Digital Turbine Inc (APPS) 2024 Q4 法說會逐字稿

Good day, and welcome to the Digital Turbine reports fourth quarter and fiscal 2024 financial results call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Digital Turbine 第四季和 2024 財年財務業績電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Brian Bartholomew, Senior Vice President of Capital Markets. Please go ahead.

現在，我想將會議交給資本市場高級副總裁 Brian Bartholomew。請繼續。

Thanks, Nick. Good afternoon, and welcome to the Digital Turbine fourth quarter and fiscal 2024 earnings conference call. Joining me on the call today to discuss our results are CEO, Bill Stone, and CFO, Barrett Garrison.

謝謝，尼克。下午好，歡迎參加 Digital Turbine 第四季和 2024 財年財報電話會議。今天與我一起參加電話會議討論我們業績的有首席執行官比爾·斯通 (Bill Stone) 和首席財務官巴雷特·加里森 (Barrett Garrison)。

Before we get started, I'd like to take this opportunity to remind you that our remarks today will include forward-looking statements. These forward-looking statements are based on our current assumptions, expectations, and beliefs, including projected operating metrics, future products and services, anticipated market demand, and other forward-looking topics.

在我們開始之前，我想藉此機會提醒您，我們今天的演講將包括前瞻性陳述。這些前瞻性陳述是基於我們目前的假設、期望和信念，包括預期的營運指標、未來產品和服務、預期的市場需求和其他前瞻性主題。

Although we believe that our assumptions are reasonable, they are not guarantees of future performance and some will inevitably prove to be incorrect. Except as required by law, we undertake no obligation to update any forward-looking statement. For a discussion of the risk factors that could cause our actual results to differ materially from those contemplated by our forward-looking statements, please refer to the documents we file with the Securities and Exchange Commission.

儘管我們相信我們的假設是合理的，但它們並不能保證未來的表現，而且有些假設不可避免地會被證明是不正確的。除法律要求外，我們不承擔更新任何前瞻性聲明的義務。有關可能導致我們的實際結果與前瞻性陳述所預期的結果有重大差異的風險因素的討論，請參閱我們向美國證券交易委員會提交的文件。

Also, during this call, we will discuss certain non-GAAP measures of our performance. Non-GAAP measures are not substitutes for GAAP measures. Please refer to today's press release for important information about the limitations of using non-GAAP measures, as well as reconciliations of these non-GAAP financial results to the most comparable GAAP measures.

此外，在本次電話會議中，我們將討論某些非公認會計準則的績效指標。非公認會計準則 (GAAP) 指標不能取代公認會計準則 (GAAP) 指標。請參閱今天的新聞稿，以了解有關使用非 GAAP 指標的局限性的重要信息，以及這些非 GAAP 財務結果與最具可比性的 GAAP 指標的調整。

Now I will turn the call over to our CEO, Mr. Bill Stone.

現在我將把電話轉給我們的執行長比爾·斯通先生。

Thanks, Brian, and thank you all for joining our call tonight. I'd like to break my remarks into three areas. First, I want to close out our year-end results. Secondly, you may have seen in our outlook that we're beginning to issue annual guidance for the first time, and I want to focus the majority of my remarks on our plan to return to growth this fiscal year versus only focusing on a single quarter. And finally, I want to provide some commentary updates on how we're positioned to profitably grow well beyond just this fiscal year.

謝謝，布萊恩，也謝謝大家今晚參加我們的電話會議。我想把我的發言分為三個面向。首先，我想總結一下我們的年終業績。其次，您可能已經在我們的展望中看到，我們首次開始發布年度指引，我想將我的大部分發言重點放在我們本財年恢復增長的計劃上，而不是僅僅關註一個季度。最後，我想提供一些評論更新，說明我們如何在本財年之後獲利成長。

To close out fiscal '24, we achieved $545 million of revenue, $92 million of EBITDA, and $0.58 of non-GAAP earnings per share. In addition to the numbers and despite a challenging operating environment, I'm proud of the team and specifically the notable progress we made on numerous investment activities that set us up for the future, including our progress on our new version of Ignite, our migration to our new hosting platform, our launch of SDK Bidding, and many new back-end corporate systems consolidated and launched.

截至 24 財年末，我們實現了 5.45 億美元的營收、9,200 萬美元的 EBITDA 和 0.58 美元的非 GAAP 每股盈餘。除了數字之外，儘管營運環境充滿挑戰，但我為團隊感到自豪，特別是我們在眾多為未來奠定基礎的投資活動上取得的顯著進展，包括我們在新版本 Ignite 上的進展、我們向新託管平台的遷移、我們推出的 SDK Bidding，以及整合和推出的許多新的後端企業系統。

We've also seen a number of tailwinds emerge that I'll discuss later in my remarks that will be catalysts for our return to growth, but we also continue to navigate a few short-term headwinds that are persistent in our very near-term results.

我們也看到了一些順風因素的出現，我將在後面的發言中討論這些因素，它們將成為我們恢復成長的催化劑，但我們也繼續應對一些短期逆風，這些逆風將持續影響我們的短期業績。

Specifically, US device sales continue to be challenging, as some US operators have publicly reported postpaid upgrade rates were approximately 3% of the base for the March quarter or a run rate of 12% per year. This would imply more than an eight-year upgrade cycle, which I think all of us would recognize is unsustainable for the long term, but it is a reality in the present. Exacerbating this trend were fewer software updates on the [Ignite] devices, which reduced monetization opportunities.

具體而言，美國設備銷售繼續面臨挑戰，因為一些美國營運商公開報告稱，後付費升級率約為 3 月季度基數的 3% 或每年 12% 的運行率。這意味著超過八年的升級週期，我想我們所有人都會意識到這是不可持續的長期趨勢，但這是目前的現實。加劇這一趨勢的是 [Ignite] 設備上的軟體更新減少，從而減少了盈利機會。

The other headwind is our ability to distribute Chinese non-gaming applications here in the United States. We're working aggressively and pivoting these spends to other international markets, but nevertheless, it does impact revenue here in the US market. But our spend from non-gaming Chinese companies has decreased by approximately $20 million from fiscal '23 to fiscal '24 despite those companies wanting to spend more on our US supply.

另一個不利因素是我們在美國分銷中國非遊戲應用程式的能力。我們正在積極努力，將這些支出轉向其他國際市場，但儘管如此，它確實會影響美國市場的收入。然而，儘管非博彩類中國公司希望在我們的美國供應上投入更多，但我們在非博彩類中國公司的支出從23財年到24財年減少了約2000萬美元。

Our number one priority is returning the business to growth. And in order to do that, there are three growth drivers. First is growing our device footprint. As mentioned in our earnings press release, we anticipate an incremental 70 million-plus devices launching with various Ignite capabilities. Included in this number is expanding our relationship with Motorola that is both exclusive to Digital Turbine and is also global, including on all operators here in the United States.

我們的首要任務是讓業務恢復成長。為了實現這一目標，有三個成長動力。首先是擴大我們的設備覆蓋範圍。正如我們在收益新聞稿中提到的那樣，我們預計將有超過 7000 萬台設備來搭載各種 Ignite 功能。其中包括擴大我們與摩托羅拉的合作關係，這種合作關係不僅是 Digital Turbine 獨有的，也是全球性的，包括美國的所有營運商。

Motorola has been shipping between 40 million to 50 million devices over the past three years and are one of the few OEMs showing positive growth. Their shipments roughly approximate to the amount of postpaid devices that all the US operators combined are selling. In other words, this is a positive material development for us. It's early days, but we are also live with one store in Korea that will ultimately add tens of millions more devices with SingleTap capability. Our pipeline remains extremely robust as we are seeing many global operators and OEMs wanting to work with us, and we look forward to sharing more device supply opportunities in the future.

摩托羅拉過去三年的設備出貨量在 4,000 萬到 5,000 萬台之間，是少數幾個實現正成長的 OEM 之一。他們的出貨量大約相當於美國所有業者銷售的後付費設備總量。換句話說，這對我們來說是一個正面的物質發展。現在還為時過早，但我們已經在韓國開設了一家商店，最終將增加數千萬台具備 SingleTap 功能的設備。我們的管道仍然非常強勁，因為我們看到許多全球營運商和原始設備製造商都希望與我們合作，我們期待將來分享更多的設備供應機會。

In addition to these wins, we've heard some recent encouraging reports from chipset suppliers on future device volumes, which tend to be lead indicators for future demand as well as the anniversarying of the two-to-three-year lease plans later this year offered by US operators. Thus, we are hopeful for better trends here in the US into the future, but for now, it's a major headwind and is reflected in our forecast. But returning to growth through new devices on new partners plus existing partners showing momentum are the keys to our first growth driver.

除了這些勝利之外，我們還聽到了晶片組供應商最近發布的一些關於未來設備銷售的令人鼓舞的報告，這些報告往往是未來需求的領先指標，也是美國運營商今年晚些時候提供的兩到三年租賃計劃的周年紀念日。因此，我們對未來美國出現更好的趨勢充滿希望，但就目前而言，這是一個重大阻力，並反映在我們的預測中。但透過新合作夥伴的新設備以及現有合作夥伴的強勁成長來恢復成長是我們實現第一個成長動力的關鍵。

Our second growth driver is expanding our product portfolio for both our ODS and AGP businesses. Scaling new ad tech and on-device capabilities are critical to our return to growth. On our AGP business, as we've mentioned on prior calls, the last couple of years have been focused on investments and consolidating our ad tech assets into a common platform. That's now largely complete and ready to bear fruit. A specific example of this is our exchange, which we brand as the Digital Turbine Exchange, or DTX, which we have now been fully consolidated from our legacy Fyber and [AdColony] acquisitions.

我們的第二個成長動力是擴大我們的ODS和AGP業務的產品組合。擴展新的廣告技術和設備功能對於我們恢復成長至關重要。關於我們的 AGP 業務，正如我們在先前的電話會議中所提到的，過去幾年我們一直專注於投資並將我們的廣告技術資產整合到一個共同的平台中。目前這項工作已基本完成並準備好取得成果。一個具體的例子就是我們的交易所，我們將其品牌化為 Digital Turbine Exchange，簡稱 DTX，它現在已從我們原有的 Fyber 和 [AdColony] 收購中完全整合而來。

We believe we're uniquely positioned in mobile with the acquisitions to differentiate with brand dollars to our publishers versus our competitors that are more focused on performance dollars. And conversely, many advertisers spending on brand have not been as focused on mobile, but other channels such as CTV or retail media. So we believe the combination of our mobile expertise, access to first-party data, product capabilities such as SingleTap and our agency brand relationships and creative capabilities, drive attention for advertiser audiences is something that we believe is going to allow us to win.

我們相信，透過收購，我們在行動領域擁有獨特的優勢，能夠透過品牌行銷為我們的出版商帶來差異化，而我們的競爭對手則更注重業績行銷。相反，許多在品牌上投入的廣告商並沒有專注於行動設備，而是專注於 CTV 或零售媒體等其他管道。因此，我們相信，我們的行動專業知識、第一方數據存取權、SingleTap 等產品功能以及我們的代理品牌關係和創意能力的結合，能夠吸引廣告受眾的注意力，我們相信這將使我們獲得成功。

And the early returns are encouraging. Our brand revenues for the March quarter were up 15% from the March quarter of last year. We're also now over one-third of our revenues on our DT Exchange coming from SDK Bidding, which is a requirement for many brands and agencies in how they bid for audiences. And this allows us to grow our revenues, not just with direct brand, but also with brand omni DSPs like The Trade Desk and Google DV360.

早期回報令人鼓舞。我們三月季度的品牌營收比去年三月季度成長了 15%。目前，我們在 DT Exchange 上超過三分之一的收入都來自 SDK Bidding，這是許多品牌和代理商競標受眾時的必備條件。這使我們能夠增加收入，不僅透過直接品牌，還透過 The Trade Desk 和 Google DV360 等品牌全 DSP。

Our other AGP product growth driver will be increasing our share of voice for leveraging our first-party data and our Ignite capabilities via bidding. We do this today through our Appreciate DSP acquisition, which is starting to show renewed growth. Our AI and machine learning enhancements to our new DSP, which we brand as DT Direct, will allow us to improve our bidding on our own supply, allowing us to optimize our own demand over our own supply. We also look to partner with third-party DSPs that can help us grow our share of voice.

我們的另一個 AGP 產品成長動力是透過競標利用我們的第一方資料和 Ignite 功能來增加我們的話語權。我們今天透過收購 Appreciate DSP 實現了這一目標，該公司正開始顯示出新的成長。我們新的 DSP（我們稱之為 DT Direct）的人工智慧和機器學習增強功能將使我們能夠改善對自己供應的競標，從而讓我們能夠優化對自己供應的需求。我們也希望與能夠幫助我們擴大話語權的第三方 DSP 合作。

And this all translates not just in the top-line revenue growth with more demand dollars but is also key in driving the flywheel effects of improving revenues on our other products such as SingleTap, our DT Exchange, and FairBid, our mediation product. Our primary growth drivers on our ODS business are SingleTap alternative apps and better leveraging our first-party data for our existing ODS products.

這一切不僅轉化為更多需求資金帶來的營收成長，也是推動飛輪效應的關鍵，提高我們其他產品（如 SingleTap、DT Exchange 和 FairBid、中介產品）的收入。我們 ODS 業務的主要成長動力是 SingleTap 替代應用程式以及更好地利用我們的第一方資料來支援我們現有的 ODS 產品。

SingleTap continues to add more devices, more advertisers, and have better execution. It's early days for alternative app distribution approach. But as we've discussed on prior calls, we will look to begin showing our progress of distribution, not just on Android and Apple iOS but also alternative app versions. The interest from large Tier 1 publishers is encouraging. It will be a growth driver for us this year.

SingleTap 繼續增加更多設備、更多廣告商，並實現更好的執行。替代性應用程式分發方法還處於早期階段。但正如我們在之前的電話會議中討論過的那樣，我們將開始展示我們的分發進展，不僅在 Android 和 Apple iOS 上，還包括其他應用程式版本。大一級出版商的興趣令人鼓舞。這將成為我們今年的成長動力。

And finally, we've historically been focused on leveraging our distribution footprint to drive ODS revenue. We've not optimized our first-party data. We are beginning to do a better job here and see an increased interest from our supply partners to also leverage these insights to help advertisers drive better outcomes.

最後，我們一直專注於利用我們的分銷足跡來推動 ODS 收入。我們還沒有優化我們的第一方數據。我們開始在這方面做得更好，並且看到我們的供應夥伴越來越有興趣利用這些見解來幫助廣告商獲得更好的結果。

And our third growth driver is our media relationships. We are continuing to expand directly with brands such as Apple, Amazon, Starbucks, P&G and many others as well as their advertising agencies that are driving 15% plus annual growth.

我們的第三個成長動力是媒體關係。我們將繼續與蘋果、亞馬遜、星巴克、寶潔等品牌及其廣告代理商直接合作，推動年增長率超過 15%。

In particular, I'm pleased to announce that GroupM, who is the largest media buying agency in the world under the WPP umbrella, has included us as the only global preferred partner for mobile. This materially expands our addressable market for ad dollars as GroupM manages over $50 billion of media buying, and our competition in mobile will not have access to this brand inventory.

尤其是，我很高興地宣布，WPP 旗下全球最大的媒體購買機構群邑 (GroupM) 已將我們列為唯一的全球行動首選合作夥伴。由於群邑管理著超過 500 億美元的媒體購買，這大大擴展了我們廣告收入的潛在市場，而我們在行動領域的競爭對手將無法獲得這些品牌庫存。

And as things like cookie deprecation happen in Chrome, it will showcase our mobile app inventory as more attractive offerings to brands than other omni SSPs that have been relying upon these identifiers and other ad channels. We anticipate that our GroupM relationship will unlock media dollars from well-known brands.

隨著 Chrome 中 cookie 棄用等事件的發生，它將向我們的行動應用程式庫存展示對品牌更具吸引力的產品，而不是其他依賴這些識別碼和其他廣告管道的全向 SSP。我們預計，我們與群邑的合作關係將為知名品牌帶來媒體投入。

And we also continue to have many strategic relationships with large global game publishers. And with the tailwind of alternative app distribution, these players are increasingly attracted to Digital Turbine to develop deeper relationships.

我們也繼續與許多全球大型遊戲發行商保持戰略關係。隨著替代應用程式分發的順風順水，這些參與者越來越被 Digital Turbine 所吸引，以發展更深層的關係。

And the final media growth driver is our change in channel strategy to grow revenue per device outside the United States. Our current distribution approach is optimized to drive stronger RPDs on US supply. And the positive results we've talked about on prior calls of doubling RPDs over the past few years is a result of this. However, that's been at the expense of better execution of working with channel partners who can bring more media dollars to our international device footprint. This is a controllable and a major focus area for us.

最後一個媒體成長動力是我們改變通路策略以增加美國以外地區每台設備的收入。我們目前的分銷方式已經過優化，可以推動美國供應的 RPD 更加強勁。我們在過去幾年的電話會議上談到的 RPD 翻倍的正面成果就是由此產生的。然而，這是以犧牲與通路合作夥伴更好地合作為代價的，而這些合作夥伴可以為我們的國際設備足跡帶來更多的媒體收入。對我們來說這是一個可控的、也是主要的關注領域。

To summarize, our number one priority this fiscal year is returning our business to growth with three main growth drivers. The first is expanding our device footprint. The second is growth from new products, such as SingleTap, DTX, alt app stores, and so on. And the third is expanding our media relationships, whether that's via new relationships with behemoths like GroupM, expanding our brand dollars with brand buyers like The Trade Desk and Google, or other gaming strategic partners looking to expand their mobile gaming audiences.

總而言之，本財年我們的首要任務是透過三大成長動力恢復業務成長。首先是擴大我們的設備覆蓋範圍。第二是來自新產品的成長，例如SingleTap、DTX、alt app stores等等。第三是擴大我們的媒體關係，無論是透過與群邑（GroupM）這樣的巨頭建立新的關係，還是透過與 The Trade Desk 和Google（Google）這樣的品牌購買者擴大我們的品牌支出，或是與其他希望擴大行動遊戲受眾的遊戲策略合作夥伴擴大我們的品牌支出。

And beyond this fiscal year, the goal is not just to return to growth but accelerate it. The key driver here will be the expansion of our alternative app strategy. We've launched our first alternative app distribution products, which we brand as DT Hub, with five operators here in the United States. We're leveraging our Aptoide investment and are generating revenue today.

本財年以後，我們的目標不僅是恢復成長，而且是加速成長。這裡的關鍵驅動因素將是我們替代應用策略的擴展。我們已與美國五家營運商合作推出了首批替代應用程式分發產品，品牌為 DT Hub。我們正在利用 Aptoide 投資並正在創造收入。

We've also taken a minority interest in Flexion so we can improve our partnership on building great alternative app experiences, as Flexion is a leading porting source for many alternative app stores such as Amazon, Samsung, Huawei, Xiaomi, and many others. And finally, we've also taken an equity stake in ONE Store.

我們也收購了 Flexion 的少數股權，以便我們可以改善在建立出色的替代應用體驗方面的合作夥伴關係，因為 Flexion 是亞馬遜、三星、華為、小米等許多替代應用商店的主要移植源。最後，我們也收購了 ONE Store 的股權。

And as I mentioned earlier, we've just launched SingleTap on devices in Korea this month. This launch has three benefits: one is it will allow us to leverage our DSP to friction-free app downloads of alternative app versions to Korean customers. And second is a way for us to expand scale of developed market supply versus being constrained with the issues I mentioned here in the US. And finally, we'll look to enhance our partnership with ONE Store into the future outside of Korea. And combined with our Aptoide and Flexion relationships, we've got the building blocks to be a dominant force in the alternative app market.

正如我之前提到的，我們本月剛在韓國的設備上推出了 SingleTap。此次發布有三大好處：一是它使我們能夠利用我們的 DSP 為韓國客戶提供無障礙的替代應用程式版本的下載。第二，我們可以擴大已開發市場的供應規模，而不會受到我在美國提到的問題的限制。最後，我們希望未來能在韓國以外加強與 ONE Store 的合作。結合我們與 Aptoide 和 Flexion 的關係，我們已經擁有了成為替代應用程式市場主導力量的基礎。

And as a reminder for investors, the Digital Markets Act, or DMA, launched in March in the EU, and we would encourage investors to pay very close attention to the details around this such as how the regulators manage Apple compliance and the corresponding opportunities that it will present for us.

需要提醒投資者的是，歐盟於 3 月推出了《數位市場法案》（DMA），我們鼓勵投資者密切關注該法案的細節，例如監管機構如何管理 Apple 的合規性以及它將為我們帶來的相應機會。

I also want to emphasize that the alternative app strategy is not just about new in-app payment revenues, but perhaps more importantly, to be the catalyst to accelerate our existing lines of businesses beyond this fiscal year. Today, approximately 50% of our business is driven by user acquisition and 50% is driven by in-app advertising.

我還想強調的是，替代應用程式策略不僅涉及新的應用程式內支付收入，也許更重要的是，它將成為加速我們現有業務線在本財年之後發展的催化劑。今天，我們大約 50% 的業務是由用戶獲取驅動的，50% 是由應用程式內廣告驅動的。

Our app providers want to find ways to acquire more users at a lower cost with alternative users and we believe that this will also open up new app providers to leverage our ad tech stack as part of this strategy, thereby driving more AGP revenue growth. We're live today running both alternative app user acquisition campaigns and in-app advertising, leveraging our technology into the current result.

我們的應用程式供應商希望找到以更低的成本透過替代用戶來獲取更多用戶的方法，我們相信這也將開闢新的應用程式供應商利用我們的廣告技術堆疊作為該策略的一部分，從而推動更多的 AGP 收入成長。我們目前正在運行替代應用程式用戶獲取活動和應用程式內廣告，將我們的技術運用到目前的結果中。

In other words, improving our present revenues and cash flow are both closely linked to the future strategy. And a key to all this will be the leadership to make it happen. I'm pleased to announce that Michael Akkerman will be joining our team as the Chief Business Officer effective June 3, reporting to me. Michael is joining us from Uber, where he was the General Manager of advertising across Uber's various businesses.

換句話說，改善我們目前的收入和現金流都與未來的策略密切相關。而實現這一切的關鍵在於領導力。我很高興地宣布，邁克爾·阿克曼 (Michael Akkerman) 將於 6 月 3 日加入我們的團隊，擔任首席商務官，向我匯報。麥可在加入我們之前曾在 Uber 擔任 Uber 各項業務的廣告總經理。

And before that, Michael had executive roles at Pinterest and Cardlytics. I'm excited to have Michael's nice blend of functional skills in product, marketing, and sales, but perhaps even more excited with his global background and cultural fit with ours. Michael's primary responsibility will be the lead executive returning our business to growth.

在此之前，麥可曾擔任 Pinterest 和 Cardlytics 的高階主管。我很高興麥可擁有出色的產品、行銷和銷售功能技能，但或許更令人興奮的是他的全球背景和與我們文化的契合度。邁克爾的主要職責是作為首席執行官帶領我們的業務恢復成長。

And in conclusion, we've seen some nice tailwinds in our business that should be a catalyst returning our business to growth later this year, with many specific drivers from devices, products, media partners, and cost optimization activities that are all in flight to accomplish this year. Those are the things that are going to return Digital Turbine to a growth company in the short term, while we continue to preserve our very bright long-term vision.

總而言之，我們在業務中看到了一些良好的順風，這應該成為催化劑，推動我們的業務在今年晚些時候恢復成長，其中許多特定的驅動因素包括設備、產品、媒體合作夥伴和成本優化活動，這些都將在今年實現。這些因素將在短期內使 Digital Turbine 恢復成長型公司的地位，同時我們將繼續保持非常光明的長期願景。

And with that concludes my prepared remarks, and I'll take it over to Barrett to take you through the numbers.

我的準備好的演講到此結束，以下我將請巴雷特向大家介紹這些數字。

Thanks, Bill, and good afternoon, everyone. For the fiscal year 2024, we reported $544.5 million revenue, down 18% year on year, and generated $92.4 million in adjusted EBITDA or 17% of revenue, and delivered $60.3 million in adjusted net income or $0.58 per share as compared to $1.15 per share in the prior year.

謝謝，比爾，大家下午好。2024 財年，我們報告的營收為 5.445 億美元，年減 18%，調整後 EBITDA 為 9,240 萬美元，佔營收的 17%，調整後淨收入為 6,030 萬美元，即每股 0.58 美元，而上一年為每股 1.15 美元。

While fiscal year 2024 presented its share of challenges, we are pleased to share that our strategic initiatives are gaining traction and setting the foundation for future growth, and I'll cover some of those highlights later within my remarks.

雖然 2024 財年面臨著許多挑戰，但我們很高興地告訴大家，我們的策略舉措正在獲得支持並為未來的成長奠定基礎，我將在後面的發言中介紹其中的一些亮點。

Now turning to the financial performance in the quarter. Total revenue of $112.2 million in the quarter was down 20% year on year. On device solutions, or ODS, segment revenues of $78 million were slightly below our expectations, largely due to weaker US upgrade rates that Bill described in his remarks.

現在來談談本季的財務表現。本季總營收為 1.122 億美元，年減 20%。設備解決方案（ODS）部門收入為 7,800 萬美元，略低於我們的預期，這主要是由於比爾在演講中提到的美國升級率較低。

In our app growth platform, or AGP, business, Q4 revenues of $33.8 million performed generally in line with our guidance expectations. We saw improving signs of spin levels, particularly within brand, evidenced by greater than 15% year-over-year revenue increases.

在我們的應用程式成長平台（AGP）業務中，第四季的營收為 3,380 萬美元，基本上符合我們的預期。我們看到了旋轉水平改善的跡象，特別是在品牌內部，證據是收入同比增長超過15％。

The Q4 results in our AGP business reflects the impact of sunsetting certain legacy business lines in early January of this year. I'd reiterate Bill's earlier comments that despite the near-term headwinds, we're encouraged by the completion of our platform consolidation and expect these efforts to be an important catalyst for our future revenue growth.

我們的 AGP 業務第四季的業績反映了今年 1 月初停止某些傳統業務線的影響。我想重申比爾先前的評論，儘管近期面臨阻力，但我們對平台整合的完成感到鼓舞，並預計這些努力將成為我們未來收入成長的重要催化劑。

Before leaving revenues, I would point out, we completed sunsetting certain legacy business lines, marking an important milestone towards our priority of returning to growth and strategic focus. Looking ahead, we anticipate the March quarter revenues to be a period of normalization, free from the transitional impacts of our integration efforts. Drawing from historical seasonality trends, we anticipate modest sequential growth in the June quarter.

在放棄收入之前，我想指出的是，我們已完成關閉某些傳統業務線的工作，這標誌著我們朝著恢復成長和策略重點的重點邁出了重要的一步。展望未來，我們預期 3 月季度的營收將進入正常化階段，不會受到整合工作帶來的過渡影響。根據歷史季節性趨勢，我們預計 6 月季度將出現適度的環比成長。

Our Q4 gross margin was 46%, which was up from 44% in Q4 from the prior year. Improvement in margin year on year was largely driven by favorable product mix shifts where we experienced an increase in the mix towards certain higher-margin products. While mix had a positive impact, we also experienced improved margins year on year across both ODS and AGP segments.

我們第四季的毛利率為 46%，高於去年同期的 44%。利潤率年增主要得益於產品組合的有利轉變，即我們的產品組合向某些利潤率較高的產品傾斜。在產品組合產生正面影響的同時，ODS 和 AGP 部門的利潤率也較去年同期有所提高。

With our commitment to financial resilience, we proactively pursued expense efficiencies to maximize the profitability of our growth strategy and remain disciplined with expense plans. Cash operating expenses were $39 million in the quarter, decreasing 5% from prior year and represented 35% of our revenues in the quarter. Through our strategic investments, we've integrated our technology platforms, paving the way for enhanced operational synergies, scalability, and unlocking the full potential of our organization.

我們致力於實現財務彈性，積極追求費用效率，以最大限度地提高我們成長策略的獲利能力，並嚴格執行費用計劃。本季現金營運費用為 3,900 萬美元，較上年下降 5%，佔本季營收的 35%。透過策略投資，我們整合了我們的技術平台，為增強營運協同效應、可擴展性和充分釋放組織潛力鋪平了道路。

We're encouraged to see that our efforts are yielding tangible results. One notable area of progress is in our cloud computing expenses, where we've achieved important cost reductions and expenses are now declining as a percent of revenue, a testament to the effectiveness of our initiatives and optimizing cost and driving operational efficiency.

我們欣慰地看到，我們的努力正在取得實際成果。一個值得注意的進展領域是我們的雲端運算費用，我們實現了重要的成本削減，現在費用佔收入的百分比正在下降，這證明了我們的措施的有效性以及優化成本和提高營運效率。

Turning to profitability. Our adjusted EBITDA of $12.3 million in the quarter came in line with our guidance expectations. Given the inherent operating leverage in our business model, we expect the active focus on expense measures we are taking will strengthen the platform as we return to growth and enable a greater portion of those dollars to fall to the bottom line.

轉向盈利能力。本季我們的調整後 EBITDA 為 1,230 萬美元，符合我們的指導預期。考慮到我們商業模式中固有的經營槓桿，我們預計，隨著我們恢復成長，我們正在採取的積極關注費用的措施將會加強平台，並使這些資金的更大一部分落入利潤中。

In the quarter, we achieved non-GAAP adjusted net income of $12.6 million or $0.12 per share as compared to $13.6 million or $0.14 per share in the fourth quarter of 2023. During the period, we reported a higher-than-expected nonrecurring tax benefit.

本季度，我們實現的非 GAAP 調整後淨收入為 1,260 萬美元或每股 0.12 美元，而 2023 年第四季為 1,360 萬美元或每股 0.14 美元。在此期間，我們報告了高於預期的非經常性稅收收益。

Also, as compared to prior year, we incurred greater interest expense driven by rising rates, partially offset by lower outstanding debt. Our GAAP net loss of $2.32 per share in the fourth quarter reflects a noncash goodwill impairment charge of $1.86 per share or $189.5 million in our AGP business.

此外，與前一年相比，由於利率上升，我們的利息支出增加，但未償還債務減少部分抵消了這一影響。我們第四季的 GAAP 淨虧損為每股 2.32 美元，反映了每股 1.86 美元或 AGP 業務 1.895 億美元的非現金商譽減損費用。

This charge was primarily driven by recent market-based factors by the decline in our stock price. There was no change to goodwill for the ODS reporting unit and we remain optimistic about the AGP segment given the ad tech enhancements we've made to enable future growth.

此項收費主要是由於近期我們股價下跌等市場因素所致。ODS 報告單位的商譽沒有變化，鑑於我們為實現未來成長而進行的廣告技術改進，我們對 AGP 部門仍然持樂觀態度。

Our cash balance at the end of the quarter was $32.9 million. Free cash flow from operations of negative $15.6 million was temporarily impacted primarily due to delays in invoicing timing. While we've completed our back-office system implementation to a single accounting platform that we have discussed on prior calls, our billing system migration impacted certain AGP invoicing timing delays in the quarter, resulting in a temporary negative impact on cash flows and working capital in the quarter of approximately $15 million.

我們本季末的現金餘額為 3,290 萬美元。經營活動產生的自由現金流為負 1,560 萬美元，暫時受到影響主要是因為發票時間延遲。雖然我們已經完成了在先前的電話會議中討論過的單一會計平台的後台系統實施，但我們的計費系統遷移影響了本季度某些 AGP 發票時間延遲，導致對本季度現金流和營運資金產生暫時的負面影響，損失約為 1500 萬美元。

We have corrective actions in motion and expect to see our receivable balance and working capital return to normal levels in the coming months and expect to return to generating positive free cash flow in the back half of the calendar year.

我們正在採取糾正措施，預計未來幾個月我們的應收帳款餘額和營運資金將恢復到正常水平，並預計在今年下半年恢復產生正的自由現金流。

Additionally, during the period, we completed and funded a $10 million strategic equity investment in our ONE Store partnership. Our debt balance ended the quarter at $385 million drawn on our revolving credit facility, and as our business strengthens, we would expect to pay down our revolver in larger quarterly increments.

此外，在此期間，我們完成並資助了對 ONE Store 合作夥伴關係的 1,000 萬美元策略性股權投資。本季末，我們的債務餘額為 3.85 億美元，由我們的循環信貸額度支付，隨著我們業務的加強，我們預計將以更大的季度增量償還循環信貸。

Now let me turn to our outlook. Looking ahead to our growth road map, we are optimistic about the prospects for Digital Turbine. Starting this fiscal year, we are now providing annual guidance. This move is aimed at informing our stakeholders about our longer-term growth road map, intentions, and expectations.

現在讓我來談談我們的展望。展望我們的成長路線圖，我們對 Digital Turbine 的前景感到樂觀。從本財政年度開始，我們現在提供年度指導。此舉旨在讓我們的利害關係人了解我們長期成長路線圖、意圖和期望。

With the recent addition of new global device supply and the ongoing enhancements to our platform, we are well positioned to capitalize on the emerging opportunities and drive top-line growth and free cash flows.

隨著最近增加新的全球設備供應和我們平台的持續增強，我們已準備好利用新興機會並推動營收成長和自由現金流。

We expect revenue to be in the range of $540 million to $560 million for the fiscal year 2025, reflecting our confidence in the underlying trajectory of the business and the momentum we are seeing in the market. Additionally, we project non-GAAP adjusted EBITDA of between $85 million and $95 million, underscoring our commitment to driving operational efficiency and delivering value for our shareholders.

我們預計 2025 財年的營收將在 5.4 億美元至 5.6 億美元之間，這反映了我們對業務基本發展軌跡和市場發展勢頭的信心。此外，我們預期非 GAAP 調整後 EBITDA 在 8,500 萬至 9,500 萬美元之間，這凸顯了我們致力於提高營運效率和為股東創造價值的承諾。

In closing, we are working diligently to ensure that we position the company for growth in 2024 and beyond. Our business is seeing encouraging signals and evidence implying growth on the horizon fueled by some of the announcements and growth catalysts that Bill referenced earlier.

最後，我們正在努力工作，確保公司在 2024 年及以後實現成長。我們的業務看到了令人鼓舞的信號和證據，表明在比爾先前提到的一些公告和成長催化劑的推動下，我們的業務即將實現成長。

Operationally, we have made significant strides in modernizing key product functionality and back-office system infrastructure and enhancing our leadership team. These initiatives are integral to our long-term success and will enable us to unlock growth potential and enhance shareholder value. Furthermore, the recent wins on the media and advertiser side are proof points that our newly reengineered ad tech platform is now performing at a level at which it is well positioned to gain market share.

在營運方面，我們在實現關鍵產品功能和後台系統基礎設施的現代化以及加強領導團隊方面取得了重大進展。這些舉措對於我們的長期成功至關重要，並將使我們能夠釋放成長潛力並提高股東價值。此外，最近在媒體和廣告商方面的勝利證明我們新重新設計的廣告技術平台目前的表現已經達到了良好的水平，可以獲得市場份額。

As we look ahead to fiscal year 2025 and beyond, we are confident in our ability to capitalize on emerging opportunities, drive top line and free cash flow growth, and deliver sustainable long-term value for our shareholders. And we are excited about the journey ahead.

展望 2025 財年及以後，我們有信心利用新興機遇，推動營收和自由現金流成長，並為股東創造可持續的長期價值。我們對未來的旅程充滿興奮。

With that, let me hand it back to the operator to open the call for questions. Operator?

說完這些，我現在將電話交還給接線員，開始回答問題。操作員？

(Operator Instructions) Omar Dessouky, Bank of America.

（操作員指示）美國銀行的奧馬爾·德蘇基（Omar Dessouky）。

Hi. Thanks for taking my question. We saw a news article today saying that T-Mobile is about to acquire UScellular. I think UScellular is one of your biggest -- is one of your customers, but T-Mobile is working with one of your competitors. So do you foresee any impact to your business? And how should we think about the potential opportunity and risks relating to the potential merger?

你好。感謝您回答我的問題。我們今天看到一則新聞說 T-Mobile 即將收購 UScellular。我認為 UScellular 是你們最大的客戶之一，但 T-Mobile 正在與你們的競爭對手之一合作。那麼您預見到這會對您的業務產生任何影響嗎？我們應該如何看待潛在合併帶來的潛在機會和風險？

Yes. Sure, Omar. This is Bill. I think that this is something that is -- what I read today is that it's going to be about a year plus away from closing. So it's not anything that's imminent. It has to go through a bunch of regulatory reviews. But with that being said, UScellular has been a fantastic partner for us, for ours. They do our highest revenue per device of any of our partners today and they've been fantastic for us.

是的。當然，奧馬爾。這是比爾。我認為這是——我今天讀到的是，距離結束還有大約一年多的時間。所以這並不是什麼迫在眉睫的事情。它必須經過一系列監管審查。但話雖如此，UScellular 對我們來說一直是一位出色的合作夥伴。他們目前為我們帶來的每台設備收入是我們所有合作夥伴中最高的，這對我們非常有幫助。

Today, they're probably about 1% to 2% of our revenue. I look forward to having that as an opportunity to put another zero on it as hopefully T-Mobile can see the great performance they've been able to generate with us.

今天，它們可能占我們收入的 1% 到 2%。我期待著有機會再打一個零，希望 T-Mobile 能看到他們與我們共同創造的出色表現。

Okay. And if I could just ask one follow-up. Apple has begun enforcing new privacy manifest policy at the beginning of May. So wondering if you've heard anything from clients. I know there's a lot of focus on Android usually, but do you expect to see anything from the Apple side or just read through from some of the customers? Would be really helpful. Thanks. (multiple speakers)

好的。我可以再問一個後續問題嗎？蘋果已於五月初開始執行新的隱私權聲明政策。想知道您是否聽過客戶的任何消息。我知道人們通常將焦點集中在 Android 上，但您是否期望看到蘋果方面的任何消息，還是只是從一些客戶那裡讀到一些消息？將會非常有幫助。謝謝。（多位發言者）

Yes, yes, sure. So I think as far as Apple's new pricing goes, I think it really depends upon what app developer you are. I think for app developers that have mid to hardcore gaming audiences where maybe there are fewer numbers of people, but they spend more per person, I think the changes are pretty much more of a non-event. I think for lower end, hyper-casual games that are advertising-based and may not generate a lot per user, it's prohibitive.

是的，是的，當然。因此，我認為就蘋果的新定價而言，這實際上取決於您是哪種應用程式開發人員。我認為，對於那些擁有中級到硬核遊戲受眾的應用程式開發人員來說，他們的人數可能較少，但他們在每個人身上花費的錢更多，我認為這些變化幾乎不是什麼大事。我認為，對於基於廣告且可能無法為每位用戶帶來大量收入的低端超休閒遊戲來說，這是令人望而卻步的。

So I think our expectation, Omar, is that we're going to see the EU regulators weigh in on this later this year. And I think we'll see a lot of downstream impacts from that, whether that's from telcos, whether that's from OEMs, whether that's from publishers, whether that's from mega cap players. I think you're going to see a lot of downstream impacts depending upon how the EU rules on some of the pricing moves they've made as part of the DMA.

因此，奧馬爾，我認為我們的預期是，我們將在今年稍後看到歐盟監管機構對此作出評估。我認為我們將看到許多下游影響，無論是來自電信業者、原始設備製造商、出版商或大型企業。我認為，你會看到很多下游影響，這取決於歐盟如何規定其作為 DMA 一部分所製定的一些定價舉措。

Okay. Thanks a lot, guys. I look forward to catching up later.

好的。非常感謝大家。我期待稍後的追趕。

Darren Aftahi, ROTH.

達倫阿夫塔希，羅斯。

Hey, guys, good afternoon. Bill, you talked about some traction with Tier 1 publishers on the open app distribution side. Could you indulge us a little bit more about the traction you're seeing? And if you said there may be some contribution this fiscal year, like how material is that?

嘿，大家下午好。比爾，你談到了在開放應用程式分發方面與一級出版商的一些合作。您能否向我們詳細介紹一下您所看到的牽引力？如果您說本財政年度可能會有一些貢獻，那麼這有多重要？

Yes. So yes, thanks, Darren. So as far as Tier 1 publishers, we're seeing great relationship with some of the gaming folks. I'd call out King, I'd call out Playtika, I'd call out PlaySimple, I'd call it Scopely. It's some specific publisher names that we're working with in the alternative space.

是的。是的，謝謝，達倫。就一級出版商而言，我們與一些遊戲人士保持著良好的關係。我會叫出 King，我會叫出 Playtika，我會叫出 PlaySimple，我會叫出 Scopely。這是我們在替代領域合作的一些特定出版商的名稱。

And so as they are looking to diversify away from paying a 30% tax to Apple or Google, obviously, alternative distribution is something that's highly attractive to them, given it's the single biggest line item on their P&L right now. So we look forward to being good partners with companies like that and help them achieve their strategic goals.

因此，當他們尋求多元化，不再向蘋果或谷歌繳納 30% 的稅款時，顯然，替代分銷對他們來說非常有吸引力，因為這是目前他們損益表中最大的單項項目。因此，我們期待與這樣的公司成為良好的合作夥伴，幫助他們實現策略目標。

Great. Maybe if I could ask one more. Barrett, you made some commentary about sequential improvement in June relative to the annual guide. I guess maybe I missed, or I didn't hear it correctly, if you said anything specifically about the cadence in margin that you guys historically have always given one quarter out guidance and given 30 days left in the quarter. I'm just curious if you have any thoughts there.

偉大的。也許我可以再問一個。巴雷特，您對 6 月相對於年度指南的連續改善發表了一些評論。我想也許我錯過了，或者我沒有聽清楚，如果您具體提到了利潤節奏，你們歷史上總是給出一個季度的指導，並且給出該季度還剩 30 天的時間。我只是好奇您是否有什麼想法。

Yes, Darren. Our focus has been we've been wanting to provide annual guidance for some time now. We think this is a good opportunity. I also wanted to focus on there can be ins and outs in the quarter, and we thought this would simplify for stakeholders our approach and intent for growth. You'll notice I did comment on some seasonality, flattish to modest growth sequentially between the June and March quarter.

是的，達倫。我們一直以來的重點是提供年度指引。我們認為這是一個很好的機會。我還想關注本季可能出現的情況，我們認為這將為利益相關者簡化我們的方法和成長意圖。您會注意到我確實對一些季節性進行了評論，即六月至三月季度之間的連續平穩到適度的增長。

Got it. Great. Thank you.

知道了。偉大的。謝謝。

(Operator Instructions) Tim Nollen, Macquarie.

（操作員指示）麥格理的 Tim Nollen。

Hi, guys. Thanks for taking the question. I'd like to ask about things on the [AdCo] side, where you had said previously with some of the longer tail customers that you were not bringing on as part of your consolidation efforts would be -- I think you had said would be cycling out as lost business around this time, early 2025, fiscal '25.

嗨，大家好。感謝您回答這個問題。我想問一下 [AdCo] 方面的事情，您之前說過，作為整合工作的一部分，您不會引入一些長尾客戶——您說過這些客戶會在 2025 年初，也就是 2025 財年左右作為業務損失而退出。

Just wondering if you could update us on that and maybe comment a bit further on it's been a very interesting market with the two biggest players in the space, AppLovin and Unity, reporting very different types of results in ad tech. Just wonder if you could talk a bit about your positioning versus them and what you're seeing in terms of demand from your customers to use your DT Exchange and other services. Thanks.

只是想知道您是否可以向我們介紹一下這個情況，並進一步評論一下，這是一個非常有趣的市場，該領域的兩個最大參與者 AppLovin 和 Unity 報告了廣告技術領域非常不同類型的結果。我只是想知道您是否可以談談您與他們的定位，以及您看到的客戶對使用 DT Exchange 和其他服務的需求。謝謝。

Yes. Thanks, Tim. Yes, so you're referencing in the first part of your question around the deprecation of our AdColony Exchange. And the AdColony Exchange had many, many tens of thousands of publishers and a very long tail of publishers, some of which were doing hundreds of dollars or thousands of dollars. And it didn't make economic sense for us to go out and migrate a lot of those legacy publishers over to our consolidated Digital Turbine Exchange.

是的。謝謝，蒂姆。是的，您在問題的第一部分提到了我們 AdColony Exchange 的棄用。AdColony Exchange 擁有數以萬計的發布商和非常長的發布商鏈，其中一些發布商的收入為數百美元或數千美元。將大量傳統出版商遷移到我們合併的 Digital Turbine Exchange 對我們來說是沒有經濟意義的。

And so we're rolling through those comps right now. So as we go forward in the year, you'll see that no longer be a negative comp for us, like it has been in the rearview mirror. But with that being said, the reason we did that is we wanted to consolidate around Digital Turbine Exchange. And we believe we've got something pretty special and unique here, not just with our performance advertisers, but also with brand advertisers.

所以我們現在正在進行這些比較。因此，隨著我們今年的前進，你會發現這不再是我們面臨的負面問題，就像我們在後視鏡中看到的那樣。但話雖如此，我們這樣做的原因是我們想圍繞 Digital Turbine Exchange 進行整合。我們相信，我們在這裡擁有一些非常特殊和獨特的東西，不僅與我們的效果廣告商有關，而且與品牌廣告商也有關。

As I mentioned in my remarks, being certified by GroupM as a global distribution partner, that's a really big deal in terms of unlocking brand dollars, where now those brand dollars has historically had gone to other channels, whether that's retail media or CTV or other places on the web or what have you. So now in terms of in-app advertising for mobile, that's something that's unique for us, and that's something our competitors do not have.

正如我在演講中提到的那樣，被群邑認證為全球分銷合作夥伴，這對於釋放品牌資金來說是一件大事，而現在這些品牌資金一直流向其他渠道，無論是零售媒體、CTV 還是網絡上的其他地方等等。所以現在就行動應用程式內廣告而言，這是我們的獨特之處，也是我們的競爭對手所沒有的。

So if you talk to most game publishers and others out there, they'd much rather see a P&G ad or a Coca-Cola ad than an ad for competing game that's trying to take their users. So we think this is something that is very sticky and something that has now allowed us to consolidate around in terms of differentiating our exchange versus others that are out in the marketplace. So that's something we're pretty excited about.

因此，如果你與大多數遊戲發行商和其他公司交談，你會發現他們寧願看到寶潔或可口可樂的廣告，而不是試圖搶走用戶的競爭遊戲的廣告。所以，我們認為這是一個非常棘手的問題，現在我們可以透過整合這個問題來將我們的交易所與市場上的其他交易所區分開來。所以這是我們非常興奮的事情。

Okay. So could I just follow up on that point then, Bill? So is the momentum and the return to growth you're talking about for next year, is that maybe more coming from those advertisers? Or do you also see the gaming advertisers using a platform more in (multiple speakers)?

好的。那我可以跟進一下這一點嗎，比爾？那麼您所說的明年的勢頭和增長回歸，是否可能更多地來自於那些廣告商？或者你也看到遊戲廣告商更多地使用平台（多位發言者）？

Yeah, we'll continue to work with our performance and gaming advertisers. But you'd asked the question around differentiation. And we feel like the brand dollar is rolling through, whether those are direct brand dollars, those are PMP to brand dollars, or whether those are coming from omni-DSPs like The Trade Desk or Google DV360. That's something we're really excited about in terms of that's unique to us in the marketplace on our publishers. So that's something we're really focusing on how we can differentiate there.

是的，我們將繼續與我們的效能和遊戲廣告商合作。但你問的是有關差異化的問題。我們覺得品牌資金正在滾滾而來，無論是直接品牌資金，或是 PMP 到品牌的資金，也或是來自 The Trade Desk 或 Google DV360 等全 DSP 的資金。就我們的出版商市場而言，這是我們所獨有的，對此我們感到非常興奮。因此，我們真正關注的是如何在此方面實現差異化。

Yeah, very clear. Got it. Thanks.

是的，非常清楚。知道了。謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Bill Stone for any closing remarks.

我們的問答環節到此結束。我想將會議交還給比爾·斯通，請他作最後發言。

Yes. Thanks, everyone, for joining the call tonight. I feel the weight of our stock performance on our shareholders, employees, and all of our stakeholders. And I want to make sure everybody knows we as a team are fully committed to returning to growth.

是的。感謝大家參加今晚的電話會議。我感覺到我們的股票表現對我們的股東、員工以及所有利害關係人產生了重大影響。我想確保每個人都知道，我們作為一個團隊全力致力於恢復成長。

We have a number of encouraging activities and growth drivers that are going to help us achieve this. We look forward to reporting our progress against all the points that we made on today's call, and we'll talk to you again on our fiscal '25 first-quarter call in a few months. Thanks, and have a great night.

我們有許多令人鼓舞的活動和成長動力將幫助我們實現這一目標。我們期待報告我們在今天的電話會議上提出的所有要點的進展情況，並且我們將在幾個月後的 25 財年第一季度電話會議上再次與您交談。謝謝，祝你有個愉快的夜晚。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。