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.

大家下午好。讓我們開始吧。歡迎參加 AppLovin 的截至 2021 年 3 月 31 日的季度財報電話會議。我是 AppLovin 投資者關係和戰略財務主管 Ryan Gee。和我一起討論我們的結果的是我們的聯合創始人、首席執行官兼主席 Adam Foroughi；以及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 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，我們的 SEC 文件、收益發布和討論我們第一季度業績的股東信函可在 Investors.applovin.com 上查閱。我們還發布了一份簡短的幻燈片演示，如果您願意，Herald 將在本次電話會議的稍後部分引用該演示文稿。在今天的電話會議中，我們可能會就未來事件和我們公司的未來財務業績做出前瞻性陳述。這些陳述基於我們當前的假設和信念。我們不承擔更新它們的義務，除非法律要求。實際結果可能與預測結果大相徑庭。請查看我們最近提交的 10-K 表和我們將在本次電話會議後不久提交的 10-Q 表中的風險因素，以獲取更多信息。

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.

我們還將討論非公認會計原則的財務措施。我們的 GAAP 和非 GAAP 財務措施的對賬包含在我們的股東信中，可在我們的 IR 網站上查閱。請務必查看 GAAP 措施和對賬，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製中，不久將提供重播。在我們準備好的發言之後，我們將主持一個問答環節。但首先，我想把它交給亞當和先驅報。亞當，請繼續。

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.

在上個季度，我們為 AppLovin 實現了許多關鍵里程碑。我們慶祝了公司成立 10 週年或作為上市公司成立 1 週年，我們清除了通過我們的營銷平台發現的超過 100 億次應用安裝。由於我們在 AppLovin 擁有的努力工作（聽不清）文化，我們可以慶祝這些里程碑。

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，我們僱傭來自不同背景的優秀人才並與之合作。我們為他們提供一個茁壯成長的環境，始終努力確保每個人在這裡比其他任何地方都有更多的空間來發展他們的專業和個人技能。其次，我們是創業者，我們從不安於現狀。我們知道，在競爭激烈且充滿挑戰的市場中，自滿會導致失敗。第三，我們保持專注——我們的目標是做大事，我們所有的決定都與我們的核心目標相關聯，繼續擴大我們作為開發者營銷和貨幣化平台的足跡。在我們進入公司新的公共篇章時，我們保持這些核心原則是團隊的關鍵。我很自豪地說我們已經做到了。這可以在我們的第一季度得到證明。首先，通過增加新客戶和增加現有客戶的支出，我們的軟件平台業務不斷擴大。這種強勁的表現導致第一季度的 EBITDA 達到創紀錄的 2.76 億美元。大多數軟件企業長期虧損。我們發展迅速，剛剛清除了 10 億美元的 EBITDA 運行率。接下來，我們成功完成了將 MoPub 遷移到我們的 MAX 平台中。您可以在移動應用市場找到 2 個最大的中介解決方案。我們不僅必須迅速執行以實現這一目標，我們還要求發布商在短短 90 天內將我們的平台集成到他們的應用程序中，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).

有幾件事要在這里特別指出。從歷史上看，我們通過提供最好的技術，而不是通過支付獎金，將 MAX 發展成為市場領先的解決方案。這正是我們未來經營業務的方式，專注於繼續提供市場上最好的解決方案。鑑於遷移到我們統一平台的時間窗口很短，我們決定一次性支付 2.1 億美元的發行商獎金。我們將這些獎金計為對沖收入，《先驅報》將很快為您提供會計細節。我們認為擁有應用內廣告生態系統中最大的市場的機會具有長期的戰略價值，因此，這是一個很容易做出的決定，因為它有助於確保與移動版發布商的連續性（聽不見）貨幣化平台，這是一項艱鉅的任務，我們為超過 90% 的 MoPub 出版商轉移到 Max 感到自豪。因此，我們現在使用我們的解決方案在市場上佔有重要份額，因此我們平台的成功將直接影響整個潛在市場的增長以及生態系統中所有主要各方的成功。這是一個強有力的立場（聽不清）。

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，我們收購了流媒體電視領域的領導者 Wurl。我們將與（聽不清）一起合作發展績效營銷。當我們回顧 IPO 僅 1 年，發現軟件僅占我們收入的 14% 而現在是 40% 時，我們在對我們的業務產生最大影響的項目上推進的速度很明顯。當時，我們討論了這些遊戲提供的第一方數據對我們的軟件平台成功的重要性。今天，我們的軟件平台業務正在以顯著的速度增長，比我們預期的要快得多，而我們的應用程序業務已經升級。事實上，我們在 22 年第一季度的軟件業務是 21 年第一季度的 4 倍。在第一季度，軟件貢獻了我們 EBITDA 的 80% 以上。在過去的幾個季度中，我們討論了應用程序業務如何不像（聽不清）那樣具有戰略意義。隨著我們軟件平台的不斷擴展，我們已經證明這兩家企業可以相互獨立運營。更直接地說，鑑於我們軟件平台的成功，我們將不再需要遊戲作為成本中心。這意味著我們將探索如何構建我們的應用業務，以便它作為（聽不清）獨立業務部門更有效地運行。

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.

這種探索可能會導致運營變化，並可能計劃出售或分拆一些工作室。其中有近 20 個非常有能力的遊戲視頻，他們的創始人和他們的團隊，我們將在用戶獲取上投入更多利潤來運營工作室，我們已經在第一季度末開始這樣做。傳統上，我們願意在新用戶上花費更多，以規模、受眾和數據為理由。這導致運營處於盈虧平衡狀態，而通常遊戲公司的 EBITDA 利潤率為 20% 或更高，我們現在的目標是隨著時間的推移達到這一目標。移動應用程序的發現和現代化對於應用程序開發人員來說比以往任何時候都更加重要。借助 MAX，我們成為市場領先的貨幣化解決方案，我們的發現是當今開發者最快的早期用戶獲取渠道。客戶為我們的業績付費，我們可以免受宏觀經濟波動的影響。我們有一個強大的機器學習引擎，它只有 18 個月的歷史，並且會繼續改進。 MAX 使我們能夠向我們幫助貨幣化的 7 億每日活躍用戶投放廣告。我們擁有一支經驗豐富的團隊，擅長駕馭複雜的生態系統和動態的隱私環境。憑藉增長機會、我們的軟件業務和未來計劃的成本以及即使在今天我們的業務產生的高現金流，我們對我們的未來感到非常興奮。

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

現在我將把它交給先驅報，概述第一季度財務的細節和我們的前景。

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。對於我提到的，隨著我們軟件平台利潤率的增長，加上我們應用程序組合的新運營方式，我們對我們的近期和長期增長前景以及現金流前景感到興奮。為了幫助您更好地理解未來的論文，我們將對我們兩項業務的經濟驅動因素提供更深入的見解。關於我們公司的整體現金產生。為了快速預覽（聽不清），請稍後更詳細地描述。我們對軟件平台業務的指導是在今年第二至第四季度產生超過 10 億美元的收入。根據該業務的估計利潤率為 70% 和另一個估計為 70% 的現金流量，僅在未來 3 個季度，該業務將產生超過 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.

因此，讓我們回顧一下這個季度，因為在第一季度，我們做出了一些關鍵決定，並通過我們的目標取得了良好的進展。在我們回答你的問題之前，我會詳細強調一些。第一個主題是我們整體強勁的利潤率趨勢。在調整我們在第一季度預訂的 2.1 億美元的對沖收入（即支付給與 MoPub 交易相關的出版商的獎金）時，我們的頂線和底線都實現了強勁的季度環比和同比增長。

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.

我們在第一季度的增長是由我們的軟件平台收入的增長推動的，而不是彌補了我們應用收入的小幅下降。因此，讓我花幾分鐘時間了解對沖收入，這樣您就可以了解我們在本季度看到的利潤率增長的增長。首先，僅計算對沖收入，我們將這些出版商獎金支付給我們目前或可能成為我們未來客戶的供應商。而且由於 GAAP 要求抵消您支付給客戶或潛在客戶的費用的收入，這些 2100 億美元的出版商遷移獎金被計為對沖收入；其次，這些是非經常性的，並且是 MoPub 交易的結果。從歷史上看，我們沒有產生任何顯著規模的這些費用。

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，當您關閉中介中最大的參與者之一併要求其發布商在 90 天內遷移時，這些發布商會產生實際的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要的成本可再生業務，我們也沒有——在投票之前我們沒有這一點，或者我們預計未來會有任何重大意義。由於與 MoPub 相關的費用不會經常發生，我們將調整後的 EBITDA 加回。我們將在第一季度之後看到的任何非出版商獎金，我們都不會加回調整後的 EBITDA。因此，這只是本季度的一次——在過去的這個季度。出於報告目的，在收入方面，我們不能加回對沖收入。但出於內部目的，當然，我們合併了幾個數字，加起來比我們的第四季度數字高出 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，我們考慮從 MoPub 購買 2.1 億美元的收入（聽不清）10.5 億美元。此次收購的總價為 12.6 億美元。對於這種具有戰略意義和財務增值的資產來說，這是一個非常有吸引力的價格。在現金流方面，亞當提到，我們的 EBITDA 達到創紀錄的 2.76 億美元，報告的利潤率為 44%。在將發行商獎金收入正常化時，我們調整後的 EBITDA 利潤率為 33%，您可以在此處以紫色看到。

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.

我們認為這是該業務的正常運行率，即 2021 年第四季度超過 28% 的 500 個基點增長。這種利潤率增長完全是由我們的高利潤率軟件業務的強勁增長推動的。事實上，我們的應用業務略微降低了利潤率，或者應用收入的減少被用戶獲取支出抵消了更大的影響，但仍與我們的整體利潤率相關。正如我們在股東信中提到的那樣，我們目前估計我們的軟件平台業務目前的正常化 EBITDA 利潤率為 65% 至 70%，我們的應用程序業務的 EBITDA 利潤率估計為 5% 至 10%。因此，軟件相對於應用程序的更快增長推動了利潤率的增長。我們將在我們的第二季度收益報告中提供更多詳細信息，我們將首次提供細分財務數據。

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.

我們強大的 AppLovin 軟件平台收入利潤率加上運營成本管理使我們能夠提高今年的 EBITDA 指導，我們將在其中進一步討論。值得注意的是，鑑於我們的低資本支出、營運資本收購和適度的稅率，在我們目前的運營規模下，我們能夠將很大一部分 EBITDA 轉化為無槓桿的自由現金流。

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，轉換為無槓桿自由現金流的調整後 EBITDA 的標準化運行率百分比約為 65% 至 75%。下一張幻燈片，我們想向您展示——談談我們本季度的軟件擴展。所以你現在已經聽過亞當和我幾次了，我們相信軟件平台的增長是我們長期增長和現金流的關鍵。因此，讓我們更深入地了解我們的 Q1 軟件性能。首先，如紫色所示，您可以看到所有一次性對沖收入都與我們的軟件收入相比。加上 1.19 億美元的 GAAP 收入，第一季度的總收入為 3.29 億美元。在前三個季度強勁的季度環比增長基礎上，這代表了 33% 的季度環比增長率。

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.

隨著我們開始從集成的 MoPub 客戶那裡獲得收入，我們在所有解決方案中都看到了強大的客戶採用率，包括 AppDiscovery、AppLovin Exchange、Adjust 和 MAX。我們的客戶繼續通過我們的解決方案獲得成功，他們的業務不斷發展，反過來，他們在我們身上的支出也增加了。值得注意的是，在第一季度，我們從 MoPub Twitter 獲得了大約 4000 萬美元的收入，並預計此次收購的收入將在一年中增長。

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 已完全集成到 MAX 中，因此很難明確明確來自 MoPub 的收入。在軟件 KPI 方面，我們在對收入影響進行標準化後的表現非常穩健。我們在本季度的淨收入保留率比去年同期增加了 258%，這表明我們客戶的彈性以及我們軟件解決方案的使用持續增加。我們的新客戶數量也穩步增長。我們的標準化規格數量達到 519 個，超過 58 個客戶，我們仍然認為這只是市場上可供我們使用的客戶的一小部分。整個業務的新增內容，包括從 MoPub 遷移的客戶以及來自 AppDiscovery 和 Adjust 的新客戶的一些新增內容。

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.

除了更多的客戶之外，我們看到所有規格的平均收入平均增長到正常化的 603,000 美元，在過去 3 個季度中穩步增長。值得注意的是，當從這些指標中扣除 2.1 億美元的收入時，我們仍然能夠增加基於美元的淨留存率和規格總數。

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.

所以第三個主題，我們想為您提供我們指導的更新，我們正在增加我們的 '22 調整後 EBITDA 目標。對於 '22，我們對軟件平台的運營前景與之前給出的相同。但是，我們正在將我們的正式指導調整為 2.1 億美元的對比收入，以 GAAP 收入指導為 11.4 億美元至 12.9 億美元。我們繼續預計 2023 年軟件平台收入將達到 20 億美元，比 2020 年增長 10 倍，比我們在 22 年修訂的軟件平台指南的中點增長 65%。我們相信我們擁有實現這一目標的市場解決方案、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，鑑於我們之前闡明的穩定成本結構，我們相信來自 20 億美元收入軟件平台業務的現金流將是可觀的。切換到應用程序端。正如亞當所提到的，將我們在中游的軟件平台出售給我們的 MAX 解決方案意味著我們更少依賴來自應用程序的數據來推動客戶的財務業績。因此，我們計劃管理該業務以優化運營和財務效率，並著眼於如何最好地推動該業務的長期現金流。

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.

在中短期內，這可能包括降低我們在用戶獲取方面的投資，這將提高利潤率，但會降低整體增長。我們還將審查我們的應用程序組合，這可能導致廣泛的交易或根本沒有變化。基於這種新方法，我們將收入指導下調了 2 億美元，現在的目標是在 22 年從應用程序中獲得 20 億至 21.5 億美元的收入。我們對軟件和應用程序指南的更改相結合，導致我們根據公認會計原則修訂的總指南為 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.

關於調整後的 EBITDA，鑑於我們創紀錄的業績和強勁的利潤率，我們將調整後的 EBITDA 指導上調至 12 億美元的中點目標。這一目標再次比去年增加了 65%。這也比我們之前的 20% 高利潤率指導值有所增加，而總收入預測中點為 37 億美元，相當於略高於 10 億美元。 EBITDA 指引增長的主要驅動因素表明我們的軟件平台業務增長更快，正如我所說，該業務的利潤率要高得多。

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.

我們的投資要求低於最初指定用於新計劃的投資要求，並且隨著我們對其應用程序業務的優化，我們現在期望從應用程序業務中獲得更高的利潤。從整體利潤率的角度來看，這相當於 36%、22% 的調整後 EBITDA 利潤率在 GAAP 收入指導的中點。調整後的 EBITDA 利潤率為 34%，但不包括對沖收入。因此，34% 的目標是我們關注的運行率利潤率，這將比去年增加 800 個基點。由於我們確實產生了大量的現金流，我想簡要談談我們對未來資本配置的看法。如前所述，我們並不專注於業務應用方面的併購。我們將提供新的，我們將機會主義地看待軟件方面。雖然也有，但在過去 18 個月裡，我們已經收集了許多我們想要的關鍵資產。然後關於股票回購方面，我們確實有 7.5 億美元的授權計劃，到目前為止已經使用了超過 4500 萬美元。

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，並且只要有合適的機會，我們願意這樣做。我們明白公開市場的波動性很大且難以預測。在這些市場中，我們相信現金為王，現金流增長為王，這正是我們團隊關注的地方。

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?

我們相信我們的戰略地位、增長和現金產生潛力，我們將一個季度一個季度地努力發布能夠贏得您信任的數字。感謝您抽出寶貴時間了解我們業務的最新情況。有了這個，我們將打開問題的電話。瑞恩？

Thanks, Herald. (Operator Instructions)

謝謝，先驅報。 （操作員說明）

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

優素福，你排在第一位。 （操作員說明）繼續，優素福。

Excellent. Can you hear me?

出色的。你能聽到我嗎？

We can hear you.

我們可以聽到你的聲音。

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?

所以我有幾個問題。可能只是在高水平上，您認為這段時間對應用業務的回顧會持續多久，您期望它有什麼樣的表現？我認為它連續下降了 4000 萬美元？那是一個。然後，我們經常從投資者那裡得到的一個問題是，從歷史上看，你們一直將自己定位為戰略性地利用應用程序——作為第一方數據或 1P 的來源。所以也許只是讓我們知道為什麼這不再那麼重要了？

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.

我認為這兩個問題很好地聯繫在一起。實際上，我們現在專注於遊戲業務，它是另外運營的。我們有 20 個虛擬工作室分佈在世界各地。有些運行得很好。它們產生了大量的盈利能力，有些正在產生虧損。我們將仔細檢查產品組合，以確保它們中的每一個都符合標準，任何獨立遊戲公司都會這樣做。

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.

讓我們對此充滿信心的是，坦率地說，我們的軟件業務增長得比一年前首次上市時的想像要快得多，規模要大得多。我們談論的是今年全年的軟件收入為 6.5 億美元。我們現在談論的是這個數字的兩倍多——第一季度大約是這個數字的一半，在過去的 12 個月裡翻了兩番。因此，當我們看到這種規模時，我們知道我們必須真正成為市場解決方案。

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.

而且我們有更多的軟件平台企業客戶來使用我們的平台。現在，我們在 MAX 和 MoPub 市場上擁有了更大的規模。這讓我們相信我們的遊戲只是軟件業務的一小部分。另一個非常重要的數據點是連續 4 個季度，我們的軟件遊戲業務在受眾和收入方面都相當平穩，而我們的軟件業務卻大幅增長。這讓我們對軟件業務的發展軌跡充滿信心，我們希望完全專注於（聽不清）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 Eric Sheridan。 （操作說明）

Can you guys hear me now?

你們現在能聽到我的聲音嗎？

Go ahead, Eric.

來吧，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.

偉大的。我想回到你所做的一些收購併在那裡更廣泛地談論。你完成了 MoPub。顯然，有 Wurl 的聯網電視。您現在在哪裡看到您所擁有的資產集合，這些資產用於將自己定位為複合增長、廣告客戶方面的不同垂直領域、不僅在 2022 年、而且在我們展望未來幾年超過 2022 年的潛在預算方面？我很想得到盡可能多的顏色。

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.

好問題。在移動領域，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，我們的機器學習技術只有 18 個月的歷史，而且還會繼續改進。這些事情就是這樣進行的。和（聽不清）這個模型。因此，我們不希望從其他人那裡獲取預算。我們希望為我們的廣告客戶提供可衡量且符合其財務目標的結果，從而釋放一些有限的預算。因此，當我們考慮如何隨著時間的推移擴大我們的市場並為未來多年創造增長因素時，我們真正考慮的是找到我們知道如何通過其他接入點的推薦產品提供良好服務的消費者。這就是我們可能感興趣的聯網電視。我們都是領先的軟件解決方案之一，為許多通過渠道分發內容媒體的品牌提供在線內容和聯網電視。

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，將在全屏上非常有價值，我們認為可以在電視上展示一個非常大的性能模型，我們將專注於繼續擴展軟件業務並推動我們的機器在盡可能多的地方學習軟件。

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

好的。偉大的。謝謝，埃里克。接下來，我們將介紹瑞士信貸的 Stephen Ju。

All right. Great. Can you hear me?

好的。偉大的。你能聽到我嗎？

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。偉大的。所以亞當，從你股東信的字裡行間看，現在似乎是時候去追求更大的廣告市場，而不僅僅是手機遊戲領域的支出。因此，現在有了 MoPub，您是否可以向我們提供任何形式的方向性更新，說明現在來自非遊戲客戶的廣告收入組合，以及您的遊戲與非遊戲之間的相對增長現在以及在哪裡那可能是什麼？

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。因此，MoPub 和 MAX 一起，我們佔據了全球 7 億日活躍用戶的榜首。這些消費者在很大程度上，在我們的平台上，他們正在玩遊戲。但我可以向你保證，他們不只是把玩遊戲作為他們一生中唯一要做的事情。所以他們是那種規模的非常好的觀眾，可以通過遊戲和非遊戲獲利。傳統上，我們將解決方案集中在遊戲開發者身上，並在那裡真正構建了很多性能技術。 MoPub 為我們帶來了進入當地市場的機會，這就是他們將其（聽不清）貨幣化的方式。市場本身是對 The Trade Desk 等公司的直接訪問，我們在上個季度宣布與我們合作購買我們的交易所。

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，隨著我們在此次 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這一龐大受眾的越來越多的貨幣化潛力，以自動化我們當前和市場領先的解決方案屬於手機遊戲類別。

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

好的。接下來，我們將前往 BTIG 的 Clark Lampen。 （操作說明]

Can you guys hear me?

你們能聽到我嗎？

We can. Go ahead, Clark.

我們可以。來吧，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。驚人的。也許我會在那裡跟進斯蒂芬的問題，因為亞當，你提到了 The Trade Desk 入職。在前幾個季度，我們在股東信中看到，進入平台的客戶數量確實激增。因此，現在 ALX 和 MAX 在整個第一季度都在 AppLovin 的保護傘下，您能否讓我們了解一下客戶對統一平台的反應？或者，如果可能的話，如果有任何類型的積壓或只是按需定性閱讀？然後，先驅報，我認為，如果我理解這一點，當我們查看 '22 EBITDA 指南時，這裡的大部分調整實際上是圍繞應用程序的計劃的改變，也許是（聽不清）調整。但考慮到你談到的戰略，這是否會改變你潛在進入新領域的意願，比如 OEM 類型的區塊鍊和 NFT 以及你上個季度談到的一些事情？

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。因此，當我們考慮剛剛進行的集成時，我們將有史以來最大的真正 MoPub 市場和移動應用程序放在一起。一個交易所每天有超過 7 億活躍用戶是一個非常大的數字。所以我們從過來的客戶那裡聽到了非常積極的反饋。有傳統的 DSP 在 MoPub 上購買，認為 MoPub 是最大的解決方案。通過採用這個統一的解決方案，他們的業務規模擴大了 2 倍以上。這顯然使接收非常強烈。在發行商方面，能夠在一個軟件解決方案中擁有如此大的規模，這將創造更多的流動性。

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.

我們對 MAX 的全部目標是推動市場競爭，以便我們可以增加出版商的收入，並且知道另一方面，出版商將投資並使用我們的收購。這就是你所看到的真正推動我們增長的東西。您會看到規格的增加，我們在過去 12 個月中幾乎增加了兩倍。你看到的是淨美元保留率，我認為僅在上個季度就達到了 265% 左右。這些是一年前在我們平台上花費近三倍的相同客戶。那是因為我們為市場帶來的效率使他們能夠做到這一點，並以比市場增長速度更快的速度發展業務。

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.

您提出的另一個問題（聽不清）新舉措。上個季度，我們談到了今年 20 多歲的高利潤率。我們需要進行 3 項大投資。一個是基礎設施，讓軟件平台的發展速度與我們將要實現的速度一樣快，特別是給 MoPub。二是對新舉措的投資。當我們採取（聽不清）時，不知道具體會是什麼樣子。然後第三個是我們有很多新的（聽不清）工作室，我們加入了投資（聽不清）。我想說的很簡單，我們仍在做的第一個實際上已經完成，我們已經在 MoPub 上加入了我們想要的絕大多數內容，並且我們將基礎設施安裝到位。

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 及其軟件平台的發展，我們必須繼續發展。我認為其他兩件確實有變化。在新舉措方面，我們正在追求 NFT 區塊鏈以及 OEM 戰略，我稍後會談到這一點。我們仍然像第一季度（聽不清）一樣看漲。

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那麼多美元並在其背後進行投資來實現這一目標。然後當我們談論應用程序方面，就投資而言，這是一種非常不同的方法。我們之前告訴過你，併購資金不會在那里分配。現在我們告訴你，重要的是我們以低個位數的利潤率運行這些，它們真的應該在 20 年代的利潤率。

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，從運營支出的角度來看，我們還有很大的改進空間。所以我們——我們仍然對我們談到的新舉措感到非常興奮，新的 CTV 推薦是一個，而 OEM 是另一個，然後是 NFT 區塊鏈，我們預計在未來 12 個月內（如果不是更早的話）會回到請您描述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。我們將在摩根士丹利的 Matt Cost 旁邊進行討論。

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?

我想只看本季度的廣告網絡收入，非常強勁。看起來每個規格的收入，如果我有這個權利，那是歷史最高水平 - 所以我猜一季度的力量來源是什麼，特別是當你正在經歷 MoPub 到 MAX 的過渡時，你會大喊？在此範圍內，您能否談談 MoPub 在本季度的貢獻？

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，從哲學上講，我想，從歷史上看，我確實認為使您的廣告網絡與眾不同的方式是，您在來自應用程序業務的數據之間有一個飛輪，然後在廣告網絡。所以我猜在未來，這些應用程序可能會被開發或出售，或者相對於廣告網絡的規模而言，其規模至少會更小。 AppLovin 的廣告網絡現在有什麼區別，因為您正在推動下一個（聽不清）增長，如果它不只是運行讓您從開始到現在的相同劇本嗎？

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。而且我認為它真的 - 這一切都再次相互關聯。但如果你看一下業務，它的轉折點是 18 個月前 AXON 的發布，過去一年我們自己的客戶投資的美元持續擴張來自機器學習的效率。這些系統只會變得更好，它們會獲得更多數據。現在，對於您的數據問題，有趣的是，當我們開始使用 AXON 時，我們唯一擁有的是遊戲。這就是我們得到的全部原因（聽不清）。

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.

一年前我們上市的時候，我們自己的遊戲佔了軟件業務的 35% 到 40%，我們在 TSTV 上向大家報告了這一點。現在這個數字繼續縮小。那是因為我們剛剛看到該技術的廣泛採用。我們看到客戶上網。我們正在投放更多廣告。我們從做所有這些事情中獲得了更大的反饋循環。而且我們看到機器學習在不斷改進，而我們自己的遊戲不需要為數據提供燃料。

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運營這兩項業務，這將最大限度地提高股東價值，讓我們能夠繼續發展軟件業務，同時從遊戲業務中產生實際的實際利潤。

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

偉大的。如果您不介意的話，就在廣告網絡方面。

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。我想你問過 MoPub 在本季度的貢獻如何，具體來說剛剛超過 4000 萬美元，我們知道這個數字，因為 Twitter 在本季度仍在為我們運營這項業務。隨後，現在我們將它完全集成到 MAX 中，MoPub 眾所周知，今年 3 月 31 日完全關閉。因此，它完全融入了我們向前發展的數字中。因此，我們將無法解析它，因為所有數據和消費者客戶都已集成，但我們預計這一數字將逐季增加，正如我們最終在今年的軟件指南中顯示的那樣。

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

謝謝，馬特。我們將在摩根大通緊隨大衛。

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?

只有一個關於 MoPub 集成。我知道現在還為時過早，但對於已經遷移過來的出版商來說。您能否說出您在推動這些客戶（聽不清）應用內競價方面看到了多大的吸引力？然後，您如何考慮將這些新關係中的一些交叉銷售到您提供的 AppDiscovery 產品或交易中？

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，是我們為推動應用競標市場而構建的，而與 Facebook 的合作夥伴關係確實是市場上的前兩大競標者。客戶來到 MAX 只是開箱即用。我們所看到的只是對於已經過來的出版商的強勁表現，坦率地說，僅僅是因為規模。我們在平台上擁有如此多的流動性，它使我們能夠獲得更多差異化的需求，並且該技術的構建時間遠遠晚於其他中介解決方案。

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 之前對 MAX 有著如此強勁的發展軌跡，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。所以我們會去麥格理的蒂姆諾倫旁邊。

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。我收到了幾個與對沖收入相關的問題，因為我想我認為你之前提到的 2 億美元的數字更多的是成本。如果它是一個相反的收入項目，只是為了確保，這不僅僅是轉移到 MAX 的 MoPub 客戶收入。但是您的系統中肯定還有其他一些收入也轉移到了 MAX 中？所以我只是想確保我理解這一點，因為 4000 萬美元與 2.1 億美元的數字相比。我只是想確保我了解其中的區別。

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?

然後相關地，如果你有 90% 的客戶轉移到 MAX，我想你說過。這是否意味著其中大部分都在您身後，而其他 10 個將會到來，或者其他 10 個會發生什麼？

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。謝謝蒂姆，這個問題。是的。對不起，只是為了澄清。在我們軟件業務的收入方面，特別是來自 MoPub 客戶的收入是 4000 萬美元。所指的 2.1 億美元是我們支付給供應商或出版商的費用，以將他們的庫存轉移到 MAX 上，對嗎？因此，這些不一定是我們的客戶，而是供應商讓我們將庫存放在我們通過他們的庫存貨幣化的地方。以及對此的會計處理，因為這些出版商中的許多也是我們的客戶，那麼你必須有一個與收入相反的收入才能為我們做出貢獻。

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.

然後許多出版商是我們的客戶，我們希望他們成為我們的客戶，因此，會計系統也會收取對沖收入，所以此時有 2 個不同的數字，2 個不同的人群，但我們充滿希望這些發布者將成為我們 AppDiscovery 平台上的客戶。然後在遷移方面，我們現在在我們的平台上確實擁有超過 90% 的發布商。

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從平台向外擴展，然後再到需求方趕上。我認為剩下的 10%，肯定還有其他供應商，有些人想要承擔一些債務，但是我們已經找到了所有我們想要在我們的平台上發布的關鍵供應商，我們對此感覺非常好它超出了我們的預期。

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。因此，如果我們想進入，稱之為有機收入增長數字，那將是，我猜，它是什麼，835，是總數減去 40，這將是你的有機增長嗎？

Exactly. That's exactly right.

確切地。這是完全正確的。

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

謝謝，蒂姆。我們將在 David Pang 旁邊。

Great. Can you hear me?

偉大的。你能聽到我嗎？

We can hear you, David.

我們可以聽到你的聲音，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"?

因此，考慮到您的主要競爭對手之一的挑戰。您如何確保 AXON 不會面臨類似的挑戰並且正在學習“好數據”？

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。看，機器學習顯然有機會和敏感性，並且確實需要良好的數據饋送——其中很多都歸結為執行。我們專注於自己的執行，而不是我們周圍的其他人正在做的事情。真的，我們的關鍵一直是，我們覺得我們獲得了數據並獲得了能夠編寫模型的操場，我們擁有構建非常重要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.

我們就是這樣做的。你現在看到，在過去的幾個季度裡，增長真的超過了市場。我們對我們自己的平台能夠保持穩定並繼續引領未來增長充滿信心。

We'll go to Franco Granda.

我們要去佛朗哥·格蘭達。

Can you hear me okay?

你能聽到我的聲音嗎？

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?

完美的。因此，儘管 IDFA 和 14.5 已逐步淘汰，但概率歸因似乎在整個行業中仍然非常普遍。並且有傳言說（聽不清）可能會打擊這些。這認為使用類似於谷歌計劃的私有中繼，Apple 將能夠以非中斷的方式做到這一點。所以我猜這有兩個問題。首先，不合規的廣告技術企業擺脫指紋識別的任務有多大？然後兩個，如果發生這樣的變化，這是否是您以類似於 AT&T 頒佈時的方式獲得份額的機會？

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。看，我認為如果我們在市場上上升一個水平，就像這些隱私變化在過去幾年中持續出現，而 GDP（聽不清）IDFA，坦率地說是最大的，現在我們的蘋果在未來。雖然我們無法準確預測市場會發生什麼變化，但有一些確定性。一是人們可以在全球設備上玩遊戲，這是我們確定的。另一個可以肯定的是，我們有一個非常大的平台，每天有超過 7 億活躍用戶，我們正在通過它獲利。

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.

第三是我們的技術和團隊真的很靈活。我們可以快速行動。每當這些市場變化發生時，您總是希望看到贏家和輸家。這只是它形成的方式。雖然我們在過去十年中取得了成功，但我們比其他人行動得更快，我們為能夠做到這一點而自豪。因此，雖然這些變化可能會對企業造成破壞，但我們期待著改變。

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

好的。我們將在奧本海默的 Martin Yang 那裡提出最後一個問題。

Ryan, can you hear me?

瑞恩，你能聽到我說話嗎？

We can hear you. Go ahead, Martin.

我們可以聽到你的聲音。來吧，馬丁。

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?

所以我的問題是關於第一季度軟件平台的收入，即使在 MoPub 的季節性非常強勁，而且淨擴張率也相當驚人。這讓你感到意外嗎？

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.

當我們發布對明年的指導時，軟件業務是 4 年前的 10 倍，對吧？對於這種規模的企業，我們報告的是淨收入，我們現在已經談到了該業務的 65% 到 70% 的 EBITDA 利潤率。要做到這一點，您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，儘管我認為我們對增長軌蹟的速度感到驚訝，但我們對我們執行並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，您是否覺得您從第一季度競爭對手的一些皮卡中受益？

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。所以這些市場的運作方式是零和。但另一方面，如果一個競爭對手的表現最終下降，另一個競爭對手不僅會增加，因為現實是我們——實際上，我們有模型試圖將眼球與廣告商的報價（聽不清）相匹配。廣告客戶想要達到的效果。

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.

我們並沒有真正與他人競標，我們正在採取或正在得到什麼。我們需要確保（聽不清）是準確的，並且我們正在將價值推向在我們平台上購買的其他廣告商。所以一個人的影響就是對我們的影響。也就是說，從長遠來看，我們希望確保並且我們在 MAX 平台上確實做得很好，市場上的每個營銷平台都表現良好。行業中的營銷解決方案越好，市場就會變得越大，增長越快，更多的觀眾發現和更多的消費者會玩更多的遊戲，這將推動我們的增長和生態系統的增長。

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.

這就是為什麼我引用了我的談話軌道，我們現在在 MAX 平台上的生態系統上擁有如此多的市場，我們平台的成功將引導整個行業 TAM 的增加。

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。如果隊列中沒有更多問題，我想把問題轉回給大家，感謝大家今天加入我們。你們有什麼閉幕詞要說嗎？

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.

感謝您加入我們。我們知道這封信中有很多內容要涵蓋。我們感謝人們抽出寶貴的時間，尤其是在動蕩的市場中。非常感謝。

Thanks, everyone.

感謝大家。