Applovin Corp (APP) 2021 Q2 法說會逐字稿

Greetings, and welcome to the AppLovin earnings call for the quarter ended June 30, 2021. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 AppLovin 2021 年 6 月 30 日結束季度的財報電話會議。 （操作員指示）提醒一下，本次會議正在錄製中。

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

現在，我很高興介紹主持人，投資者關係和策略財務主管Ryan Gee。謝謝Gee先生，您可以開始了。

Yes. Thank you, Alex, and welcome, everyone, to AppLovin's earnings call for the quarter ended June 30, 2021. Joining me today to discuss our results and key business initiatives are our Co-Founder, CEO and Chairperson, Adam Foroughi; and our President and Chief Financial Officer, Herald Chen.

是的。謝謝你，Alex，歡迎大家參加 AppLovin 截至 2021 年 6 月 30 日的季度財報電話會議。今天，我們的共同創辦人、執行長兼董事長 Adam Foroughi 和總裁兼財務長 Herald Chen 將與我一起討論我們的業績和關鍵業務舉措。

Please note that our SEC filings and earnings release are available at investors.applovin.com, where we have also posted a shareholder letter discussing our 2Q performance.

請注意，我們的 SEC 文件和收益報告可在 investors.applovin.com 上查閱，我們也在該網站上發布了一封討論我們第二季度業績的股東信。

Before I turn it over to Adam, I'd like to remind you that during the call, we may be making forward-looking statements regarding future events and the future financial performance of the company. These statements are subject to risks and uncertainties that could cause our actual results to differ materially from those projected or implied today. For more on these potential risks, please refer to our most recent Form 10-Q filed May 14, 2021, and our Form 10-Q for the second quarter 2021 to be filed in the next few days. That said, you should not rely on our forward-looking statements as predictions of future events. All forward-looking statements that we make on this call are based on assumptions and beliefs as of the date hereof and AppLovin disclaims any obligation to update these forward-looking statements, except as required by law.

在將發言權交給 Adam 之前，我想提醒您，在電話會議期間，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。這些陳述受風險和不確定性的影響，可能導致我們的實際結果與當前預測或暗示的結果有重大差異。有關這些潛在風險的更多信息，請參閱我們於 2021 年 5 月 14 日提交的最新 10-Q 表，以及我們將在未來幾天提交的 2021 年第二季度 10-Q 表。話雖如此，您不應依賴我們的前瞻性陳述來預測未來事件。我們在本次電話會議上所做的所有前瞻性陳述均基於截至本電話會議之日的假設和信念，AppLovin 不承擔更新這些前瞻性陳述的任何義務，除非法律要求。

Our discussion today will include non-GAAP financial measures. These measures should be considered in addition to not as a substitute for or in isolation of our GAAP results. Information regarding our non-GAAP financial results, including a reconciliation, our historical GAAP to non-GAAP results may be found in our shareholder letter furnished with our Form 8-K filed today with the SEC as well as at our Investor Relations website.

我們今天的討論將涵蓋非公認會計準則 (Non-GAAP) 財務指標。這些指標應作為補充，而非替代或孤立於我們的公認會計準則 (GAAP) 績效。有關我們非公認會計準則 (Non-GAAP) 財務績效的信息，包括歷史公認會計準則 (GAAP) 與非公認會計準則 (Non-GAAP) 業績的對賬表，請參閱我們今天向美國證券交易委員會 (SEC) 提交的 8-K 表格中隨附的致股東信，以及我們的投資者關係網站。

Finally, a recording of this conference will be available on our IR website shortly after this call has ended.

最後，本次會議的錄音將在本次電話會議結束後不久在我們的 IR 網站上發布。

And with that, I'll now turn it over to our CEO, Adam Foroughi. Adam?

現在，我將把時間交給我們的執行長 Adam Foroughi。亞當？

Thank you, Ryan. We are excited to have you on the AppLovin team.

謝謝你，Ryan。我們非常高興你加入 AppLovin 團隊。

Thank you all for joining us today. I hope each one of you has an opportunity to read the shareholder letter we posted this afternoon, highlighting our second quarter business and financial performance. This is the second earnings period we've had as a public company, and once again, I am extremely proud of the strong execution by our teams this quarter, which resulted in our record financial performance.

感謝各位今天的參與。我希望各位有機會閱讀我們今天下午發布的股東信，其中重點介紹了我們第二季度的業務和財務表現。這是我們作為上市公司發布的第二個財報季，我再次為本季我們團隊的出色執行力感到無比自豪，正是這些出色表現，才讓我們創造了創紀錄的財務業績。

In the Q1 earnings call, we spoke a lot about how software powered by our first-party data advantage was excelling in the marketplace. Today, we're very proud to give you data that will show you the significant gains we've had in the software business since then.

在第一季財報電話會議上，我們多次談到了基於我們第一方數據優勢的軟體如何在市場上取得優異成績。今天，我們非常榮幸地向大家提供數據，展現我們自那時以來在軟體業務方面取得的顯著成長。

Consumers are downloading roughly 150 billion apps a year, and probably half of those through organic discovery on the app stores themselves. Through AppLovin software platforms in the first half of the year, consumers downloaded almost 2 billion installs. Our market share is growing, and we have become one of the largest platforms for developers to market to consumers.

消費者每年下載約1500億個應用，其中大約一半是透過應用程式商店的自然發現實現的。今年上半年，透過AppLovin軟體平台，消費者下載量接近20億次。我們的市場份額不斷增長，我們已成為開發者面向消費者行銷的最大平台之一。

I'll touch on 2 topics that demonstrate our strengths. First is the tremendous performance and prospects for our software business. Since the launch of our machine learning engine, AXON, our software platform revenue growth has accelerated for 3 consecutive quarters. And during the second quarter, our software platform revenue more than tripled year-over-year.

我將談兩個能夠展現我們優勢的話題。首先，我們軟體業務的出色表現和良好前景。自從機器學習引擎AXON推出以來，我們的軟體平台營收連續三個季度加速成長。第二季度，我們的軟體平台營收年增了兩倍多。

Improvement in the efficacy of our software has also accelerated customer adoption. In the second quarter, we tripled the number of Software Platform Enterprise Customers, or SPECs, to 366. We also saw significant growth in spend with net dollar-based retention of 279% from our existing specs. Even when we exclude Adjust, growth was just as impressive with specs more than doubling to 237 and software revenue more than tripling. Our average quarterly revenue per SPEC, excluding Adjust, was also up 51% year-over-year to an all-time high.

我們軟體效率的提升也加速了客戶的採用。第二季度，我們的軟體平台企業客戶（SPEC）數量增加了兩倍，達到366家。我們的支出也實現了顯著增長，基於美元的淨留存率較現有規格增長了279%。即使不包括Adjust，成長也同樣令人印象深刻，規格數量增加了一倍多，達到237個，軟體收入增加了兩倍多。不包括Adjust，我們每SPEC的平均季度營收也較去年同期成長51%，創歷史新高。

We're focused on growing our client base, which, in turn, drives up pricing in our marketplace. As with most software businesses, ours included, there is a high flow-through of incremental revenue to EBITDA. This material growth led to us achieving record EBITDA performance. Looking forward, we're excited to be integrating the Adjust team into our business. Here's a simple way to think about this opportunity. If every one of the 250 sales and marketing people on the Adjust team convert just 1 client out of their 3,000 clients in the next year into an AL SPEC, our software business will double. Given the favorable growth and margin profile of our software business, we believe it will be a key driver of our long-term value creation.

我們專注於擴大客戶群，這反過來又推高了我們市場的價格。與大多數軟體公司（包括我們自己）一樣，增量收入對息稅折舊攤提前利潤（EBITDA）的貢獻率很高。這種實質的成長使我們實現了創紀錄的EBITDA業績。展望未來，我們很高興將Adjust團隊整合到我們的業務中。我們可以這樣簡單地理解這個機會：如果Adjust團隊的250名銷售和行銷人員在未來一年內，每一位都能從3000個客戶中，將1個客戶轉化為AL SPEC，我們的軟體業務就能翻一番。鑑於我們軟體業務良好的成長和利潤率，我們相信它將成為我們長期價值創造的關鍵驅動力。

The second point I'd like to highlight is our differentiated approach to mobile content. We are unlike traditional mobile gaming publishers. Our top priority is to generate scaled first-party data across a wide audience. Larger-scale and first-party data enhances our targeting capabilities, ultimately leading to the exceptional growth in our higher-margin software business as we saw this quarter.

我想強調的第二點是我們對行動內容的差異化策略。我們與傳統的行動遊戲發行商不同。我們的首要任務是產生覆蓋廣大受眾的規模化第一方資料。更大規模的第一方數據增強了我們的定位能力，最終推動了我們利潤率更高的軟體業務在本季度實現顯著成長。

We've invested heavily in apps over the past 3 years and now have an annualized revenue of more than $2 billion, growing this business organically 80% year-over-year. Even more importantly, we have one of the largest pools in mobile development talent in the world, with close to 3,000 content creators across 16 global studios with expertise in nearly all popular mobile gaming categories, building content exclusively for us. We were the #1 publisher globally by downloads in the second quarter according to Sensor Tower.

過去三年，我們在應用領域投入大量資金，目前年收入超過20億美元，業務年有機成長率達80%。更重要的是，我們擁有全球最大的行動開發人才庫之一，在全球16個工作室擁有近3,000名內容創作者，幾乎涵蓋所有熱門行動遊戲類別，為我們獨家打造內容。根據Sensor Tower的數據，我們第二季的下載量位居全球第一。

While many of the gaming teams we have invested in are relatively new to AppLovin, the majority of those teams have been working tirelessly on new content. We have a handful of new evergreen titles planned for launch in the second half of the year. We use the term evergreen for titles that we believe can have a meaningful impact on our P&L at over $100 million of annual revenue for many years. This pipeline of content and ability to scale more hits like Project Makeover, Wordscapes and many others, is what makes us very confident in the prospects of this business for years to come.

雖然我們投資的許多遊戲團隊對 AppLovin 來說相對較新，但其中大多數團隊一直在孜孜不倦地開發新內容。我們計劃在今年下半年推出幾款新的常青遊戲。我們所謂的常青遊戲是指那些我們認為能夠對我們的損益表產生重大影響，並在未來幾年內保持年收入超過 1 億美元的遊戲。這些豐富的內容資源以及像《Project Makeover》、《Wordscapes》等眾多熱門遊戲的規模化能力，讓我們對這項業務未來幾年的前景充滿信心。

To summarize, we had a great second quarter. Our record performance was a result of our unique and integrated business model, powered by our strong technology and a great team. The fact that a business at our software run rate grew organically year-over-year faster than any other scaled advertising solution, despite what many in our industry anticipated would be a significant growth headwind with regards to data privacy, speaks to the unique insights afforded to our software engine from our proprietary first-party data, our market share gains and to the tremendous opportunity for growth ahead of us.

總而言之，我們第二季取得了出色的業績。我們創紀錄的業績源自於我們獨特的整合業務模式，這得益於我們強大的技術和優秀的團隊。儘管業內許多人預計資料隱私方面將面臨巨大的成長阻力，但以我們的軟體運行速度運營的業務同比增長速度卻超過了任何其他規模化廣告解決方案。這充分證明了我們軟體引擎從專有第一方數據中獲得的獨特洞察、市場份額的成長以及未來巨大的成長機會。

Now before I hand it off to Herald to highlight financial performance, I'd also like to announce that Asha Sharma has recently joined our Board of Directors. Asha is the COO of Instacart and has held successful senior roles at Facebook, Porch and Microsoft. She's a proven tech operator and leader, and we're very excited to be working with her.

在我將財務表現報告交給《先驅報》之前，我還想宣布，阿莎夏爾瑪 (Asha Sharma) 最近加入了我們的董事會。阿莎是 Instacart 的營運官，曾在 Facebook、Porch 和微軟擔任過成功的高階職位。她是一位經驗豐富的科技營運者和領導者，我們非常高興能與她共事。

With that, I'll pass it to Herald.

有了這些，我會把它傳遞給《先驅報》。

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

謝謝，亞當，也謝謝大家抽空加入我們。

Our business performed exceptionally well in the second quarter, a result driven by the hard work and focus of the global AppLovin team. This momentum and awesome team bolsters our confidence in AppLovin's integrated strategic approach to the market, namely software, fueled by scaled content and data and, in turn, our confidence for future growth and expansion.

我們第二季的業務表現異常出色，這得益於 AppLovin 全球團隊的辛勤工作和專注投入。這股強勁的勢頭和優秀的團隊增強了我們對 AppLovin 以規模化內容和數據為驅動力的一體化市場策略（即軟體）的信心，也增強了我們對未來成長和擴張的信心。

In addition to all the excellent growth metrics already mentioned by Adam, I'd like to highlight a few additional points from the quarter. First, on the software side. Our total software transaction value, or TSTV, grew over 4x year-over-year in the second quarter to an annual run rate of approximately $900 million. That makes us one of the largest and fastest-growing players in the category. As a reminder, TSTV, which we launched in the first quarter, adds back our eliminated intercompany revenue from owned and operated marketing spend. We do that in order to give you a comparison of the total scale of our software business on an absolute basis and compared to our peers.

除了Adam已經提到的所有出色的成長指標外，我還想強調本季的幾個要點。首先，在軟體方面。我們的軟體總交易價值（TSTV）在第二季年增超過4倍，年營運率約9億美元。這使我們成為該類別中規模最大、成長最快的公司之一。提醒一下，我們在第一季推出的TSTV，加回了我們已對沖的自有和營運行銷支出中的公司間收入。我們這樣做是為了讓您能夠從絕對值上比較我們軟體業務的整體規模，並與同行進行比較。

An additional point on software. Although early, we are pleased with the progress we're making on our software platform with nongaming customers, where revenue more than doubled in the second quarter compared to the first. One relevant customer case study is posted on our website, highlighting our success for an app called Fastic, a leading fasting app, where we drove 125% increase in installs. Of note, Adjust, those large customer base is well over half nongaming, will also accelerate our growth in this category.

關於軟體，還有一點要補充。雖然還處於初期階段，但我們對軟體平台在非遊戲客戶方面的進展感到滿意，第二季的收入比第一季增加了一倍多。我們網站上發布了一個相關的客戶案例研究，重點介紹了我們為領先的節食應用 Fastic 取得的成功，該應用程式的安裝量增加了 125%。值得注意的是，Adjust 龐大的客戶群中超過一半是非遊戲客戶，這也將加速我們在這一領域的成長。

Next, as Adam mentioned, we doubled the apps business year-over-year and have a strong pipeline of new evergreen games coming in the short term. I want to emphasize and highlight the scale and depth of both our apps portfolio and our development capabilities, which gives us strong diversification, business model durability and paths for organic growth in this business.

接下來，正如Adam所提到的，我們的應用程式業務年增了一倍，短期內將有大量新遊戲即將推出。我想強調的是，我們的應用組合規模龐大、深度深厚，開發能力強大，這為我們的業務帶來了強大的多元化、商業模式的持久性和有機成長的路徑。

With regard to cash flow, as Adam mentioned, we delivered record adjusted EBITDA. We grew more than 200% year-over-year and over 40% quarter-over-quarter to $184 million. Margins improved to 27%. A big reason for this expansion is the growth of our software platform, which operates at a much higher margin than our apps-related businesses. Therefore, as our software business grows, it can drive meaningful adjusted EBITDA growth and margin.

關於現金流，正如Adam所提到的，我們實現了創紀錄的調整後EBITDA。我們的EBITDA年增超過200%，季增超過40%，達到1.84億美元。利潤率提升至27%。這一成長的一個重要原因是我們軟體平台的成長，該平台的利潤率遠高於我們應用相關業務。因此，隨著我們軟體業務的成長，它可以推動調整後EBITDA的顯著成長和利潤率。

One last quick highlight, our combined Q2 revenue growth and EBITDA margin led us to a rule of measure of 150%.

最後要強調的是，我們第二季的營收成長和 EBITDA 利潤率的綜合結果使我們達到了 150% 的衡量規則。

Moving to 2021 outlook. We have strong momentum in the -- for the second half of 2021, and we are confident that we can deliver against our organic financial outlook provided previously, which was revenue between $2.65 billion to $2.70 billion and adjusted EBITDA between $680 million to $700 million.

展望2021年，我們在2021年下半年維持強勁發展勢頭，我們有信心實現先前預測的有機財務目標，即營收在26.5億美元至27億美元之間，調整後息稅折舊攤銷前利潤（EBITDA）在6.8億美元至7億美元之間。

Importantly, we see several opportunities for added growth over the next several quarters, in particular, given the strong momentum in software and from all the investments we made over the past few quarters and years to grow our apps business.

重要的是，我們看到未來幾季有更多成長機會，特別是考慮到軟體產業的強勁發展勢頭，以及我們在過去幾個季度和幾年為發展應用業務所做的所有投資。

Again, thanks for taking time today. Operator, please open the line for questions.

再次感謝您今天抽出時間。接線員，請打開熱線，以便我們解答您的問題。

(Operator Instructions) Our first question comes from Alexia Quadrani with JPMorgan.

（操作員指示）我們的第一個問題來自摩根大通的 Alexia Quadrani。

This is David Karnovsky on for Alexia. Adam, your software business is clearly accelerating here mid-IDFA changes. Can you just talk through some of the drivers? What do you think software clients are seeing in your platform versus competing networks or some of the (inaudible) channels?

我是 David Karnovsky，為您帶來 Alexia 的報導。 Adam，在 IDFA 變革期間，您的軟體業務顯然正在加速發展。您能否簡單談談其中的一些驅動因素？您認為軟體客戶在您的平台上看到的體驗，與競爭對手的網路或某些（音訊不清晰）管道相比，有何不同？

And then can you just discuss a little bit more the integration of Adjust, what's been the experience so far, utilizing their sales force cross-promoting your core services? And have you found that Adjust can serve as an entry point to new developers that are sort of just starting out or launching their games?

然後，您能否再多談談與 Adjust 的整合？到目前為止，利用他們的銷售團隊交叉推廣你們的核心服務有何體驗？您是否發現 Adjust 可以作為新開發者（例如剛起步或剛發布遊戲的開發者）的切入點？

Great. So the software side, obviously, is seeing a lot of acceleration, and we touched on it last quarter when we highlighted what we thought IDFA impact would be. The changes really govern how third parties share data with first parties and how that data is used for advertising. And in our case, we have a lot of first-party data, both scaled 200 million users a month playing our game, scaled across engagement data, and then also scaled transactional data, which is very unique. We've got millions of customers paying and having paid in our games.

太好了。軟體方面顯然正在經歷巨大的加速發展，我們在上個季度強調IDFA的影響時也提到了這一點。這些變化實際上規範了第三方如何與第一方共享數據，以及如何將這些數據用於廣告。就我們而言，我們擁有大量的第一方數據，包括每月2億用戶玩我們遊戲的數據、廣泛的參與度數據以及廣泛的交易數據，這些都非常獨特。我們擁有數百萬正在或已經在我們的遊戲中付費的用戶。

And then that data, we're able to put in our machine learning engine, AXON, to come up with really ad recommendations that drive much better performance for the advertiser. We rolled this out in Q4 of last year. And you've seen immense amounts of growth on the software side, both in terms of the dollars that people are spending on our platform, which is reflective of the performance, and in terms of new clients coming on, which doubled year-over-year. We're very confident in this trend going forward.

然後，我們可以將這些資料輸入我們的機器學習引擎 AXON，從而提供真正的廣告推薦，從而為廣告主帶來更佳的業績。我們在去年第四季推出了這項功能。您已經看到軟體方面取得了巨大的成長，無論是用戶在我們平台上的支出（這反映了業績）還是新客戶數量（同比增長了一倍）。我們對這趨勢的未來充滿信心。

And then in terms of the integration of Adjust, we closed that late April. So through Q2, it was more of work of just integrating them into the team, getting them up to speed on how our software solutions operate. The average ticket size on an Adjust client is tens of thousands a year. Our average ticket size at AppLovin on a software client is roughly $2 million a year of net reported revenue. And as you all know, typical ad network margins, you can grow that up by a factor of 3 or possibly even more to figure out how much a typical advertiser is spending on our platform for a year.

關於Adjust的整合，我們在四月底就完成了。所以在第二季度，我們更多的工作是將他們融入團隊，讓他們快速了解我們軟體解決方案的運作方式。 Adjust客戶的平均訂單金額每年數萬美元。我們AppLovin軟體客戶的平均訂單金額約為每年200萬美元，淨報告收入約200萬美元。眾所周知，典型的廣告網路利潤率，你可以將其擴大3倍甚至更多，以計算出一個典型的廣告客戶一年在我們平台上的支出。

And we look at Adjust, and I touched on this a second ago, as an opportunity to go convert 3,000 clients to become AppLovin SPECs. If we even convert 7% of those clients to become AppLovin SPECs, in the next year, we'll double our software business.

我們把Adjust視為一個機會，我剛剛提到過，希望能夠將3,000名客戶轉換為AppLovin SPEC。如果我們能將其中7%的客戶轉化為AppLovin SPEC，那麼明年我們的軟體業務就能翻倍。

Okay. Great. And maybe if I could just squeeze in one more. Just on the decision not to adjust your outlook after the strong quarter, maybe you could just talk through your philosophy that you laid out in the shareholder letter to set guidance just onetime at the start of the year.

好的。太好了。或許我可以再插播一點。關於在強勁的季度之後不調整業績展望的決定，您能否談談您在年初致股東信中闡述的、僅設定一次業績指引的理念？

Yes. That's, I would say, is a me thing. I've been operating this business since I started it, really looking forward with our team to opportunities to execute on the technology and product side years ahead of where we're at in the present. And what we didn't want to get into is a pattern of trying to update numbers every single quarter and shifting our mindset from a long-term focus that we know creates the most long-term shareholder value to one that's more short-term focused.

是的。我想說，這是我自己的事。自從創辦這家公司以來，我一直在經營它，真心期待和我們的團隊有機會在技術和產品方面比現在領先幾年。我們不想陷入一種模式，那就是每個季度都更新數據，把我們的思維模式從長期關注（我們知道這能創造最大的長期股東價值）轉向更注重短期的關注。

Obviously, our business is performing exceptionally well. We've got a lot of assets in place that we believe will give us a path to growth for many quarters and years to come, and so we're very confident that we'll continue to put up very strong numbers. But we decided financial guidance should match the way we operate, and we'll update those annually for you all, unless we're going to diverge materially from that guidance.

顯然，我們的業務表現異常出色。我們擁有大量資產，我們相信這些資產將在未來數個季度乃至數年為我們帶來成長，因此我們非常有信心能夠繼續保持強勁的業績。但我們認為財務指引應該與我們的營運方式相匹配，我們會每年更新，除非我們與指引出現重大偏差。

Our next question comes from Stephen Ju with Credit Suisse.

下一個問題來自瑞士信貸的 Stephen Ju。

So Adam, and as a follow-up, question for Adjust, I guess, you're calling out 2,000 gaming and nongaming marketers spending $11 billion in mobile ad dollars. So can you talk about what incremental work do you think you need to do in order to gain more wallet share there?

那麼，Adam，我想問Adjust的後續問題，您提到了2000家遊戲和非遊戲行銷人員在行動廣告上花費了110億美元。您能談談為了在行動廣告領域獲得更多份額，您認為需要做哪些增量工作嗎？

Thanks, Stephen. And it's interesting because the reason we got really excited to do this transaction, and it was frankly really difficult to do during the IPO process, but we felt like we had to do it is we went and crossed our clients with Adjust clients and there was almost no overlap. Adjust has a team that's based in Berlin, and then really, they invested going east from there. So a lot of their clients are international. And we realized, without a sales force, we just didn't have any sort of penetration into this international client base. We didn't even know who these customers were, and obviously, they're huge mobile marketers. So that's what got us really excited.

謝謝，Stephen。這很有意思，我們之所以對這筆交易如此興奮，坦白說，在IPO過程中，這確實很難做到，但我們覺得必須這麼做，因為我們把我們的客戶和Adjust的客戶進行了交叉，幾乎沒有重疊。 Adjust在柏林有一個團隊，然後他們從那裡向東投資。所以他們的客戶很多都是國際客戶。我們意識到，如果沒有銷售團隊，我們就無法深入這些國際客戶群。我們甚至不知道這些客戶是誰，顯然，他們是行動行銷領域的巨頭。這就是我們真正興奮的原因。

We saw just greenfield to go operate, where you've got 3,000 almost clients that they've got, and probably 500-plus of those are big enough to become AppLovin SPECs. So it's just not going to take a lot of work for us to go convince them if they're already spending substantial dollars on mobile marketing to test out our platform. It's low cost and then creates massive amounts of upside.

我們看到的是一片綠地，他們已經擁有近3,000家客戶，其中可能有500多家規模夠大，可以成為AppLovin的SPEC。所以，如果他們已經在行動行銷上投入了大量資金來測試我們的平台，我們很容易就能說服他們。成本低廉，卻能創造巨大的效益。

And Herald touched on the case of Fastic, which was one of the earliest Adjust cross-sells, but it's something we're going to be investing heavily into going forward because it's such an easy path for us to go tackle to create immense amounts of growth in that software business.

Herald 提到了 Fastic 的案例，它是最早的 Adjust 交叉銷售案例之一，但我們未來將對此進行大力投資，因為對於我們來說，這是一條很容易實現的途徑，可以為該軟體業務帶來巨大的成長。

Our next question comes from Jason Bazinet with Citi.

我們的下一個問題來自花旗的 Jason Bazinet。

Okay. I'm going to apologize in advance if this is a dumb question because I confess I'm still trying to wrap my head around the new KPIs that you gave last quarter.

好的。如果這個問題有點蠢，我先提前道歉，因為我承認我還在努力理解你上個季度給出的新 KPI。

But the software platform revenue year-over-year grew from $41 million to $146 million to up $105 million. The business apps revenue went from $96 million to $162 million, up only $66 million. Is there something in the middle there that is worth highlighting that may have shrank?

但軟體平台營收年增了1.05億美元，從4,100萬美元增至1.46億美元。商業應用收入則從9,600萬美元增至1.62億美元，僅成長了6,600萬美元。這中間是否存在一些值得關注的、可能萎縮的因素？

So business apps, just to be clear, is advertising from third-party, typically, ad networks within our own mobile game applications. And then business software is obviously our app discovery solution and the MAX solution, and now, Adjust, so the software net revenue that we report. That business grew exceptionally quickly with the advantages that we thought we had going into the changing landscape.

需要明確的是，商業應用指的是來自第三方的廣告，通常是我們自己的行動遊戲應用程式中的廣告網路。商業軟體顯然指的是我們的應用發現解決方案和 MAX 解決方案，以及現在的 Adjust，也就是我們報告的軟體淨收入。這項業務憑藉著我們認為在不斷變化的市場環境中所擁有的優勢，成長異常迅速。

One of the things we touched on in the first quarter earnings call is our other prediction on IDFA changes were the prices in the ecosystem would drop on iOS, and that flows through to business publishing. Now despite that, business publishing had quite sizable growth. The mobile gaming ecosystem doesn't tend to grow that quickly on a year-over-year basis. So despite the lower pricing in the ecosystem, we still were able to generate outsized growth in that business as well.

我們在第一季財報電話會議上提到，我們對IDFA變化的另一個預測是，iOS生態系統中的價格會下降，這會影響到商業出版業務。儘管如此，商業出版業務仍然實現了相當可觀的成長。行動遊戲生態系統的年成長速度通常不會那麼快。因此，儘管生態系統中的價格較低，我們仍然能夠在該業務中實現超額成長。

Maybe I can add on to that. Yes, so we -- within the business category, originally, we had the apps and the software. We broke it out for you before, but now, we're explicitly showing you the number of customers on the software side. We still, in the disclosure, have the enterprise customers, which would total up to the aggregate business revenue, which includes both the business apps revenue and the software revenue.

也許我可以補充一下。是的，在商業類別中，我們最初包括應用程式和軟體。我們之前已經為您分解過，但現在，我們明確地向您展示了軟體方面的客戶數量。在揭露中，我們仍然包括企業客戶，這些客戶將構成總業務收入，其中包括商業應用程式收入和軟體收入。

Business apps revenues, you'll see in the letter, grew 70% in the quarter, and then, of course, the software side grew at a much faster rate at 256%.

您會在信中看到，商業應用程式收入在本季度增長了 70%，當然，軟體方面的增長速度更快，達到了 256%。

Okay. Can I ask maybe one other dumb question? If I take the clients that generate over $125,000 on spend per quarter, if I multiply those 2 numbers together and I compare it to the software platform revenue, it used to be sort of like a rounding error. And this quarter, it jumped up where it's like, I don't know, $13 million or something like that.

好的。我可以再問一個愚蠢的問題嗎？如果我把每季支出超過 12.5 萬美元的客戶，把這兩個數字相乘，然後與軟體平台收入進行比較，以前這有點像四捨五入的誤差。但這個季度，它猛增了，大概是 1300 萬美元左右。

Is that from the Adjust acquisition? Or are you beginning to get more traction from business accounts that generate less than $125,000 where it's becoming sort of a larger number?

這是因為Adjust被收購了嗎？還是說你們開始從那些收入低於12.5萬美元的企業帳戶中獲得更多吸引力，而這些帳戶的數量正在變得越來越大？

Yes, I could take that one as well. So in the letter, we do show you what the business did without Adjust and with Adjust. And so without Adjust, the average SPEC client spent $519,000 in revenue for the quarter. So that's a much bigger increase over the prior quarter. Then the Adjust SPECs, which is the incremental 129 customers, they do have a lower average. So the total overall average, when you combine them, was the $364 million.

是的，我也可以接受這一點。在信中，我們確實展示了在沒有 Adjust 和使用 Adjust 的情況下，業務的業績表現。在沒有 Adjust 的情況下，SPEC 客戶本季的平均支出為 51.9 萬美元。這比上一季增長了很多。而 Adjust SPEC，也就是新增的 129 位客戶，他們的平均值確實較低。所以，合併起來，總平均值是 3.64 億美元。

Our next question comes from Youssef Squali with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Youssef Squali。

And guys, congrats on a solid quarter.

各位，恭喜你們本季業績表現良好。

So 2 questions. One, a follow-up on the Adjust acquisition. I was just wondering if maybe you can speak to the rollout of the -- or the cross-selling potential of that 250 salespeople and just kind of -- how quickly do you think you can ramp that up and kind of what's baked into your published guidance so far?

所以有兩個問題。第一，關於Adjust收購的後續問題。我想知道您是否可以談談這250名銷售人員的交叉銷售潛力，以及您認為可以多快地提升這一潛力，以及目前您發布的業績指引中都包含了哪些內容？

And second, and obviously, the numbers speak for themselves. But just going back to IDFA, I was wondering if you can comment on the percentage of iOS users that have upgraded to 14.5 or later, and what kind of impact have you seen either on opt-in rates or basically on that sliver of the business?

其次，顯然，數字本身就說明了一切。回到IDFA的問題，我想知道您能否評論一下升級到14.5或更高版本的iOS用戶比例，以及您認為這對選擇加入率或這部分業務有何影響？

Thanks, Youssef. I'll answer the second first just because it's quicker. We've seen about 80% of iOS devices are now updated to 14.5 or later. And consent rates are coming in quite a bit higher than I think a lot of the folks in the industry had projected. It's different by app by app, but anywhere between 20% to 25% on the low end and 60% to 65% on the high end, and it lands on an average to around 35% to 40% are opting into sharing information. So that's on IDFA changes.

謝謝，優素福。我先回答第二個問題，因為這樣比較快。我們已經看到大約80%的iOS設備已經更新到14.5或更高版本。而且，同意率也比我認為很多業內人士預測的要高得多。每個應用程式的情況有所不同，但最低在20%到25%之間，最高在60%到65%之間，平均約有35%到40%的用戶選擇分享資訊。以上是關於IDFA變化的內容。

On the Adjust piece, again, Q2 was just integration, get the team trained up. It takes a little bit of time for clients to come on our platform and actually ramp up because there's learning costs and a learning time frame. So really, we'll start seeing the effects of Adjust starting in Q3 really taking shape in Q4 and impacting next year quite materially. As such, we didn't project too much into our numbers at all from Adjust cross-sell this year. We're already starting to see, though, quite a lot of cross-selling activity happening because, frankly, it really isn't a hard sell. These are mobile marketers. They know how to spend dollars on mobile. They're performance buyers.

關於Adjust，第二季只是整合，對團隊進行培訓。客戶需要一些時間才能加入我們的平台並真正開始使用，因為有學習成本和學習時間限制。所以，Adjust的效果會從第三季開始顯現，並在第四季真正顯現，並對明年產生相當實質的影響。因此，我們今年並沒有對Adjust交叉銷售的數據進行過多的預測。不過，我們已經開始看到相當多的交叉銷售活動，因為坦白說，這真的不是什麼難事。他們是行動行銷人員。他們知道如何在行動端花錢。他們是注重效果的買家。

And as I touched on in my summary, too, we've grown to become such a big source of mobile traffic acquisition that it's really easy for their salespeople to commence one of their clients who hadn't heard of us before to go test out our platform.

正如我在總結中提到的那樣，我們已經成長為行動流量獲取的重要來源，他們的銷售人員可以輕鬆地讓之前沒有聽說過我們的客戶來測試我們的平台。

And then Herald, I don't know if you want to give anything explicit on the guidance there that we included in terms of Adjust.

然後是 Herald，我不知道您是否想就我們在 Adjust 中包含的指導給出任何明確的說明。

In terms of the guidance, we had known we were going to acquire Adjust at the time, so our guidance for the year, when we gave it in the first quarter, it was inclusive of that and the 2 acquisitions we announced in the first quarter.

就指導而言，我們當時就知道我們將要收購 Adjust，因此，當我們在第一季度給出年度指導時，它包含了這項收購以及我們在第一季度宣布的兩項收購。

Yes, so we included their numbers and not much upside from cross-sell. So that creates quite a lot of upside for us in the future.

是的，所以我們把他們的數據也算進去了，交叉銷售帶來的利益其實不大。所以這在未來會為我們帶來很大的收益。

Our final question comes from Brian Nowak with Morgan Stanley.

我們的最後一個問題來自摩根士丹利的 Brian Nowak。

It's Matt on for Brian. So I guess for the software platform, I think you guys said in the letter, you had about 40% organic growth sequentially versus 1Q. How did AXON contribute to that growth versus contextual products? And did that change at all in terms of like the strength in the contextual products as you moved through quarter and maybe more people were upgrading to iOS 14.5 or higher?

Matt 代替 Brian 發言。我想，就軟體平台而言，我記得你們在信中提到，與第一季相比，你們的環比有機成長約為 40%。與情境產品相比，AXON 對此成長有何貢獻？隨著季度的推進，以及越來越多的人升級到 iOS 14.5 或更高版本，情境產品的強勁表現是否有所改變？

And then you mentioned software gaining share -- continuing to gain share this quarter. Who in the ecosystem do you think are the share donors at this stage?

然後您提到軟體份額正在增長——本季度份額持續增長。您認為現階段生態系中的份額捐贈者是誰？

Matt, so let me answer again, second first, because it's just top of mind. We think the ecosystem itself is still growing quite quickly. In our space in the last 24 hours, you've seen Unity report great numbers; ironSource, great numbers. We obviously reported industry-leading growth numbers with that triple-digit software growth and the 40% sequentially.

馬特，我再回答一遍，首先是第二個，因為這才是最重要的。我們認為生態系統本身仍在快速成長。在過去的24小時內，我們這個領域，Unity報告了出色的數據；ironSource也報告了出色的數據。我們顯然報告了業界領先的成長數據，軟體業務實現了三位數的成長，環比成長了40%。

What we think is happening is that the marketing platforms are just improving, and they're improving at a really quick pace, which increases the pie. And it's not that we're taking from another company, it's that the market is growing. We're just outpacing the growth of the market, which is leading to all of the key players in the ecosystem, though, growing as well as the publishers themselves who lean on advertising to grow their business.

我們認為，行銷平台正在不斷改進，而且改進速度非常快，這擴大了市場規模。這並不是說我們從其他公司搶了什麼，而是市場本身在成長。我們的成長速度超過了市場的成長速度，這帶動了生態系統中所有關鍵參與者以及依賴廣告來發展業務的出版商本身的成長。

And then on the first one, the 40% growth sequentially, can you just rephrase the question for me so I can remember exactly what to answer?

然後關於第一個問題，即連續 40% 的成長，您能否為我重新表達這個問題，以便我能準確地記住該如何回答？

Yes. Of course. It was just about the contribution to that growth from AXON versus contextual advertising and see that shift maybe towards -- yes.

是的，當然。這只是關於AXON與情境廣告對成長的貢獻，以及這種轉變可能走向——是的。

Yes. So if you recall, we touched on in first quarter earnings, our advantage we felt like going into the IDFA change was -- compared to our peers, is that we weren't going to fall back from a completely personalized solution to a completely contextual solution that lacked the personalization you get with data. Our advantage truly comes from very scaled first-party data.

是的。如果你還記得的話，我們在第一季度的財報中提到過，相比同行，我們在 IDFA 變革方面的優勢在於，我們不會從完全個性化的解決方案退回到完全情境化的解決方案，因為這種方案缺乏數據帶來的個性化。我們的優勢真正來自於規模化的第一方數據。

We've got 200 million users playing games every single month that we've got good engagement data on. We've got millions of customers having paid us over the history of our gaming business. All of that data remains intact and is in our models with or without IDFA.

我們每月有2億用戶玩遊戲，我們有豐富的用戶參與度數據。在我們的遊戲業務發展歷程中，有數百萬用戶向我們付費。所有這些資料都保留完整，無論是否使用IDFA，都會保留在我們的模型中。

And so going into the quarter, we felt like we had advantages. We articulated it for you all in Q1. And then obviously, you've seen in the step-up in performance that 3x growth in the software business and up 40% quarter-over-quarter and the huge ramp-up in clients that we're able to outperform in the marketplace because of those investments we've made over the last couple of years.

因此，進入本季度，我們感覺自己擁有優勢。我們在第一季就向大家闡明了這一點。顯然，大家已經看到了業績的提升：軟體業務成長了3倍，環比成長了40%，客戶數量也大幅成長，這得益於我們過去幾年的投入，使得我們在市場上的表現遙遙領先。

Our next question comes from Angie Song with Oppenheimer.

我們的下一個問題來自奧本海默公司的 Angie Song。

I'm actually speaking on behalf of Martin Yang at Oppenheimer.

我實際上是代表奧本海默公司的馬丁楊發言。

Can you talk to us a little bit about your first-party game pipeline for 2021 and entering into 2022? And are you planning on expanding into more genres or expanding market opportunities? And also, what is your long-term revenue mix goal for first-party games versus software?

您能否與我們簡單聊聊 2021 年以及 2022 年的第一方遊戲產品線？您是否計劃拓展更多遊戲類型或拓展市場機會？此外，您對第一方遊戲和軟體的長期收入組合目標是什麼？

So thanks for the question. The game pipeline itself, while we don't talk about games because we operate it as a portfolio, what we can tell you is this, we started the games business 3 years ago, roughly, but most of our investments in creators coming into our ecosystem to build content for us has really happened in the last 18 months. We've now got 3,000, roughly, game creators around the world that are expertised across nearly every category of mobile gaming, building content for us.

謝謝你的提問。關於遊戲產品線本身，雖然我們不談論遊戲，因為我們把它作為一個投資組合來運營，但我們可以告訴你的是，我們大約在三年前開始了遊戲業務，但我們對進入我們生態系統、為我們創作內容的創作者的大部分投資實際上是在過去18個月裡進行的。現在，我們在全球擁有約3000名遊戲創作者，他們幾乎精通所有類型的行動遊戲，為我們創作內容。

Now we pulled out this notion of an evergreen title. These are titles that take substantial amount of investment to go build, usually in the millions of dollars of R&D cost, but also, more importantly, 1 to 2 years of development time. Since our gaming business is so new, you haven't yet seen a pipeline of content roll out from us. Yet we're working on it, and you've seen it reflected in our expenses. The first game that came organically launched last year in November, Project Makeover, and within 2 months was top 20 grossing globally mobile game, one of the fastest-growing of all time.

現在我們提出了「常青遊戲」的概念。這類遊戲的開發需要大量的投入，通常需要數百萬美元的研發成本，更重要的是，需要一到兩年的開發時間。由於我們的遊戲業務才剛起步，大家還沒看到我們推出一系列內容。但我們正在努力，這已經反映在我們的支出上。去年11月，我們首款自然發行的遊戲《Project Makeover》在兩個月內就躋身全球手遊收入排行榜前20名，成為有史以來成長最快的遊戲之一。

So what gets us really excited is that in the second half of the year, we're now going to have a constant pipeline of big games rolling out. We'll have a handful coming over the next few months that we'll launch, and we believe and have confidence in will be able to clear this threshold that we defined as an evergreen title, at least $100 million of revenue per title per year, with an outlook to many years to come of being able to generate that.

所以真正讓我們興奮的是，下半年我們將陸續推出一系列重磅遊戲。接下來的幾個月裡，我們將陸續推出幾款新遊戲，我們相信並有信心能夠突破我們定義的常青遊戲門檻——每款遊戲每年至少創造1億美元的收入，並且在未來很多年裡都能保持這一水平。

And then do you mind repeating the second question as well?

那你介意重複第二個問題嗎？

Mix of software and apps.

軟體和應用程式的混合。

Do you want to answer that one, Herald?

你想回答這個問題嗎，先驅報？

Yes. Sure. Sure, sure. Look, we're -- our strategy is to grow both sides of the business and be opportunistic where we can be. Of course, as you can see in this quarter, our software business has tremendous growth and a big market potential. And so that business, we see quite robust growth rates for quite a long time.

是的，當然。當然，當然。我們的策略是同時發展業務，並抓住一切可能的機會。當然，正如您在本季所看到的，我們的軟體業務成長迅猛，市場潛力巨大。因此，我們在相當長的一段時間內都保持著相當強勁的成長率。

On the IP side, look, we've gone from 0 to several billion dollars in less than 3 years, and as Adam just mentioned, a lot of that has come in the very recent few quarters. And so that should be accelerating as well as we get more studios launching new games, we improve our live ops behind those games. And over time, we don't target necessarily a mix. We're looking to grow both businesses as efficiently and as quickly as possible.

在IP方面，我們在不到三年的時間內就從零發展到數十億美元，正如Adam剛才提到的，其中很大一部分成長都是在最近幾季實現的。因此，隨著更多工作室推出新遊戲，以及我們改善遊戲運營，IP業務的成長速度應該會加快。而且，我們並不一定追求單一業務的混合發展。我們希望盡可能有效率、快速地發展這兩項業務。

Again, we see the software business, though, now that it -- given the margin structure, as we mentioned, will drive significant EBITDA. And if it grows faster than apps, will increase margins. And as a percentage of overall revenue, again, not that we're targeting it, I think we were 14% in 2020 for the year. In this quarter, we're at -- software is now 22% of the business because of the accelerated growth.

再次強調，我們認為軟體業務——考慮到我們之前提到的利潤率結構——將大幅推動EBITDA成長。如果它的成長速度超過應用程序，利潤率將會提高。就佔總收入的比例而言，再次強調，這不是我們的目標，我認為我們在2020年佔比是14%。由於成長加速，本季軟體業務佔比已達22%。

Yes. One thing to add, too, is as we -- as you think about the 2 revenue streams, the software revenue stream is just much higher value in terms of conversion to EBITDA. When you build games, at least upfront with our strategy, we're generating scale. We're investing heavily in the user acquisition.

是的。還有一點要補充的是，當我們思考這兩種收入來源時，軟體收入來源的價值在轉換為EBITDA（息稅折舊攤提前利潤）方面要高得多。當你開發遊戲時，至少在前期，我們的策略是實現規模化的。我們在用戶獲取方面投入了大量資金。

Now we have cost synergies. And for that, you can just take that TSTV number minus the third-party software reported revenue number, and that was annualized $300 million a year of UA savings that we have because of our integrated solution. But still, we're investing a lot in growing that gaming business because we want the audience.

現在我們已經實現了成本協同效應。只需用 TSTV 數據減去第三方軟體報告的收入，就能得出我們透過整合解決方案每年節省 3 億美元的用戶獲取成本。但我們仍在大力投資發展遊戲業務，因為我們想要吸引更多玩家。

That software business, every incremental dollar is exceptionally high margin. So the way we look at our business is, if we can grow the software business really quickly, our EBITDA will continue to improve. And that's why when you look at the numbers this quarter, you can take the revenue beat and the EBITDA beat, and you'd notice the dollar-for-dollar revenue beat almost entirely flowed through to EBITDA, and that's because software is performing so well.

軟體業務的每一分錢都帶來極高的利潤。所以我們看待業務的方式是，如果我們能夠快速發展軟體業務，我們的EBITDA（息稅折舊攤提前利潤）就會持續改善。這就是為什麼當你查看本季的數據時，你可以同時看到營收和EBITDA的超額成長，你會注意到營收的超額成長幾乎全部轉化為EBITDA，這是因為軟體業務表現非常出色。

Thank you. This concludes today's teleconference. Thank you for your participation. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。感謝您的參與。現在您可以掛斷電話了。