額約為 1.8 億美元。我只是想知道有什麼——這些收購的組成是什麼？您引進的業務對第三季的營收有什麼貢獻嗎？

And then just secondly, just looking at the composition of growth, it looks like spend for SPEC and SPEC were both off in 3Q. Adam, you referred to kind of like a future formula for growth of growing at a 10% rate. I know that wasn't guidance, but just how do you think about the drivers of growth on a per SPEC basis? What are people spending more on? Do they just use -- putting more wallet share into your products? Are they using multiple products? How does that go up over time?

其次，僅從成長組成來看，似乎 SPEC 和 SPEC 的支出在第三季均有所下降。亞當，你提到的未來成長公式有點像 10% 的成長率。我知道這不是指導，但您如何看待每個 SPEC 的成長驅動力？人們在哪些方面花費更多？他們是否只是使用——將更多的錢包份額投入到您的產品中？他們是否使用多種產品？隨著時間的推移，情況會如何發展？

Yes. Let me answer the second one, the business question, and then Herald will touch on the usage of capital in the quarter. The driving factors for dollars growing on SPECs in the platform are really it's very simple. It's just efficiency. Customers are buying on our platform on a performance basis. 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. But it is some function of a goal that they have that they go and target. As customers spend more, they put more data into our system and our system gets more efficient. As it gets more efficient, they want to put more dollars into the system. So it just creates a very sticky product that gets them to have a desire to continue to invest more dollars into the platform. And that's what you saw this quarter with just quarter-over-quarter, the same clients growing 13% in the dollars that they spent.

是的。讓我回答第二個問題，即業務問題，然後 Herald 將談到本季的資本使用情況。平台上 SPEC 的美元成長的驅動因素其實非常簡單。這只是效率問題。客戶在我們的平台上根據績效進行購買。他們要麼購買針對特定廣告支出回報的產品，要麼購買針對每個訂閱者的成本、每個首次食品訂單的成本、每個購買者的成本的產品。但這是他們所追求的目標的某種功能。隨著客戶消費的增加，他們會將更多的數據輸入到我們的系統中，我們的系統也會變得更有效率。隨著系統變得越來越高效，他們希望投入更多的資金給系統。因此，它只是創造了一種非常黏性的產品，讓他們有繼續向該平台投入更多資金的願望。這就是您本季看到的情況，與上一季相比，相同客戶的支出增加了 13%。

Now again, we only have 280 SPECs in the system. 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. And those 2 factors combined create a function that creates growth on both numbers. And so that's what we're very excited about. That's been a formula that's fueled at ecosystems that have become very big over time. Consistently, as you add competition, you create growth. And so that's the inflection point that we're at. We've got the sales force. We'll bring in the MoPub team as well, super sophisticated team. They'll be able to sell to agencies and DSPs and a lot of app developers. Our own team will be selling app developers. 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. And Herald can touch on the usage of cash.

現在，我們的系統中只有 280 個 SPEC。隨著平台上的競爭越來越激烈，如果客戶獲得了他們想要的結果，並且競爭加劇，那麼他們不可避免地將不得不更積極地定價，以繼續以更快的速度消費。這兩個因素結合起來形成了一個函數，使兩個數字都實現了成長。這就是我們感到非常興奮的事情。這是一個推動生態系統發展的公式，隨著時間的推移，生態系統變得越來越大。持續地，當你增加競爭時，你就會創造成長。這就是我們所處的轉捩點。我們有銷售團隊。我們還將引入 MoPub 團隊，這是一支非常成熟的團隊。他們將能夠向代理商、DSP 和許多應用程式開發人員銷售產品。我們自己的團隊將銷售應用程式開發人員。因此我們認為，隨著越來越多的客戶加入，未來許多年一切都會好轉。《先驅報》可以談到現金的使用。

Yes. Thanks, Adam, and thanks, Matt, for the question. 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. We know what we're looking for. 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.

是的。謝謝亞當和馬特提出這個問題。總體而言，正如大家所知，在併購方面，我們將繼續尋找正確的策略性收購來推動長期成長。我們知道我們在尋找什麼。我們知道資產的價值，這使我們能夠快速、確定地選擇我們想要擁有的東西，而不會在那些不符合我們標準的東西上浪費時間。

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. And in the quarter, we did find of that number, there was 1 asset that was about $150 million of an asset app purchase. That was included -- another casual game app that fits well into our portfolio. That was the majority of the spend in the quarter. But we'll continue to be on the hunt for those assets. We're not super focused on adding apps, particularly given the elevated pricing in the market, but we'll certainly be looking.

如您所知，在遊戲方面，我們現在擁有相當全面的產品組合和強大的第一方數據，但是，我們當然希望盡可能地增強這一點。在本季度，我們確實發現其中有一項資產的應用程式購買價值約為 1.5 億美元。其中包括另一款非常適合我們產品組合的休閒遊戲應用程式。這是本季支出的大部分。但我們將繼續尋找這些資產。我們並不是特別專注於添加應用程序，特別是考慮到市場價格上漲，但我們肯定會尋找。

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.

然後在軟體方面，如您所知，特別是 MoPub 交易，我們也在尋找正確的策略機會。

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

（操作員指示）我們的下一個問題來自奧本海默公司的馬丁楊。

A follow-up question on the previous analyst. 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?

關於前一位分析師的後續問題。您能否談談平台上收集的擴展第一方數據如何為您的應用程式開發以及您選擇合作的工作室類型提供資訊？

So our scaled first-party data is much more important to fuel the growth of our software side. It helps inform the models on what the users are interested in and what other users that are similar to them are interested in. And that's really what's fueling the success on the software side. That first-party data doesn't inform what we do on the app development side. 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. And many of these studios were early in their growth cycle. And so we went out, partnered with them, helped facilitate growth. That scaled data across an interest category to us. That data then feeds into our software engine, and that's fueled a lot of the growth.

因此，我們擴展的第一方數據對於推動我們軟體方面的成長更為重要。它有助於讓模型了解使用者對什麼感興趣以及與他們相似的其他使用者對什麼感興趣。這才是軟體方面真正成功的動力。第一方數據並不能告訴我們在應用程式開發方面所做的工作。實際上，多年來，我們在應用程式開發方面的目標是與我們認為可以發展的各個類型的手機遊戲工作室合作。其中許多工作室都處於成長週期的早期。因此，我們走出去，與他們合作，幫助促進成長。這為我們提供了跨興趣類別的擴展數據。這些數據隨後被輸入到我們的軟體引擎中，從而推動了大量的成長。

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

現在，我們擁有眾多工作室，全球近 20 個工作室和 3,000 名創作者，在所有主要的行動遊戲類別中都擁有專業知識。因此，我們對目前的狀況感到非常興奮。現在，我們正在投資現有遊戲並繼續擴展它們，同時創造新遊戲並將它們有機地發佈到市場上。只要我們執行這一點，我們就會繼續將規模化的數據輸入到我們的引擎中，從而實現非常好的貨幣化。

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

知道了。第二個問題是，MoPub 和 Adjust 之間是否存在協同作用，以幫助您接觸非遊戲客戶？或者它們只是針對非遊戲客戶的獨立接觸點？

It gives us access to more potential clients, both for Adjust and AppDiscovery, and obviously, the unified mediation platform. The MoPub team is also very seasoned. So they'll integrate with our team. The Adjust sales force will integrate and will create a unified offering, both in terms of publisher sales and advertiser sales. 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.

它使我們能夠接觸到更多潛在客戶，包括 Adjust 和 AppDiscovery，當然還有統一中介平台。MoPub 團隊也非常有經驗。所以他們會融入我們的團隊。Adjust 銷售團隊將進行整合，並創建統一的產品，包括發布商銷售和廣告商銷售。我們認為，只要涵蓋並獲取歸因、成長、發現和貨幣化等領域的市場領先解決方案，我們就能領先於該領域的每一家大公司，從而促進更多的銷售。

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. I'm just curious if you might be willing to give us a general sense for what she's spending your time on now? Or maybe asked differently, could you remind us what you guys think are the most attractive adjacent opportunities for the business today?

我有預感你們會把這個問題推到最高層，但之前 Cathy Sun 加入進來，幫助你們探索一些新的業務舉措，你們還是透露了一些線索。我只是好奇，您願不願意告訴我們她現在把時間花在什麼地方了？或者換一種問法，您能否提醒我們一下，您認為當今對企業來說最具吸引力的相鄰機會是什麼？

We'll get there soon, Clark. 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? Because that's what guides our thought around new initiatives. And we launched AXON machine learning edge in a year ago, and you've seen really dramatic growth on software. We went from 200 a year ago to talking about 600-plus this year to over 1 billion next year and accelerating. And that software is working really well in a highly competitive ad ecosystem. What else can that type of machine learning be applied to is something we will always ask ourselves, and that can guide us.

我們很快就會到達那裡，克拉克。但現在，你應該考慮的是，我們擁有哪些資產，以及我們還能用它們做什麼？因為這正是我們圍繞新舉措思考的指導思想。我們在一年前推出了 AXON 機器學習優勢，您已經看到軟體的顯著成長。我們從一年前的 200 人增加到今年的 600 多人，到明年將超過 10 億人，而且還在加速增加。該軟體在競爭激烈的廣告生態系統中運作良好。我們總是會問自己，這種機器學習還能應用在什麼，這可以引導我們。

Another way we think about it is we go out and monetize mobile app inventory right now, predominantly using full-screen video ads. 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? So that's another way to think about it in what we think about.

我們的另一個想法是，我們現在就出去並將行動應用程式庫存貨幣化，主要使用全螢幕影片廣告。我們可以在哪裡找到擁有消費者數據和第一方數據的消費者，我們可以在哪裡找到這些消費者，並使用我們的軟體引擎向他們提供視訊廣告，以實現規模和成長？所以這是我們思考這個問題的另一種方式。

And then the third and most important maybe is our audience is around 200 million monthly actives playing our mobile games. We've got 3,000 game developers building content for our platform. The audience of our own network is in the $2 billion -- 2 billion users a month. 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. 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. And so we think about all of these things. We think we've got very exciting assets in place to really go after these opportunities. And over the next couple of years, we hope you'll see us execute on many of the above.

第三點，也是最重要的一點，也許是我們的手機遊戲每月活躍玩家約有 2 億。我們有 3,000 名遊戲開發者為我們的平台建立內容。我們自己的網路的觀眾規模為每月 20 億用戶。因此，這是一個龐大的行動遊戲玩家群體，而行動遊戲開發商則為我們和我們的第三方客戶開發遊戲。如果我們可以利用這種影響力、受眾和遊戲，在消費者使用、遊戲玩法和所有權以及元宇宙和區塊鏈等方面尋找一些新的機會，那也會很有趣。所以我們思考所有這些事情。我們認為我們已經擁有非常令人興奮的資產來真正抓住這些機會。在接下來的幾年裡，我們希望您能看到我們實現上述許多目標。

There are no more questions in the queue. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

隊列中沒有其他問題。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。