Applovin Corp (APP) 2022 Q1 法說會逐字稿

Good afternoon, everyone. Let's get started. Welcome to AppLovin's earnings call for the quarter ended March 31, 2021. I'm Ryan Gee, Head of Investor Relations and Strategic Finance at AppLovin. And joining me to discuss our results are our Co-Founder, CEO and Chairperson, Adam Foroughi; and our President and Chief Financial Officer, Herald Chen.

大家午安！我們開始吧！歡迎參加 AppLovin 截至 2021 年 3 月 31 日的季度財報電話會議。我是 AppLovin 投資者關係和策略財務主管 Ryan Gee。與我一起討論業績的還有我們的共同創辦人、執行長兼董事長 Adam Foroughi，以及我們的總裁兼財務長 Herald Chen。

Please note our SEC filings, earnings release and shareholder letter discussing our first quarter performance are available at investors.applovin.com. We also posted a short slide presentation that Herald will reference later in this call if you'd like to follow along. During today's call, we may be making forward-looking statements regarding future events and the future financial performance of our company. These statements are based on our current assumptions and beliefs. We assume no obligation to update them, except as required by law. Actual results may differ materially from the results predicted. Please review the risk factors in our most recently filed Form 10-K and in our Form 10-Q to be filed shortly after this call for additional information.

請注意，我們向美國證券交易委員會 (SEC) 提交的文件、收益報告和討論我們第一季業績的股東信均可在 investors.applovin.com 上查閱。我們還發布了一個簡短的幻燈片演示，如果您想跟進，Herald 將在本次電話會議的稍後部分提供參考。在今天的電話會議中，我們可能會對未來事件和公司未來財務表現做出前瞻性陳述。這些陳述是基於我們目前的假設和信念。除法律要求外，我們不承擔更新這些陳述的義務。實際結果可能與預測結果有重大差異。請查看我們最近提交的 10-K 表格和本次電話會議後不久提交的 10-Q 表格中的風險因素，以獲取更多資訊。

We will also be discussing non-GAAP financial measures. Reconciliations of our GAAP and non-GAAP financial measures are included in our shareholder letter, available on our IR website. Please be sure to review the GAAP measures and the reconciliations as the 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 shortly. We will be hosting a Q&A session after our prepared remarks. But first, I would like to turn it over to Adam and Herald. Adam, please go ahead.

我們也將討論非公認會計準則 (non-GAAP) 財務指標。我們的股東信中包含了 GAAP 和非 GAAP 財務指標的對帳表，可在投資者關係 (IR) 網站上查閱。請務必仔細閱讀 GAAP 指標和對帳表，因為非 GAAP 指標並非旨在替代或優於我們的 GAAP 績效。本次電話會議正在錄製中，重播將很快提供。我們將在準備好的演講後安排問答環節。但首先，我想把時間交給 Adam 和 Herald。 Adam，請開始。

This past quarter, we achieved many key milestones for AppLovin. We celebrated our 10-year anniversary of the business or 1-year anniversary as a public company, and we cleared over 10 billion app installs discovered through our marketing platform. We can celebrate these milestones because of the hard work (inaudible) culture that we have at AppLovin.

在過去的一個季度，AppLovin 取得了許多重要的里程碑。我們慶祝了公司成立十週年，也慶祝了公司上市一週年，並透過我們的行銷平台實現了超過 100 億次的應用程式安裝。我們能夠慶祝這些里程碑，完全歸功於 AppLovin 辛勤工作的文化。

First, we hire and work with great people from diverse backgrounds. We give them an environment to thrive in, always trying to ensure each person has room to develop their professional and personal skills here more than anywhere else. Second, we are entrepreneurial, and we never settle. We know that in a competitive and challenging market, complacency leads to failure. And third, we maintain focus -- we aim to do big things, and all of our decisions are tied to our core goals, continuing to expand our footprint as the marketing and monetization platform for developers. It was a key to the team that we maintained these core principles as we entered a new public chapter for our company. I'm very proud to say that we've done just that. This can be demonstrated in our first quarter. First, our software platform business has continued to expand by adding new clients and increasing the amount that existing clients are spending. This strong performance led to a record EBITDA in Q1 of $276 million. Most software businesses lose money long-run. We're growing quickly and just cleared the $1 billion EBITDA run rate. Next, we successfully completed migrating MoPub into our MAX platform. You can find the 2 largest mediation solutions in the mobile app market. We not only had to execute quickly on our side to accomplish this, we also asked publishers to integrate our platform into their apps in just 90 days or risk losing their ad revenues.

首先，我們聘用並與來自不同背景的優秀人才共事。我們為他們提供蓬勃發展的環境，並始終努力確保每個人在這裡都能獲得比其他地方更大的發展空間，從而提升他們的專業技能和個人技能。其次，我們有創業精神，永不滿足。我們深知，在競爭激烈、充滿挑戰的市場中，自滿會導致失敗。第三，我們保持專注－我們志在成就偉業，所有決策都圍繞著我們的核心目標，持續拓展我們作為開發者行銷和變現平台的影響力。在公司開啟新的上市篇章之際，堅守這些核心原則對團隊至關重要。我很自豪地說，我們做到了這一點。這在我們的第一季得到了充分的體現。首先，我們的軟體平台業務持續擴張，新客戶不斷增加，現有客戶的支出也不斷增加。強勁的業績使第一季的息稅折舊攤提前利潤 (EBITDA) 達到創紀錄的 2.76 億美元。大多數軟體企業長期來看都會虧損。而我們發展迅速，EBITDA 的運行率剛剛突破 10 億美元。接下來，我們成功將 MoPub 遷移到 MAX 平台。這是行動應用市場上最大的兩大聚合解決方案。為了完成這一目標，我們不僅需要快速執行，還要求發布商在短短 90 天內將我們的平台整合到他們的應用程式中，否則將面臨失去廣告收入的風險。

A couple of things to call out specifically here. Historically, we grew MAX to become a leading solution in the market by offering the best technology, not by paying bonuses. This is exactly how we'll run our business going forward, focusing on continuing to deliver the best solution in the market. Given the short window of time to move to our unified platform, we made the decision to pay out $210 million in one-time publisher bonuses. We accounted for these bonuses as contra revenue, and Herald will give you the accounting details shortly. We see the opportunity to own the largest marketplace in the in-app advertising ecosystem as strategically valuable long term, and, therefore, this was a decision that was the easy one to make because it helps ensure continuity with the publishers coming over from mobile (inaudible) monetization platform which is a big undertaking, and we are proud that over 90% of the MoPub publishers moved over to Max. As a result, we now have a significant share in the market using our solutions so much so that the success of our platform will directly influence growth in the total addressable market and the success of all major parties in the ecosystem. That's a strong position to be in and (inaudible).

這裡需要特別強調幾點。從歷史上看，我們透過提供最佳技術而非支付獎金，將 MAX 發展成為市場領先的解決方案。未來，我們也將秉持同樣的經營理念，專注於持續提供市場上最佳的解決方案。考慮到遷移到統一平台的時間緊迫，我們決定向發行商一次性支付 2.1 億美元的獎金。我們將這些獎金計入備抵收入，Herald 很快就會公佈會計細節。我們認為，擁有應用程式內廣告生態系統中最大的市場具有長期戰略價值，因此，做出這個決定並非難事，因為它有助於確保來自行動（聽不清楚）獲利平台的發行商的連續性，而行動獲利平台是一項艱鉅的任務。我們很自豪，超過 90% 的 MoPub 發行商已經遷移到 Max。因此，我們現在在使用我們解決方案的市場中佔據了相當大的份額，以至於我們平台的成功將直接影響整個潛在市場的成長以及生態系統中所有主要參與者的成功。這是一個非常有利的地位，而且（聽不清楚）。

And finally, we acquired Wurl, a leader in powering streaming TV. Together, we will partner to growing performance marketing with (inaudible). It is clear just how quickly we pushed forward on items that make the biggest impact to our business when we look back just 1 year to the IPO and see that software was only 14% of our revenue versus 40% now. At that time, we discussed just how important the first-party data that those games provided was to our software platform success. Today, our software platform business is growing at a significant rate, much faster than we expected, while our apps business has leveled up. In fact, our software business in Q1 '22 was 4x larger than it was in Q1 '21. And in Q1, software contributed over 80% of our EBITDA. For the last several quarters, we've talked about how the apps business is not as strategic as the (inaudible). With the continued scaling of our software platform, we've proven that the 2 businesses can operate independently from one another. More directly, given the success of our software platform, we will no longer require games as a cost center. This means we will be exploring how to structure our apps business so that it is run more efficiently as (inaudible) stand-alone business unit.

最後，我們收購了串流電視領域的領導者Wurl。我們將攜手合作，共同發展績效行銷（音訊不清楚）。回顧IPO一年前，軟體業務僅占我們收入的14%，而現在已達到40%，這清楚地表明我們在對業務影響最大的項目上推進得多麼迅速。當時，我們討論了這些遊戲提供的第一方數據對我們軟體平台成功的重要性。如今，我們的軟體平台業務正以驚人的速度成長，遠超我們的預期，同時我們的應用業務也取得了進步。事實上，2022年第一季，我們的軟體業務規模是2021年第一季的4倍。在第一季度，軟體業務貢獻了我們超過80%的EBITDA。在過去的幾個季度裡，我們一直在討論應用程式業務不如（音訊不清晰）那麼具有戰略意義。隨著軟體平台的持續擴展，我們已經證明這兩項業務可以獨立運作。更直接地說，鑑於我們軟體平台的成功，我們將不再把遊戲當作成本中心。這意味著我們將探索如何建立我們的應用業務，使其作為（聽不清楚）獨立的業務部門更有效率地運作。

This exploration may result in operational changes and possibly plan to sell or spin-off some of the studios. Among them are nearly 20 very capable games videos, their founders and their teams, we will operate the studios with a more profitable spend on user acquisition, which we already started to do in late Q1. Traditionally, we were willing to spend more on new users, valuing the scale, audience and data as the justification. This led operating at a round breakeven, while typically gaming companies operated a 20% or higher EBITDA margins, which we will now aim to reach over time. Mobile app discovery and modernization are critical for app developers now more than ever. With MAX, we're the market's leading monetization solution, our discovery is the fastest-early user acquisition channel for developers today. With customers paying us for performance, we're shielded against macroeconomic volatility. We have a powerful machine learning engine that is only 18 months old and will continue to improve. MAX allows us to serve ads to the 700 million daily active users we help monetize. We have a team seasoned in navigating a complex ecosystem and a dynamic privacy landscape. With the growth opportunities, the costs of our software business and future initiatives and the high cash flow our business generates even today, we're very excited about our future.

此次探索可能會導致營運方面的變化，並可能計劃出售或分拆部分工作室。這些工作室擁有近20個非常優秀的遊戲影片、他們的創辦人和團隊。我們將以更有利可圖的用戶獲取支出來經營這些工作室，我們在第一季末就開始這樣做。傳統上，我們願意在新用戶上投入更多資金，並重視規模、受眾和數據作為理由。這使得我們的營運處於損益平衡點，而通常遊戲公司的EBITDA利潤率通常為20%或更高，我們現在的目標是逐步達到這一水平。行動應用的發現和現代化對應用程式開發者來說比以往任何時候都更加重要。憑藉MAX，我們是市場領先的變現解決方案，我們的發現是當今開發者最快的早期用戶獲取管道。由於客戶按效能付費，我們能夠抵禦宏觀經濟波動。我們擁有一個強大的機器學習引擎，它僅推出18個月，並將持續改進。 MAX讓我們能夠向7億日活躍用戶投放廣告，這些用戶是我們幫助變現的。我們擁有一支經驗豐富的團隊，能夠應對複雜的生態系統和不斷變化的隱私環境。鑑於我們軟體業務和未來計劃的成長機會、成本以及我們業務至今仍能產生的高額現金流，我們對未來充滿期待。

Now I'll turn it over to Herald to outline the details of Q1 financials and our outlook.

現在，我將請《先驅報》概述第一季財務狀況的細節和我們的展望。

Thanks very much. For that I mentioned, with the growth in margin to our software platform, plus a new operating approach for our apps portfolio, we are excited about our near- and long-term growth prospects and cash flow outlook. To help you better understand that thesis going forward, we'll be providing greater insights to the economic drivers of our 2 businesses. And regarding the overall cash generation of our company. For a quick preview (inaudible) describe in more detail shortly. Our guidance for the software platform business is to generate over $1 billion of revenue in the second through fourth quarter of this year. Based on an estimated margin for that business was 70% and a flow through to cash of another estimated 70%, that business alone will generate over $0.5 billion of unlevered free cash flow in the next 3 quarters alone.

非常感謝。正如我之前提到的，隨著我們軟體平台利潤率的成長，以及我們應用程式組合的新營運方式，我們對近期和長期的成長前景以及現金流前景感到興奮。為了幫助您更好地理解這一論點，我們將提供更多關於我們兩大業務的經濟驅動力的見解。此外，我們也將介紹公司的整體現金創造能力。為了快速預覽（聽不清楚），稍後將更詳細地描述一下。我們對軟體平台業務的預期是在今年第二季至第四季創造超過10億美元的收入。基於該業務70%的預估利潤率和70%的現金流，光是該業務就將在未來三個季度產生超過5億美元的無槓桿自由現金流。

So let's go back on the quarter since in Q1, we made some key decisions and good progress through our goals. I'll highlight a few in detail before we take your questions. The first topic is our overall strong trending in margins. We have strong quarter-over-quarter and year-over-year growth on both the top and bottom lines when adjusting for the $210 million of contra revenue we booked in Q1, which were the bonuses paid to publishers related to the MoPub transaction.

讓我們回顧一下本季的情況，因為在第一季度，我們做出了一些關鍵決策，並在實現目標方面取得了良好的進展。在回答大家的提問之前，我將詳細介紹其中幾個面向。第一個話題是我們整體利潤率的強勁成長趨勢。扣除第一季計入的2.1億美元抵銷收入（這些收入是支付給與MoPub交易相關的出版商的獎金）後，我們的營收和利潤環比和同比增長均強勁。

Our growth in Q1 was driven by the growth in our software platform revenue more than making up for a modest decline in our apps revenues. So let me spend a few minutes on the contra revenue, so you can appreciate the growth in margin expansion that we saw in the quarter. First of all, just the accounting on contra-revenue, we paid these publisher bonuses to our vendors that are currently or may become future customer of ours. And since GAAP requires offsetting revenue for fees you pay to customers or potential customers, these publisher migration bonuses of $210 billion are accounted for as contra revenue; second, these are nonrecurring and result from the MoPub transaction. Historically, we did not incur these fees in any significant size.

我們第一季的成長主要得益於軟體平台收入的成長，足以彌補應用收入的輕微下滑。因此，請容許我花幾分鐘時間介紹備抵收入，以便您能夠理解我們本季利潤率的成長。首先，僅就備抵收入的會計處理而言，我們向目前或未來可能成為我們客戶的供應商支付了這些發行商獎金。由於美國通用會計準則 (GAAP) 要求將支付給客戶或潛在客戶的費用計入收入，因此這筆 2,100 億美元的發行商遷移獎金被計入備抵收入；其次，這些費用是非經常性支出，源自 MoPub 交易。從歷史上看，我們並沒有大規模地支付這些費用。

But when you shut down one of the largest players in the mediation and ask their publishers to move over 90 days, those publishers incur real revenue loss and cost to migrate. Going forward, we do not see publisher bonuses as a significant cost renewable business, and we do not -- we do not have that before a vote on or we project anything significant going forward. Because the MoPub-related fees are not recurring, we added back to adjusted EBITDA. And any non-publisher bonuses we would see after Q1, we will not be adding back to adjusted EBITDA. So therefore, it just a one-time occurrence in this quarter -- in this past quarter. For reporting purposes, on the revenue side, we cannot add back to contra revenue. But for internal purposes, of course, we combined a few numbers, which adds up to an amount 38% greater than our Q4 number.

但是，當你關閉調解中最大的參與者之一併要求其出版商在 90 天內遷移時，這些出版商將遭受實際收入損失和遷移成本。展望未來，我們不認為出版商獎金是一項重大的成本可再生業務，而且在投票之前我們不會 - 我們不會預測未來有任何重大變化。由於與 MoPub 相關的費用不是經常性的，我們將其加回調整後的 EBITDA 中。我們在第一季之後看到的任何非出版商獎金都不會加回到調整後的 EBITDA 中。因此，它只是本季 - 在過去的季度中發生的一次性事件。出於報告目的，在收入方面，我們不能加回備抵收入。但出於內部目的，我們合併了幾個數字，加起來比我們第四季的數字高出 38％。

Overall, we consider $210 million of contra revenues (inaudible) $1.05 billion purchase price from MoPub. The total price for that acquisition was $1.26 billion. And that's a very attractive price for such a strategic and financially accretive asset. On the cash flow side, Adam mentioned, we had a record $276 million in EBITDA, with a reported margin of 44%. When normalizing revenue for the publisher bonuses, our adjusted EBITDA margin was 33%, which you can see in purple here.

總體而言，我們考慮了2.1億美元的待售收入（聽不清楚），以及從MoPub獲得的10.5億美元的收購價格。此次收購的總價格為12.6億美元。對於如此具有策略性和財務增值潛力的資產來說，這個價格非常誘人。在現金流方面，Adam提到，我們的EBITDA達到了創紀錄的2.76億美元，報告利潤率為44%。將出版商獎金收入標準化後，我們的調整後EBITDA利潤率為33%，您可以在此處以紫色部分顯示。

That, we think is the normal run rate of the business, and that is a 500 basis point increase over 28% in the fourth quarter of 2021. This margin expansion was entirely driven by the strong growth of our high-margin software business and in fact the margin was slightly reduced by our app business or the reduction in app revenue was a larger offset by user acquisition spend, but was still related to our overall margin. As we mentioned in our shareholder letter, we currently estimate our software platform business currently runs at a normalized EBITDA margin of 65% to 70%, and our app's business at an estimated EBITDA margin of 5% to 10%. Therefore, faster growth of software relative to apps drives margin expansion. We will be providing more details on this in our Q2 earnings report where we will be providing segmented financials for the first time.

我們認為這是業務的正常運作率，即在 2021 年第四季的 28% 基礎上增加了 500 個基點。利潤率的成長完全是由我們高利潤率軟體業務的強勁成長推動的，事實上，利潤率因我們的應用業務而略有下降，或者應用收入的減少被用戶獲取支出更大程度地抵消，但仍與我們的整體利潤率有關。正如我們在致股東信中所提到的，我們目前估計軟體平台業務的正常化 EBITDA 利潤率為 65% 至 70%，應用業務的 EBITDA 利潤率估計為 5% 至 10%。因此，軟體相對於應用的更快成長推動了利潤率的成長。我們將在第二季收益報告中提供更多詳細信息，屆時我們將首次提供分部財務數據。

Our strong AppLovin software platform revenue margin plus operating cost management allow us to raise our EBITDA guidance for this year, and we'll talk about that further in that. Of note, at our current operating scale, we're able to translate a significant percentage of our EBITDA to unlevered free cash flow given our low CapEx, working capital acquirements and moderate tax rate.

我們強勁的AppLovin軟體平台營收利潤率加上營運成本管理，使我們能夠提高今年的EBITDA預期，我們將在後續進一步討論。值得注意的是，在目前的營運規模下，考慮到較低的資本支出、營運資本收購和適中的稅率，我們能夠將相當大比例的EBITDA轉化為無槓桿自由現金流。

We estimate that normalized run rate percentage of adjusted EBITDA translating to unlevered free cash flow to be around 65% to 75%. The next slide, we wanted to show you -- talk about our software expansion for the quarter. So you've heard now a few times from Adam and me, we believe the software platform growth is key to our long-term growth and cash flow. So let's take a deeper look at our Q1 software performance. First of all, as noted in purple, you can see all of the one-time contra revenue is taken against our software revenue. When added to GAAP revenue of $119 million, the total was $329 million for Q1. That represents a 33% quarter-over-quarter growth rate on top of strong quarter-over-quarter growth over the prior 3 quarters.

我們估計，調整後EBITDA的正常化運作率百分比轉化為無槓桿自由現金流約為65%至75%。下一張投影片，我們想向您展示—談談我們本季的軟體擴充。您現在已經從Adam和我那裡聽到過幾次了，我們相信軟體平台的成長是我們長期成長和現金流的關鍵。那麼，讓我們更深入地了解我們第一季的軟體業績。首先，如紫色所示，您可以看到所有一次性抵銷收入都已從我們的軟體收入中扣除。加上1.19億美元的GAAP收入，第一季的總額為3.29億美元。這意味著在前三個季度強勁環比成長的基礎上，環比成長了33%。

We saw strong customer adoption across all of our solutions, including AppDiscovery, AppLovin Exchange, Adjust and MAX as we started to pick up revenue from the integrated MoPub customers. Our customers continue to find success with our solutions, are growing their business and in turn, spending more on us. Of note, in Q1, we received approximately $40 million of revenue from MoPub Twitter and expect the revenue from the acquisition to grow over the course of the year.

隨著我們開始從整合的 MoPub 客戶那裡獲得收入，我們所有解決方案（包括 AppDiscovery、AppLovin Exchange、Adjust 和 MAX）都獲得了強勁的客戶採用。我們的客戶繼續透過我們的解決方案取得成功，業務不斷成長，從而增加了在我們平台上的支出。值得注意的是，在第一季度，我們從 MoPub Twitter 獲得了約 4,000 萬美元的收入，預計此次收購帶來的收入將在今年內持續成長。

However, going forward, it will be difficult to discern what revenue comes explicitly from MoPub now that it has been fully integrated into MAX. Across the board on software KPIs, we had very solid performance when normalized for the contra revenue impact. We have 258% net dollar-based revenue retention in the quarter over prior year, showing the resiliency of our customers and continued increase in the use of our software solutions. We also had a solid increase in the number of new customers. Our normalized spec count reached 519, an increase over 58 customers, where we still believe that's a small percentage of customers available to us in the marketplace. The additions across the business, including some new additions from customers migrating from MoPub as well as for new customers from AppDiscovery and Adjust.

然而，展望未來，由於 MoPub 已完全整合到 MAX 中，我們將很難明確哪些收入來自它。在軟體 KPI 方面，我們在標準化收入對銷項的影響後，表現非常穩健。本季度，我們的淨美元收入留存率與去年同期相比增長了 258%，這體現了我們客戶的韌性以及我們軟體解決方案使用量的持續增長。我們的新客戶數量也穩定成長。我們的標準化規格數量達到 519 個，新增了 58 個客戶，但我們仍然認為，這只占我們市場上現有客戶的一小部分。業務範圍的擴大，包括一些從 MoPub 遷移過來的客戶，以及來自 AppDiscovery 和 Adjust 的新客戶。

On top of more customers, we saw the average revenue increase on average from all of our specs to reaching normalized $603,000, a steady increase over the past 3 quarters. Of note, when taking the $210 million of contra revenue out of these metrics, we still were able to grow net dollar-based retention and the total number of specs.

除了客戶數量的成長外，我們所有規格的平均收入也實現了成長，達到了標準化的60.3萬美元，並且在過去三個季度中保持了穩定成長。值得注意的是，即使從這些指標中剔除2.1億美元的備抵收入，我們仍然實現了淨美元留存率和規格總數的成長。

So the third topic, we wanted to provide you an update on our guidance, where we're increasing our '22 adjusted EBITDA target. For '22, our operating outlook for the software platform remains the same as previously given. However, we are adjusting our formal guidance by the $210 million in contra revenue to GAAP revenue guidance of $1.14 billion to $1.29 billion. We are continuing to expect $2 billion in software platform revenue in 2023, which will be a 10x increase from 2020, and a 65% increase over the midpoint of our revised software platform guidance in '22. We believe we have the market solutions, technology and team to reach that goal.

第三個話題，我們想更新一下我們的業績指引，我們將上調2022年調整後的EBITDA目標。 2022年，我們對軟體平台的營運預期與先前保持不變。不過，我們將正式指引的營收目標從11.4億美元至12.9億美元的GAAP營收指引中調整了2.1億美元。我們預計2023年的軟體平台營收仍將達到20億美元，這將是2020年的10倍，比我們2022年修訂後的軟體平台指引的中位數成長65%。我們相信，我們擁有實現這一目標所需的市場解決方案、技術和團隊。

Further, given our stable cost structure, which we articulated earlier, we believe the cash flow from a $2 billion revenue software platform business would be substantial. Switching to the app side. As Adam mentioned, the sale of our software platform in the midstream to our MAX solution means we are much less reliant on the data from our apps to drive financial performance to our clients. Therefore, we're planning to manage that business to optimize for operating and financial efficiency with the perspective on how to best drive cash flow from that business over the long term.

此外，鑑於我們先前闡述的穩定成本結構，我們相信20億美元收入的軟體平台業務將帶來可觀的現金流。接下來轉向應用程式業務。正如Adam所提到的，將我們中游的軟體平台出售給MAX解決方案，意味著我們不再依賴應用程式資料來推動客戶財務表現。因此，我們計劃以優化營運和財務效率為目標，並著眼於如何長期最大程度地推動該業務的現金流。

In the near to medium term, that may include lowering our investment in user acquisition, which will drive up margins but lower overall growth. We will also do a review of our app portfolio, which could lead to a wide range of transactions or no change at all. Based on this new approach, we are lowering our revenue guidance by $200 million and now targeting a range of $2 billion to $2.15 billion in revenue from apps in '22. The combination of our changes in software and apps guidance leads to our revised total guidance of $3.14 billion to $3.44 billion on a GAAP basis.

中短期內，這可能包括降低用戶獲取方面的投資，這將推高利潤率，但會降低整體成長。我們還將對應用程式組合進行審查，這可能會導致大範圍的交易，甚至保持不變。基於這項新策略，我們將營收預期下調2億美元，目前的目標是2022年應用程式收入在20億至21.5億美元之間。軟體和應用程式預期的調整，使我們根據GAAP準則修訂的總預期為31.4億美元至34.4億美元。

With regard to adjusted EBITDA, given our record performance and strong margins, we're raising adjusted EBITDA guidance to a midpoint target of $1.2 billion. This target again represents a 65% increase over prior year. This is also an increase from our previous guidance of high 20% margins against a total revenue forecasted midpoint of $3.7 billion, which equated to just over $1 billion. Key drivers of this increase in EBITDA guidance showed a much higher growth in our software platform business, which, as I said, has a much higher margin profile.

關於調整後EBITDA，鑑於我們創紀錄的業績和強勁的利潤率，我們將調整後EBITDA指引上調至12億美元的中點目標。這一目標比去年同期成長了65%。這也高於我們先前20%的高利潤率指引，而總營收預測中點為37億美元，相當於略高於10億美元。此次EBITDA指引上調的關鍵驅動因素是我們軟體平台業務的成長速度顯著加快，正如我之前所說，該業務的利潤率更高。

We have lower investment requirements than originally earmarked for new initiatives, and we now have the higher margin expected from our apps business as we optimize it. From an overall margin perspective, this equates to 36%, 22% adjusted EBITDA margin at midpoint of GAAP revenue guidance. and a 34% adjusted EBITDA margin, but excluding the contra revenue. Therefore, the 34% target is our run rate margin to focus on, which would be an 800 basis point increase over the prior year. Since we do generate a significant amount of cash flow, I wanted to touch briefly on our go-forward capital allocation perspectives. As previously stated, we're not focused on M&A for the app side of the business. We will offer new, and we'll opportunistically look on the software side. Although there too, we've assembled many of the key assets we wanted over the past 18 months. Then with regard to the stock buyback side, we do have our $750 million authorized program and have used just over $45 million thus far.

我們的投資需求低於最初為新項目預留的資金，而且隨著我們應用業務的優化，我們預期該業務的利潤率也將更高。從整體利潤率來看，這相當於36%的利潤率，其中調整後息稅折舊攤銷前利潤率為22%，以GAAP收入指引的中點為準，調整後息稅折舊攤銷前利潤率為34%，但不包括備抵收入。因此，34%的目標就是我們關注的運行率利潤率，這將比前一年增加800個基點。由於我們確實產生了大量的現金流，我想簡要地談談我們未來的資本配置前景。如前所述，我們並不專注於應用業務的併購。我們將提供新的業務，並會適時地專注於軟體業務。儘管軟體業務也同樣如此，但我們在過去18個月中累積了許多我們想要的關鍵資產。至於股票回購，我們確實有7.5億美元的授權計劃，迄今已使用了略高於4500萬美元的資金。

We are planning to use that authorization when appropriate and are open to doing so given the right opportunity. We appreciate the public markets are highly volatile and difficult to predict. In these markets, we believe cash is king and cash flow growth is king and queen, that's exactly where our team is focused.

我們計劃在適當的時候使用該授權，並且只要時機合適，我們願意這樣做。我們理解公開市場波動性極大且難以預測。在這些市場中，我們相信現金為王，現金流成長至關重要，這正是我們團隊的重點所在。

We believe in our strategic position, growth and cash generation potential and we will work hard quarter after quarter to post the numbers that will earn your trust. Thank you for taking the time to get an update on our business. And with that, we'll open the call for questions. Ryan?

我們相信我們的策略地位、成長潛力和現金創造潛力，並將一季一季地努力工作，力爭取得值得您信賴的業績。感謝您抽空了解我們的業務最新情況。接下來，我們將開始提問環節。瑞安？

Thanks, Herald. (Operator Instructions)

謝謝，《先驅報》。 （操作員指示）

Youssef, you're first in line. (Operator Instructions) Go ahead, Youssef.

優素福，你是第一個。 （操作員指示）請說，優素福。

Excellent. Can you hear me?

太好了。你聽得到我說話嗎？

We can hear you.

我們能聽到你的聲音。

So just a couple of questions for me. Maybe just at a high level, how long do you think this review of the apps business will last in the meantime, what kind of performance do you expect from it? I think it was down $40 million sequentially? That's one. And then to a question we often get from investors is around just this shift in strategy away from the apps, historically, you guys have positioned yourselves as strategically leveraging the apps to -- as a source of first-party data or 1P. So maybe just refresh us as to why is that not as important anymore?

所以我只問幾個問題。首先，您覺得這次對應用程式業務的評估會持續多久？您預計它的表現會如何？我記得它比上一季下降了4000萬美元？這是其中之一。然後，我們經常聽到投資者問的一個問題，是關於策略從應用轉向應用的轉變。從歷史上看，你們一直將自己定位為策略性地利用應用程式——作為第一方資料或1P的來源。所以，能否請您再次提醒我們，為什麼現在應用程式不再那麼重要了？

I think the 2 questions are well-tied together. And really, what we're focused on with the games business as it is today, it's operated additionally. We've got 20 virtual studios distributed all over the world. Some are run very well. They generate a good amount of profitability, some are generating losses. And we're going to go through the portfolio to ensure that every single one of them is held to a standard, the same by any independent gaming company would be.

我認為這兩個問題緊密相關。實際上，我們目前專注於遊戲業務，而遊戲業務本身就是一項附加業務。我們在世界各地擁有20個虛擬工作室。有些營運得很好，獲利能力很強，有些則在虧損。我們將仔細審查我們的投資組合，確保每個工作室都達到與任何獨立遊戲公司相同的標準。

And what gives us confidence in that is that our software business has frankly grown so much faster and so much larger than what we thought when we first went public a year ago. We were talking about $650 million of revenue in software for the entire year this year. And we're now talking about over double that amount -- around half that amount in the first quarter, it's quadrupled in the last 12 months. And so when we see that scale, what we know is that we have to really become a market solution.

讓我們充滿信心的是，坦白說，我們的軟體業務成長速度和規模都遠遠超出了我們一年前上市時的預期。我們之前說今年全年軟體業務的收入是6.5億美元。現在這個數字已經翻了一番多——第一季大約是這個數字的一半，過去12個月增加了四倍。所以，當我們看到這個規模時，我們知道我們必須真正成為一個市場解決方案。

And we've got a lot more software platform enterprise clients to come use our platform. We've got a lot more scale with the MAX and MoPub marketplace now. And that gives us the confidence that our games are only a small percentage of that software business. The other data point that's really important to point you at to is for 4 quarters in a row, our software games business has been fairly flat in both audience and revenue, whereas our software business has grown immensely. That gives us a lot of confidence in the trajectory of the software business, and we want to focus entirely (inaudible) achieving a couple of billion that we put out as a goal next year.

現在，越來越多的軟體平台企業客戶開始使用我們的平台。現在，憑藉 MAX 和 MoPub 市​​場，我們的規模也得到了大幅提升。這讓我們有信心，我們的遊戲只佔軟體業務的一小部分。另一個非常重要的數據是，連續四個季度，我們的軟體遊戲業務在受眾和收入方面都基本持平，而我們的軟體業務卻實現了大幅成長。這讓我們對軟體業務的發展軌跡充滿信心，我們希望完全專注於（聽不清楚）實現我們明年設定的數十億美元的目標。

Okay. Next up is Eric Sheridan at Goldman Sachs. (Operator Instructions)

好的。接下來是高盛的艾瑞克·謝裡丹。 （操作員指示）

Can you guys hear me now?

你們現在聽得到我說話嗎？

Go ahead, Eric.

繼續吧，埃里克。

Great. I want to come back to some of the acquisitions you've done and talk more broadly there. You finished MoPub. Obviously, there's Connected TV with Wurl. Where do you see now the collection of assets you have in terms of positioning yourself for compounded growth, different verticals on the advertiser side, potential budget unlock not only in 2022, but as we look beyond 2022 over the next couple of years? I would love to get as much color as we can about that.

好的。我想回到你們的一些收購，並更廣泛地談談。你們完成了 MoPub 的收購。顯然，你們還有 Wurl 的連網電視業務。你們現在如何看待你們的資產組合，如何定位複合成長、廣告商端的不同垂直領域，以及不僅在 2022 年，而且在未來幾年展望 2022 年之後的潛在預算釋放？我希望盡可能詳細地了解這些情況。

Great question. In mobile, we're really confident with our position. We've got the largest marketplace. We've got AXON, our machine learning technology that's only 18 months old, and it's going to continue to improve. That's how these things go. And (inaudible) this model. So we're not looking to take budget from others. We're looking to give our advertisers results that are measurable and within their financial goals, that unlocks some limited budget. And so as we think about how to increase our market over time and create growth factors for many years to come, we really think about finding the consumers that we know how to service well with recommended offerings across other access points. And that's what maybe Connected TV interesting for us. We're all being one of the leading software solutions to bring content online and Connected TV for a lot of brands that have content media distributed through a channel.

問得好。在行動領域，我們對自己的地位非常有信心。我們擁有最大的市場。我們擁有AXON，這是我們推出僅18個月的機器學習技術，而且還會不斷改進。事情就是這樣。還有（聽不清楚）這個模式。所以我們不打算從別人那裡搶預算。我們希望為廣告主提供可衡量的、符合其財務目標的成果，從而釋放一些有限的預算。因此，當我們思考如何隨著時間的推移擴大我們的市場並在未來多年創造成長因素時，我們真正考慮的是找到那些我們知道如何透過其他接入點推薦產品來良好服務的消費者。這也許就是我們對連網電視感興趣的地方。我們都是領先的軟體解決方案供應商之一，為許多透過管道分發內容媒體的品牌提供線上內容和連網電視。

The ad slots in that content will have immense reach, will be very valuable on a full screen and we think can present a really large performance model on television, and we're going to be focus on continuing expanding the software business and pushing our machine learning software in as many places as we can go.

該內容中的廣告位將具有巨大的影響力，在全螢幕上非常有價值，我們認為可以在電視上呈現一個非常大的性能模型，我們將專注於繼續擴大軟體業務，並在盡可能多的地方推廣我們的機器學習軟體。

Okay. Great. Thanks, Eric. Next, we'll go to Stephen Ju at Credit Suisse.

好的。太好了。謝謝，埃里克。接下來，我們請瑞士信貸的史蒂芬·居發言。

All right. Great. Can you hear me?

好的。太好了。你聽得到我說話嗎？

We can.

我們可以。

All right. Great. So Adam, reading between the lines of your shareholder letter, it seems like now is the time to go after the larger ad market as opposed to just the spend from the mobile game sector. So with MoPub now in the house, is there any sort of directional update you can give us in terms of the mix of ad revenue now coming from non-gaming clients and what the relative growth between your gaming versus non-gaming is now and where that could be?

好的。太好了。 Adam，從你致股東信的字裡行間來看，現在似乎是時候進軍更大的廣告市場了，而不是只專注於手遊領域的支出。那麼，既然MoPub已經入主，你能不能透露一些方向性的信息，比如目前來自非遊戲客戶的廣告收入組成，以及你們遊戲業務和非遊戲業務的相對增長情況，以及未來可能的增長方向？

Yes. So MoPub and MAX together, we sit on top of 700 million daily actives around the world. And these consumers in large part, on our platform, they're playing games. But I can assure you they don't just play games as their only thing they do in their life. So they're very good audience at that level of scale to monetize on both games and non-games. We've traditionally focused our solutions for the game developer and really built a lot of performance technology there. MoPub brought us access to the local marketplace, and that's how they monetize their (inaudible). And the marketplace itself is direct access for companies like The Trade Desk, which we announced the partnership with last quarter to buy into our exchange.

是的。 MoPub 和 MAX 加起來，我們在全球擁有 7 億日活躍用戶。這些用戶在我們的平台上，很大一部分是在玩遊戲。但我可以向你保證，他們生活中絕對不會只玩遊戲。所以，在這個規模上，他們是非常適合在遊戲和非遊戲領域實現盈利的受眾。我們傳統上專注於為遊戲開發者提供解決方案，並在那裡建立了大量效能技術。 MoPub 為我們提供了進入本地市場的管道，這就是他們獲利的方式（聽不清楚）。而這個市場本​​身也是像 The Trade Desk 這樣的公司的直接入口，我們在上個季度宣布與其合作，入股我們的交易所。

So as we continue to integrate and push forward after this MoPub transaction, those types of relationships, we're going to see more and more monetization potential of this very large audience from non-gaming customers to automate the current and market-leading solution we have in the mobile gaming category.

因此，隨著我們在 MoPub 交易之後繼續整合和推進這些類型的關係，我們將看到來自非遊戲客戶的龐大受眾群體的越來越多的貨幣化潛力，以自動化我們在行動遊戲類別中擁有的當前和市場領先的解決方案。

Okay. Next, we'll go to Clark Lampen at BTIG. (Operator Instruction]

好的。接下來，我們去 BTIG 找克拉克·蘭彭。 （操作員指示）

Can you guys hear me?

你們聽得到我說話嗎？

We can. Go ahead, Clark.

可以。說吧，克拉克。

Okay. Awesome. Maybe I'll follow up on Stephen's question there for a moment because Adam, you mentioned The Trade Desk onboarding. In prior quarters, we've seen in the shareholder letter that there's really been a spike in sort of customers coming on platform. So with ALX and MAX now kind of under the AppLovin umbrella for the first full quarter, could you give us a sense of customer response to the unified platform? Or maybe if it's possible, if there's any sort of backlog or just sort of qualitative read on demand? And then, Herald, I think, if I understood this right, as we look at the '22 EBITDA guidance, most of the adjustment here is really sort of change of plan around apps and maybe it's (inaudible) adjustments. But given what you've talked about with strategy, does this change your sort of willingness to move potentially into new spaces like OEM sort of blockchain and NFTs and some of the things you talked about last quarter?

好的，太棒了。也許我可以跟進一下 Stephen 的問題，因為 Adam，你提到了 The Trade Desk 的入職培訓。在前幾季度，我們在股東信中看到，平台上的客戶數量確實激增。那麼，ALX 和 MAX 現在在第一季就被 AppLovin 收購了，你能告訴我們客戶對統一平台的反應嗎？或者，如果可能的話，是否有任何積壓，或者只是某種定性的按需閱讀？然後，Herald，如果我理解正確的話，當我們查看 2022 年 EBITDA 指引時，這裡的大部分調整實際上都是圍繞應用程式的計劃變更，也許是（聽不清楚）調整。但考慮到你談到的策略，這是否會改變你進入新領域的意願，例如 OEM 類型的區塊鏈和 NFT，以及你上個季度談到的一些內容？

Yes. So as we think about like the integration that we just did, we put together the largest really MoPub marketplace and mobile apps has ever existed. Over 700 million daily active users in one exchange is a very large amount. So we've heard really positive feedback from the customers coming over. There were traditional DSPs buying on MoPub, thinking that MoPub was the biggest solution. And by coming into this unified solution, they're getting over 2x the amount of scale for their business. That's obviously made the reception really strong. And on the publisher side, being able to have that much scale in one software solution, this creates a lot more liquidity.

是的。我們剛才說到的整合，就是將 MoPub 有史以來最大的市場和行動應用整合在一起。一個交易平台的每日活躍用戶超過 7 億，這是一個非常龐大的數字。因此，我們從客戶那裡得到了非常正面的回饋。一些傳統的 DSP 平台在 MoPub 上購買了產品，認為 MoPub 是最好的解決方案。透過採用這個統一的解決方案，他們的業務規模擴大了兩倍多。這顯然帶來了非常強勁的反響。而對於出版商而言，能夠在一個軟體解決方案中實現如此大的規模，也創造了更大的流動性。

Our entire objective with MAX was to drive up competition in the marketplace so that we can increase the amount of money that the publisher earns and know that on the other hand, that publisher is going to go invest and use our acquisition. And that's what you're seeing really fuel our growth. You're seeing that increase in specs where we've almost tripled them in the last 12 months. You're seeing the net dollar retention, I think it was around 265% just this past quarter. These are the same customers a year ago spending nearly triple on our platform today. And that's because the efficiencies that we're bringing to the market is enabling them to do that and grow their businesses faster than the markets grow.

我們推出 MAX 的最終目標是提升市場競爭力，這樣我們就能增加發行商的收入，同時確保發行商能夠投資並利用我們收購的產品。這正是我們成長的真正動力。您可以看到，在過去 12 個月裡，我們的規格幾乎增加了兩倍。您可以看到，淨美元留存率在上個季度達到了 265% 左右。這些客戶與一年前的客戶相同，但今天在我們平台上的支出幾乎增加了兩倍。這是因為我們為市場帶來的效率使他們能夠做到這一點，並使其業務成長速度超過市場成長速度。

The other question you had (inaudible) new initiatives. Last quarter, we talked about in the high 20s growth margins this year. And there was 3 big investments we needed to make. One was the infrastructure to really grow the software platform as fast as we're going to particularly given MoPub. The second was the investment in new initiatives. When we took (inaudible), not knowing exactly what that would look like. And then the third was we had a lot of new (inaudible) studios we onboarded to go invest (inaudible). I'd say very simply, the first one we're still doing is actually are done, that's in place where we've onboarded the vast majority of what we wanted to on MoPub and we put that infrastructure in place.

另一個問題是，您提到了（聽不清楚）新舉措。上個季度，我們談到了今年20%以上的成長利潤率。我們需要進行三項重大投資。一是基礎建設，以便我們能夠以最快的速度發展軟體平台，尤其是在MoPub的背景下。二是投資新舉措。當我們開始（聽不清楚）時，並不知道具體會是什麼樣子。第三項是，我們引進了許多新的（聽不清楚）工作室，準備進行投資（聽不清楚）。我想簡單地說，我們仍在進行的第一項投資實際上已經完成，我們已經在MoPub上引入了絕大多數我們想要的功能，並且已經建立了相應的基礎設施。

And now we got to continue to grow as MoPub and its software platform does grow. I think the other 2 pieces do have changes to them. On the new initiatives side, we're pursuing the NFT blockchain as well as the OEM strategies, and I'll touch on that in a second. We're still as bullish as we were in the first quarter of (inaudible).

現在，隨著 MoPub 及其軟體平台的發展，我們必須繼續成長。我認為其他兩個部分確實有所變化。在新舉措方面，我們正在推進 NFT 區塊鏈和 OEM 策略，我稍後會談到這一點。我們仍然像第一季一樣樂觀。

We just don't think it takes as much dollars this year and investing behind it to go achieve that. And then when we talk about the app side, which is a very different approach in terms of the investment there. We told you before that the M&A dollars would not be allocated there. And now we're telling you that importantly that we're running these at low single-digit margins, and they really should be in the 20s margins.

我們只是認為，今年不需要投入那麼多資金和資金來實現這一目標。至於應用方面，我們的投資策略則截然不同。我們之前說過，併購資金不會用於應用方面。現在我們要告訴大家，重要的是，我們的利潤率只有個位數，而實際利潤率應該在20%左右。

And so there's a lot of room for us to improve that from an OpEx standpoint. So we're -- we still remain extremely excited about the new initiatives we talked about, new CTV referral being one and OEM another, and then the NFT blockchain and we would expect in the next 12 months if not sooner to be coming back to you to describe some of the progress we're making on all those fronts.

因此，從營運成本的角度來看，我們還有很大的進步空間。因此，我們仍然對我們之前談到的新舉措感到非常興奮，例如新的 CTV 推薦、OEM，以及 NFT 區塊鏈。我們預計在未來 12 個月甚至更早的時候會再次與您聯繫，向您介紹我們在所有這些方面取得的一些進展。

Okay. We'll go next to Matt Cost at Morgan Stanley.

好的。接下來我們來談談摩根士丹利的馬特‧科斯特。

I guess just looking at the ad network revenue in the quarter, very strong. It looks like revenue per spec, if I have this right, that at an all-time high -- so I guess what are the sources of strength in 1Q, particularly while you're going through the transition of MoPub into MAX that you would call out? And within that, could you talk to the contribution from MoPub in the quarter?

就本季的廣告網路收入而言，我覺得非常強勁。如果我沒記錯的話，每規格收入看起來都創下了歷史新高——那麼，我想問一下第一季度的強勁增長來源是什麼，尤其是在你們正在經歷從 MoPub 到 MAX 的轉型期間，您會特別提到哪些方面？您能否談談 MoPub 在本季的貢獻？

And then just secondly, kind of more philosophically, I guess, historically, the way that I certainly thought about what made your ad network unique was that you had a flywheel between the data that came from the apps business and then said the algorithms in the ad network. So I guess in the future where the apps could be spun or sold or the very least smaller in scale relative to the scale of the ad network. What differentiates AppLovin's ad network now as you sort of drive to this next (inaudible) of growth if it's not just running the same playbook that got you from where you started to where you are?

其次，從哲學角度來說，我想，從歷史上看，我認為你們的廣告網路的獨特之處在於，你們在應用業務的數據和廣告網路的演算法之間有一個飛輪。所以我想，未來這些應用程式可能會被分割或出售，或至少規模會比廣告網路小。如果你們現在推動下一個（聽不清楚）成長的策略不是沿用當初的策略，那麼 AppLovin 的廣告網路現在有何不同之處？

Great questions. And I think it really -- it's all interrelated again. But if you look at the business, the inflection point on it was the release of AXON 18 months ago and the continued expansion of dollars that are invested by our own customers over the last year is coming from efficiencies in the machine learning. These systems just get better and they get more data. Now what's interesting about that to your data question, is that when we started with AXON, the only thing that we had were in games. That was the entire reason we got (inaudible).

好問題。我覺得這真的——它們又相互關聯了。但如果你看看我們的業務，你會發現它的轉折點是18個月前AXON的發布，而我們客戶在過去一年裡持續增加的投資，也得益於機器學習效率的提升。這些系統越來越好，它們能獲得更多數據。關於你的數據問題，有趣的是，當我們剛開始使用AXON時，我們唯一的業務就是遊戲。這就是我們獲得（聽不清楚）的全部原因。

And when we went public a year ago, our own games made up 35% to 40% of the software business, and we reported that to you in TSTV. Now that number continues to shrink. And that's because we're just seeing immense adoption of the technology. We're seeing customers come online. We're serving more ads. We're getting a bigger feedback loop from doing all those things. And we're seeing the machine learning continue to improve without a necessity for our own games to be fueling the data.

一年前我們上市時，我們自己的遊戲佔軟體業務的35%到40%，我們在TSTV上向你們報告了這一情況。現在這個數字持續下降。這是因為我們看到這項技術正在被廣泛採用。我們看到越來越多的客戶開始使用我們的遊戲。我們投放了更多廣告。透過所有這些，我們獲得了更大的回饋循環。我們看到機器學習技術不斷改進，而我們自己的遊戲不再需要為數據提供支援。

And that's what gives us the confidence to go, let's just run on both these businesses the most efficiently that will maximize shareholder value and allow us to continue to grow the software business but generate actual real margin from the games business at the same time.

這就是讓我們有信心繼續前進的原因，讓我們以最有效的方式經營這兩項業務，從而實現股東價值最大化，並使我們能夠繼續發展軟體業務，同時從遊戲業務中獲得實際利潤。

Great. And then just on the ad network side, if you wouldn't mind.

太好了。接下來，如果您不介意的話，我們再談談廣告網路方面。

Yes. I think you asked how the contribution was for MoPub in the quarter, it was just over $40 million specifically, and we know that number because Twitter was still running that business for us in the quarter. Subsequently, now we integrated it entirely in the MAX, MoPub as everyone knows what's completely shutdown March 31 of this year. And so it's fully integrated into our numbers rolling forward. So we won't be able to parse it out because all the data and the consumer customers are all integrated, but we expect to increase that number quarter-over-quarter as we've shown ultimately in our software guide for the year.

是的。我想您問的是本季度 MoPub 的貢獻，具體來說，它略高於 4000 萬美元。我們知道這個數字是因為 Twitter 在本季仍在為我們經營這項業務。後來，我們將其完全整合到 MAX 中，眾所周知，MoPub 已於今年 3 月 31 日完全關閉。因此，它已完全整合到我們未來的數據中。我們無法分析它，因為所有數據和消費者客戶都已整合，但我們預計該數字將逐季增長，正如我們在本年度軟體指南中最終顯示的那樣。

Thanks, Matt. We'll go next to David at JPMorgan.

謝謝，馬特。接下來我們來談談摩根大通的大衛。

Just one on the MoPub integration. I know it's early, but for the publishers that have migrated over. Can you maybe say how much traction you're seeing in pushing these clients (inaudible) in-app bidding? And then how are you thinking about cross-selling some of these new relationships into your AppDiscovery products or deals you offer?

關於 MoPub 集成，我只想提一個。我知道現在還為時過早，但對於已經遷移過來的發布商來說，您能否談談推動這些客戶（聽不清楚）應用程式內競價的吸引力有多大？您如何考慮將這些新客戶與 AppDiscovery 產品或交易進行交叉銷售？

Yes. The MAX solution itself, really, we built to push the market in app-bidding and the partnership with Facebook really were the first 2 big bidders in the marketplace. And clients are coming over to MAX just got being out of the box. What we have seen is just a strong performance for the publishers that have come over and frankly, just because of scale. We've got so much liquidity on the platform, it allows us to get more differentiated demand, and the technology was built much later than the other mediation solutions.

是的。 MAX 解決方案本身，實際上，我們是為了推動應用程式競價市場而建構的，而與 Facebook 的合作，實際上是市場上最早的兩大競價者。客戶紛紛選擇 MAX，這本身就是一種開箱即用的方式。我們看到，選擇 MAX 的發布商表現強勁，坦白說，這完全是因為規模經濟。我們平台上擁有如此強大的流動性，這使我們能夠獲得更多差異化的需求，而且這項技術的開發時間比其他聚合解決方案要晚得多。

And that's why we've had such a strong trajectory to MAX before MoPub and why we continue to expect it to be a leading solution in the marketplace.

這就是為什麼我們在 MoPub 之前就已經擁有如此強勁的 MAX 發展軌跡，以及為什麼我們繼續期望它成為市場上的領先解決方案。

Thanks, David. So we'll go next to Tim Nollen at Macquarie.

謝謝，大衛。接下來我們來談談麥格理的提姆諾倫。

Okay. I got a couple of questions related to the contra revenue because I guess I had thought of the $200 million number that you mentioned before as being more of a cost. If it's a contra revenue item, just to make sure, that is not just MoPub customer revenue that's being shifted over to MAX. But there must be some other revenue in your system that's also being moved over to MAX? So I just want to make sure I understand that because the $40 million versus the $210 million number. I just want to make sure I understand what the difference is.

好的。我有幾個關於備抵收入的問題，因為我覺得你之前提到的2億美元更像是成本。如果是備抵收入項目，我確認一下，轉移到MAX的不僅僅是MoPub客戶收入。但你們係統中一定還有其他收入也轉移到了MAX吧？所以我想確認一下，4000萬美元和2.1億美元的差別在哪裡？我只是想確認一下，我理解這兩者的差異。

And then relatedly, if you've got 90%, I think you said, of customers moved over to MAX. Does that mean most of this is behind you and the other 10 are going to come or what happens to the other 10?

然後，我想問一下，如果您有 90% 的客戶轉移到了 MAX，這是否意味著大部分客戶已經轉移到 MAX，剩下的 10% 的客戶也會轉移到 MAX，還是說剩下的 10% 的客戶會怎麼樣？

Yes. Thanks, Tim, for the question. Yes. Sorry, just for a clarification. On the revenue side that we take to our software business, specifically coming out of MoPub customers was the $40 million. The $210 million referring to is the fees that we paid to our vendors or our publishers to move their inventory on the MAX, right? So those are not necessarily customers of ours, but vendors for us to put inventory where we're monetizing their inventory. And the accounting treatment on that because many of those publishers are our customers as well, then you have to have a contra revenue against the revenue to contribute to us.

是的。謝謝提姆的提問。是的。抱歉，我只是想澄清一下。我們軟體業務的收入，特別是來自 MoPub 客戶的收入，是 4000 萬美元。 2.1 億美元指的是我們支付給供應商或出版商的費用，讓他們將庫存轉移到 MAX 上，對吧？所以，這些不一定是我們的客戶，而是供應商，讓我們把庫存放到我們能獲利的地方。至於這部分收入的會計處理，因為許多出版商也是我們的客戶，所以你必須有一筆與收入相抵的款項來抵銷這些收入，才能算是對我們貢獻的收入。

And then many of those publishers who are our customers, we want them to be our customers and therefore, accounting system to also charge back to contra revenues, so there are 2 different numbers, 2 different populations at this point, but we're hopeful that those publishers will become customers on our AppDiscovery platform. And then in terms of the migration, we do have the preponderance of 90% plus of the publishers now on our platform.

我們希望許多出版商成為我們的客戶，因此會計系統也會將他們計入備抵收入。所以目前有兩個不同的數字，兩個不同的群體，但我們希望這些出版商能成為我們 AppDiscovery 平台的客戶。至於遷移，目前我們平台上的出版商數量確實佔了 90% 以上。

By the way, that will take time for them to fully scale out of the platform and then to the demand side to catch up. I think the remaining 10%, there's certainly other providers out there, some want to work with some debt, but we've got all the key vendors that we wanted to go and publish it on our platform, and we feel very good about that and it exceeded our expectations of what would be able to.

順便說一句，他們需要時間才能完全擴展平台，然後再到需求方迎頭趕上。我認為剩下的10%，肯定還有其他供應商，有些希望透過債務合作，但我們已經找到了所有我們想要的關鍵供應商，並在我們的平台上發布產品，我們對此感到非常滿意，這超出了我們的預期。

Okay. So if we wanted to get in, call it, an organic revenue growth number, that would be then, I guess, what was it, 835, is that the total, minus the 40, that would be your organic growth?

好的。如果我們想要得到一個有機收入成長數字，那麼我想，它應該是多少？ 835，減去40，這就是你的有機成長嗎？

Exactly. That's exactly right.

沒錯。完全正確。

Thanks, Tim. We'll go next to David Pang.

謝謝，蒂姆。接下來我們來談談大衛龐。

Great. Can you hear me?

太好了。你聽得到我說話嗎？

We can hear you, David.

我們聽得到你的聲音，大衛。

So given the challenges of one of your key competitors. How are you ensuring that AXON won't face a similar challenge and is learning on "good data"?

那麼，考慮到你們的主要競爭對手之一面臨的挑戰，你們如何確保 AXON 不會面臨類似的挑戰，並且能夠基於「優質數據」進行學習？

Yes. Look, machine learning, obviously has opportunity and sensitivities and really require a good data feed -- and a lot of this just comes down to execution. We're focused on our own execution, not that others around us are doing. And really, the key with us has always been, we felt like we got data and got the playground to be able to write the models, we have the technological capacity and the infrastructure to build very substantial machine learning technologies.

是的。機器學習顯然蘊含著機會和敏感性，並且確實需要良好的數據回饋——而這很大程度上取決於執行。我們專注於自身的執行，而不是周遭其他人的做法。實際上，我們的關鍵始終在於，我們覺得我們擁有數據，擁有編寫模型的平台，我們擁有建構非常強大的機器學習技術的技術能力和基礎設施。

We did just that. And you see now for the past few quarters, growth has just really outpaced the market. We're very confident in our own platform's ability to just be stable and continue to lead to growth going forward.

我們確實做到了。過去幾個季度，我們的成長速度確實超過了市場。我們對自己平台的穩定性和持續成長充滿信心。

We'll go to Franco Granda.

我們將前往 Franco Granda。

Can you hear me okay?

你聽見我說話嗎？

We can.

我們可以。

Perfect. So despite the phasing out of IDFA and 14.5, it appears that probabilistic attribution is still very prevalent across the industry. And there are rumors that (inaudible) might be cracking down on those. And this has thought that using private relay similar to Google's plans, Apple would be able to do this in a nondisruptive way. So I guess 2 questions on this. First, just how big of a task is it for noncompliant ad tech businesses to move away from fingerprinting? And then two, if a change like this were to happen, would this be an opportunity for you to gain share in a similar way that when AT&T was enacted?

完美。所以，儘管IDFA和14.5的法規正在逐步淘汰，但機率歸因似乎在整個產業仍然非常普遍。有傳言說（聽不清楚）可能會嚴厲打擊這些措施。有人認為，如果使用類似於谷歌計劃的私有中繼，蘋果將能夠以不造成破壞的方式做到這一點。所以我想問兩個問題。首先，對於不合規的廣告科技公司來說，要擺脫指紋辨識究竟有多困難？其次，如果發生這樣的變化，這是否會成為你們以類似AT&T頒布法規時那樣的方式獲得市場份額的機會？

Yes. Look, I think really like if we go up a level in the market, like these privacy changes have continued to come over the last few years versus when GDP (inaudible) IDFA, which frankly was the biggest and now with what our Apple does in the future. While we can't predict exactly what's going to change in the market, there's a couple of certainties. One is people can play games on the global devices, that we know for certain. The other certainty is we have a very large-scale platform, 700 million-plus daily active users on it that we're monetizing.

是的。你看，我認為如果我們在市場上更上一層樓，例如這些隱私變化在過去幾年裡一直在持續，相比之下，GDP（聽不清楚）IDFA，坦白說，它是最大的變化，現在還有蘋果未來的計劃。雖然我們無法準確預測市場將會發生什麼變化，但有幾點是肯定的。一是人們可以在全球設備上玩遊戲，這是我們確信的。另一個確定的是我們擁有一個非常大規模的平台，每天有超過7億的活躍用戶，我們正在將其貨幣化。

And the third is that our technology and team is really nimble. We can move quickly. Whenever these market shifts happen, you always expect to see winners and losers. It's just the way it only shapes out. And while we've been able to succeed so far in the last decade is that we move faster than everyone else, and we pride ourselves on being able to do that. So while these changes can be disruptive to businesses, we look forward to change.

第三，我們的技術和團隊非常靈活。我們能夠快速行動。每當市場發生變化時，你總是期待看到贏家和輸家。這只是自然法則而已。過去十年我們之所以能夠取得成功，是因為我們比其他任何人都行動更快，我們為此感到自豪。因此，儘管這些變化可能會對企業造成顛覆性的影響，但我們期待改變。

Okay. And we'll take our last question here from Martin Yang at Oppenheimer.

好的。我們最後一個問題來自奧本海默公司的馬丁楊。

Ryan, can you hear me?

瑞安，你聽得到我說話嗎？

We can hear you. Go ahead, Martin.

我們聽得見。馬丁，說吧。

So my question is about the first quarter software platform revenues, even back in MoPub is very strong seasonally and also net expansion rate of quite extraordinary. Was that a surprise to you?

我的問題是第一季軟體平台的收入。 MoPub 的季節性表現非常強勁，而且淨擴張率也相當驚人。這對您來說是個驚喜嗎？

When we put out our guidance to next year, 10x of the software business from just 4 years ago, right? For a business at this level of scale, we're reporting a net revenue, and we've now talked about 65% to 70% EBITDA margins out of this business. To be able to do that, you have to have a lot of confidence in your business.

當我們發布明年的業績預期時，軟體業務的規模是四年前的10倍，對吧？對於這種規模的業務，我們報告的是淨收入，我們現在說這項業務的EBITDA利潤率大約是65%到70%。要做到這一點，你必須對自己的業務充滿信心。

So even though I think we surprised ourselves with how fast the trajectory of growth became, we are not surprised at our ability to execute and continue to grow this business going forward.

因此，儘管我認為我們對成長軌蹟的速度感到驚訝，但我們對我們執行和繼續發展這項業務的能力並不感到驚訝。

Let me be more explicit. Or, do you feel you benefited from some of the pickups for your competitor in the first quarter?

讓我更明確一點。或者，您覺得第一季競爭對手的一些表現讓您受益？

Okay. So the way these markets work is that it's on zero-sum. But on the flip side, if one competitor ends up decaying in performance, another one doesn't just increase because the reality is we -- effectively, we have models that are trying to match up eyeballs with advertiser offers (inaudible) drive to the performance that the advertiser wants to go achieve.

好的。這些市場的運作方式是零和遊戲。但另一方面，如果一個競爭對手的業績最終下滑，另一個競爭對手的業績不會只是增長，因為現實情況是——實際上，我們有一些模型，試圖將眼球與廣告商的報價（聽不清楚）相匹配，從而推動廣告商實現他們想要達到的業績。

We're not really bidding against others, what we're taking or we're getting. We need to make sure that the (inaudible) is accurate, and we're driving the value to the other advertisers that are buying on our platform. So the impact from one is an impact to us. That said, long term, we want to make sure and we really do a strong job of this on the MAX platform that every marketing platform in the market is performing well. The better the marketing solutions are in the industry, the bigger the market is going to become, the faster the growth, more audience discovery and more consumers will be playing more games, which is going to fuel our growth and the ecosystem's growth.

我們並非真的在與他人競價，無論我們拿走或得到什麼。我們需要確保（聽不清楚）資訊準確，並且我們正在為在我們平台上購買廣告的其他廣告主創造價值。因此，廣告主的影響也會對我們產生影響。話雖如此，從長遠來看，我們希望確保市場上的每個行銷平台都能良好運作，並且我們在MAX平台上確實做得很好。產業中的行銷解決方案越好，市場就會越大，成長速度就越快，受眾發現也會越多，消費者也會玩得更多，這將推動我們的成長以及生態系統的成長。

And that's why I referenced my talk track that we have so much to the market on our ecosystem on the MAX platform now that we're really -- the success of our platform is going to direct the increase in TAM of the entire sector.

這就是為什麼我提到我的談話軌跡，我們現在在 MAX 平台上的生態系統中已經有很多產品可以推向市場，我們平台的成功將直接推動整個產業 TAM 的成長。

Okay. And if there's no more questions in the queue, I'd like to turn it back to the guys, and thank you all for joining us today. Do you guys have any closing remarks you'd like to say?

好的。如果沒有其他問題，我想把時間交還給各位，感謝大家今天的參與。最後，大家還有什麼想說的嗎？

Thanks for joining us. We know there's a lot in the letter to cover. We appreciate people taking the time, particularly in the volatile markets. Thanks very much.

感謝您的參與。我們知道這封信的內容很豐富。我們非常感謝大家抽出時間，尤其是在市場動盪的當下。非常感謝。

Thanks, everyone.

謝謝大家。