Applovin Corp (APP) 2021 Q4 法說會逐字稿

Greetings. Welcome to AppLovin Corp.'s Fourth Quarter and Full Year 2021 Earnings Results Conference Call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加 AppLovin Corp. 的 2021 年第四季度和全年收益結果電話會議。 （操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to Ryan Gee, Head of Investor Relations and Strategic Finance for AppLovin. Thank you. You may begin.

我現在將會議轉交給 AppLovin 投資者關係和戰略財務主管 Ryan Gee。謝謝你。你可以開始了。

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

謝謝雪莉，歡迎大家參加 AppLovin 的截至 2021 年 12 月 31 日的季度財報電話會議。今天和我一起討論我們業績的還有我們的聯合創始人、首席執行官兼主席 Adam Foroughi；和我們的總裁兼首席財務官 Herald Chen。

Please note our SEC filings, earnings release and shareholder letter discussing our 4Q and 2021 performance are available at investors.applovin.com.

請注意，我們的 SEC 文件、收益發布和討論我們第四季度和 2021 年業績的股東信函可在 Investors.applovin.com 上查閱。

During today's call, we may be making forward-looking statements regarding future events and the future financial performance of the company. These statements are based on assumptions and beliefs, and we assume no obligation to update them. Actual results may differ materially from those results predicted here today. 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，我們可能會就未來事件和公司未來的財務業績做出前瞻性陳述。這些陳述基於假設和信念，我們不承擔更新它們的義務。實際結果可能與今天在這裡預測的結果大不相同。請查看我們最近提交的表格 10-Q 以及我們提交給 SEC 的其他文件中的風險因素，以進一步澄清。

We will also be discussing our non-GAAP financial measures. Reconciliations of GAAP to non-GAAP financial measures are included in our earnings press release, our shareholder letter, our 10-Q and our 10-K to be filed shortly.

我們還將討論我們的非公認會計原則財務措施。 GAAP 與非 GAAP 財務指標的對賬包含在我們的收益新聞稿、我們的股東信函、我們的 10-Q 和我們即將提交的 10-K 中。

Please be sure to review those reconciliations as non-GAAP measures are not intended to be a substitute for or superior to our GAAP results. This conference call is being recorded, and a replay will be available on our IR website shortly.

請務必查看這些對賬，因為非 GAAP 措施並非旨在替代或優於我們的 GAAP 結果。本次電話會議正在錄音中，很快將在我們的 IR 網站上提供重播。

With that, I'll now turn it over to Adam.

有了這個，我現在把它交給亞當。

Thanks, Ryan, and thank you all for joining us today.

謝謝，瑞安，感謝大家今天加入我們。

I'm pleased to report record fourth quarter financial results. I'm even more excited by where our software business is heading and our potential in 2022 and beyond. I want to highlight 2 reasons why we confidently raised our software revenue outlook for 2022 and why we believe we can grow to approximately $2 billion in software revenue in 2023.

我很高興報告創紀錄的第四季度財務業績。我對我們的軟件業務的發展方向以及我們在 2022 年及以後的潛力感到更加興奮。我想強調我們自信地提高 2022 年軟件收入前景的兩個原因，以及為什麼我們相信我們可以在 2023 年將軟件收入增長到約 20 億美元。

First, the compounding of our software platform business exiting 2021. It's hard to fathom, but we have nearly 3x as many clients using our solution to grow their businesses today versus last year. And our software platform revenue was larger in the fourth quarter than for all of 2020 and grew 27% quarter-over-quarter. This marked our third consecutive quarter of double-digit sequential growth and significantly higher growth than all other industry peers.

首先，我們的軟件平台業務將在 2021 年結束。這很難理解，但與去年相比，我們現在使用我們的解決方案來發展業務的客戶數量是去年的近 3 倍。我們的軟件平台收入在第四季度高於 2020 年全年，環比增長 27%。這標誌著我們連續第三個季度實現兩位數的連續增長，並且顯著高於所有其他行業同行。

AppDiscovery continues to perform very well and consistently delivers against our clients' ROI goals. That is why we had over 200% net dollar-based revenue retention for our existing clients, which provides a solid foundation for a robust organic growth rate to persist in '22 and beyond. Also consider our sales force is still ramping and that AXON just turned 1 year old last quarter.

AppDiscovery 繼續表現出色，並始終如一地實現我們客戶的 ROI 目標。這就是為什麼我們為現有客戶保留了超過 200% 的基於美元的淨收入保留，這為在 22 年及以後保持強勁的有機增長率奠定了堅實的基礎。還要考慮到我們的銷售人員仍在增加，而 AXON 上個季度剛滿 1 歲。

Second, the integration of MoPub. We've seen amazing progress to date integrating MoPub features, publishers and demand partners. The number of apps monetizing with MAX is up over 60% since we announced the deal. And over 90% of the largest publishers for MoPub are actively integrating our unified offering.

二是MoPub的整合。迄今為止，我們已經看到了集成 MoPub 功能、發布者和需求合作夥伴的驚人進展。自我們宣布交易以來，通過 MAX 獲利的應用數量增加了 60% 以上。超過 90% 的最大 MoPub 出版商正在積極整合我們的統一產品。

The AppLovin Exchange will enable many new DSPs and bidders to work with MAX. These demand partners generated the vast majority of MoPub's revenue, but they didn't have direct access to MAX publishers before. As they come online through our unified platform, which will be over twice as big as MoPub, we expect these partnerships to deliver a compelling revenue opportunity in '22 and beyond.

AppLovin Exchange 將使許多新的 DSP 和投標人能夠與 MAX 合作。這些需求合作夥伴創造了 MoPub 的絕大部分收入，但他們之前無法直接接觸 MAX 出版商。當他們通過我們的統一平台上線時，該平台將是 MoPub 的兩倍多，我們預計這些合作夥伴關係將在 22 年及以後提供引人注目的收入機會。

We believe to operate a fast-growing business successfully over the long term, we need to be executing against our current opportunities and also be building products that can be catalysts for growth years into the future. I'm very proud of our team because in addition to executing on all of our current initiatives, we're building products in big markets, such as blockchain and NFTs for mobile content, marketing solutions for mobile OEMs and carriers, and enabling performance marketing in the fast-growing CTV market. These categories have similarities to the business and technologies we've already built and success in any one of these can meaningfully expand our business. We look forward to sharing our progress on these initiatives and others as they develop.

我們相信，要長期成功地經營快速增長的業務，我們需要抓住當前的機遇，並構建可以成為未來增長催化劑的產品。我為我們的團隊感到非常自豪，因為除了執行我們當前的所有計劃外，我們還在大市場構建產品，例如用於移動內容的區塊鍊和 NFT，為移動 OEM 和運營商提供營銷解決方案，並支持績效營銷在快速增長的 CTV 市場中。這些類別與我們已經建立的業務和技術有相似之處，其中任何一項的成功都可以有意義地擴展我們的業務。我們期待在這些舉措和其他舉措的發展過程中分享我們的進展。

With that, let me turn it over to Herald to provide color on our numbers and outlook.

有了這個，讓我把它交給先驅報，為我們的數字和前景提供顏色。

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

謝謝，亞當，感謝大家抽出時間加入我們。

As Adam noted, we had a very solid Q4 and an outstanding 2021. In 2021, we not only had great financial results, where revenue grew more than 90% and adjusted EBITDA grew more than 100%, we were able to fully ramp our AXON machine learning platform, build critical mass in our first-party apps, complete strategic acquisitions in both tech and content, access to public equity markets and private debt markets, and importantly, build out our global team and Board. This positions our company well for future growth.

正如亞當所說，我們的第四季度業績非常穩健，2021 年表現出色。在 2021 年，我們不僅取得了出色的財務業績，收入增長超過 90%，調整後 EBITDA 增長超過 100%，我們還能夠全面提升 AXON機器學習平台，在我們的第一方應用程序中建立臨界質量，完成技術和內容的戰略收購，進入公共股票市場和私人債務市場，重要的是，建立我們的全球團隊和董事會。這為我們公司的未來發展奠定了良好的基礎。

Instead of reading our financial and operating metrics for Q4 and 2021, which are well laid out in our earnings release and shareholder letter, I do want to highlight our outlook for '22 and software target for 2023. First, we plan to grow our scaled software business at over 100% for 2022. We're projecting software platform revenue for 2022 at just over $1.4 billion, at the midpoint of our range, representing 111% year-over-year growth. This is a sizable upward revision from the $1 billion target we gave you earlier in 2021.

我不想閱讀我們在收益發布和股東信中詳細列出的第四季度和 2021 年的財務和運營指標，而是想強調我們對 22 年的展望和 2023 年的軟件目標。首先，我們計劃擴大規模2022 年軟件業務增長超過 100%。我們預計 2022 年軟件平台收入將超過 14 億美元，處於我們範圍的中點，同比增長 111%。與我們在 2021 年早些時候給你的 10 億美元目標相比，這是一個相當大的向上修正。

Our outlook for continued robust growth stems from: one, our strong finish to 2021 and record Q4 '21 results, setting us up well for organic growth in 2022; and two, as Adam mentioned already, our outlook benefits from the solid progress integrating MoPub into MAX.

我們對持續強勁增長的展望源於：一，我們到 2021 年的強勁收官和創紀錄的 21 年第四季度業績，為 2022 年的有機增長奠定了良好基礎；第二，正如亞當已經提到的，我們的前景受益於將 MoPub 集成到 MAX 中的堅實進展。

While going forward, we won't be reporting on MoPub stand-alone since it is being fully integrated into the MAX platform, we continue to believe the MoPub acquisition should be a highly accretive and strategically impactful investment for our company in the near term and over the long term, as evidenced by our software guidance for '22 and '23, which I'll come to in a second.

展望未來，我們不會單獨報告 MoPub，因為它已完全集成到 MAX 平台中，我們仍然認為 MoPub 收購在短期內對我們公司來說應該是一項具有高度增值性和戰略影響力的投資，並且從長遠來看，正如我們對 '22 和 '23 的軟件指南所證明的那樣，我稍後會談到。

I do want to call out that we expect to pay approximately $200 million in migration fees to publishers coming on to the MAX platform, mostly in the first quarter. Given these costs are related to the MoPub transaction, we plan to add back a substantial portion of that amount to our adjusted EBITDA. Post the MoPub acquisition, we would not be adding back those fees in the ordinary course.

我確實想指出，我們預計將向使用 MAX 平台的出版商支付大約 2 億美元的遷移費用，主要是在第一季度。鑑於這些成本與 MoPub 交易有關，我們計劃將大部分金額加回我們調整後的 EBITDA。收購 MoPub 後，我們不會在普通課程中加回這些費用。

With regard to our '23 outlook for software, given all the progress we've made to date and the many opportunities we see ahead, we are working hard to reach the $2 billion of software revenue in 2023, as Adam mentioned. On the app side, our outlook is for $2.2 billion in 2022, at the midpoint of our range. It is amazing to say we had negligible apps revenue just 4 years ago and now have a multibillion-dollar business with an awesome set of studios and developers around the globe.

關於我們對軟件的 23 年展望，鑑於我們迄今為止取得的所有進展以及我們看到的許多未來機遇，正如亞當所說，我們正在努力在 2023 年實現 20 億美元的軟件收入。在應用程序方面，我們的預期是 2022 年 22 億美元，處於我們範圍的中點。令人驚訝的是，僅僅在 4 年前，我們的應用程序收入微不足道，而現在我們擁有數十億美元的業務，並在全球擁有一群很棒的工作室和開發人員。

While we've reached critical mass to drive first-party data -- the first-party data we need for our machine learning engine, we are continuing to make substantial investments in new content and are planning to release new first-party apps with evergreen potential over the next several quarters.

雖然我們已經達到驅動第一方數據的臨界質量——我們的機器學習引擎所需的第一方數據，但我們將繼續對新內容進行大量投資，併計劃發布具有常青樹的新第一方應用程序未來幾個季度的潛力。

The midpoint of our outlook at $2.2 billion assumes modest revenue from new content, given the inherent difficulty in projecting new content performance. We project our new apps to have a more meaningful impact in the second half of '22.

鑑於預測新內容表現的內在困難，我們預期的中點為 22 億美元，假設新內容收入適度。我們預計我們的新應用程序將在 22 年下半年產生更有意義的影響。

Note that if we do have a new hit title, we would ramp our user acquisition to drive revenue as we did with Project Makeover over the last year. As it relates to our EBITDA for '22, we're targeting an adjusted EBITDA margin in the high 20s percent range, up from 21 at 26%.

請注意，如果我們確實有一個新的熱門遊戲，我們將增加我們的用戶獲取以增加收入，就像我們去年在 Project Makeover 所做的那樣。由於它與我們 22 年的 EBITDA 相關，我們的目標是調整後的 EBITDA 利潤率在 20% 的高位範圍內，高於 21% 的 26%。

While Adam and I are focused on compounding free cash flow over the long term, we are and will invest for the long-term value creation rather than near-term profitability.

雖然亞當和我專注於長期復合自由現金流，但我們正在並將投資於長期價值創造，而不是短期盈利能力。

Lastly, and importantly, Adam, Ryan and I would like to thank you for your support in 2021, and please know that we and our AppLovin team are working hard to deliver for all of you in '22 and beyond.

最後，也是重要的一點，Adam、Ryan 和我要感謝您在 2021 年的支持，請知道我們和我們的 AppLovin 團隊正在努力在 22 年及以後為大家提供服務。

With that, we'd be happy to take your questions. Thank you.

有了這個，我們很樂意回答您的問題。謝謝你。

(Operator Instructions) Our first question is from Stephen Ju with Credit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸的 Stephen Ju。

Okay. So Herald, just to kind of follow up on the migration costs of $200 million for 2022, and it looks like there was about $3 million or thereabouts for the fourth quarter. So can you discuss what this expense actually entails? And to your point, I guess, change in mediation platforms are pretty rare. So can you talk about what's actually going on underneath the hood in terms of the nuts and bolts of the migration?

好的。所以先驅報，只是為了跟進 2022 年 2 億美元的遷移成本，看起來第四季度大約有 300 萬美元左右。那麼你能討論一下這筆費用實際上意味著什麼嗎？我想，就您的觀點而言，調解平台的變化非常罕見。那麼，您能否談談遷移的具體細節方面的實際情況？

And Adam, undoubtedly, you've seen sort of the latest privacy-driven changes that Google was talking about for Android. So can you talk about how things might be the same or how things might be different versus what Apple did on iOS?

亞當，毫無疑問，你已經看到了谷歌正在談論的針對 Android 的最新隱私驅動的變化。那麼，你能談談與 Apple 在 iOS 上所做的事情有何相同或不同之處嗎？

Stephen, thanks for the question. Historically, as we said, in the mediation space, there's been little volatility. And people, once they're on a platform, stay there because it is inherently integrated to all your applications. So very, very sticky. And historically, we've not paid these fees in the past. But with the acquisition of MoPub, and MoPub being shut down as a service at the end of this quarter, a lot of publishers needed to move quickly, and there's quite a bit of cost to them actually from a revenue standpoint where they potentially can lose revenue given the speed with which they need to migrate. And there's just cost to get the migration done. And so we negotiated these onetime fees to cover those costs.

斯蒂芬，謝謝你的問題。正如我們所說，從歷史上看，在調解領域幾乎沒有波動。人們一旦進入一個平台，就留在那裡，因為它天生就集成到您的所有應用程序中。非常非常粘。從歷史上看，我們過去沒有支付過這些費用。但隨著對 MoPub 的收購，以及 MoPub 在本季度末作為一項服務被關閉，許多出版商需要迅速採取行動，從收入的角度來看，他們實際上有相當多的成本可能會損失考慮到他們需要遷移的速度。完成遷移只需要成本。因此，我們協商了這些一次性費用以支付這些費用。

Stephen, it's Adam. On your second question around Google's announced privacy changes. A couple of things there. One is, we don't know exactly the direction these changes will take because it's a multiyear plan. And Google works with all the major companies in the sector to ensure that there's not a disruption of performance on advertising targeting and attribution, and then pair that with a better privacy environment for the consumer. So it's just going to take a while to develop.

斯蒂芬，是亞當。關於您關於 Google 宣布的隱私更改的第二個問題。那裡有幾件事。一是，我們不知道這些變化的確切方向，因為這是一個多年計劃。谷歌與該行業的所有主要公司合作，以確保廣告定位和歸因的性能不會中斷，然後為消費者提供更好的隱私環境。所以它只是需要一段時間來發展。

That said, we obviously dealt with IDFA changes coming really quickly to the market in 2021. And you saw our business grow quite considerably on the software side in '21. Going into the changes, we talked about the privacy change on Apple being muted for our business. You saw us growing 30% quarter-over-quarter in Q2. You saw the same trend in Q3 and Q4. So our business is growing quite quickly. And these changes actually, in a way, do benefit us because the core of our data that drives our machine learning is all first-party data achieved and access from our own games. So we believe we're set up very well to perform regardless of any sort of privacy changes or regulatory changes in the ecosystem.

也就是說，我們顯然處理了 2021 年很快進入市場的 IDFA 變化。你看到我們的業務在 21 年的軟件方面有了相當大的增長。在進行更改時，我們談到了 Apple 對我們業務的隱私更改。您看到我們在第二季度環比增長 30%。您在第三季度和第四季度看到了相同的趨勢。所以我們的業務增長很快。實際上，這些變化在某種程度上確實使我們受益，因為驅動我們機器學習的數據核心是從我們自己的遊戲中獲得和訪問的所有第一方數據。因此，我們相信無論生態系統中的任何類型的隱私變化或監管變化如何，我們都可以很好地執行。

Our next question is from David Karnovsky with JPMorgan.

我們的下一個問題來自摩根大通的 David Karnovsky。

Adam or Herald, can you maybe walk through what's embedded in your guide for expense growth in 2022? Your outlook, I think, has $750 million of software growth at the midpoint. And I know some of that is MoPub, which has a higher expense structure initially. But just trying to understand if your expectation for incremental margins on the underlying software business has changed at all.

Adam 或 Herald，您能否了解一下您的 2022 年費用增長指南中包含的內容？我認為，你的前景在中點有 7.5 億美元的軟件增長。我知道其中一些是 MoPub，它最初具有更高的費用結構。但只是想了解您對基礎軟件業務增量利潤的期望是否發生了變化。

Thanks for the question, David. It's Herald. So yes, overall, we think the acquisition of MoPub with the $1 billion we paid in this incremental couple hundred million dollars to get publishers migrated is a highly accretive, as mentioned, and strategic deal for us. So we do feel very good about that. And we do think the flow-through on the software side margin structure is high. There is, as you note, more infrastructure to be built. And as we're scaling and doubling the size of our software business, we're having to keep up with that for sure. And we're bringing on a lot of new DSPs and a lot of new publishers simultaneously.

謝謝你的問題，大衛。是先驅報。所以，是的，總的來說，我們認為用我們在這幾億美元的增量中支付的 10 億美元收購 MoPub 來讓出版商遷移是一項高度增值的交易，如前所述，對我們來說是一項戰略性交易。所以我們對此感覺非常好。而且我們確實認為軟件側邊際結構的流通量很高。正如您所指出的，還有更多的基礎設施需要建設。隨著我們的軟件業務規模擴大和翻倍，我們肯定必須跟上這一步伐。我們同時引入了許多新的 DSP 和許多新的發行商。

I think for our guide for the year, maybe just taking a bigger-picture look at it in the high 20s EBITDA margin. As mentioned, we want to be investing for growth in the business, and we think our ability to continue to grow the business over the long term at scale requires that investment. So we're trying to include what we think are some new projects in that EBITDA number. We are investing quite a bit into our studios as well. I think you know that we acquired a numbers again at the end of last year. We're scaling the investment into those studios to ensure that they've got the right resources to deliver content on the back end.

我認為對於我們今年的指南，也許只是在 20 年代的高 EBITDA 利潤率中從更大的角度看待它。如前所述，我們希望為業務增長進行投資，並且我們認為我們能夠繼續大規模地長期發展業務的能力需要這種投資。因此，我們正試圖將我們認為的一些新項目包括在該 EBITDA 數字中。我們也對我們的工作室進行了大量投資。我想你知道我們在去年年底再次獲得了一個數字。我們正在擴大對這些工作室的投資，以確保他們擁有合適的資源來在後端交付內容。

So we can certainly drive the business in a different direction in terms of overall margin given the flow-through, but there's so many opportunities for us to invest, both on software and apps where we'd like to invest in both of them.

因此，考慮到流通量，我們當然可以在整體利潤率方面將業務推向不同的方向，但我們有很多機會投資，無論是在軟件和應用程序上，我們都想在這兩個方面進行投資。

Okay. And then Adam, in your prepared remarks, you mentioned some areas for investment like marketing solutions for OEM or blockchain. Just wondering if you could expand on this other investment costs against that in 2022. And if you can provide any specific details why are these the right opportunities to invest in?

好的。然後亞當，在你準備好的評論中，你提到了一些投資領域，比如 OEM 或區塊鏈的營銷解決方案。只是想知道您是否可以在 2022 年擴大其他投資成本。如果您可以提供任何具體細節，為什麼這些是正確的投資機會？

Yes. So when we look at anything that's new, we do that incremental to what our current opportunities are. But we do want them to be related to the expertise that we have, both in terms of technology platform, audience and data so that we have a higher likelihood of success if we do invest in something. And so the 3 areas I mentioned, the carrier and OEM space, marketing solutions, to really enable manufacturers to generate more from their device sales than they currently generate from the solutions they have available, is something that's a natural extension of our machine learning demand and software platform.

是的。因此，當我們看到任何新事物時，我們會在當前機會的基礎上進行增量處理。但我們確實希望它們與我們擁有的專業知識相關，無論是在技術平台、受眾和數據方面，這樣如果我們確實投資某些東西，我們就有更高的成功可能性。所以我提到的 3 個領域，運營商和 OEM 空間，營銷解決方案，真正讓製造商從他們的設備銷售中產生的收益比他們目前從他們現有的解決方案中產生的收益更多，是我們機器學習需求的自然延伸和軟件平台。

The NFT and blockchain marketplace and solutions there are just incremental ways to help monetize mobile gamers. And we've got 200 million of them playing our games. And then across our audience network, we access 2 billion of them every single month. And so because of our penetration in the mobile ecosystem, we think helping enable developers to expand their monetization opportunity with solutions there is beneficial to all parts of our business. So it makes sense to invest there.

NFT 和區塊鏈市場和解決方案只是幫助移動遊戲玩家貨幣化的漸進方式。我們有 2 億人在玩我們的遊戲。然後通過我們的受眾網絡，我們每個月訪問其中的 20 億。因此，由於我們在移動生態系統中的滲透，我們認為幫助開發人員通過解決方案擴大他們的貨幣化機會對我們業務的所有部分都有好處。因此，在那裡投資是有意義的。

And then finally, the connected TV space. Very similar to what we do today. We're serving full-screen, immersive video advertisements on mobile devices, and extending that and the performance models to TV as a new and fast-growing digital access point for content feels like a natural extension of our platform.

最後是聯網電視空間。與我們今天所做的非常相似。我們在移動設備上提供全屏、沉浸式視頻廣告，並將其和性能模型擴展到電視，作為一個新的、快速增長的數字內容接入點，感覺就像是我們平台的自然延伸。

All of these are covered in the guidance that we've given you in terms of costs. If any of them hit -- and frankly, hitting on a new business is always hard, but these are so related to what we do, but if any of them hit it dramatically widens and it expands our market opportunity and growth opportunities for years to come, and that's why we're investing there.

所有這些都包含在我們為您提供的成本指南中。如果他們中的任何一個受到打擊 - 坦率地說，開拓新業務總是很困難，但這些與我們的工作息息相關，但如果其中任何一個受到打擊，它就會顯著擴大，並擴大我們多年的市場機會和增長機會來吧，這就是我們在那裡投資的原因。

Our next question is from Tim Nollen with Macquarie.

我們的下一個問題來自麥格理的 Tim Nollen。

I'd like to ask about the kind of the components of the software platform growth, if I could. So you had very, very, very strong growth, especially in Q2 and Q3, and really kind of building up from AXON rolling on to the -- to be a contributor to that service starting a year ago, which, as you mentioned, you've now lapped against. So not surprising that, that rate of growth has slowed from those super high rates in Q2 and Q3. I'm just wondering in Q4, if you can give us an idea of like what was an organic versus an AXON-related figure, if that's possible to do?

如果可以的話，我想問一下軟件平台增長的組成部分。所以你有非常、非常、非常強勁的增長，尤其是在第二季度和第三季度，並且從 AXON 滾動到 - 從一年前開始成為該服務的貢獻者，正如你所提到的，你'現在已經搭上。因此，這一增長速度已經從第二季度和第三季度的超高速度放緩，這並不奇怪。我只是想知道在第四季度，您是否可以給我們一個想法，例如有機體與 AXON 相關的圖，如果可以嗎？

And then looking ahead to the '22 guidance, a nice big number there. Is it possible to give us an update on what the MoPub contribution would be to that versus any AXON versus any other elements?

然後展望 '22 指南，那裡的數字很大。是否有可能向我們提供有關 MoPub 與任何 AXON 與任何其他元素的貢獻的最新信息？

Okay. On the first part -- do you want to -- I'll handle the first part. Herald, do you want to jump in on the second?

好的。在第一部分——你想不想——我將處理第一部分。先驅報，你想加入第二個嗎？

So on the first part, our software business is pretty much all organic. Really, Adjust was the only material acquisition we had before we announced closing MoPub in January. And in Q4, we saw a 27% quarter-over-quarter growth. Obviously, the numbers are getting bigger each quarter, and yet, the quarter-over-quarter growth is much higher than anything anyone sees in the industry on the software side and it has kept up.

所以在第一部分，我們的軟件業務幾乎都是有機的。實際上，Adjust 是我們在 1 月份宣布關閉 MoPub 之前進行的唯一重大收購。在第四季度，我們看到了 27% 的季度環比增長。顯然，每個季度的數字都在變大，然而，季度環比增長遠高於業內任何人在軟件方面看到的任何東西，並且一直保持增長。

And what we're seeing, even though AXON is maturing and we lapped the prior year's numbers with AXON, is that advertisers who are using our solution are investing more dollars every single quarter into the platform because as data builds and they can validate that the performance results are very strong, they want more of it. And that's why you saw a huge step-up in dollars per SPEC in the quarter. And we expect to continue to see AXON improve over time because the machine learning systems, as they get more data and they get more scale, benefit from that and become more and more accurate on behalf of the customers that are using it.

我們看到的是，儘管 AXON 正在成熟，並且我們與 AXON 相比上一年的數據，使用我們的解決方案的廣告商每個季度都在平台上投入更多的資金，因為隨著數據的積累，他們可以驗證業績成績非常強勁，他們想要更多。這就是為什麼您看到本季度每個 SPEC 的美元大幅增長的原因。我們希望隨著時間的推移繼續看到 AXON 改進，因為機器學習系統，隨著他們獲得更多數據並獲得更大的規模，從中受益並代表使用它的客戶變得越來越準確。

Going forward, MoPub presents an opportunity for continued expansion, more access to demand and then obviously, a large expansion of access to audience on our marketing platform, MAX. And MoPub, as of last year, had a very strong year. And then coming into January, it was doing very well, but it is going to be completely rolled into our solution. We're going to take those demand partners, the DSPs and advertisers that were buying through MoPub, to gain access to the MoPub audience and we're integrating them into our MAX solution to give them direct access to the unified offering, which is now going to be over twice as big as MoPub was.

展望未來，MoPub 提供了一個持續擴張的機會，更多地獲得需求，然後很明顯，在我們的營銷平台 MAX 上大幅擴大了對受眾的訪問。截至去年，MoPub 的表現非常強勁。然後進入一月份，它做得很好，但它將完全融入我們的解決方案。我們將讓那些通過 MoPub 購買的需求合作夥伴、DSP 和廣告商獲得對 MoPub 受眾的訪問權，我們正在將它們集成到我們的 MAX 解決方案中，讓他們直接訪問統一的產品，即現在將是 MoPub 的兩倍多。

So we think that's going to present an opportunity to create revenue growth from that access point for possibly years to come. And we're very optimistic about the acquisition because we've seen so little churn. As mentioned, 90% plus of all top publishers are migrating over to our platform.

因此，我們認為這將提供一個機會，在未來幾年內從該接入點創造收入增長。我們對此次收購非常樂觀，因為我們看到的流失率非常低。如前所述，90% 以上的頂級出版商正在遷移到我們的平台。

I'll hand it off to Herald for the second part.

我會把它交給先驅報的第二部分。

Yes, Tim, I think a lot of the foundational growth drivers Adam mentioned there for '22, look, we have a great organic business. And quarter-over-quarter, from Q3 to Q4, right, that was 28% increase, which is all organic, right? So that's a pretty big move rolling into '22. Then we have the AppDiscovery continuing to improve with underlying AXON. We also have Adjust doing well and a good SaaS business growing at the rates that we'd hoped. As mentioned, it's difficult then to parse out the impact of MoPub and MAX and exactly how that lays out. I know previously, we gave a number that the run rate of MoPub would be in the mid-200s by the end of the year. We still remain very confident in that, and frankly, probably believe there's upside to that.

是的，蒂姆，我認為亞當在 22 年提到的許多基本增長動力，看，我們有一個偉大的有機業務。從第三季度到第四季度，環比增長 28%，這都是有機的，對吧？所以這是進入 22 年的一個相當大的舉措。然後我們通過底層 AXON 繼續改進 AppDiscovery。我們還讓 Adjust 表現良好，SaaS 業務以我們希望的速度增長。如前所述，很難分析 MoPub 和 MAX 的影響以及它們的確切佈局。我之前知道，我們給出了一個數字，到今年年底，MoPub 的運行率將在 200 年代中期。我們仍然對此非常有信心，坦率地說，可能相信這有好處。

One important note was we did give guidance on that revenue the way we did because it takes time to ramp, as mentioned before, migrate from one mediation platform to another one. One, to get the publishers to migrate; and then to get the demand side to migrate. And so we're going through that process now, as you know. But the impact of that in terms of the actual revenue booked in the year, therefore, will be less than the $250 million. It's more of a $250 million run rate was the target when we announced the deal. Now that we're well into it, we feel very good about that number as well.

一個重要的注意事項是，我們確實以我們所做的方式提供了有關該收入的指導，因為如前所述，從一個中介平台遷移到另一個中介平台需要時間。一、讓發布者遷移；然後讓需求方遷移。如您所知，我們現在正在經歷這個過程。但是，就當年的實際收入而言，其影響將小於 2.5 億美元。當我們宣布這筆交易時，更多的是 2.5 億美元的運行率是目標。既然我們已經深入了解了，我們也對這個數字感到非常滿意。

So that led us to, what is, I guess, not a small range in terms of software target, at the high end of 15 at $1.5 billion midpoint, just over $1.4 billion. And then where you can really see the impact overall is the guide to our target of trying to hit the $2 billion number in '23, just goes to the fact that we've got a lot of confidence in putting these things together. And then the ecosystem building around that should allow us to drive pretty significant growth for this year and next.

所以這導致我們，我猜，就軟件目標而言，不是一個很小的範圍，在 15 的高端，中點為 15 億美元，略高於 14 億美元。然後你可以真正看到整體影響的地方是我們試圖在 23 年達到 20 億美元的目標的指南，只是因為我們對把這些東西放在一起很有信心。然後圍繞它建立的生態系統應該能讓我們在今年和明年推動相當顯著的增長。

And if I could just follow up quickly. I think last quarter, you gave us some indication of the Adjust contribution to revenues. Is there a similar type of number you can give us now?

如果我能盡快跟進。我認為上個季度，您向我們說明了 Adjust 對收入的貢獻。您現在可以給我們類似的號碼嗎？

Yes. Adjust, when we acquired it, it was around $100 million, and it's growing at a solid double-digit rate. We'll continue to do that, we think, for '22 and '23 as well.

是的。調整，當我們收購它時，它大約是 1 億美元，並且以穩定的兩位數速度增長。我們認為，對於 22 年和 23 年，我們將繼續這樣做。

Our next question is from Jason Bazinet with Citigroup.

我們的下一個問題來自花旗集團的 Jason Bazinet。

Just one quick question. You guys had done so much M&A and have been very successful doing it. I just wonder, as you sort of look at the landscape, do you feel like most of the sort of acquisitions are behind you and it's now more about investing organically in the assets that you have? Or do you think there are other sort of interesting assets that you could plug into your existing portfolio?

只是一個簡單的問題。你們進行了很多併購，並且非常成功。我只是想知道，當你看到這種情況時，你是否覺得大多數收購都已經過去了，現在更多的是對你擁有的資產進行有機投資？還是您認為您可以將其他類型的有趣資產插入您現有的投資組合中？

Jason, it's Adam, and thanks for the question. So 3 years ago, when we got into gaming, we made it strategic and focused. And obviously, gaming is super fragmented, but it became strategic to us because we wanted to accumulate content across every single category of gaming so that we can have that data to feed into the software platform and execute on, obviously, what you're seeing flow out of our numbers today. We've checked the box on gaming. So we've got enough of the gaming business and enough audience and data that the software business can do its thing.

傑森，我是亞當，謝謝你的提問。所以 3 年前，當我們涉足遊戲領域時，我們將其作為戰略和重點。顯然，遊戲是超級碎片化的，但它對我們來說具有戰略意義，因為我們希望在每一個遊戲類別中積累內容，以便我們可以將這些數據輸入軟件平台並執行，顯然，你所看到的今天從我們的數字中流出。我們已經選中了遊戲框。所以我們有足夠的遊戲業務、足夠的受眾和數據，軟件業務可以做它的事情。

And obviously, as you've seen this year, the exceptional growth of the software business proves that. And then in the last year, we announced 2 material software acquisitions, which we think strengthens our current offering. And obviously, we're in the middle of integrating those. So that will take us forward on an organic basis for quite some time on current initiatives.

顯然，正如您今年所看到的，軟件業務的非凡增長證明了這一點。然後在去年，我們宣布了 2 項材料軟件收購，我們認為這加強了我們目前的產品。顯然，我們正在整合這些。因此，這將使我們在相當長的一段時間內有機地推進當前的舉措。

Then when we look at new initiatives, what we really think about is, is there a possible acquisition to go do to accelerate our ability to extend our platform, our audience and our data to something new in those categories that I talked about in my script. And then separately, when we look at those new categories, we wonder should we build it. And so that build-versus-buy decision is always going to be one that's top of mind.

然後，當我們審視新舉措時，我們真正想到的是，是否有可能進行收購以加速我們將平台、受眾和數據擴展到我在腳本中談到的那些類別中的新事物的能力.然後分開，當我們查看這些新類別時，我們想知道我們是否應該建立它。因此，構建與購買的決定始終是最重要的決定。

But I would say what's strategic for us now is a lot different than what's been strategic for us the last few years as we went through a whole bunch of acquisitions to get that data intact to power the software business to become what it has as a market-leading platform.

但我想說的是，現在對我們而言具有戰略意義的東西與過去幾年對我們而言具有戰略意義的東西有很大不同，因為我們經歷了一大堆收購以使數據完整無缺，從而為軟件業務提供動力，使其成為市場所擁有的東西- 領先的平台。

Okay. So enough 1P data, but maybe something on the NFT or blockchain side from an M&A standpoint. That's helpful.

好的。這麼多的 1P 數據，但從併購的角度來看，可能是 NFT 或區塊鏈方面的數據。這很有幫助。

Our next question is from Clark Lampen with BTIG.

我們的下一個問題來自 BTIG 的 Clark Lampen。

I've got one on the software business. As we were thinking about, I guess, software segment performance, not only in '22 but years past that, in '23 and beyond, can you remind us -- you may have just answered this, Adam, but how does the gaming portfolio sort of affect software growth in concert with one another? Does the incremental swing, whether it's positive or negative with the gaming business, meaningfully impact your ability to continue growing or achieving those out-year targets?

我有一個關於軟件業務的。正如我們所考慮的那樣，我猜，軟件細分市場的表現，不僅在 22 年，而且在過去的幾年，在 23 年及以後，你能提醒我們——亞當，你可能剛剛回答了這個問題，但是遊戲產品組合如何一種相互影響軟件的增長？增量波動，無論對遊戲業務是積極的還是消極的，是否會對您繼續增長或實現這些年度目標的能力產生有意義的影響？

And then separately on the margin outlook for '22, excuse me for asking you a dense question, but I just want to confirm that the $200 million of migration costs that's associated with MoPub is embedded within that high-20s margin outlook? Is that correct or incorrect?

然後分別關於 22 年的利潤率前景，請原諒我問了一個很複雜的問題，但我只想確認與 MoPub 相關的 2 億美元遷移成本包含在 20 年代的高利潤率前景中？這是正確的還是不正確的？

I'll let Herald answer part 2 maybe first because I think it's quick, and then I'll answer part 1.

我會先讓 Herald 回答第 2 部分，因為我認為它很快，然後我會回答第 1 部分。

We assume we're going to add back a substantial part of that $200 million to adjusted EBITDA, and therefore, that is excluded in the guidance at the high-20s margin.

我們假設我們將把這 2 億美元的很大一部分加回調整後的 EBITDA，因此，這在 20 年代高利潤率的指導中被排除在外。

Yes. On the first part, really, what you're asking about is like how important is gaming and gaming growth to the software growth. And what -- really, what we knew going in, as we built out this machine learning system is, these types of software solutions are built on having really good data and then being able to extend that data into predictive lookalikes across the whole audience. And we've got 200 million monthly active users and 2 billion that we see across the platform, and that ratio is working really well for us today. Longer term, and we've said this repeatedly over the last year, we're not a games company. We're a software company really helping our partners grow. And as you look at our software revenue, it's expanded dramatically.

是的。在第一部分，實際上，您要問的是遊戲和遊戲增長對軟件增長的重要性。什麼 - 實際上，我們知道，當我們構建這個機器學習系統時，這些類型的軟件解決方案建立在擁有非常好的數據，然後能夠將這些數據擴展到整個受眾的預測相似性。我們有 2 億月活躍用戶和 20 億我們在整個平台上看到的用戶，這個比例今天對我們來說非常有效。從長遠來看，我們在過去一年中反复說過，我們不是一家遊戲公司。我們是一家真正幫助我們的合作夥伴成長的軟件公司。而且，當您查看我們的軟件收入時，它會急劇擴大。

On the game side, the vast majority of our user acquisition spend, which is the core driver of gaming growth, is on our own platform. But as we continue to expand our relationships on the software side and really get more dollars from third parties, we're going to take the third-party reported revenue number and converge it with that TSTV number because we expect our software platform to be able to grow much faster than our desire to spend on user acquisition on the Games portfolio because we already have the data that we need to power the software platform.

在遊戲方面，作為遊戲增長的核心驅動力，我們絕大多數的用戶獲取支出都在我們自己的平台上。但隨著我們繼續在軟件方面擴展我們的關係並真正從第三方獲得更多資金，我們將採用第三方報告的收入數字並將其與 TSTV 數字融合，因為我們希望我們的軟件平台能夠增長速度遠快於我們在遊戲產品組合上用於用戶獲取的願望，因為我們已經擁有為軟件平台提供動力所需的數據。

So you'll see our focus is going to be to continue to expand the dollars that third parties are paying us on the software side, whether it's through MAX, whether it's through the demand side relationships that we're going to inherit through MoPub, or the vast majority of the revenue, the direct relationships with advertisers buying on a performance basis on our platform.

所以你會看到我們的重點將是繼續擴大第三方在軟件方面向我們支付的美元，無論是通過 MAX，還是通過我們將通過 MoPub 繼承的需求方關係，或絕大多數收入，與在我們平台上基於性能購買的廣告客戶的直接關係。

Got it. And Adam, is there a vertical sort of adjacent to gaming that you guys would sort of like to attack next? I guess, do you feel comfortable that you have a solid business and a solid assortment of first-party data there? Is there something that, I guess, just sort of is at the top of your focus?

知道了。亞當，你們接下來想攻擊的遊戲有沒有一種垂直的鄰接？我想，你覺得你有一個穩固的業務和各種各樣的第一方數據嗎？我想，有什麼東西是你最關注的嗎？

We've talked about this before. The nice thing about gaming data is that it expands to other markets. And we're seeing nongaming as a fast growth vector in our business, and we've seen it over the last year. And if you think about the data -- what data do we collect today, what is the first-party data? Well, if someone pays $50 in the last week in a game like Project Makeover, that tells you a lot about that person, but they're not only playing Project Makeover and they're not only playing games, they're doing a lot more than that.

我們以前談過這個。遊戲數據的好處在於它可以擴展到其他市場。我們將非遊戲視為我們業務的快速增長載體，我們在過去一年中已經看到了這一點。如果你考慮一下數據——我們今天收集什麼數據，什麼是第一方數據？好吧，如果有人在上週花了 50 美元玩 Project Makeover 這樣的遊戲，這會告訴你很多關於那個人的信息，但他們不僅在玩 Project Makeover，而且他們不僅在玩遊戲，他們還在做很多事情比那更多的。

They might be in the shopping apps. They might be in the fashion design app. They might be in the home design app, food delivery, et cetera. And our systems can figure that out with the data sets that we have. So expansion across vertical to other app categories is something that we've been excited about, we're seeing traction with and we continue to be excited about going forward.

他們可能在購物應用程序中。他們可能在時裝設計應用程序中。它們可能出現在家居設計應用程序、食品配送等領域。我們的系統可以通過我們擁有的數據集來解決這個問題。因此，垂直擴展到其他應用程序類別是我們一直很興奮的事情，我們看到了牽引力，我們繼續對前進感到興奮。

Our next question is from Vasily Karasyov with Cannonball Research.

我們的下一個問題來自 Cannonball Research 的 Vasily Karasyov。

I had a question about MAX and all the new publishers that's coming on board. So would it be fair to say that there are some publishers that only use mediation and there are some that use mediation and real-time bidding to monetize their inventory? So my question is, number one, do you try to steer publishes towards one or the other option? And if yes or no, why?

我有一個關於 MAX 和所有即將加入的新出版商的問題。那麼公平地說，有些發布商只使用中介，有些則使用中介和實時出價來通過他們的廣告資源獲利嗎？所以我的問題是，第一，你是否試圖引導出版商選擇一種或另一種選擇？如果是或否，為什麼？

And then my second question is about the take rate. I understand that your take -- you only have the take rate for the real-time bidding auctions, but how do you see that going forward? Do you expect it to be stable? Do you think it can go up? Are you prepared to seek a contraction in there? So I would appreciate your thoughts on this.

然後我的第二個問題是關於錄取率。我理解你的看法——你只有實時競價拍賣的接受率，但你如何看待未來的發展？你希望它穩定嗎？你覺得能漲嗎？你準備好在那裡尋求宮縮了嗎？所以我很感激你對此的想法。

Yes. So a couple of things embedded in there. When we launched MAX, we did it because we wanted to facilitate real-time bidding to the marketplace quicker. And we -- fundamentally, we believe that the ad ecosystem should be traded in real time. It's no different than a stock trading floor that's gone programmatic over the last 20 years. And when it becomes real time, it enables companies with a data advantage and a technology advantage to win their share of inventory and make whatever margins they deserve to make, but it maximizes truly the dollars that the publisher earns.

是的。因此，其中嵌入了一些東西。當我們推出 MAX 時，我們這樣做是因為我們希望更快地促進對市場的實時競價。我們 - 從根本上說，我們認為廣告生態系統應該實時交易。這與過去 20 年來程序化的股票交易大廳沒有什麼不同。當它變得實時時，它使具有數據優勢和技術優勢的公司能夠贏得他們的庫存份額並獲得他們應得的任何利潤，但它確實最大限度地提高了出版商賺取的美元。

So today, MAX is the furthest ahead in the marketplace, delivering that real-time bidding to the publisher and to the end consumer to get that best ad out there on the device. It is a hybrid solution. It's bidding plus mediation. We get paid when companies bid on MAX. They pay for a seat on our marketplace. We don't with mediation. So over time, MAX' economics continue to improve.

因此，今天，MAX 在市場上處於領先地位，向出版商和最終消費者提供實時競價，以便在設備上獲得最佳廣告。這是一個混合解決方案。這是投標加調解。當公司競標 MAX 時，我們會得到報酬。他們為我們市場上的一個席位付費。我們沒有調解。因此，隨著時間的推移，MAX 的經濟效益不斷提高。

Now we wanted to facilitate bidding. We are a bidder on MAX. We've been a bidder in the marketplace for a couple of years. We're very good at it. Obviously, you've seen the growth of our software business expand dramatically, but we don't target a specific take rate from any of the ads we serve. If we can make $0.01 on the dollar, we're making an extra dollar -- an extra $0.01 of revenue, and we're reporting to you on a net revenue basis.

現在我們想促進投標。我們是 MAX 的投標人。幾年來，我們一直是市場上的競標者。我們非常擅長。顯然，您已經看到我們的軟件業務的增長急劇擴大，但我們並未針對我們所服務的任何廣告的特定獲取率。如果我們可以在美元上賺取 0.01 美元，我們就是在賺取額外的美元——額外的 0.01 美元的收入，並且我們以淨收入為基礎向您報告。

This is one thing that's important to understand. When we talk about our revenue this past quarter or even when we're talking about $2 billion of software revenue in '23, that's net revenue reported software revenue. So it's exceptionally high margin. The costs to the publisher have already been taken out of the dollars that the advertiser pay us. So really, any sort of constriction on take rate doesn't impact at all what we're going to report to you because we're not operating afraid of that today. And we're seeing continued growth in that software business, and we're very confident about the continued growth of it going into '22 and '23.

這是一件很重要的事情。當我們談論上一季度的收入時，甚至當我們談論 23 年 20 億美元的軟件收入時，這就是淨收入報告的軟件收入。所以它的利潤率非常高。發布商的費用已經從廣告商支付給我們的美元中扣除。所以說真的，任何形式的接受率限制都不會影響我們將要向您報告的內容，因為我們今天並不擔心這一點。我們看到該軟件業務持續增長，我們對它在 22 和 23 年的持續增長充滿信心。

Our next question is from Ralph Schackart with William Blair.

我們的下一個問題來自 Ralph Schackart 和 William Blair。

On the App side of the business, as it relates to the 2022 guide of, I think, $2.2 billion, $2.35 billion in revs you talked about modest revenue contribution from new content, and I think more so contribution in second half of the year. But any color you could add or help us think about how the relative growth rate of the consumer apps might compare different versus the business apps? Was the conservatism more on the consumer side or is it more broad-based?

在業務的應用程序方面，我認為它與 22 億美元、23.5 億美元的轉速有關，你談到了新內容的適度收入貢獻，我認為下半年的貢獻更大。但是您可以添加任何顏色或幫助我們思考消費者應用程序的相對增長率與商業應用程序相比有何不同？保守主義更多地出現在消費者方面還是更廣泛？

Yes. So we -- go ahead, Herald. Do you want to jump in?

是的。所以我們 - 繼續，先驅報。你想跳進去嗎？

Go ahead, Adam. Go ahead.

來吧，亞當。前進。

I was going to say, like, we don't operate the games as business apps or consumer apps. They're just games and apps, and they monetize with IP plus ads. So a lot of these products are hybrid. They're making money from advertisement to users and then some users will pay within the games for content as well.

我想說的是，我們不會將游戲作為商業應用程序或消費者應用程序來運營。它們只是遊戲和應用程序，它們通過 IP 加廣告獲利。所以很多這些產品都是混合的。他們從廣告給用戶賺錢，然後一些用戶也會在遊戲中為內容付費。

Fundamentally, though, like -- again, we've said this a lot of times, we're not a games company. The games serve a purpose for us in our business. We've gotten them to scale $2 billion-plus business, which is great. More importantly, we're getting data first party on 200 million monthly active users. And the games and growth in the games are driven strictly by what we're spending on user acquisition. That's what drives mobile gaming businesses outside of acquisitions and M&A, which we haven't done recently in the games business, and are less inclined to do so now that we have the data that we needed.

不過，從根本上說，就像——再說一次，我們已經說過很多次了，我們不是一家遊戲公司。這些遊戲為我們的業務服務。我們已經讓他們擴展了超過 20 億美元的業務，這很棒。更重要的是，我們獲得了每月 2 億活躍用戶的第一方數據。遊戲和遊戲的增長完全取決於我們在用戶獲取上的支出。這就是在收購和併購之外推動移動遊戲業務的原因，我們最近在遊戲業務中沒有這樣做，而且現在我們擁有所需的數據，因此不太願意這樣做。

So as you think about what matters to us in our business, we're talking about software, software growth. We're one of the fastest-growing software businesses on the face of the planet today, scaling this business to a couple of billion dollars next year. And that's important because, today, we report to you that TSTV number, which is a lot bigger than the software reported revenue we give you. That delta is the spend for own games on our own platform. Well, as our software business goes from where it is -- and we talked coming into this year $1 billion projected for this year, we just raised that up 40% and are now talking about $2 billion next year, as that continues to grow, that's all going to be dollars from third parties.

因此，當您考慮在我們的業務中對我們重要的事情時，我們正在談論軟件，軟件增長。我們是當今地球上發展最快的軟件企業之一，明年將把這項業務擴大到數十億美元。這很重要，因為今天，我們向您報告 TSTV 數字，這比我們提供給您的軟件報告收入要大得多。該增量是在我們自己的平台上為自己的遊戲花費。好吧，隨著我們的軟件業務從現在開始——我們談到今年預計將達到 10 億美元，我們剛剛將其提高了 40%，現在正在談論明年的 20 億美元，因為它會繼續增長，這一切都將是來自第三方的美元。

We're not going to be able to double the amount that we're spending on our current games because they just don't justify that kind of expansion. And so you'll see the third-party number can merge with that TSTV number. And that gives us a lot of room to grow, the dollars we're collecting and the margins that we're able to make from the business, while focusing on what we care about, which is software, not necessarily the games part of our business.

我們無法將我們在當前遊戲上的花費翻倍，因為它們不能證明這種擴張是合理的。因此，您會看到第三方號碼可以與該 TSTV 號碼合併。這給了我們很大的增長空間，我們收集的資金和我們能夠從業務中獲得的利潤，同時專注於我們關心的東西，即軟件，不一定是我們的遊戲部分商業。

Our next question is from David Pang with Stifel.

我們的下一個問題來自 Stifel 的 David Pang。

Just wanted to follow up on the in-app bidding question. Could you talk about what portion of the ad transactions on MAX was in-app bidding? And how should we think about that mix changing over the next few years with the addition of MoPub?

只是想跟進應用內出價問題。您能否談談 MAX 上的廣告交易中有哪些部分是應用內競價？隨著 MoPub 的加入，我們應該如何看待這種組合在未來幾年的變化？

Yes. So in the past, obviously, a couple of years ago, when we launched MAX, the market had no bidding. We've gotten MAX to probably half bidding at this point, and we expect by the end of the year the vast majority will be bid realtime.

是的。所以在過去，很明顯，幾年前，當我們推出 MAX 時，市場沒有競標。目前，我們已經讓 MAX 的出價可能達到了一半，我們預計到今年年底，絕大多數將是實時出價。

MoPub allows us to access MoPub Demand, which is more of exchange-based demand. Real-time bidding is -- takes 2 forms. One is from header bidding networks. These are companies such as ourselves. Facebook was one of the first adopters of bidding. So think, the platforms with SDKs. And then there's another aspect of the market, which is demand-side platforms, or DSPs. They plug into exchanges to use someone else's SDK to access the audience and bid in real time as well.

MoPub 允許我們訪問 MoPub Demand，這更多是基於交易所的需求。實時競價是——有兩種形式。一種來自標頭競價網絡。這些是像我們這樣的公司。 Facebook 是最早採用競價方式的公司之一。所以想想，帶有 SDK 的平台。然後是市場的另一個方面，即需求方平台或 DSP。他們插入交易所以使用其他人的 SDK 訪問觀眾並實時出價。

With MoPub, we're unifying the demand-side bidders that are -- ad networks traditionally thought of as well as the DSPs into one unified marketplace, one unified real-time auction. And so bringing those DSPs live through our access point to this massive audience on MAX plus MoPub is what we're excited about. That drove MoPub's revenue. The platform itself unified is over twice as big as MoPub ever was. And so that gives us a lot of access to growth in these demand-side partnerships as they come online.

通過 MoPub，我們將需求方投標人——傳統上認為的廣告網絡以及 DSP 統一到一個統一的市場、一個統一的實時拍賣中。因此，通過我們的接入點將這些 DSP 直播到 MAX plus MoPub 上的大量觀眾是我們興奮的事情。這推動了 MoPub 的收入。統一的平臺本身是 MoPub 的兩倍多。因此，當這些需求方合作夥伴上線時，這讓我們有很多機會獲得增長。

Our next question is from Martin Yang with Oppenheimer & Company.

我們的下一個問題來自 Oppenheimer & Company 的 Martin Yang。

First question is on your natural extension on the new initiatives. Can you clarify, are you providing software solutions to the nongaming apps? Or are you thinking about publishing nongaming apps yourself? Or both?

第一個問題是關於您對新舉措的自然延伸。您能否澄清一下，您是否為非遊戲應用程序提供軟件解決方案？或者您是否正在考慮自己發布非遊戲應用程序？或兩者？

I don't think we spoke about nongaming apps. We're focused on building software platform technologies for these bigger markets. Connected TV is obviously one. We think performance marketing and an extension of our current demand and data into the connected TV world can be very impactful. When it comes to blockchain and NFTs, both for gaming and nongaming, if we can help facilitate the ability for users to engage with content and really take ownership over that content through our software platform and our relationships, we think we can expand the modernization opportunity in mobile apps, which is very impactful for all of our partners and ourselves.

我認為我們沒有談論非遊戲應用程序。我們專注於為這些更大的市場構建軟件平台技術。聯網電視顯然是其中之一。我們認為績效營銷以及將我們當前的需求和數據擴展到聯網電視世界可能會產生非常大的影響。對於遊戲和非遊戲的區塊鍊和 NFT，如果我們可以幫助提高用戶參與內容的能力，並通過我們的軟件平台和我們的關係真正擁有該內容的所有權，我們認為我們可以擴大現代化機會在移動應用程序中，這對我們所有的合作夥伴和我們自己都非常有影響。

And then lastly, we talked about taking our marketing solutions, machine learning and demand and enabling carriers and device manufacturers to generate more from the handsets that they sell to the consumer by doing partnerships with our platform. And so those are the 3 big areas that we're really focused on, all software-centric.

最後，我們談到了利用我們的營銷解決方案、機器學習和需求，讓運營商和設備製造商通過與我們的平台合作，從他們出售給消費者的手機中獲得更多收益。這就是我們真正關注的三大領域，都是以軟件為中心的。

So my question is really referring back to your comment on checking the box on gaming, but there are still pretty substantial in-app marketing and advertising opportunities in nongaming apps. So would you do something similar for -- to obtain the first-party data from nongaming apps if you orient your software solution to other publishers that are not game publishers?

所以我的問題實際上是指您對選中游戲框的評論，但在非遊戲應用程序中仍然存在相當多的應用程序內營銷和廣告機會。那麼，如果您將軟件解決方案定位於非遊戲發行商的其他發行商，您是否會做類似的事情——從非遊戲應用程序中獲取第一方數據？

I got you. I think the answer is no for the reason I gave you before, which is, we've got so much first-party data now. When you know someone paid the $50 in Project Makeover, you know a lot of things about them. And one of those things you know for certain, just conceptually, we know this human being, that person doesn't only play Project Makeover 24 hours a day. They do a lot of other things. If they've got $200 a month to spend in a fashion design game, they're probably spending a lot of money on fashion, e-commerce apps, food delivery apps, rideshare apps, a whole bunch of other things that heads of households tend to invest in.

我接到你了。我認為答案是否定的，因為我之前給你的原因是，我們現在有這麼多第一方數據。當您知道有人在 Project Makeover 中支付了 50 美元時，您就會知道很多關於他們的事情。你肯定知道的其中一件事，只是在概念上，我們認識這個人，那個人不僅每天 24 小時都在玩 Project Makeover。他們做很多其他的事情。如果他們每月有 200 美元花在時尚設計遊戲上，他們可能會在時尚、電子商務應用程序、送餐應用程序、拼車應用程序以及其他家庭主宰的一大堆東西上花很多錢傾向於投資。

And the machine learning can figure that out and enable nongaming companies to market through our platform, too. And we've talked about the category as being a fast-growing category. It's still not a big part of our business, so we don't talk about it broken out. But it's an area that we're excited about because we've already seen success in.

機器學習可以弄清楚這一點，並使非遊戲公司也可以通過我們的平台進行營銷。我們已經討論過該類別是一個快速增長的類別。它仍然不是我們業務的重要組成部分，所以我們不談論它爆發了。但這是一個讓我們興奮的領域，因為我們已經看到了成功。

The other part of that, that's important is a lot of the nongaming spend that happens in mobile and then just on digital, in general, comes from demand side platforms. The big demand side platforms, omnichannel, where agencies will spend dollars through, are not an area that we had any exposure to in our business prior to MoPub. As we integrate these MoPub partnerships into our unified offering and give them access to over twice as much of the eyeballs, we expect to see a lot of dollars flow through our platform direct to the consumer from those types of advertisers as well, which would qualify as nongaming.

另一部分，重要的是在移動設備上發生的大量非遊戲支出，然後只是在數字上，一般來說，來自需求方平台。大型需求方平台，全渠道，代理商將通過這些平台花錢，這不是我們在 MoPub 之前的業務中接觸過的領域。隨著我們將這些 MoPub 合作夥伴關係整合到我們的統一產品中，並讓他們獲得兩倍以上的眼球，我們希望看到大量資金通過我們的平台從這些類型的廣告商直接流向消費者，這將符合條件作為非遊戲。

Got it. I have another logistics question, if I may. Is there any migration fees you expect after 1Q '22?

知道了。如果可以的話，我還有另一個物流問題。您預計 22 年 1 季度之後是否有任何遷移費用？

No, really, like -- look, our business long term may have some sort of nominal migration fees. We've had them in a nominal way in the past. The big amount in the quarter is specifically for MoPub publishers switching off of a platform that's just going to go off-line.

不，真的，就像 - 看，我們的業務長期可能會有某種名義上的遷移費用。我們過去以名義上的方式擁有它們。本季度的大量資金專門用於 MoPub 出版商關閉即將下線的平台。

One of the big issues of the platform that goes off-line, which really doesn't happen, this is a decade-old software platform, is that in the mobile app ecosystem, you can either update an app or not update an app. And a lot of old devices are set not to update. And so a lot of these publishers stand to lose an annuity value of revenue on users that choose not to update, and then MoPub is going to go off-line. So they're no longer going to be able to advertise to those customers and you just cross off a stream of revenue.

離線平台的一大問題，實際上不會發生，這是一個有十年曆史的軟件平台，在移動應用程序生態系統中，您可以更新應用程序或不更新應用程序。而且很多舊設備都設置為不更新。因此，這些出版商中的很多都會因為選擇不更新的用戶而失去收入的年金價值，然後 MoPub 就會下線。因此，他們將不再能夠向這些客戶做廣告，而您只是切斷了收入來源。

And so we're taking this fund to make that not a problem for these publishers because ultimately, we looked at the MoPub deal as access to publishers and the demand side. It was a very cost-effective deal for us, but we didn't want the publishers to lose in the middle of that transaction. So we're covering the cost of that lost annuity due to the quick shutdown of this platform. And that ends up being a very unique case related to this acquisition, which is something you just don't tend to see in technology where a huge platform goes off-line.

因此，我們利用這筆資金讓這些出版商不成問題，因為最終，我們將 MoPub 交易視為對出版商和需求方的訪問。這對我們來說是一筆非常划算的交易，但我們不希望出版商在交易過程中遭受損失。因此，由於該平台的快速關閉，我們正在承擔年金損失的成本。這最終成為與這次收購相關的一個非常獨特的案例，這是你在大型平台離線的技術中不太可能看到的。

Our next question is from Matthew Cost with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Matthew Cost。

Maybe the first one is for you, Adam. You've mentioned a couple of times, basically, if I'm interpreting it correctly, this idea of once you have the data in place and you feed it into AXON, there's a lot that you can do with it. And so I guess I just want to understand, does that mean that when you reach a certain audience side in terms of your portfolio -- audience size in terms of your portfolio of apps that, that yields enough data on an ongoing basis that you can do what you need to do with it? You don't need to keep scaling the app portfolio beyond a certain point because you maintain 200 million MAUs and have all the data that you need? I guess, what do you mean by that? And then I have a follow-up.

也許第一個是給你的，亞當。你已經提到過幾次了，基本上，如果我解釋正確的話，一旦你有了數據並將其輸入到 AXON，你可以用它做很多事情。所以我想我只是想了解一下，這是否意味著當你在你的投資組合方面達到特定的受眾群體時——就你的應用組合而言的受眾規模，這會持續產生足夠的數據，你可以做你需要做的？您不需要將應用程序組合擴展至某個點以上，因為您擁有 2 億個 MAU 並擁有您需要的所有數據？我想，你這是什麼意思？然後我有一個跟進。

Yes, that's 100% right. That's why we've been talking about for the last year. Like the games business may grow, it may not grow. It doesn't matter because it's scaled enough where it's fueling the massive growth in the software business. And so you sort of have today, 10% actual data, what we have perfect data on our own apps, and then 90% is predicted lookalikes.

是的，這是 100% 正確的。這就是我們去年一直在談論的原因。就像遊戲業務可能會增長一樣，它可能不會增長。沒關係，因為它的規模足以推動軟件業務的大規模增長。所以你今天有 10% 的實際數據，我們在自己的應用程序上擁有完美的數據，然後 90% 是預測的相似數據。

Being at a scale that we're at today with the technologies and data platform and machine learning and algorithms that we've built, you're obviously seeing a software platform that's growing much, much faster than any other platform in our industry. And so you can tell that 10x ratio of lookalikes to actual data works.

以我們今天所建立的技術和數據平台以及機器學習和算法的規模，您顯然會看到一個軟件平台的增長速度比我們行業中的任何其他平台都要快得多。因此，您可以看出相似數據與實際數據的 10 倍比率是有效的。

Now if we can get data on 2 billion mobile devices, we would take it. Actual data is always better than lookalikes, but we know that it's exceptionally hard to go scale a platform to get that much direct first-party data. There's maybe only one company in the history of the world that's gotten that much scale to consumers, right? But we've proven that at 200 million, we're very, very good on the software side, so we're excited with where we're at on the data side of this business.

現在，如果我們能在 20 億個移動設備上獲取數據，我們就會接受它。實際數據總是比相似數據好，但我們知道要擴展平台以獲取這麼多直接的第一方數據是非常困難的。世界歷史上可能只有一家公司對消費者有這麼大的規模，對吧？但我們已經證明，在 2 億美元的情況下，我們在軟件方面非常非常出色，所以我們對我們在這項業務的數據方面所處的位置感到興奮。

Great. And then maybe just one for Herald. Just thinking about like the growth in SPECs over the course of this year, I think excluding Adjust, you guys added around 40-plus -- a little over $40 million -- or sorry, not $40 million. 40 SPECs in 2Q and 3Q. And I think that, that number, if I have it right, was about 7 in 4Q. So I guess, again, excluding Adjust, what are kind of the dynamics behind SPEC adds over the course of this year?

偉大的。然後也許只是先驅報的一個。想想今年 SPEC 的增長，我認為不包括 Adjust，你們增加了大約 40 多美元——略高於 4000 萬美元——或者抱歉，不是 4000 萬美元。 2Q 和 3Q 有 40 個 SPEC。我認為，如果我沒記錯的話，這個數字在第四季度約為 7。所以我想，除了 Adjust，今年 SPEC 背後的動態是什麼？

Yes. Thanks, Matt, for the questions. Yes, again, the software business, as you know, has grown tremendously over the course of the year, and we're projecting it to continue to do that. And we gave a SPEC number to try to give a little more granularity into the build price volume-wise. One aspect -- and of course, it's grown considerably, price volume more in the fourth quarter in terms of people scaling quite rapidly, particularly ex Adjust, to $757,000 in the quarter, so a pretty significant amount of money of increase.

是的。謝謝，馬特，你的問題。是的，再一次，如您所知，軟件業務在這一年中取得了巨大的增長，我們預計它會繼續這樣做。我們提供了一個 SPEC 編號，以嘗試在構建價格方面提供更多粒度。一方面——當然，它已經顯著增長，第四季度的價格數量更多，因為人們迅速擴大，特別是調整前，在本季度達到 757,000 美元，因此增加了相當多的資金。

What was slower in that period was the actual SPEC count. And that's really due to the fact that in the third quarter, we added a lot of SPECs that we're testing and whatnot and didn't add as many of those in the fourth quarter. So we still feel very good about the customer growth, obviously, with all the migrating customers from MoPub. Again, it will be hard to distinguish who's a MAX customer, who's a MoPub customer because it's all going to be MAX customers. We're highly confident in the software line growing and, therefore, price quantity has to follow that.

那個時期較慢的是實際的 SPEC 計數。這實際上是因為在第三季度，我們添加了很多我們正在測試的 SPEC 等等，並且沒有在第四季度添加那麼多。因此，顯然，對於所有從 MoPub 遷移的客戶，我們仍然對客戶增長感到非常滿意。同樣，很難區分誰是 MAX 客戶，誰是 MoPub 客戶，因為這一切都將是 MAX 客戶。我們對軟件產品線的增長充滿信心，因此，價格數量必須遵循這一趨勢。

One footnote to that, and it is in our letter, but didn't want to highlight it. Just I wanted to keep things clear for this. In our letter, on the upfront side, we kept the SPEC numbers the same. One very detailed point is our SPEC definition was based on a run rate per quarter. They had to get to $125,000 of run rate in the quarter. Going forward, we'll continue to report that metric for a little bit, but we're really going to go focus more on an LTM basis to have $125,000 of revenue.

一個腳註，它在我們的信中，但不想強調它。只是我想澄清一下。在我們的信中，在前面，我們保持 SPEC 編號相同。一個非常詳細的觀點是我們的 SPEC 定義是基於每季度的運行率。他們必須在本季度達到 125,000 美元的運行率。展望未來，我們將繼續報告該指標，但我們將更多地關注 LTM 基礎，以獲得 125,000 美元的收入。

The reason I point that out is that we'll get rid of some of the volatility that is inherent if you use just a quarterly run rate number of SPECs coming and going. And given the scale of the customers we're talking about, we think that will be a much better metric going forward.

我指出這一點的原因是，如果您僅使用來來往往的 SPEC 的季度運行率數量，我們將擺脫一些固有的波動性。鑑於我們正在談論的客戶規模，我們認為這將是一個更好的指標。

Our next question is from Omar Dessouky with Bank of America.

我們的下一個問題來自美國銀行的 Omar Dessouky。

Right. How would the Open App Markets Act, as currently written, affect your business strategically? And are you playing any role, direct or indirect, in how the law is being written?

對。目前製定的《開放應用市場法案》將如何從戰略上影響您的業務？您是否在法律的製定過程中直接或間接地扮演了任何角色？

I will be honest, I'm reading up on what the law is right now. Can you give us a little insight into specifically what you're talking about, and then I'll answer it.

老實說，我正在閱讀現在的法律。您能否具體給我們一些見解，然後我會回答。

Yes. So I think it's pretty well known that major players that own platforms are able to advantage themselves in certain ways, or at least that's the view of some market participants. And it appears that legal interests are potentially going to try to make it a more competitive industry. And I'm just wondering what you guys think about it and how it might reshuffle the -- potentially the attribution ecosystem or the actual targeting ecosystem itself in your favor or not?

是的。所以我認為眾所周知，擁有平台的主要參與者能夠以某些方式使自己受益，或者至少這是一些市場參與者的觀點。看來，合法利益可能會試圖使其成為一個更具競爭力的行業。我只是想知道你們對此有何看法，以及它可能如何重新洗牌——可能是歸因生態系統或實際定位生態系統本身是否對你有利？

Got it. And this is -- you're talking about like the actual operating systems, the App Store tax and any other rule changes they make that could be seen as benefiting themselves? Is that what you're talking about?

知道了。這就是——你說的是實際的操作系統、App Store 稅以及他們所做的任何其他可以被視為使自己受益的規則更改？這就是你在說的嗎？

Yes. Yes.

是的。是的。

So the app store fees, obviously, they're not going up. And I think a lot of people are hopeful that alternatives can be introduced or the actual tax from the outsource goes down. Overall, we're in a good position because, one, our apps business is paying a hefty amount in the 30% every single year. But more importantly, these types of added competition to a marketplace make the pricing that goes to the end developer stronger.

因此，應用商店的費用顯然不會上漲。而且我認為很多人都希望可以引入替代方案，或者外包的實際稅收會下降。總體而言，我們處於有利地位，因為我們的應用業務每年要支付 30% 的巨額費用。但更重要的是，這些類型的市場競爭加劇了最終開發商的定價。

And so if that happens, you sort of take -- if $1 becomes $0.70 today and say -- and tomorrow it becomes $0.85, that's 20% more LTV that advertisers can go spend on a platform like ours. So that would just immediately mean, in a competitive marketplace like ours, that you see a step function up in terms of the dollars that companies are willing to spend to go acquire new users because they have those kinds of economics that they get in their favor.

因此，如果發生這種情況，你會認為——如果今天 1 美元變成 0.70 美元，然後說——明天變成 0.85 美元，那麼廣告商可以在像我們這樣的平台上多花 20% 的 LTV。因此，這將立即意味著，在像我們這樣的競爭激烈的市場中，您會看到公司願意花費的美元來獲取新用戶，因為他們擁有對他們有利的那種經濟狀況。 .

When it comes to other rule changes, the platforms do provide an immense amount of value. So we operate within the rules of the platforms. And we can't predict where they go. The competition is always good for these ecosystems. And I think when we look at this, we know that we're one of the leaders in the market on the app side. And we're undoubtedly the largest advertising platform outside of the Facebooks and the Googles on mobile today that exists independent. And so we're set up really well to benefit from some of this disintermediation that might happen, added competition and better economics for the content creators.

當涉及到其他規則變化時，這些平台確實提供了巨大的價值。所以我們在平台的規則內運作。我們無法預測他們會去哪裡。競爭總是有利於這些生態系統。而且我認為，當我們看到這一點時，我們知道我們是應用程序方面的市場領導者之一。我們無疑是當今獨立存在的 Facebook 和 Google 之外最大的移動廣告平台。因此，我們的設置非常好，可以從可能發生的一些去中介化中受益，增加競爭並為內容創作者帶來更好的經濟效益。

Our final question is from Franco Granda with D.A. Davidson.

我們的最後一個問題來自 Franco Granda 和 D.A.戴維森。

Just following up on an earlier question, I was hoping you could speak about your progress in nongaming revenues on your software platform. What was the growth rate of nongaming revenues in '21? And then now that MoPub has closed and you're integrating it, what does that mix look like?

只是跟進一個較早的問題，我希望您能談談您在軟件平台上的非遊戲收入方面的進展。 21 年非遊戲收入的增長率是多少？然後現在 MoPub 已經關閉並且你正在整合它，這種組合是什麼樣的？

Yes. That's not something that we break out yet. But I'll say really the area that's a big opportunity is both the direct app market on our platform, getting access to more of them through the Adjust sales force, bringing more nongaming customers into our ecosystem, as we've touched on. But more importantly, something we haven't talked on that I referenced earlier is, you end up with these omnichannel DSPs. Trade Desk, obviously, being a famous one, but there's very big companies here, that route nongaming demand, specifically agency and brand dollars, into mobile applications.

是的。這還不是我們爆發的東西。但我要說的是，我們平台上的直接應用程序市場確實是一個巨大機會的領域，通過 Adjust 銷售團隊接觸到更多的市場，將更多的非遊戲客戶帶入我們的生態系統，正如我們已經談到的那樣。但更重要的是，我之前提到的一些我們沒有談到的事情是，你最終會得到這些全渠道 DSP。 Trade Desk 顯然是一個著名的公司，但這裡有非常大的公司，將非遊戲需求，特別是代理和品牌資金，轉移到移動應用程序中。

With the MAXs plus MoPub unified platform, we've got the biggest supply side platform that the mobile app ecosystem has ever seen in one place. We're the direct access to the consumer. And these agencies and those omnichannel DSPs are really going through this shift in mindset to try to optimize the supply path so they get direct to the consumer. Well, they're going to be able to do it through our platform at massive amounts of scale now as they go and integrate into the MAX marketplace directly through us. And we think that's going to facilitate a lot of dollars in nongaming to move into our ecosystem, which will be to the benefit of our publishing partners, but also to the benefit of us as the trading floor.

借助 MAXs 和 MoPub 統一平台，我們在一個地方擁有移動應用生態系統所見過的最大的供應方平台。我們是直接接觸消費者的渠道。這些代理商和那些全渠道 DSP 確實在經歷這種思維方式的轉變，試圖優化供應路徑，以便直接面向消費者。好吧，他們現在將能夠通過我們的平台大規模地做到這一點，因為他們直接通過我們集成到 MAX 市場。我們認為這將促進大量非遊戲資金進入我們的生態系統，這將有利於我們的出版合作夥伴，也有利於我們作為交易大廳。

All right. And then as it relates to some of the new opportunities in the software side that you talked about, such as NFTs and CTV, I was curious about your approach there. Are you approaching talent from their respective industries? Or are you moving resources from within the company to help you build out those strategies?

好的。然後因為它涉及到你談到的軟件方面的一些新機會，比如 NFT 和 CTV，我很好奇你在那裡的方法。您是否正在接觸各自行業的人才？或者您是否正在從公司內部轉移資源來幫助您制定這些戰略？

Yes. I mean, look, when we look at a new business, we're actually -- all of our core team has been here for -- since we started the business a decade ago. And so we're very entrepreneurial. And the best new businesses always start with a few people that put together an idea. And if it sticks and it hits, it can really expand. Now that's a traditional startup. We have advantages with our scale data platform, our algorithms and the demand access and data access that we have. And so we picked categories where our relationships and our technologies will give us an advantaged head start.

是的。我的意思是，看，當我們審視一項新業務時，我們實際上——我們所有的核心團隊都在這裡——自從我們十年前開始這項業務以來。所以我們很有創業精神。最好的新企業總是從幾個人的想法開始。如果它堅持並擊中，它真的可以擴展。現在這是一家傳統的創業公司。我們在規模數據平台、算法以及我們擁有的需求訪問和數據訪問方面具有優勢。因此，我們選擇了我們的關係和技術將為我們提供有利開端的類別。

We're entrepreneurial, so we're building a lot of the core technologies ourselves, but we will look to buy potentially if it makes sense. We'll also look to staff from the outside-in. And in particular, with a couple of these businesses, we brought people from the outside to come in and run these businesses for us to give us even more confidence in executing them over the coming years.

我們是企業家，所以我們自己開發了很多核心技術，但如果有意義的話，我們會考慮購買潛在的。我們還將從外向內尋找員工。特別是，對於其中一些業務，我們從外部聘請了人來經營這些業務，讓我們更有信心在未來幾年執行這些業務。

This does conclude our conference. Thank you for your participation. You may disconnect your lines at this time.

這確實結束了我們的會議。感謝您的參與。此時您可以斷開線路。

Thanks, everyone.

謝謝大家。