Applovin Corp (APP) 2021 Q1 法說會逐字稿

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

大家好，歡迎參加 AppLovin 2021 年第一季財報電話會議。 （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 Tori Valenzuela, Chief Legal Officer and Corporate Secretary for AppLovin. You may begin.

現在，我很高興介紹AppLovin首席法務官兼公司秘書Tori Valenzuela。請開始。

Thank you, and welcome to the AppLovin earnings call for the quarter ended March 31, 2021. Joining me today to discuss AppLovin's results and key business initiatives are Co-Founder, CEO and Chairperson, Adam Foroughi; and President and Chief Financial Officer, Herald Chen.

謝謝大家，歡迎參加 AppLovin 截至 2021 年 3 月 31 日的季度財報電話會議。今天，與我一起討論 AppLovin 業績和主要業務舉措的有聯合創始人、首席執行官兼董事長 Adam Foroughi 以及總裁兼首席財務官 Herald Chen。

Before we begin, I'd like to take this opportunity to remind you that during the call, we will be making forward-looking statements, including statements related to the expected performance of our business, future financial results and guidance, strategy, long-term growth and margin targets and overall future prospects, the expected benefits of our acquisition of Adjust as well as the impact of the COVID-19 pandemic and Apple's iOS 14.5 rollout. These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those we projected or implied during this call, in particular, those described in our risk factors included in our final prospectus related to our initial public offering filed on April 15, 2021 and in our Form 10-Q for the first quarter of 2021 that will be filed following this call as well as the current uncertainty and unpredictability in our business, the markets and economy in general. 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 any forward-looking statement, except as required by law.

在開始之前，我想藉此機會提醒您，在電話會議期間，我們將做出前瞻性陳述，包括與我們業務預期表現、未來財務業績和指引、策略、長期成長和利潤率目標以及整體未來前景相關的陳述，以及我們收購Adjust的預期收益，以及COVID-19疫情和Apple推出iOS 14.5的影響。這些陳述受已知和未知風險和不確定性的影響，這些風險和不確定性可能導致實際結果與我們在本次電話會議中預測或暗示的結果存在重大差異，特別是我們在2021年4月15日提交的首次公開募股最終招股說明書以及本次電話會議後提交的2021年第一季10-Q表中所述的風險因素，以及本次電話會議後提交的2021年第一季10-Q表中所述的風險因素，以及我們目前的企業不確定性。您不應將我們的前瞻性陳述視為對未來事件的預測。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 不承擔更新任何前瞻性陳述的義務，除非法律要求。

Our discussion today will include non-GAAP financial measures. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from our GAAP results. Information regarding our non-GAAP financial results, including a reconciliation of our historical GAAP to non-GAAP results, may be found in our shareholder letter, which was furnished with our Form 8-K filed today with the SEC and may also be found on our Investor Relations website at investors.applovin.com. Finally, a recording of this conference call will also be available on our Investor Relations website shortly after this call has ended.

我們今天的討論將涉及非公認會計準則 (non-GAAP) 財務指標。這些非公認會計準則 (non-GAAP) 指標應作為我們公認會計準則 (GAAP) 績效的補充，而非替代或與公認會計準則 (GAAP) 績效分離。有關我們非公認會計準則 (non-GAAP) 財務業績的信息，包括我們歷史公認會計準則 (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 表格中提供的致股東信，也可訪問我們的投資者關係網站 inors最後，本次電話會議的錄音也將在會議結束後不久在我們的投資者關係網站上發布。

And now I'll turn it over to Adam.

現在我將把話題交給亞當。

Thank you for joining us today for our first public company earnings call. I want to begin by thanking our amazing teammates around the world who continue to push relentlessly to execute on our vision. Of course, we wouldn't be here without our partners who trust us as an integral part of their growth and monetization strategy. And thank you for the support from our new investors. We are very much focused on the long term and appreciate that you recognize our competitive advantages and long-term opportunities. We are looking forward to sharing details about AppLovin's first quarter results.

感謝大家今天參加我們首次上市公司財報電話會議。首先，我要感謝我們遍佈全球的優秀團隊成員，他們一直不懈努力，努力實現我們的願景。當然，如果沒有合作夥伴的信任，我們不會走到今天，他們將我們視為其成長和獲利策略不可或缺的一部分。同時，也感謝新投資者的支持。我們非常注重長遠發展，並感謝大家對我們競爭優勢和長期機會的認可。我們期待與大家分享AppLovin第一季業績的更多細節。

While I don't want to steal Herald's thunder by covering financial metrics, I do want to say that we are very proud of our record first quarter, growing revenue and EBITDA over 100% year-over-year. I also want to highlight the 3 primary objectives that we focus on in driving long-term growth. We review each objective in detail in our shareholder letter on the website, but I want to touch on each at a high level here.

雖然我不想搶《先驅報》的風頭，報道財務指標，但我想說，我們對第一季創紀錄的收入增長和EBITDA同比增長超過100%感到非常自豪。我還想強調一下我們推動長期成長的三大主要目標。我們在網站上的致股東信中詳細闡述了每個目標，但我想在這裡更詳細地介紹一下。

First, we're a marketing software company that helps mobile app developers attract new users and grow their businesses. Our most important objective is to focus on growing our software platform, and our key business decisions always link back to this objective. We accelerated to 90% growth year-over-year in Q1 in our Business Software segment. Unlike many tech companies, the pandemic had negligible impact on our business since our audiences play casual games on the go. Our growth in the last 2 quarters was primarily driven by technological improvements from our machine learning engine, AXON, which we launched late in 2020 and continues to improve dramatically. These improvements helped us significantly grow our customer base and average revenue per customer.

首先，我們是一家行銷軟體公司，致力於幫助行動應用程式開發者吸引新用戶並發展業務。我們最重要的目標是專注於發展我們的軟體平台，我們的關鍵業務決策始終與這一目標緊密相連。第一季度，我們的商業軟體部門年增90%。與許多科技公司不同，疫情對我們的業務影響微乎其微，因為我們的用戶喜歡隨時隨地玩休閒遊戲。過去兩季的成長主要得益於我們機器學習引擎AXON的技術改進。 AXON於2020年底推出，目前仍在持續顯著改善。這些改進幫助我們大幅擴大了客戶群和每位客戶的平均收入。

We're also excited about closing the Adjust acquisition in April. The acquisition provides us access to their leading attribution analytics products, over 2,000 potential clients and a sales force for the first time in our company's history. With these new Adjust assets under AppLovin, we are excited to grow both their solutions and our AXON-powered software.

我們也很高興在四月完成了對Adjust的收購。這項收購讓我們有機會接觸到他們領先的歸因分析產品、超過2,000家潛在客戶，以及公司史上首次擁有的銷售團隊。憑藉著AppLovin旗下這些新的Adjust資產，我們很高興能夠同時發展他們的解決方案以及我們基於AXON的軟體。

Our second objective is to continue to expand our portfolio of apps to generate more first-party data for AXON. Since 2018, we built a high-growth, diversified portfolio. Our combined business apps and consumer apps include over 200 games and nearly 40 million daily active users. We work with 15 studios around the globe that have a workforce of approximately 2,000 game creators.

我們的第二個目標是繼續擴展我們的應用組合，為AXON產生更多第一方資料。自2018年以來，我們建構了一個高成長、多元化的產品組合。我們的商業應用和消費者應用程式組合涵蓋了200多款遊戲，每日活躍用戶近4000萬。我們與全球15家工作室合作，這些工作室擁有約2000名遊戲創作者。

Today, our apps are some of the world's most popular mobile games, including Project Makeover, Wordscapes, Matchington Mansion, Clockmaker, Bingo Story, Final Fantasy XV and many others. We're able to grow these games because of our seasoned team, accretive M&A and, most importantly, our marketing expertise and cost synergies we get from marketing our apps on our software platform.

如今，我們的應用程式已躋身全球熱門手機遊戲之列，包括《Project Makeover》、《Wordscapes》、《Matchington Mansion》、《Clockmaker》、《Bingo Story》、《Final Fantasy XV》等眾多遊戲。我們之所以能夠推動這些遊戲的發展，得益於我們經驗豐富的團隊、持續的併購，以及最重要的，我們在軟體平台上推廣應用所累積的行銷專業知識和成本協同效應。

Our scaled first-party data advantage feeds our software engine and also insulates our business model from privacy changes relative to peers. We've already seen over 10% of iOS users update to iOS 14.5 or later, and within that audience, we're not seeing any material impact to our business.

我們規模化的第一方資料優勢不僅為我們的軟體引擎提供支持，也使我們的商業模式免受隱私變化的影響，而這些變化與同行相比並無二致。我們已經看到超過 10% 的 iOS 用戶更新至 iOS 14.5 或更高版本，而這部分用戶並未發現任何實質業務影響。

Our third business objective as a platform business with high margins is to create shareholder value through long-term growth and increasing cash flows. We believe predictable growth and cash flow is the ultimate determinant of shareholder value. The combination of our machine learning software, our first-party data advantage and our massive TAM gives us confidence in our long-term annual cash flow growth target of over 30%.

作為一家高利潤率的平台型企業，我們的第三個業務目標是透過長期成長和增加現金流來創造股東價值。我們相信，可預測的成長和現金流是股東價值的最終決定因素。我們的機器學習軟體、第一方數據優勢以及龐大的潛在市場規模 (TAM) 的結合，讓我們對實現超過 30% 的長期年度現金流成長目標充滿信心。

We've made great progress in Q1 but believe we're just getting started. At AppLovin, we built market-leading tools that help our customers grow their businesses. We recently put all the pieces together in our business model that has evolved over a decade of investment. As you evaluate our results, we believe you will see the strength of our platform and why we're excited about our path of growth for years to come.

我們在第一季取得了巨大的進步，但我們相信這只是個開始。在 AppLovin，我們打造了市場領先的工具，幫助客戶拓展業務。最近，我們將所有這些要素整合到我們經過十多年投資發展的商業模式中。當您評估我們的業績時，我們相信您會看到我們平台的強大實力，以及我們對未來幾年的成長之路充滿期待的原因。

With that, I'll now turn the call over to Herald.

說完這些，我現在將電話轉給《先驅報》。

Thanks, Adam, and thanks, everyone, for taking the time to join us. As Adam mentioned, we appreciate that our business model is a bit nuanced. What we hope through this call, our shareholder letter, our first quarter results, our guidance and our financial performance over time is that you come to appreciate that our integrated model is the reason for our strong Q1 and for our confidence in our long-term growth prospects.

謝謝亞當，也謝謝大家抽空接受我們的訪問。正如亞當所說，我們理解我們的商業模式略有不同。我們希望透過這次電話會議、股東信、第一季業績、我們的指引以及我們長期的財務表現，讓大家認識到，我們的整合模式是我們第一季業績強勁、對長期成長前景充滿信心的原因。

Before we get to your questions, I want to briefly highlight a few topics. We did have a very strong first quarter with 132% and 110% year-over-year revenue and EBITDA growth, respectively. For those wanting to understand our mix of organic versus inorganic growth, our organic growth was a robust 89%.

在回答大家的問題之前，我想先簡單介紹幾個面向。我們第一季的業績確實非常強勁，營收和息稅折舊攤提前利潤（EBITDA）分別較去年同期成長132%和110%。對於想了解我們有機成長和無機成長組合的人來說，我們的有機成長率高達89%，表現強勁。

Next, I want to discuss our software business, which falls under our business revenue. We wanted to provide you additional metrics regarding just our software business to help you understand the scale and growth drivers of that business.

接下來，我想談談我們的軟體業務，它屬於我們的業務收入。我們想提供一些僅針對軟體業務的額外指標，以幫助您了解該業務的規模和成長動力。

The first is total software transaction value, a new metric for us. It measures and helps dimensionalize the scale of our software business. Our software is used by our first-party apps and third-party clients. However, we can't report our own spend on our own software under GAAP rules. So we measure TSTV, or total software transaction value, as the total net value transacted from all clients as if our own studios were stand-alone businesses. In Q1, this TST measure increased by 155% year-over-year to $148 million to nearly a $600 million run rate. That illustrates both the scale and rapid growth of our software platforms.

第一個指標是軟體交易總額，這對我們來說是一個新指標。它衡量並幫助我們量化軟體業務的規模。我們的軟體供我們的第一方應用程式和第三方客戶使用。然而，根據美國通用會計準則 (GAAP)，我們無法報告自有軟體的支出。因此，我們將所有客戶的淨交易總額（TSTV）作為衡量標準，就像我們自己的工作室是獨立業務一樣。第一季度，這項 TST 指標年增 155%，達到 1.48 億美元，年化成長率接近 6 億美元。這充分體現了我們軟體平台的規模和快速成長。

The second new metric is software platform enterprise clients. While we already report business enterprise clients APIs on an annual basis, we think it would be helpful for investors to have price times quantity metrics for just the software business on a quarterly basis. Specs is the number of third-party software clients who, in a quarter, spend an annualized run rate revenue of over $125,000. We had 193 specs in the first quarter versus 130 in the first quarter of 2020, a 48% year-over-year increase with the average value per customer rising 32%. We grew both price and quantity primarily because of the improvements in AXON, which, in turn, increased the efficacy of our software.

第二個新指標是軟體平台企業客戶。雖然我們已經按年報告企業客戶API，但我們認為，如果投資者能按季度了解軟體業務的價格乘以數量指標，將會很有幫助。規格是指在一個季度內，年化運行收入超過12.5萬美元的第三方軟體客戶數。我們第一季的規格數量為193個，而2020年第一季為130個，較去年同期成長48%，平均每位客戶價值成長32%。價格和數量的成長主要得益於AXON的改進，這反過來又提高了我們軟體的效率。

On the content side, I'd summarize that we do have many structural and financial advantages on marketing spend, which simply lets us invest more in effective user acquisition spend than the market. Since in the mobile app market, marketing dollars drives mobile app growth, we were able to rapidly grow our apps.

在內容方面，我總結一下，我們在行銷支出方面確實擁有諸多結構性和財務優勢，這使得我們在有效用戶獲取方面的投入比市場平均更高。由於在行動應用市場，行銷支出推動了行動應用的成長，因此我們的應用能夠快速成長。

With respect to Adam's comment regarding long-term cash flow growth, we believe our strong rule-out performance ultimately will translate into long-term cash flow growth. We are targeting at 30-plus percent. In the letter, we have provided you with descriptions of our operating cost structures so you're better able to appreciate our ability to grow cash flows over time, in particular, as our software business continues to expand.

關於Adam關於長期現金流成長的評論，我們相信我們強勁的排除業績最終將轉化為長期現金流成長。我們的目標是30%以上。在信中，我們向您提供了我們營運成本結構的描述，以便您更好地了解我們隨著時間推移，尤其是在軟體業務持續擴張的情況下，增加現金流的能力。

Turning to guidance. For full year 2021, we expect revenues to grow approximately 85% to between $2.65 billion to $2.70 billion. For the full year 2021, we are guiding to adjusted EBITDA in the range of $680 million to $700 million, representing a doubling from the prior year. Our policy will be to provide you with fiscal year guidance for both revenue and adjusted EBITDA updating it quarterly.

談到業績指引。我們預計2021年全年營收將成長約85%，達到26.5億美元至27億美元之間。我們預計2021年全年調整後EBITDA將在6.8億美元至7億美元之間，較上年翻倍。我們的政策是每季更新一次財年收入和調整後EBITDA的指引。

With that, we're happy to answer your questions. Operator, please open the line for questions.

好了，我們很樂意回答您的問題。接線員，請打開提問專線。

(Operator Instructions) Your first question comes from the line of Stephen Ju with Credit Suisse.

（操作員指示）您的第一個問題來自瑞士信貸的 Stephen Ju。

Okay. So Adam, I think it's only been about 9 short months since you switched over from contextual ads to AXON. And it seems like the benefits you get from ML and particularly as you keep feeding it more first-party data should continue to accrete over time. So what inning do you think you are in terms of the overall value you think you can extract?

好的。 Adam，我想你從上下文廣告轉到 AXON 才短短 9 個月。而且看起來你從機器學習中獲得的收益，尤其是隨著你不斷向其輸入更多第一方數據，應該會隨著時間的推移而持續增長。那麼，就你認為你能挖掘出來的整體價值而言，你目前處於什麼階段呢？

And secondarily, just wondering what the M&A pipeline may look like at this point. Are deals getting more contested now? Or are the private market valuations [floating] about where they are?

其次，我只是想知道目前併購交易的前景如何。現在交易競爭是否加劇了？還是說私募市場的估價目前處於浮動狀態？

Thanks, Stephen, for the questions. And taking the first one. Really, ML, if you look at the success of all the biggest companies in the world today, whether it's Google or Facebook, you can tie their success over years back to the inflection point where they really executed on putting ML into the core of their platforms and then growing off of it. These systems are built so that as they get bigger, more data feeds into them, more clients come in and the system becomes more and more accurate. Our AXON engine is trying to predict what a consumer will download and engage with in the future, and it does it at exceptionally high accuracy, that every day we go forward, that accuracy improves. And really, when we executed on it, we were trying to execute on the vision of expanding our first-party data, which was speeding it and then unlocking the power of that data with the machine learning engine so as that first-party data continues to grow as well, that engine will only get better.

感謝 Stephen 的提問。我先回答第一個問題。說到機器學習，如果你看看當今世界上所有巨頭公司的成功，無論是谷歌還是 Facebook，你就能把他們多年來的成功歸結於一個轉折點：他們真正地將機器學習融入其平台的核心，並以此為基礎不斷發展。這些系統的建構方式是，隨著規模的擴大，越來越多的資料輸入其中，越來越多的客戶加入，系統也會變得越來越精確。我們的 AXON 引擎正在嘗試預測消費者未來會下載和使用什麼內容，而且它的準確率極高，我們每前進一天，準確率就會提高一天。實際上，當我們執行它的時候，我們試圖實現擴展第一方資料的願景，即加速資料處理，然後利用機器學習引擎釋放這些資料的力量。隨著第一方資料的不斷成長，這個引擎只會越來越好。

I would say, really, what inning are we in, it's 6 months in, so we think we're very early in it. But tying into Adjust, too, we're just -- we're thrilled to bring that team on. They have great products. But the reality is the strategic benefit for us with that deal that can unlock the most cash flow for us going forward was that, to date, we haven't had a sales force. We haven't been selling our product to the marketplace. It's working exceptionally well. And if you look at the growth of both the third-party clients and the TSTV stat, growth rate is second to none in the marketplace, and our enterprise clients are still under 200. The market has over 10,000 potential enterprise clients, and we're excited about Adjust sales force coming in and really help us deliver on more clients into the system, which will continue to help it grow.

我想說，我們真的處於什麼樣的階段？才六個月，所以我們認為我們處於非常早期的階段。但說到與 Adjust 的合作，我們非常高興能引進這個團隊。他們的產品很棒。但事實上，這筆交易帶給我們的策略利益是，它可以為我們未來釋放最大的現金流，因為到目前為止，我們還沒有銷售團隊。我們還沒有將我們的產品賣給市場。但效果非常好。如果你看看第三方客戶和 TSTV 統計數據的成長，你會發現我們的成長率在市場上是首屈一指的，而我們的企業客戶仍然不到 200 家。市場有超過 10,000 家潛在的企業客戶，我們很高興 Adjust 銷售團隊的加入，這將真正幫助我們將更多客戶納入系統，這將繼續幫助系統成長。

On the second question around M&A. Our pipeline is always robust because our approach is just different when it comes to the content side of M&A. We're working with our own clients to bring them into effectively our walled garden and help facilitate more growth off of their business that they've built. Almost every single one of our transactions in the past have been client first outside of banker-run processes early in their evolution, companies that we were able to acquire and then accelerate the growth thereof. And then we just announced in the release 2 deals that we executed on in April for 2 more early but top grossing games that we think we can go quite materially from here: one, West Game; and two, a slots game that brings the first slots game into our portfolio. These 2 games are at a run rate of $200 million a year revenue, and we paid upfront $300 million for them within some contingent payments that will -- they'll be able to accumulate as they grow their businesses with our platform.

關於第二個問題，關於併購。我們的管道始終非常強大，因為我們在併購的內容方面採取了獨特的方法。我們正在與自己的客戶合作，將他們有效地納入我們的“圍牆花園”，並幫助他們在現有業務的基礎上實現更多成長。過去，我們幾乎每筆交易都是以客戶為中心，在公司發展初期就擺脫了銀行家管理的流程，我們成功收購了這些公司，並加速了它們的發展。我們剛剛在4月份發布的兩筆交易中宣布了兩款早期但收入最高的遊戲，我們認為從現在開始，我們可以取得相當大的進展：一是《West Game》；二是將第一款老虎機遊戲納入我們投資組合的老虎機遊戲。這兩款遊戲的年收入為2億美元，我們預付了3億美元，並附帶一些或有款項——隨著他們利用我們的平台發展業務，這些款項將不斷累積。

Your next question comes from the line of Alexia Quadrani with JPMorgan.

您的下一個問題來自摩根大通的 Alexia Quadrani。

I just have 2 questions as well. One, can you discuss the integration of Machine Zone so far and the learnings from operating in the mid-core space? And then with West Game, this does look like you're moving deeper into the space. I guess do you expect synergies you realize in casual can be applied to other genres like mid-core and casino?

我也有兩個問題。第一，您能談談Machine Zone目前的整合情況，以及在中核遊戲領域運作的經驗嗎？第二，West Game的成立，看起來你們正在深入這個領域。您是否認為您在休閒遊戲領域實現的協同效應可以應用到中核遊戲和博彩遊戲等其他類型遊戲？

And then my second question is just if you could maybe elaborate on the full year revenue guide of what your assumption is in that guide for organic growth.

我的第二個問題是，您是否可以詳細說明全年收入指南以及您對該指南中有機增長的假設是什麼。

Thanks, Alexia. I'll take the first question, and I'll leave the guidance question over to Herald. On the first question, the Machine Zone transaction, we closed actually almost exactly a year ago. And really, integration for us with content studios is pretty straightforward. We want them to focus on creating, and then we want our platform to really be their accelerator of growth. And so it creates a perfect environment to unlock that creative talent that they've got.

謝謝，Alexia。我來回答第一個問題，關於指導性的問題留給《先驅報》。關於第一個問題，我們與 Machine Zone 的交易實際上差不多在一年前就完成了。實際上，我們與內容工作室的整合非常簡單。我們希望他們專注於創作，然後我們希望我們的平台真正成為他們的成長加速器。因此，它創造了一個完美的環境來釋放他們所擁有的創意人才。

The Machine Zone transaction for us was interesting for 2 reasons. One was they had a team that was very skilled at building these core games. The -- and we believe that they can unlock that value going forward with future games. But then more importantly, the reason it was interesting to us is they have the biggest pool of first-party data where consumers had transacted in their games, consumers that are interested in these male-centric strategy games, a really high-value segment for advertising. And our content strategy, really, the core reason we got into content was to be able to supply our advertising ecosystem, our platform and our software with first-party data. Machine Zone gave us scaled data second to none.

對我們來說，Machine Zone 的交易之所以吸引我們，有兩個原因。首先，他們擁有一支非常擅長打造這些核心遊戲的團隊。我們相信，他們能夠在未來的遊戲開發中釋放這種價值。但更重要的是，我們之所以對這筆交易感興趣，是因為他們擁有最大的第一方數據池，其中包含了消費者在他們的遊戲中進行交易的數據，這些消費者對這些以男性為中心的策略遊戲感興趣，而這正是廣告的高價值細分市場。至於我們的內容策略，我們涉足內容領域的核心原因，就是為了能夠為我們的廣告生態系統、平台和軟體提供第一方資料。 Machine Zone 為我們提供了無與倫比的可擴展數據。

And with West Game, as far as synergies go, the reason we're excited about growing that game particularly is it's much earlier in its life cycle than Machine Zone games. And we've got the data to be able to execute on the machine learning to be able to grow that game through our platform. So we think we're going to be able to grow it quite a lot from where it is today, already one of the top 100 grossing games in the world. Herald, do you want to take the point around (inaudible) forecast?

就協同效應而言，我們對 West Game 的成長感到興奮，尤其因為它的生命週期比 Machine Zone 的遊戲早得多。而且我們擁有足夠的數據，能夠運用機器學習技術，透過我們的平台來發展這款遊戲。因此，我們認為我們能夠讓它在目前的基礎上大幅成長，它目前已經是全球收入最高的 100 款遊戲之一。 Herald，你想談談（聽不清楚）預測嗎？

Yes. That's great. Yes. Thanks for the question. In terms of the guidance we've given for the full year, it really takes into consideration just the tremendous opportunities we're seeing across all of our assets. And you can see in our strong first quarter here where we had growth in each one of the businesses, and we also had very, very robust organic growth.

是的，太好了。是的，謝謝你的提問。就我們給出的全年業績指引而言，它確實考慮到了我們在所有資產中看到的巨大機會。你可以看到，我們在第一季表現強勁，各項業務都實現了成長，而且我們的有機成長也非常強勁。

And so we see that continuing in our 2021 full year guidance where the majority of it will continue to be from organic measures as well as we will augment that with M&A. As you just mentioned, we just did 2 acquisitions that -- or run rate of about $200 million, which will be included in our guidance. But we still see opportunities for M&A on top of that. But in terms of guidance, our policy is really not to include any additional meaningful M&A, nor do we include any large, new hits from our studios, both of which are very hard to predict. We're certainly pursuing both those things, but notwithstanding, it's hard to project those 2 things.

因此，我們認為這種情況將延續到我們2021年全年的業績指引中，其中大部分收入將繼續來自內生性成長，同時我們也將透過併購來補充。正如您剛才提到的，我們剛剛完成了兩筆收購，總營收約2億美元，這將納入我們的業績指引中。除此之外，我們仍然看到了併購的機會。但就業績效指引而言，我們的政策實際上是不包含任何額外的有意義的併購，也不包含我們工作室的任何大型新作，這兩件事都很難預測。我們當然在追求這兩件事，但儘管如此，這兩件事的預測仍然很困難。

Your next question comes from the line of Brian Nowak with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Brian Nowak。

I have 2. First one on the software side. AXON has been a big success. Curious to hear about other areas where you see low-hanging fruit improvements to make to that product, to continue to competitively differentiate and win even more market share and just kind of get beyond the AXON lapping.

我有兩個問題。第一個是軟體方面。 AXON 取得了巨大的成功。我很想知道您認為該產品在其他方面有哪些容易實現的改進，可以繼續保持差異化競爭優勢，贏得更多市場份額，並超越 AXON 的領先優勢。

And then secondly, on the first-party consumer business, can you give us examples where are you using any machine learning on that side yet? Or is that sort of something you're still thinking about doing over time to improve the over algorithms on the consumer side?

其次，關於第一方消費者業務，您能否舉例說明一下，你們在這方面已經使用了機器學習嗎？或者，你們仍在考慮逐步改進消費者端的演算法？

Thanks, Brian, for the questions. On the first point, really, when it comes to machine learning, one, you have to have a data advantage to be able to execute on machine learning at this level. And we had the data advantage. We executed on getting the machine learning to market. We also had invested over the last decade in building our large-scale data infrastructure, which is a key component of machine learning.

感謝 Brian 的提問。關於第一點，說到機器學習，首先，你必須擁有數據優勢才能在這種層面上實現機器學習。我們擁有數據優勢。我們致力於將機器學習推向市場。過去十年，我們還投資建構了大規模資料基礎設施，這是機器學習的關鍵組成部分。

Now where it is today, once you put these software programs out, there's a couple of areas where you get leverage to grow them. One is just getting more clients into our platform will continue to expand the business model. Two is the first-party data continuing to scale, giving us that exclusive data will continue to power that machine learning to become more accurate and allow us to get more growth in that business model. And then the third is, of course, we've got data scientists and machine learning engineers working on improving the algorithms all the time. Those 3 pieces are all really early stages. So we see a lot of upside in that technology.

就目前情況而言，一旦這些軟體程式推出，你就可以從幾個方面獲得發展空間。首先，吸引更多客戶加入我們的平台，這將繼續拓展我們的商業模式。其次，第一方資料規模的持續擴大，這些獨家數據將繼續協助機器學習，使其更加精準，並協助我們在該商業模式中實現更大成長。第三，當然，我們的資料科學家和機器學習工程師一直在致力於改進演算法。這三個面向都處於非常早期的階段。因此，我們認為這項技術具有巨大的發展潛力。

And then you brought up taking market share. We don't look at the ecosystem as we're executing on AXON, and we're taking market share from peers. As you know, a couple of our direct peers have been in the public markets recently and just reported their first quarter earnings. We're all doing very well. The way this ecosystem works is when something like AXON happens, we're driving more value to our clients. And as our clients grow, and as our own studios grow, the TAM just grows with it. And all of the companies in the ecosystem have different models, different algorithms and different data, and all of us end up growing with that. And that's what makes this market so exciting.

然後你提到了搶佔市場份額。我們在執行AXON專案時，並沒有考慮生態系統，而是從同行搶佔市場份額。如你所知，我們的一些直接同行最近已經上市，並且剛剛公佈了第一季業績。我們目前都做得很好。這個生態系統的運作方式是，當像AXON這樣的專案發生時，我們就能為客戶創造更多價值。隨著我們客戶的成長，以及我們自己的工作室的發展，TAM也會隨之成長。生態系統中的所有公司都有不同的模型、不同的演算法和不同的數據，我們最終都會隨之成長。這就是這個市場如此令人興奮的原因。

On the other question around applying AXON or machine learning specifically to games, it's a great point. And frankly, we started our games business 3 years ago. We're really new into content. And the intent of that games business was to get first-party data at scale to power our advertising business. We've been busy building AXON and applying it to the advertising side, so we haven't had the time yet to go apply it to the game side of the business. We think that presents us an immense opportunity for growth as we go forward, and it's work that we're actively working on today.

關於將 AXON 或機器學習具體應用於遊戲的另一個問題，這是一個很好的觀點。坦白說，我們三年前就開始了遊戲業務。我們在內容方面還很新。遊戲業務的目的是獲取大規模的第一方數據來支持我們的廣告業務。我們一直忙於建立 AXON 並將其應用於廣告業務，所以還沒有時間將其應用於遊戲業務。我們認為這為我們未來的發展提供了巨大的成長機會，這也是我們目前正在積極開展的工作。

Your next question comes from the line of Jason Bazinet with Citi.

您的下一個問題來自花旗銀行的 Jason Bazinet。

You guys have been pretty consistent in your messaging about wanting to do M&A, and you've done some more today. But I guess my longer-term question is do you feel like it's mostly done on the ad tech side, and more of what you're going to do is more about buying apps or games. Is that the way to think about it? Or do you still think there are other pieces of the puzzle on the tech side?

你們一直在傳遞著想要進行併購的訊息，今天又做了一些。但我想問的長期問題是，您是否覺得目前主要集中在廣告技術方面，而未來更多的是收購應用程式或遊戲？是這樣嗎？還是您仍然認為技術方面還有其他方面的挑戰？

I think the way we look at it is the content side is just natural. If we've got clients on the platform, whether they're gaming or they're nongaming and they've got content and they need a growth partner, then we can be acquisitive and really help facilitate their growth and facilitate our goal of accumulating more first-party data into our engine.

我認為我們看待內容方面的方式很自然。如果我們的平台上有客戶，無論他們是遊戲玩家還是非遊戲玩家，他們有內容，並且需要一個成長合作夥伴，那麼我們就可以進行收購，真正幫助他們實現成長，並幫助我們實現將更多​​第一方資料累積到引擎中的目標。

On the software side, it's much more opportunistic. If you look at every -- the 3 deals we've done on that side, MAX, SafeDK and Adjust, they were all to go acquire software that our studios used or our platform could utilize to expand the offering to the marketplace. And we'll continue to look for those opportunities that we think there are opportunities to be acquisitive to augment the offering that we've got in the market.

在軟體方面，機會更多。看看我們在這方面完成的三筆交易——MAX、SafeDK 和 Adjust，它們都是為了收購我們工作室或平台所使用的軟體，以擴展我們向市場提供的產品。我們將繼續尋找那些我們認為有機會進行收購的機會，以增強我們在市場上的產品。

Your next question comes from the line of Ryan Gee with Bank of America.

您的下一個問題來自美國銀行的 Ryan Gee。

Two, if I may. I think the consumer business is very strong, accelerating to over 3x year-over-year, well ahead of our expectations. I think the complacent investor might view that as just a gaming company benefiting from the pandemic. But is there a way that you can maybe tie in how the strength there is actually a direct reflection of the power of your platform to drive monetization and discovery for your first-party apps?

第二，如果可以的話。我認為消費者業務非常強勁，年成長超過3倍，遠超我們的預期。我認為自滿的投資者可能會認為這只是一家遊戲公司從疫情中獲益。但是，您能否將消費者業務的強勁表現與平台推動第一方應用獲利和曝光度的能力聯繫起來？

And then secondly, just on the outlook real quick. It seems like that was also well ahead of what we were expecting in absolute terms. But regarding the profit margin of the business, can you talk about the factors influencing the year-over-year trends there in margins? How much of this is evolving revenue mix versus incremental investments to grow software or grow apps?

其次，簡單談談前景。從絕對值來看，這似乎也遠遠超出了我們的預期。但關於業務的利潤率，您能否談談影響利潤率同比趨勢的因素？其中有多少是收入結構的變化，還是為了發展軟體或應用程式而進行的增量投資？

Thanks, Ryan. I'll jump on the first, and I'll let Herald handle the second. On the first point, really, of course, we know the pandemic was beneficial for many gaming companies. But I think there's a little bit of a disconnect on the types of games that benefited. Our games are predominantly casual mobile games. If you look at some of the oldest titles in our library that we own, a game like Wordscapes, that game is played on the go. And when we have the pandemic hit, we're all sitting at home, we had plenty more time on our hands. Console gaming really benefited the most. And then the second benefit was to be deeply engaging metaverse-type games on mobile.

謝謝，Ryan。我先談第一個問題，第二個問題交給 Herald 處理。關於第一個問題，我們當然知道疫情對許多遊戲公司有利。但我認為，受益的遊戲類型略有不同。我們的遊戲主要是休閒手遊。如果你看看我們柯瑞一些最老的遊戲，像是《Wordscapes》，就知道這款遊戲是隨時隨地玩的。疫情來襲時，我們都待在家裡，有充足的空閒時間。主機遊戲確實受益最大。第二個好處是，在行動裝置上可以體驗到引人入勝的元宇宙類遊戲。

The casual games didn't see much of an uptick. If you look back at the growth of our content, you could see a direct correlation to when we launched AXON, and we gave you that on that TSTV stat, too. You can see the acceleration and the difference between the total TSTV and the third-party clients on our platform. That difference is us spending on our own platform to grow our apps.

休閒遊戲的成長幅度不大。回顧我們內容的成長，你會發現它與我們推出 AXON 時有直接關聯，我們在 TSTV 統計數據中也提到了這一點。你可以看到我們平台上 TSTV 總量和第三方客戶端之間的加速成長和差異。這個差異就是我們在自有平台上投入的資金，用來發展我們的應用。

Pre-AXON, frankly, we just weren't as successful at growing our own apps because we didn't have that software at the level of efficiency that it is today. Now, today, with that software running at the capacity it's running at, we're accelerating every part of our business. The content grows because we're able to grow the spend through our own platform and through other channels utilizing our software. And then that content and feedback data, which makes the software more accurate, and then the software grows the content. So we've really unlocked that flywheel effect that we highlighted in our S-1 only dating back 6 months ago, and that's what we're so excited about looking forward.

坦白說，在收購AXON之前，我們在開發自有應用程式方面並不成功，因為我們當時的軟體效率不如現在。現在，隨著軟體的全面運行，我們正在加速業務的各個方面。內容的成長是因為我們能夠透過自有平台和其他利用我們軟體的管道增加支出。然後，這些內容和回饋數據讓軟體更加精準，進而軟體進一步豐富了內容。所以，我們真正釋放了六個月前在S-1文件中強調的飛輪效應，這正是我們充滿期待的原因。

Ryan, thanks for the second question as well, which I'll address. Yes. Again, in terms of the guidance and the margin structure and how that progresses, we're confident in our top line growth rates across the board. As we mentioned, again, we show that in this quarter with 90% on software, 57% on business apps and 215% growth on consumer apps.

Ryan，也謝謝你的第二個問題，我會回答的。是的。再次強調，就業績指引、利潤結構以及未來發展而言，我們對整體營收成長率充滿信心。正如我們之前提到的，本季軟體業務成長了90%，商業應用成長了57%，消費者應用成長了215%。

And so as we build out the year, we see each one of those businesses continuing to grow. And as we're able to grow and scale over our cost structure, our margins do expand. And so composition is important to follow as well, and certainly, in this first quarter, with Project Makeover, we had more, as you noted, more consumer app revenue, which did increase that side and also increased cost of goods sold on that piece of revenue.

因此，隨著我們今年的進展，我們看到每項業務都在持續成長。隨著我們能夠擴大規模並優化成本結構，我們的利潤率也確實在提升。因此，專注於業務結構也很重要。當然，在第一季度，隨著「改造計畫」的實施，正如您所說，我們的消費者應用收入有所增加，這確實增加了這部分收入，同時也增加了這部分收入的銷售成本。

So we see for our full year guidance, at 26% margin, we do see our software business accelerating relative to the other businesses, as you also saw in this first quarter and I think relative to most of your models that you published earlier this week. And so we're confident in the top line, just given all the aspects of the business that we're executing against and then having margins expand as we continue to scale over our cost structure as well as the mix of the business continues to accelerate on the software side.

因此，我們預計全年利潤率將達到26%，軟體業務相對於其他業務確實正在加速成長，正如您在第一季所看到的，而且我認為這與您本週稍早發布的大多數模型相符。因此，我們對營收充滿信心，考慮到我們正在執行的各項業務，以及隨著我們繼續擴大成本結構以及軟體業務組合的持續加速，利潤率也將不斷提升。

Your next question comes from the line of Youssef Squali with Truist Securities.

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

Great. Guys, congrats on your inaugural earnings call. So 2 questions, if I may. First, for games you acquire, can you just speak to maybe a typical lift in growth to their revenues, how long until they peak? I realize it's probably early until most of the peak, but to those that may have had -- and what's kind of the decline curve for some of these maybe earlier games? That's a question that we've actually gotten from a number of investors earlier this week.

太好了！各位，祝賀你們首次財報的電話會議圓滿成功。請容許我問兩個問題。首先，對於你們收購的遊戲，能否談談它們的收入成長通常會帶來怎樣的提升？它們多久才能達到頂峰？我知道現在可能還不到頂峰，但對於那些可能已經達到頂峰的遊戲來說——其中一些可能更早的遊戲的下滑曲線是什麼樣的？這個問題我們本週稍早已經收到一些投資人的提問。

And then second, can you speak to the nongaming opportunity, especially now that you own Adjust? How quickly do you start moving in that direction? And Any verticals that excite you? Or I guess what are the verticals that excite you the most? If you can comment on that.

第二，您能談談非遊戲領域的機會嗎？尤其是在您擁有 Adjust 之後？您多快開始朝這個方向發展？有哪些垂直領域讓您感到興奮？或者說，哪些垂直領域最讓您感到興奮？請您評論一下。

Thanks, Youssef. On the acquisition side, we put in the S-1 data around the acquisitions that we had for over a year. But we are just so fresh in the strategy. So we haven't had a lot of time with a lot of the games in the portfolio. We typically, in the first 12 months, when we measure it on average, grow these businesses over 100% once they come on to the platform.

謝謝，尤素夫。在收購方面，我們把一年多來收購的S-1數據納入了其中。但我們對這個策略還比較陌生，所以還沒有太多時間去了解投資組合中的許多遊戲。通常情況下，在前12個月，當我們進行平均衡量時，這些業務一旦上線平台，就會成長100%以上。

Now there's something interesting about our acquisition strategy is that we don't buy to sit on top of the EBITDA that they previously had. Most gaming companies don't operate in an aggressive marketing fashion because they're sensitive to generating cash flow. Our objective with the content business is not to generate cash flow or material cash flow from the content business yet. The objective from the content business is to grow the games to as large as possible to get as much transactional data that we can get from the customers playing our games and use that data in a behavioral and privacy safe manner in our ad algorithm, which accelerates our business and has exceptionally high software margins.

我們的收購策略有一點很有趣，那就是我們收購不是為了坐擁他們之前的EBITDA。大多數遊戲公司不會採取激進的行銷方式，因為他們對產生現金流很敏感。我們內容業務的目標還不是從內容業務產生現金流或實質現金流。內容業務的目標是盡可能擴大遊戲規模，以便從玩遊戲的用戶那裡獲取盡可能多的交易數據，並以行為和隱私安全的方式將這些數據用於我們的廣告演算法，這將加速我們的業務，並帶來極高的軟體利潤率。

And so we operate that way. We're growing these games through their life cycle where when they're early, they can grow to a ceiling in revenue. Eventually, the cohorts that you're accumulating stack up on top of each other, and the games become cash flow businesses. So over time, as our game business continues to become bigger and bigger, we will get to a point where it will also become a high contributor of margin to the business. But right now, we're focused on growth, and we've been able to execute on that strategy across almost every single one of the acquisitions we've made.

我們就是這樣運作的。我們透過遊戲的生命週期來推動其發展，在早期階段，它們的收入可能會達到上限。最終，玩家群體會逐漸積累，遊戲變成了現金流業務。因此，隨著時間的推移，隨著我們的遊戲業務規模不斷擴大，最終也將成為公司利潤的主要貢獻者。但目前，我們專注於成長，幾乎在每一次收購中都貫徹了這項策略。

On the second question, when it comes to nongaming, of course, exclusively, for most of the company's history, we've been focused on gaming companies. That's not because our technology was specifically geared towards gaming. It's also not because our data or machine learning is geared towards gaming. The data that we have in our business is built on top of this casual audience that we have across all of our games and then also that male-centric strategy player, which is a very high-value category of consumer for many advertisers outside gaming. But the nongaming businesses require companies to sell into them, to explain to them that there's an opportunity on our platform for them to go execute a growth strategy. To date, we've never had a sales force, and Adjust brings us 300 seasoned salespeople who know how to sell software in the ecosystem. They have over 3,000 clients, and 40% of those enterprise clients are nongaming companies. We're already executing on the strategy there of being able to bring nongaming companies onto our platform. It's the fastest-growing category of company that's coming on to the platform today.

關於第二個問題，說到非遊戲領域，當然，在公司的大部分發展歷程中，我們一直專注於遊戲公司。這並不是因為我們的技術專門針對遊戲，也不是因為我們的數據或機器學習是針對遊戲的。我們業務的數據建立在我們所有遊戲中的休閒用戶以及以男性為中心的策略玩家的基礎上，而男性玩家對許多遊戲以外的廣告商來說是一個非常高價值的消費者群體。但非遊戲業務需要公司向他們銷售產品，向他們解釋我們的平台為他們提供了實施成長策略的機會。到目前為止，我們從未擁有過銷售團隊，而Adjust為我們帶來了300名經驗豐富的銷售人員，他們知道如何在生態系統中銷售軟體。 Adjust擁有超過3000家客戶，其中40%的企業客戶是非遊戲公司。我們已經在執行將非遊戲公司引入我們平台的策略。這是目前進入該平台的成長最快的公司類別。

And just to give you a sense of one case study of why we were really excited about the Adjust transaction and the potentially leveraged financial profile that we can build off of that sales force cross-selling our product against their clients, when we went and assessed that transaction, we did one case. To really build the case internally on why this is potentially so valuable, we took a health and fitness subscription app and took that, put it on our platform. The company is paying Adjust today $3,000 a month. They went live on our platform about 90 days ago, and they're now yielding us close to $500,000 a year or $40,000 a month. We're not to say that every one of Adjust's clients that amount to over $100 million a year SaaS business are going to convert at 13x revenue dollars to our platform, but we're very excited about the cross-sell opportunity, especially when it comes to nongaming.

為了讓您了解為什麼我們對Adjust交易如此興奮，以及我們可以利用銷售團隊向其客戶交叉銷售我們的產品來構建潛在的財務狀況，我們評估這筆交易時，做了一個案例。為了在內部真正建立這筆交易的潛在價值，我們選擇了一個健康和健身訂閱應用程式，並將其放到我們的平台上。該公司目前每月向Adjust支付3000美元。這款應用程式大約90天前在我們的平台上線，現在每年為我們帶來近50萬美元或每月4萬美元的收益。我們並不是說Adjust所有年收入超過1億美元的SaaS客戶都會以13倍的收入轉化為我們的平台收入，但我們對交叉銷售機會感到非常興奮，尤其是在非遊戲領域。

Youssef, if I can go back to your question on the game side, you'd asked about just the decline rate. What we're finding with these casual games is -- once we get them launched, we do grow them. Once we own them, launch new games. They reach peaks. They do plateau at some level. But they do last for a very long period of time. You'll see in our letter for Q1, we show existing studios from Q1 of 2020 to Q1 of '21. Existing studios were able to grow at a 91% rate. And so even after a year, they continue to grow because of our software and because of our marketing expertise.

尤素夫，我可以回到你關於遊戲方面的問題嗎？你剛才問的是下滑率。我們發現，這些休閒遊戲一旦上線，就會持續成長。一旦我們擁有了它們，就會推出新遊戲。它們會達到頂峰，也會在某個階段進入平台期，但會持續很長一段時間。你會在我們第一季的信函中看到，我們展示了從2020年第一季到2021年第一季的現有工作室情況。現有工作室的成長速度高達91%。因此，即使一年後，由於我們的軟體和行銷專業知識，它們仍在繼續成長。

And so we're trying to build these cohorts. As Adam said, we're only 3 years into this. So we start layering these annual cohorts, and they start building up. The great thing behind that, too, is that the content business then starts to generate even higher margins because we're not going out and have to buy a lot of that revenue stream that's been already paid for. Overall, the games business grew, for those 2, to 141%. So still the new pieces that we've added, that we acquired added more growth but at 91% growth on existing games, we think those -- that type of layering will allow us to continue to compound growth on the content side.

所以我們正在努力打造這些用戶群。正如Adam所說，我們才剛開始三年。所以我們開始將這些年度用戶群分層，然後他們就開始壯大。這背後還有一個好處，就是內容業務開始產生更高的利潤率，因為我們不用再購買大量已經付費的收入來源。整體而言，遊戲業務在這兩年內成長了141%。我們新增的、收購的遊戲仍然帶來了更多的成長，但考慮到現有遊戲91%的成長率，我們認為這種分層模式將使我們能夠繼續在內容方面實現複合成長。

(Operator Instructions) Your next question comes from the line of Martin Yang with Oppenheimer & Company.

（操作員指示）您的下一個問題來自奧本海默公司的馬丁楊。

My first question is on your acquisition targets. When you think about the content you're going to acquire and how that aligns with your first-party data strategy, do you intentionally pick out like the missing genres or trying to sell out the full spectrum of the most popular genres for mobile games?

我的第一個問題是關於你們的收購目標。在考慮收購的內容以及如何將其與你們的第一方數據策略相結合時，你們會特意挑選一些缺失的類型，還是會嘗試將所有最受歡迎的手遊類型都賣光？

Martin, yes, that's a good point and a good catch. If you look at our acquisition strategy historically, we've targeted a whole bunch of different genres, and that wasn't by coincidence. Fundamentally, we want content that's appealing to every single one of the 400 million-plus daily active users we see on the platform so that we can build first-party data relationships with those consumers. And we've been able to execute on that strategy really efficiently.

馬丁，是的，這是一個很好的觀點，也是一個絕佳的切入點。如果你回顧我們以往的受眾獲取策略，你會發現我們瞄準了各種不同類型的內容，這並非偶然。從根本上來說，我們希望內容能吸引平台上超過4億的每日活躍用戶，這樣我們就能與這些消費者建立第一方數據關係。而且，我們能夠非常有效率地執行這項策略。

We're at a point now where we've got content for everyone. And so now the strategy is just scaling that content. The bigger we get on the content side, the better our software gets. The better our software gets, the more growth we get on the content side. And so we're really excited about getting to this point where now we've got titles after the slots transaction that we just announced across every single major genre in mobile gaming.

我們現在已經達到了為每個人提供內容的階段。所以現在的策略就是擴大內容規模。內容越豐富，我們的軟體就越好。軟體越好，內容方面的成長就越快。所以，我們非常高興能夠達到這樣的水平：在剛剛宣布的老虎機遊戲交易之後，我們的遊戲已經涵蓋了行動遊戲領域的所有主要類型。

Got it. So related to that question, do you apply the same strategy with maybe different geographies? Because in my understanding, some -- player behavior might differ a little bit in between different regions.

明白了。那麼，關於這個問題，你會在不同的地區採取相同的策略嗎？因為據我了解，不同地區的玩家行為可能會略有不同。

Yes. That's for sure true. International is actually one of our big growth vectors. So far, the U.S. has made up a majority of our revenue. Tier 1 English-speaking markets is the focus. Japan is actually our second biggest market. And to your point, some games will overlap with the Japanese audience, but culturally, there are some games that are specific to it. And then China is a whole another vector that's just unique to itself, half the world's gaming audience an opportunity but contained within the country. We think these international expansion points present a big opportunity for growth in the future for [us].

是的，確實如此。國際市場實際上是我們重要的成長點之一。到目前為止，美國市場佔據了我們大部分的收入。一級英語市場是我們關注的重點。日本其實是我們的第二大市場。正如您所說，有些遊戲與日本玩家群體重疊，但從文化角度來看，有些遊戲是專門針對日本玩家的。中國市場是另一個獨特的成長點，它擁有全球一半的遊戲玩家，但其市場範圍僅限於中國。我們認為，這些國際擴張點為我們未來帶來了巨大的成長機會。

One more question, if I may. Can you maybe comment on the user acquisition environment in the first quarter, whether you see anything unique or different than usual as most publishers are preparing for the IDFA impact?

如果可以的話，我還有一個問題。您能否評論一下第一季的使用者獲取環境？由於大多數出版商都在為 IDFA 的影響做準備，您是否看到了一些與以往不同或獨特的情況？

We haven't seen any changing trends. If you look at our TSTV stat, you'll see a lot of our user acquisition does flow through our own platform. So that does make us a little bit unique in terms of having this perspective, but we do spend a lot on other channels as well. I would say the marketplace itself continues to expand in potential applications that can market on marketing platforms. And this is why we're really excited about potentially new clients and new categories on our software platform. Things like fintech have been exploding in competitiveness in ad auctions with crypto-based apps spending a lot of money. And these are just all new concepts to us in our software platform. We haven't gone out and sold these companies to buy with us yet, but we're actively executing on that strategy when it comes to our platform.

我們沒有看到任何變化的趨勢。如果你看看我們的TSTV統計數據，你會發現很多用戶獲取確實來自我們自己的平台。這確實讓我們在這個視角上有些獨特，但我們在其他管道也投入了大量資金。我想說，市場本身不斷擴大，潛在的應用程式可以在行銷平台上進行行銷。這就是為什麼我們對我們軟體平台上潛在的新客戶和新類別感到非常興奮。金融科技等行業的廣告競價競爭呈爆炸式增長，基於加密貨幣的應用程式投入了大量資金。這些對於我們的軟體平台來說都是全新的概念。我們還沒有主動出擊，將這些公司出售給我們，但我們正在積極地在我們的平台上執行這項策略。

Your next question comes from the line of Ralph Schackart with William Blair.

您的下一個問題來自威廉布萊爾的拉爾夫沙卡特 (Ralph Schackart)。

On the Consumer business, which overall was much stronger than expected, in particular, at least relative to our model, you had a very strong MAP number. Just curious how much of that might have been driven by Project Makeover versus just the broader portfolio set of games performing well versus, perhaps, any improvements that you had in the software platform.

消費者業務整體表現遠超預期，至少相對於我們的模型來看，你們的MAP數據非常強勁。我很好奇，這其中有多少可能是由「改造計畫」推動的，還是只是更廣泛的遊戲組合表現良好，又或者是因為你們在軟體平台上的任何改進。

Yes. So I can handle that. And then if Herald knows the exact split, he can give it to you. But for the most part, the way we look at our content portfolio is at any given time, the content that's newer, that's fresher is going to be what we're going to be able to accelerate the growth of. And Project Makeover launched in November. It accelerated to -- today, it's a top 15 grossing game. So certainly, it's feeding a whole bunch of consumers that are transacting back into our systems. But it launched in November, and that was 3 months after we launched AXON. And really, the growth in that game was facilitated from how well our software is performing, and it just fed back into the system.

是的，我可以處理。如果 Herald 知道具體的分成比例，他可以告訴你。但在大多數情況下，我們看待內容組合的方式是，在任何時候，更新、更新鮮的內容都是我們能夠加速成長的內容。 Project Makeover 於 11 月推出。它發展迅速——如今，它已成為暢銷遊戲前 15 名。所以，它無疑為大量消費者帶來了交易，這些消費者又回到了我們的系統中。但它是在 11 月推出的，而那時我們推出 AXON 已經三個月了。實際上，這款遊戲的成長得益於我們軟體的良好表現，而這種良好表現又回饋到了系統中。

So what we're really excited about is that you see that MAP number grow. The most important data that really drives the success of ad algorithms for any company is if you can accumulate scaled transactional data. When you understand what the consumer is interested in purchasing, you can give them much more relevant advertising. And when consumers purchase in Project Makeover, we're able to take that MAP data, anonymize it and use that behavioral signal back in our ad algorithm, and that facilitates expansion in everything. And that's why you're seeing our business growing so quickly in Q1.

所以，真正讓我們興奮的是，MAP 數據的成長。對於任何公司來說，真正推動廣告演算法成功的關鍵數據是累積規模化的交易數據。當你了解消費者感興趣的購買內容時，你就能提供他們更相關的廣告。當消費者在 Project Makeover 中購​​買時，我們能夠取得這些 MAP 數據，進行匿名化處理，並將這些行為訊號應用於我們的廣告演算法，這有助於我們業務的全面擴展。這就是為什麼我們在第一季業務成長如此迅速的原因。

Ralph, it's Herald. Yes, Certainly, Product Makeover had a big impact in our first quarter in consumer revenue. But even when excluding Project Makeover from consumer in the quarter, we still grew it at a very, very high rate. So almost a triple-digit -- maybe actually to slightly over triple-digit rate on everything else. And that's really due to the fact, what Adam is referring to, the overall platform also improved, right, at the same time, with the launch of AXON underlying a lot of our own marketing spend. And we increased our percentage of our own spending on our platform. Instead, that improves the consumer base overall, but certainly nice to have Project Makeover included to get to that 200% plus growth rate.

拉爾夫，我是《先驅報》。是的，產品改造專案對我們第一季的消費者收入產生了巨大影響。即使本季將產品改造專案從消費者收入中剔除，我們的產品改造專案仍然實現了非常非常高的成長。幾乎是三位數——實際上，其他所有項目的成長速度可能略高於三位數。這實際上是由於亞當提到的事實，即整體平台也得到了改進，對吧，與此同時，AXON 的推出也為我們帶來了大量的營銷支出。我們也增加了平台自有資金的佔比。這實際上改善了整體消費者群體，但將產品改造項目納入其中，實現 200% 以上的成長率無疑是件好事。

Ladies and gentlemen, there are no further questions at this time. I would like to turn the floor back over to management for closing comments.

女士們，先生們，現在沒有其他問題了。我想把發言權交還給管理階層，請他們發表最後評論。

We just wanted to thank everyone for spending time with us and really getting to know our business, and we'll look forward to talking to you all more on callbacks and at next quarter's earnings call. We are thrilled with where our business is at. We don't know of many other companies in this environment that are growing revenue and EBITDA triple digits this Q1 versus last year's Q1. We're executing on all cylinders, and we see a road map to growth for many years to come, and we're excited for you all to learn more about our business as we go forward.

我們只想感謝大家抽出時間與我們交流，並真正了解我們的業務。我們期待在回訪和下個季度的財報電話會議上與大家進行更多交流。我們對目前的業務狀況感到非常興奮。在這種環境下，我們不知道有多少公司今年第一季的營收和息稅折舊攤提前利潤（EBITDA）比去年同期成長了三位數。我們正在全力以赴，並且看到了未來多年的成長路線圖，我們期待大家能夠更多地了解我們的業務發展。

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

今天的發表會到此結束。各位現在可以斷線了。感謝各位的參與。