Digital Turbine Inc (APPS) 2025 Q1 法說會逐字稿

Good afternoon, and welcome to the Digital Turbine fiscal 2025 first quarter results conference call. (Operator Instructions) Please note this event is being recorded.

下午好，歡迎參加 Digital Turbine 2025 財年第一季業績電話會議。（操作員說明）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.

我現在想將會議交給資本市場高級副總裁布萊恩·巴塞洛繆 (Brian Bartholomew)。請繼續。

Thank you, Anthony. Good afternoon, and welcome to the Digital Turbine fiscal 2025 first quarter earnings conference call. Joining me on the call today to discuss our results are CEO, Bill Stone; and CFO, Barrett Garrison.

謝謝你，安東尼。下午好，歡迎參加 Digital Turbine 2025 財年第一季財報電話會議。今天與我一起參加電話會議討論我們業績的有執行長比爾史東 (Bill Stone)；財務長巴雷特·加里森。

Before we get started, I would 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. Although we believe that our assumptions are reasonable, they are not guarantees of future performance and some will inevitably prove to be incorrect.

在我們開始之前，我想藉此機會提醒您，我們今天的言論將包含前瞻性陳述。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、未來的產品和服務、預期的市場需求和其他前瞻性主題。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業績，有些假設將不可避免地被證明是錯誤的。

Except as required by law, we undertake no obligation to update any forward-looking statements. 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.

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聲明中預期結果存在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，我們也將討論某些非公認會計原則的績效衡量指標。非 GAAP 衡量標準不能取代 GAAP 衡量標準。請參閱今天的新聞稿，以了解有關使用非 GAAP 衡量標準的局限性以及這些非 GAAP 財務業績與最具可比性 GAAP 衡量標準的調整的重要資訊。

Now, I'll turn the call over to our CEO, Bill Stone.

現在，我將把電話轉給我們的執行長比爾·斯通。

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 summarize our Q1 results. Secondly, I want to provide some operational updates as we continue our return to growth. And finally, we'll conclude with some strategic comments on how we're positioned for the future.

謝謝布萊恩，也謝謝大家今晚加入我們的電話會議。我想將我的發言分為三個面向。首先，我想總結一下我們第一季的業績。其次，隨著我們繼續恢復成長，我想提供一些營運方面的最新資訊。最後，我們將以一些關於我們如何定位未來的策略評論作為結束。

For our first quarter results, I'm pleased to announce that we have returned to sequential growth in revenue, EBITDA and non-GAAP earnings per share. As expected, the March quarter was a trough for our business and the June quarter was a positive step on our journey to return to growth. We achieved $118 million of revenue, $15 million of EBITDA and $0.07 of non-GAAP EPS.

對於我們第一季的業績，我很高興地宣布，我們的收入、EBITDA 和非公認會計原則每股收益已恢復連續成長。正如預期的那樣，三月季度是我們業務的低谷，六月季度是我們恢復成長之路上邁出的積極一步。我們實現了 1.18 億美元的收入、1500 萬美元的 EBITDA 和 0.07 美元的非 GAAP 每股收益。

In addition to the numbers, we made notable progress on numerous investment activities that set us up for the future, including our progress on our new version of Ignite, our new hosting platform has moved from migration phase to optimization phase, Our launch of improved bidding capabilities is showing positive growth with brands and many new back end corporate systems consolidated and launched, which are simplifying and automating our work.

除了這些數字之外，我們在為未來奠定基礎的眾多投資活動上也取得了顯著進展，包括我們在新版本Ignite 上取得的進展、我們的新託管平台已從遷移階段進入優化階段、我們推出改進的競價隨著品牌和許多新的後端企業系統的整合和推出，我們的能力呈現出積極的成長，這些系統正在簡化和自動化我們的工作。

I was pleased to see our return to growth both in our ODS and AGP business segments driven by better execution on our controllables. In particular, our revenue per device or RPDs improved 15% despite continued softness in US device sales. US operators have publicly reported another quarter of post pay upgrade rates that were less than 3% of the base for the June quarter or a run rate of approximately 11% per year.

我很高興看到我們的 ODS 和 AGP 業務部門在更好地執行可控因素的推動下恢復了成長。特別是，儘管美國設備銷售持續疲軟，但我們的每台設備收入或 RPD 仍成長了 15%。美國營運商公開報告了另一個季度的付費後升級率，低於 6 月季度基數的 3%，即每年約 11% 的運行率。

This would imply more than an eight year upgrade cycle, which I think all of us would recognize as unsustainable for the long-term, but this is a reality in the present. We expect this trend to reverse as we get to the back end of our fiscal year, as we see the anniversary of the migration from two to three year leases in the US market, as well as likely upgrades driven by new AI features on OEM hardware.

這將意味著超過八年的升級週期，我認為我們所有人都認為從長遠來看這是不可持續的，但這是目前的現實。我們預計，當我們進入本財年末時，這一趨勢將會逆轉，因為我們看到美國市場從兩年租賃轉向三年租賃的周年紀念日，以及 OEM 硬體上的新人工智慧功能可能推動的升級。

As mentioned above, our RPDs were a bright spot, especially internationally, as we transitioned away from reliance on Chinese applications on US devices and have been able to bring both new brands to the US and international markets and improve our spends of Chinese apps on our international supply. And we also returned our content media business to growth both in the quarter as well as year-over-year through improved execution.

如上所述，我們的RPD 是一個亮點，尤其是在國際上，因為我們擺脫了對美國設備上中國應用程式的依賴，並能夠將新品牌引入美國和國際市場，並提高了我們在我們的設備上對中國應用程式的支出。透過提高執行力，我們的內容媒體業務在本季和同比上都恢復了成長。

Our AGP business grew 11% sequentially. Two main drivers for the performance are solid eCPM improvements as advertisers are seeing positive return on ad spend or role as from our offerings and the second driver is the ability to drive more first-party data traffic over our own network.

我們的 AGP 業務較上季成長 11%。業績的兩個主要驅動因素是有效每千次曝光費用(eCPM) 的穩定提高，因為廣告商看到了廣告支出或我們產品的正面回報，第二個驅動因素是能夠透過我們自己的網路推動更多第一方數據流量。

We've had high conviction in our strategy to leverage the combination of our unique assets we have on device, our approach to working with big brands and our integrated AdColony and Fyber exchanges, which we brand as DTX to have a differentiated offer from others.

我們對我們的策略深信不疑，即充分利用我們在設備上擁有的獨特資產、與大品牌合作的方法以及我們集成的AdColony 和Fyber 交易所（我們將其命名為DTX）的組合，以提供與其他交易所不同的產品和服務。

The legacy Appreciate, AdColony, and Fyber businesses had the vast majority of their traffic being third-party demand or supply running through the pipes. Now being able to run first-party demand over our own network offers better solutions for our customers, publishers, better margins for us, a mode to differentiate our approach from competitors and also creates a flywheel effect.

傳統的 Appreciate、AdColony 和 Fyber 業務的絕大多數流量都是透過管道傳輸的第三方需求或供應。現在，能夠透過我們自己的網路運行第一方需求，為我們的客戶、出版商提供了更好的解決方案，為我們帶來了更好的利潤，這是一種使我們的方法與競爭對手區分開來的模式，同時也產生了飛輪效應。

As an example of this, the amount of traffic running first-party demand under our control over our network has grown from just over 10% two years ago to 25% last year and now it's over 40%. In particular, our brand has momentum with double-digit sequential growth. And as we're growing over year-over-year headwinds with one large brand advertiser, the sunset of legacy systems and the migration from being performance centric to brand centric in our advertising, we expect to grow over these year-over-year headwinds as we move forward through the fiscal year.

舉個例子，我們網路上運行第一方需求的流量從兩年前的 10% 多一點增長到去年的 25%，現在已經超過 40%。特別是，我們的品牌有兩位數連續成長的勢頭。隨著我們與一家大型品牌廣告商的逐年逆風、遺留系統的衰落以及我們的廣告從以效果為中心向以品牌為中心的轉變，我們預計將克服這些逐年逆風的增長隨著我們推進本財年。

Turning to our operational progress, our focus is expanding on the growth from the June quarter. We do that through three focus areas, growing our device footprint, launching and scaling new products and finally growing our media relationships.

談到我們的營運進展，我們的重點是擴大六月季度的成長。我們透過三個重點領域來實現這一目標：擴大我們的設備覆蓋範圍、推出和擴展新產品以及最終發展我們的媒體關係。

First is growing our device footprint. Despite soft device sales here in the US we've been expanding our global device relationships through partners like Motorola, Nokia, ONE Store in Korea and Xiaomi. I'm also pleased to announce that we've been selected by a large Brazilian operator with over 60 million subscribers to be there on device partner that will be leveraging Ignite. This is a nice win for us as we now have all the major Brazilian telco partners choosing Digital Turbine. Returning to growth through new devices, our new partners plus existing partners showing momentum are the keys to our first growth driver.

首先是擴大我們的設備足跡。儘管在美國銷售軟設備，但我們一直在透過摩托羅拉、諾基亞、韓國 ONE Store 和小米等合作夥伴擴大我們的全球設備關係。我還很高興地宣布，一家擁有超過 6000 萬用戶的大型巴西營運商選擇我們作為將利用 Ignite 的設備合作夥伴。這對我們來說是一個很好的勝利，因為現在所有巴西主要電信合作夥伴都選擇了 Digital Turbine。透過新設備恢復成長，我們的新合作夥伴以及表現出勢頭的現有合作夥伴是我們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 mentioned earlier, our SDK bidding capabilities have been a nice product enhancement to unlock brand spends on our exchange.

我們的第二個成長動力是擴大 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。在我們的 AGP 業務中，如前所述，我們的 SDK 競價功能是一個很好的產品增強功能，可以釋放我們交易所的品牌支出。

While we still have plenty of work to do to transform our migration to this method of bidding with such enhancements as improved AI machine learning, integration of more first-party data and so on, SDK bidding is already showing strong growth. Our investment here is a major enabler to drive more brand revenues through our network.

雖然我們仍有大量工作要做，透過改進 AI 機器學習、整合更多第一方資料等增強功能來轉變到這種出價方式，但 SDK 出價已經顯示出強勁增長。我們在這裡的投資是透過我們的網路推動更多品牌收入的主要推動因素。

And the early returns are encouraging that this will be a nice growth driver for us versus solely focused on performance advertising dollars like the majority of our competitors in the marketplace. Our brand revenues for the June quarter were up over 25% sequentially and we're also close to 40% of our revenues on our DT Exchange coming from SDK bidding, which is a requirement for many brands and agencies and how they bid for audiences.

早期的回報令人鼓舞，這對我們來說將是一個很好的成長動力，而不是像市場上大多數競爭對手那樣只專注於效果廣告費用。我們第二季的品牌營收比上一季成長了 25% 以上，而且我們 DT Exchange 上的營收也有接近 40% 來自 SDK 競價，這是許多品牌和代理商以及他們為受眾競價的方式的要求。

This allows us to grow our revenues not just with direct brand deals, but also with brand OMNI DSPs like The Trade Desk and Google DV360. Our other AGP product growth driver will be increasing our share of voice for leveraging our first-party data and our Ignite capabilities via our demand side platforms or DSP.

這使我們不僅可以透過直接品牌交易來增加收入，還可以透過 The Trade Desk 和 Google DV360 等品牌 OMNI DSP 來增加收入。我們的另一個 AGP 產品成長動力將是透過我們的需求方平台或 DSP 利用我們的第一方資料和 Ignite 功能來增加我們的話語權份額。

We do this today through our appreciate acquisition, which is showing renewed growth. We're also beginning to partner with third-party DSPs in this current quarter that can help grow our share of voice and all of this translates not just to topline revenue growth with more demand dollars, but also is key in driving the flywheel effects of improving revenues on our other products such as SingleTap, our DT Exchange and FairBid, our mediation product.

今天，我們透過我們的讚賞收購來做到這一點，收購正在顯示出新的成長。在本季度，我們也開始與第三方 DSP 合作，這有助於增加我們的話語權份額，所有這些不僅意味著收入成長帶來更多需求，而且是推動飛輪效應的關鍵提高我們其他產品的收入，例如SingleTap、DT Exchange 和FairBid（我們的中介產品）。

Our primary growth drivers on the ODS business are SingleTap, alternative apps and better leveraging our first-party data for our existing ODS products. SingleTap continues to add more devices, more advertisers and better execution. And 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 of not just Android and iOS apps, but also alternative app versions.

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現有 ODS 產品的第一方資料。SingleTap 不斷添加更多設備、更多廣告商和更好的執行力。替代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的那樣，我們將開始展示我們的分發進度，不僅是 Android 和 iOS 應用程序，而且還包括替代應用程式版本。

The interest from large Tier 1 publishers is very encouraging and will be a growth driver for us this year. And finally, we've been historically focused on leveraging our distribution footprint to drive ODS revenue. We have not optimized our first-party data. We are beginning to do a better job here and seeing increased interest from our supply partners to also leverage these insights to help advertisers drive better outcomes on device.

大型一級發行商的興趣非常令人鼓舞，並將成為我們今年的成長動力。最後，我們歷來專注於利用我們的分銷足跡來增加 ODS 收入。我們尚未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合作夥伴越來越有興趣利用這些見解來幫助廣告商在設備上取得更好的成果。

And our third growth driver is our media relationships. We're continuing to expand directly with top consumer brands and advertising agencies that are driving this double-digit annual growth. We also continue to have many strategic demand relationships with large global game publishers. With a tailwind of alternative app distribution, these players are increasingly attracted to Digital Turbine to build deeper relationships.

我們的第三個成長動力是我們的媒體關係。我們將繼續與頂級消費品牌和廣告公司直接合作，推動這兩位數的年度成長。我們也繼續與全球大型遊戲發行商保持許多戰略需求關係。隨著替代應用程式分發的推動，這些玩家越來越被 Digital Turbine 所吸引，以建立更深層的關係。

The final media growth driver is our change in channel strategy to grow our revenue per device outside the US. As I mentioned earlier, I was pleased to see very strong sequential growth here and we want to build on that by bringing more demand to our international supply. We've talked about this many times on prior calls, so it's nice to see our execution improving here.

最後的媒體成長驅動力是我們改變通路策略，以增加美國境外每台裝置的收入。正如我之前提到的，我很高興看到這裡非常強勁的連續成長，我們希望在此基礎上為我們的國際供應帶來更多需求。我們在之前的電話會議中多次討論過這一點，所以很高興看到我們的執行力在這裡得到改善。

So to summarize, our number one priority this fiscal year is continuing to demonstrate sequential growth with our three growth drivers and this will be through expanding our device footprint, expanding new products such as SingleTap, DT Exchange, alternative app stores and improved use of first-party data and finally expanding our media relationships.

總而言之，我們本財年的首要任務是繼續透過三個成長驅動力實現連續成長，這將透過擴大我們的設備覆蓋範圍、擴展SingleTap、DT Exchange 等新產品、替代應用程式商店以及改善第一大應用程序的使用來實現。

And beyond this fiscal year, the goal is not just to return to growth, but to accelerate it. The key driver here will be expansion of our alternative app strategy. We have launched our first alternative app distribution products, which we brand as DT Hub with five operators here in the US. We expect to begin increased focus in the EU with the Digital Markets Act or DMA now in effect.

在本財年之後，我們的目標不僅是恢復成長，而是加速成長。這裡的關鍵驅動因素是擴展我們的替代應用程式策略。我們推出了第一個替代應用程式分發產品，我們將其品牌命名為 DT Hub，與美國的五家營運商合作。隨著《數位市場法案》（DMA）現已生效，我們預計將開始更加關注歐盟。

As a reminder for investors, the DMA launched in March of this year in the EU and in particular, we would encourage investors to pay close attention to the details around this such as how the regulators manage Apple's defiance and compliance and the corresponding opportunities that it presents for us.

提醒投資者，DMA於今年3月在歐盟推出，特別是，我們鼓勵投資者密切關注相關細節，例如監管機構如何管理蘋果的違抗和合規行為以及其面臨的相應機會。

I would also encourage investors to pay close attention to all the developments here in the United States, such as the recent decision on Google's loss on the DOJ Antitrust Suit and a variety of other legal and regulatory matters that should be tailwinds for smaller companies like Digital Turbine. I also want to emphasize that the alternative app strategy is not just about new in app payment revenues, but perhaps more importantly be a catalyst to accelerate our existing lines of business beyond this fiscal year.

我還鼓勵投資者密切關注美國的所有事態發展，例如最近谷歌在司法部反壟斷訴訟中敗訴的決定，以及其他各種法律和監管問題，這些問題應該對像 Digital 這樣的小公司有利渦輪。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支付收入，更重要的是，它是加速我們現有業務線在本財年之後發展的催化劑。

Today, approximately 50% of our business is driven by user acquisition and 50% driven by in app advertising. Our app providers want to find ways to acquire more users at 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 the strategy, thereby driving more AGP revenue growth. We are live today running both alternative app user acquisition campaigns and in app advertising leveraging our technology. In other words, improving our present revenues and cash flow are both closely linked to the future strategy.

如今，我們大約 50% 的業務由用戶獲取驅動，50% 由應用程式內廣告驅動。我們的應用程式供應商希望找到方法以更低的成本透過替代用戶獲取更多用戶，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策略的一部分，從而推動更多的AGP 營收成長。今天，我們正在利用我們的技術開展替代應用程式用戶獲取活動和應用程式廣告活動。換句話說，改善我們現在的收入和現金流都與未來的策略緊密相關。

In conclusion, we've made improved execution a top priority of the company. I'm pleased to see that execution improve starting to show up in our results with sequential growth. We have a lot more opportunity in front of us to build on the momentum.

總之，我們已將提高執行力作為公司的首要任務。我很高興看到執行力的提升開始體現在我們的業績中，並且持續成長。我們面前有更多的機會來鞏固這股勢頭。

And with that, I'll turn it to Barrett to take you through the numbers.

接下來，我將請巴雷特向您介紹這些數字。

Thanks, Bill, and good afternoon, everyone. Revenue of $118 million in the quarter was up 5% sequentially with revenues improving sequentially across both segments of our business. On device solutions or ODS and our app growth platform or AGP from the March quarter and EBITDA of $14.5 million improved 18% sequentially. Our ODS segment revenues of $80.7 million were up 3% sequentially from the March quarter and down 18% from the prior year.

謝謝比爾，大家下午好。本季營收為 1.18 億美元，季增 5%，我們兩個業務部門的營收都在環比成長。在設備解決方案或 ODS 以及我們的應用程式成長平台或 AGP 上，從 3 月的季度來看，EBITDA 為 1,450 萬美元，環比增長了 18%。我們的 ODS 部門營收為 8,070 萬美元，比三月季季成長 3%，比去年同期下降 18%。

However, as Bill referenced while macro trends continued with softer US device volumes in Q1, this impact was partially offset by sequential improvement in RPD or revenue per device across both the US and international regions, and growth in our content media revenues which were up 12% year-on-year in the quarter.

然而，正如Bill 所提到的，雖然第一季美國設備銷量疲軟，宏觀趨勢仍在繼續，但這種影響被美國和國際地區RPD 或每台設備收入的連續改善以及我們的內容媒體收入增長12 所部分抵銷。

In our AGP business, Q1 revenues of $38.4 million which increased 11% sequentially. We experienced positive signals on increasing advertising spend levels particularly within brand evidenced by greater than 20% year-on-year revenue increases. Our consolidated Q1 gross margin was 46%. This was a 50 basis points expansion sequentially and compared to 47% in Q1 from the prior year.

在我們的 AGP 業務中，第一季營收為 3,840 萬美元，比上一季成長 11%。我們看到了廣告支出水準不斷提高的正面訊號，尤其是品牌內部的廣告支出水平，收入較去年同期成長超過 20% 就證明了這一點。我們第一季的綜合毛利率為 46%。與去年第一季的 47% 相比，季增了 50 個基點。

Sequentially, margins were impacted by positive modest increases across both segments. And as a reminder, margin rates can fluctuate from quarter-to-quarter, but we generally anticipate long term margin expansion as we continue to execute on our growth strategies.

隨後，兩個細分市場的利潤率都受到小幅正面成長的影響。需要提醒的是，利潤率可能會因季度而波動，但我們通常預計，隨著我們繼續執行成長策略，利潤率將實現長期成長。

With our commitment to financial discipline and resilience, we continue to pursue expense efficiencies maximize the profitability of our growth strategy and we remain disciplined with our cost control measures. Cash operating expenses were $40 million in Q1, decreasing 5% from prior year and represented 34% of revenues in the quarter.

憑藉我們對財務紀律和韌性的承諾，我們繼續追求費用效率，最大限度地提高我們成長策略的獲利能力，並且我們仍然嚴格遵守成本控制措施。第一季現金營運支出為 4,000 萬美元，比去年同期下降 5%，佔該季營收的 34%。

Turning to profitability, our adjusted EBITDA of $14.5 million in the quarter increased $2.2 million sequentially and was down from $27 million in the prior year driven primarily from lower revenues and partially offset by a reduction in cash OpEx. Our EBITDA margin of 12% grew sequentially from 11% in the March quarter.

談到獲利能力，本季調整後的EBITDA 為1,450 萬美元，比上年同期的2,700 萬美元有所下降，環比增加了220 萬美元，這主要是由於收入下降，部分被現金營運支出的減少所抵消。我們的 EBITDA 利潤率為 12%，較三月季度的 11% 有所成長。

And given the inherent operating leverage in our business model, we continue to expect the active focus on expense measures and integration efforts we have completed will strengthen the platform as we return to growth and enable a greater portion of those dollars to follow the bottom line. In the quarter, we achieved non-GAAP adjusted net income of $7.3 million or $0.07 per share as compared to $18.2 million or $0.18 per share in the first quarter of fiscal 2024.

考慮到我們業務模式中固有的營運槓桿，我們仍然預計，隨著我們恢復成長，積極關注費用措施和我們已完成的整合工作將加強該平台，並使這些美元中的更大一部分能夠實現盈利。本季度，我們實現了非 GAAP 調整後淨利潤 730 萬美元，即每股 0.07 美元，而 2024 財年第一季的淨利潤為 1,820 萬美元，即每股 0.18 美元。

During the period, we experienced a higher than expected positive tax benefit. Our GAAP net loss was $25.1 million or $0.25 per share loss based on 102.4 million basic shares outstanding compared to prior year net loss of $1.61 per share.

在此期間，我們獲得了高於預期的積極稅收優惠。根據 1.024 億已發行基本股計算，我們的 GAAP 淨虧損為 2,510 萬美元，即每股虧損 0.25 美元，而上年淨虧損為每股 1.61 美元。

Moving to the balance sheet and cash flow. Our cash balance at the end of the quarter was $36 million an increase of $2 million from the March quarter and cash flow from operations was a negative $1.3 million which improved over $10 million from the March quarter with the increase in EBITDA sequentially and improved working capital stemming from the correction of the invoicing timing delays we discussed in the prior quarter and expect to return to generating positive free cash flow in the back half of the year.

轉向資產負債表和現金流量。本季末我們的現金餘額為3,600 萬美元，比3 月份季度增加了200 萬美元，營運現金流為負130 萬美元，隨著EBITDA 的連續增長和營運資本的改善，比3 月份季度增加了1000萬美元以上由於糾正了我們在上一季討論的發票時間延遲，預計將在今年下半年恢復產生正的自由現金流。

We recently amended our credit facility as disclosed in our credit agreement amendment which provides further flexibility for the company to execute on our return to growth plans. Among other changes, we amended our credit facility lower by $100 million which maintains a solid liquidity position with sufficient resources to meet our operational and strategic needs.

我們最近修改了信貸協議修正案中揭露的信貸安排，為公司執行恢復成長計畫提供了進一步的靈活性。除其他變化外，我們將信貸額度下調了 1 億美元，從而保持了堅實的流動性狀況，並擁有足夠的資源來滿足我們的營運和策略需求。

These changes will allow us to focus on our key strategic initiatives without interruption, specifically to progress on our alternative app store opportunity. We are pleased to have the ongoing support of our banking partners reflecting their confidence in our business model and long term strategy.

這些變化將使我們能夠不間斷地專注於我們的關鍵策略舉措，特別是在我們的替代應用商店機會上取得進展。我們很高興得到銀行合作夥伴的持續支持，這反映出他們對我們的業務模式和長期策略的信心。

Our debt balance ended the quarter at $396 million drawn on the revolving credit facility. And as our business continues to strengthen, we would expect to pay down our revolver in larger quarterly increments.

本季結束時，我們利用循環信貸額度的債務餘額為 3.96 億美元。隨著我們業務的不斷加強，我們預計會以更大的季度增量償還我們的左輪手槍。

Now let me turn to our outlook. Looking ahead to our growth roadmap, we reaffirm our expectations of revenue to be in the range of $540 million to $560 million for fiscal year 2025, reflecting our confidence in the underlying trajectory of our business and the momentum we are seeing in the market and project our non-GAAP adjusted EBITDA of between $85 million and $95 million underscoring our commitment to driving operational efficiency and delivering value for our shareholders.

現在讓我談談我們的前景。展望我們的成長路線圖，我們重申對 2025 財年收入的預期為 5.4 億至 5.6 億美元，這反映了我們對業務基本軌跡以及我們在市場和項目中看到的勢頭的信心我們的非GAAP 調整後EBITDA 介於8,500 萬美元至9,500 萬美元之間，突顯了我們致力於提高營運效率並為股東創造價值的承諾。

In closing, we're pleased to deliver sequential growth in the quarter and set up growth for this year and beyond. As we look ahead to the balance of fiscal year 2025, we are confident in our ability to capitalize on the emerging opportunities, drive top line and free cash flow growth and deliver sustainable long term value for our shareholders and we continue to be excited about the journey ahead.

最後，我們很高興在本季度實現連續成長，並為今年及以後的成長做好準備。展望 2025 財年的餘額，我們對利用新興機會、推動營收和自由現金流增長並為股東提供可持續的長期價值的能力充滿信心，並且我們繼續對前進的旅程。

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

接下來，讓我將其交還給接線員以開始提問。操作員？

(Operator Instructions)

（操作員說明）

Anthony Stoss, Craig-Hallum.

安東尼·斯托斯，克雷格·哈勒姆。

Thanks. Congrats on the return to growth guys. Nice to see you again. Bill, a couple of questions. Can you -- within your full year fiscal guide, are you assuming or do you need on device sales to grow substantially to hit that number or can you hit it even if device sales stay flat? And I have a couple of follow-ups.

謝謝。恭喜你們恢復成長。很高興再次見到你。比爾，有幾個問題。在您的全年財務指南中，您是否假設或需要設備銷售大幅成長才能達到該數字，或者即使設備銷售保持平穩，您也能達到該數字嗎？我還有一些後續行動。

Yeah, sure, Tony. Our assumption right now is that we're not going to see an acceleration of devices or deceleration in devices that we're going to kind of see the status quo. What we're seeing is what our expectations are. So anything that would go off kind of the current status quo could either headwind or tailwind for us. And a lot of the growth that will taking right now is coming from the addition of some of the new products I talked about, expansion of media relationships, expansion of the RPDs and so on.

是的，當然，托尼。我們現在的假設是，我們不會看到設備的加速或減速，而我們會看到現狀。我們所看到的就是我們的期望。因此，任何與當前現狀不同的事情對我們來說要么是逆風，要么是順風。現在的成長很大一部分來自於我談到的一些新產品的添加、媒體關係的擴展、RPD 的擴展等等。

Got you. And then can you confirm that all your systems integration, the Fyber, call it, the combination of the DTX Hub that that's all behind you, that's complete or is there still a little bit more work to go? I know you're seeing some of the fruits of it now, but I'm just curious if you're completely done with that?

明白你了。然後您能否確認您所有的系統整合（Fyber，稱之為 DTX Hub）的組合都在您身後，已經完成，還是還有一些工作要做？我知道你現在已經看到了一些成果，但我只是好奇你是否已經完全完成了？

No. We still have a little bit to go in a variety of areas, but the lion's share of the work on the -- especially on the exchange consolidation in particular that is really helping us drive a lot of brand growth. We've been talking a long time around how we wanted to take the leverage of the AdColony brand business and the Fyber supply business and bring those together. So getting that piece done is very material for us in terms of and also be a material driver for our future growth. So that was the big one. But there's a variety of other things that so going on here.

不。我們在各個領域還有一些工作要做，但大部分工作是在——特別是在交易所整合方面，這確實有助於我們推動品牌的大量成長。我們已經就如何利用 AdColony 品牌業務和 Fyber 供應業務的槓桿作用並將它們整合在一起討論了很長時間。因此，完成這件事對我們來說非常重要，也是我們未來成長的物質驅動力。這就是最重要的。但這裡還發生了很多其他事情。

Got you. Then one last question and I'll jump back in the queue. You highlighted kind of the EU keep your eye on things. I know SingleTap has been out there for a while in terms of alternative app platforms. Is there something coming with the European guys you can talk about now? Do you expect to land new customers and go live potentially by the end of this year? Just any more detail would be helpful.

明白你了。最後一個問題我會跳回隊列。您強調了歐盟對事物的關注。我知道 SingleTap 在替代應用程式平台方面已經出現了一段時間。現在您可以談談歐洲人的一些事情嗎？您預計在今年年底前吸引新客戶並上線嗎？只要有更多細節就會有所幫助。

Yeah. So, we expect the European situation to be a big tailwind for us and that would obviously be good for things like SingleTap. No question around it. I mentioned in my remarks that we're going to see what European Commission does as it relates to Apple. I think, our view on that is they're not very happy right now and they're going to put some enforcement on app on.

是的。因此，我們預計歐洲形勢對我們來說將是一大推動力，這顯然對 SingleTap 等產品有利。毫無疑問。我在發言中提到，我們將看看歐盟委員會對蘋果的做法。我認為，我們對此的看法是他們現在不太高興，他們將對應用程式進行一些強制執行。

The question is when. And then I think you're going to see that be a catalyst not just for us in our activity with the EU telcos, but I think you're going to see other mega cap tech players in a variety of folks coming in more aggressively into the EU market once that regulation comes into place.

問題是什麼時候。然後我認為你會看到這不僅是我們與歐盟電信公司的活動的催化劑，而且我認為你會看到其他各種大型科技公司更積極地進入一旦該法規到位，歐盟市場。

(Operator Instructions)

（操作員說明）

It appears we have no further questions. This concludes our question-and-answer session. I would like to turn the conference back over to Bill Stone for any closing remarks.

看來我們沒有其他問題了。我們的問答環節到此結束。我想將會議轉回比爾·斯通發表閉幕詞。

Thanks everyone for joining the call tonight. We'll talk to you again at our fiscal 2025 second quarter call in a few months. Thanks and have a great night.

感謝大家今晚加入電話會議。我們將在幾個月後的 2025 財年第二季電話會議上再次與您交談。謝謝，祝您有個美好的夜晚。

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。