Digital Turbine Inc (APPS) 2025 Q4 法說會逐字稿

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

大家好，歡迎參加 Digital Turbine 報告第四季和 2025 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 Mr. Brian Bartholomew, Head of Investor Relations. Please go ahead, sir.

現在，我想將會議交給投資人關係主管 Brian Bartholomew 先生。先生，請繼續。

Thank you, Chuck. Good afternoon, and welcome to the Digital Turbine fourth quarter and fiscal 2025 earnings conference call. Joining me on the call today to discuss our results are CEO, Bill Stone; and CFO, Steve Lasher. 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.

謝謝你，查克。下午好，歡迎參加 Digital Turbine 第四季和 2025 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) 和首席財務官史蒂夫·拉舍 (Steve Lasher)。在我們開始之前，我想藉此機會提醒大家，我們今天的發言將包括前瞻性陳述。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、未來的產品和服務、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 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. Also during this call, we will discuss certain non-GAAP measures of our performance. Non-GAAP measures are not substitutes for GAAP measures.

儘管我們認為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錯誤的。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大不相同的風險因素的討論，請參閱我們向美國證券交易委員會提交的文件。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衡量指標。非公認會計準則 (Non-GAAP) 衡量標準不能取代公認會計準則 (GAAP) 衡量標準。

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.

請參閱今天的新聞稿，以了解有關使用非 GAAP 指標的局限性以及這些非 GAAP 財務結果與最具可比性的 GAAP 指標的調整的重要資訊。

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

現在我想將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. Before breaking down our specific operating results and commentary, I wanted to provide three important updates. First, our business has returned to year over year growth on both the top and bottom lines. Not only did our top line growth from March of this year compared to March of last year but our year over year EBITDA grew by 66%. Our improved execution and actions are now bearing fruit.

謝謝，布萊恩，也謝謝大家今晚參加我們的電話會議。在詳細說明我們的具體經營業績和評論之前，我想提供三個重要的更新。首先，我們的業務在營收和利潤上都恢復了年成長。與去年 3 月相比，我們今年 3 月的營業額不僅有所成長，而且 EBITDA 也比去年同期成長了 66%。我們改進的執行力和行動現在正在取得成果。

Secondly, the business continues to build on that momentum. Our current June quarter is trending positively, and we expect to show improved performance, both sequentially and year over year. And finally, we extended our credit facility with our bank group. We believe this extension, combined with our improved execution, will provide more opportunities to lower our cost of capital into the future. To move to our fiscal '25 results, we achieved $119.1 million of revenue, $20.5 million of EBITDA and $0.10 of non-GAAP earnings per share.

其次，業務繼續保持這一勢頭。我們目前的六月季度呈現正面趨勢，我們預計業績將比上一季和去年同期有所改善。最後，我們向銀行集團提供了信貸額度。我們相信，此次延期加上我們改進的執行力將為未來降低資本成本提供更多機會。就我們 25 財年的業績而言，我們實現了 1.191 億美元的營收、2,050 萬美元的 EBITDA 和 0.10 美元的非 GAAP 每股盈餘。

It was an important transition year to begin our return to growth as our investments in a variety of activities to set us up well for today and tomorrow. Specifically, our new version of Ignite, our material progress on managing and leveraging our first-party data into our AI machine learning platform, our launch of new improved bidding capabilities and many back-end corporate systems that are simplifying automating work, and all of these things are helping drive improved performance in the present and into the future. For the March quarter on the On Device or ODS business, we showed double-digit year-on-year top line growth. Devices on our legacy US partners declined year over year but was offset by new device launches from outside the US.

這是我們開始恢復成長的重要過渡年，因為我們對各種活動的投資為我們的今天和明天做好了準備。具體來說，我們新版本的 Ignite、我們在管理和利用第一方資料進入我們的人工智慧機器學習平台方面取得的實質進展、我們推出的新的改進的競價功能和許多簡化自動化工作的後端企業系統，所有這些都有助於推動現在和未來的績效提升。就 3 月季度而言，我們的 On Device 或 ODS 業務實現了兩位數的同比增長。我們原有的美國合作夥伴的設備數量較去年同期下降，但被美國以外新設備推出所抵銷。

The real highlight of our ODS growth was due to improved revenue per device, or RPD. Our RPDs were up more than 40% year over year in the US and over 100% internationally year over year. This was driven by strong advertiser demand and improved monetization over the life of the device. And as we've discussed on prior calls, the opportunity for organic growth with improved international revenue per device has been a focus area for us, and I was really pleased to see us build upon our improved execution from the December quarter.

我們的 ODS 成長的真正亮點是每台設備收入（RPD）的提高。我們的 RPD 在美國年增超過 40%，在國際上年增超過 100%。這是由強勁的廣告商需求和設備生命週期內貨幣化的提高所推動的。正如我們在先前的電話會議上所討論的那樣，透過提高每台設備的國際收入來實現有機成長的機會一直是我們關注的重點，我很高興看到我們在 12 月季度的基礎上取得了更好的執行效果。

Our AGP business generated $33 million in revenue in the quarter. One of our AGP focus areas continues to be our investment in brands that want to leverage our first-party data to reach their existing and potential customers over our global network. As discussed on prior calls, it's a strategic objective for us and something we've invested in to differentiate us from other players.

我們的 AGP 業務在本季創造了 3,300 萬美元的收入。我們的 AGP 重點領域之一仍然是投資那些希望利用我們的第一方資料透過我們的全球網路接觸現有和潛在客戶的品牌。正如先前的電話會議所討論的那樣，這是我們的策略目標，也是我們為區別於其他參與者而進行的投資。

We're now in a great position to continue to grow, and we'll continue to invest here as we believe we are building a moat, given the high barriers to entry and work required to earn the trust of top brands and agencies looking to find digital channels for their audiences that are not just CTV or retail media. One of our other top priorities for the AGP business is improving our performance advertising by better leveraging our own first-party data and AI machine learning platform on our Demand Side Platform, or DSP.

我們現在處於繼續成長的良好位置，我們將繼續在這裡投資，因為我們相信我們正在建立護城河，考慮到進入門檻很高，需要付出努力才能贏得頂級品牌和機構的信任，這些品牌和機構希望為他們的受眾找到數位管道，而不僅僅是 CTV 或零售媒體。AGP 業務的另一個首要任務是透過在需求方平台 (DSP) 上更好地利用我們自己的第一方資料和 AI 機器學習平台來改善我們的成效廣告。

On the supply side, our consolidated exchange, which we brand as DTX continues to return to growth as having focused on managing one versus multiple exchanges is paying dividends. The legacy Fyber and AdColony exchange businesses were focused on waterfall bidding with third-party performance DSPs, primarily buying gaming and advertising inside gaming applications.

在供應方面，我們合併後的交易所（我們稱之為 DTX）繼續恢復成長，因為我們專注於管理一個交易所而不是多個交易所，從而獲得了回報。傳統的 Fyber 和 AdColony 交易業務專注於與第三方效能 DSP 進行瀑布式競價，主要購買遊戲和遊戲應用程式內的廣告。

And as expected, these DSPs have been executing their own supply path optimization strategies to vertically integrate their demand connected to their own supply. And for those companies without a strong mediation footprint, it has become largely a commoditized adtech gaming space for both iOS and Android. We saw this risk years ago, and that's why we invested in our own brand and SDK bidding activities to mitigate that risk, increase our own first-party data activities on our own network and continue to invest in mediation.

正如預期的那樣，這些 DSP 一直在執行自己的供應路徑最佳化策略，以垂直整合與自身供應相關的需求。對於那些沒有強大中介影響力的公司來說，它基本上已經成為 iOS 和 Android 的商品化廣告技術遊戲空間。我們幾年前就看到了這種風險，這就是為什麼我們投資於我們自己的品牌和 SDK 競標活動來降低這種風險，增加我們自己的網路上的第一方數據活動，並繼續投資於調解。

These activities are bearing fruit as our DTX business has returned to growth. We've also been able to expand our AGP supply from being largely dependent on game publishers to much more diversified over nongaming. To illustrate this point, our DTX revenues on nongaming applications have nearly doubled over the past year. Turning to the future, our focus is continuing to build on our growth while building increased efficiency in our work. The keys to driving growth are more devices, improved performance from our legacy and new products, and a wider and deeper net of media and brand relationships.

這些活動正在取得成果，我們的 DTX 業務已恢復成長。我們還能夠擴大我們的 AGP 供應，從主要依賴遊戲發行商轉向更多樣化的非遊戲供應。為了說明這一點，我們在非遊戲應用程式上的 DTX 收入在過去一年中幾乎翻了一番。展望未來，我們的重點是繼續鞏固成長，同時提高工作效率。推動成長的關鍵是更多的設備、提高我們現有產品和新產品的效能，以及更廣泛和更深的媒體和品牌關係網絡。

The key to efficiency is automation, aligning operating cost to gross profit, realigning our people, process and systems for maximum benefit. And we've been able to realize significant efficiencies in our transformation cost savings, but we still have more opportunities to add this fiscal year as we use AI to automate and simplify our operational processes and organizational structures and leverage our technology and system investments for greater efficiencies.

效率的關鍵是自動化，將營運成本與毛利結合，重新調整我們的人員、流程和系統以實現最大利益。我們已經能夠在轉型成本節約方面實現顯著的效率提升，但在本財年，我們仍有更多的機會實現更高的效率，因為我們將使用人工智慧來自動化和簡化我們的營運流程和組織結構，並利用我們的技術和系統投資來提高效率。

To drive faster growth, the first driver is expanding our device footprint. And despite the soft device sales here in the US with our legacy partners, I'm pleased to announce that T-Mobile is now live with us in the US on Ignite. And internationally, we continue to grow with more and deeper relationships with our international partners in Europe, Asia, and Latin America. Our second growth driver is expanding our product portfolio for both our ODS and AGP businesses. On the ODS side, the launch of our new version of Ignite is an important milestone. It's now on over 100 million devices.

為了推動更快的成長，第一個驅動力是擴大我們的設備覆蓋範圍。儘管我們在美國與傳統合作夥伴進行了軟設備銷售，但我很高興地宣布，T-Mobile 現已在美國與我們一起在 Ignite 上線。在國際上，我們與歐洲、亞洲和拉丁美洲的國際合作夥伴建立了更多、更深層的關係，並不斷發展。我們的第二個成長動力是擴大 ODS 和 AGP 業務的產品組合。在ODS方面，我們新版本Ignite的推出是一個重要的里程碑。目前它已安裝在超過 1 億台設備上。

It enables us to launch more services more quickly to generate revenue, be more efficient with our resources and most importantly, improve the overall quality of our offerings to our customers and partners. We've also made significant strides in our first-party data, leveraging our AI machine learning platform. We've been busy over the past two years taking our rich data sets and getting the data organized into a scalable, usable and consistent format in our data lake.

它使我們能夠更快地推出更多服務以創造收入，更有效地利用我們的資源，最重要的是，提高我們向客戶和合作夥伴提供的服務的整體品質。我們也利用我們的人工智慧機器學習平台在第一方數據方面取得了重大進展。在過去的兩年裡，我們一直忙於獲取豐富的資料集，並將資料組織成資料湖中可擴展、可用且一致的格式。

And with that work largely complete, we're ingesting over 1,000 different dimensions and more than 1,500 unique data events by which we now can build our sophisticated AI machine learning models upon. We've already seen conversion rate improvements from these efforts and expect this work to be a growth driver for our top and bottom lines this year as we drive better outcomes for publishers, advertisers and end customers.

隨著這項工作基本上完成，我們正在獲取超過 1,000 個不同維度和超過 1,500 個獨特資料事件，現在我們可以在此基礎上建立複雜的 AI 機器學習模型。透過這些努力，我們已經看到了轉換率的提高，並且預計這項工作將成為我們今年營收和利潤的成長動力，因為我們將為出版商、廣告商和最終客戶帶來更好的結果。

Our other product priority is growing and scaling our alternative app efforts. We see alternative apps in a few different dimensions. First is through our alternative store. Though live here in the US on many operators, including Verizon, and are working closely with many publishers, including Epic Games, King, and others to help in their distribution to a wider audience.

我們的另一個產品重點是發展和擴大我們的替代應用程式工作。我們從幾個不同的角度看待替代應用程式。首先是透過我們的替代商店。儘管在美國，包括 Verizon 在內的多家業者都已上線，但我們正在與包括 Epic Games、King 等在內的多家發行商密切合作，以幫助他們向更廣泛的受眾分發遊戲。

Specifically, many of you may have seen Epic's announcement of 40 million installs of their alternative store where we are a major partner with them, leveraging our products such as SingleTap, Dynamic Installs, and others. Another way is helping publishers distribute their billing to end customers where we can leverage our on-device footprint and products like such as SingleTap, AppMatch and so on. Here, we partner with both the app publisher and the payment partners to help them drive more users. We've seen the global regulatory and legal activity against Google and Apple accelerate over the past quarter, not just in the EU, but in other places such as Brazil, Japan, India, Turkey, and elsewhere here in the US. Our final growth driver is broader and deeper media relationships.

具體來說，你們中的許多人可能已經看到 Epic 宣布其替代商店的安裝量達到 4000 萬次，我們是他們的主要合作夥伴，利用我們的產品，例如 SingleTap、Dynamic Installs 等。另一種方式是幫助出版商將他們的帳單分配給最終客戶，我們可以利用我們的設備足跡和產品，如 SingleTap、AppMatch 等。在這裡，我們與應用程式發布商和支付合作夥伴合作，幫助他們吸引更多用戶。我們看到，過去一個季度針對Google和蘋果的全球監管和法律活動正在加速，不僅在歐盟，而且在巴西、日本、印度、土耳其和美國其他地區。我們最終的成長動力是更廣泛、更深入的媒體關係。

We continue to make positive progress with more brands and performance advertisers. A specific example here is Pinterest who we've had a nice relationship with on our ODS products for many years but recently expanded our relationship to include SingleTap licensing. We're also seeing new categories emerge such as the large AI model players trying to improve their distribution footprints. We've recently launched with one of them and see this as an interesting growth area into the future. In conclusion, I want to give our team at DT a shout-out.

我們持續與更多品牌和效果廣告商取得積極進展。這裡的一個具體例子是 Pinterest，多年來我們在 ODS 產品上一直保持著良好的關係，但最近我們擴大了關係，包括 SingleTap 許可。我們也看到一些新類別的出現，例如大型人工智慧模型參與者試圖改善其分銷足跡。我們最近推出了其中一款產品，並將其視為未來一個有趣的成長領域。最後，我想向 DT 團隊致以最崇高的敬意。

Due to their hard work and focus, we've regained business momentum and growth. Building our momentum and growing our top and bottom lines remains a top priority of the company. We're confident we have the right strategy, partners, market opportunity, commercial models and products to have a very bright future as we're in the right space at the right time, which is critical for any technology company. And with that, I'll turn it over to Steve to take you through the numbers.

由於他們的辛勤工作和專注，我們重新獲得了業務動力和成長。增強發展動能、提高營收和利潤仍然是公司的首要任務。我們相信，我們擁有正確的策略、合作夥伴、市場機會、商業模式和產品，擁有非常光明的未來，因為我們在正確的時間處於正確的空間，這對任何科技公司來說都至關重要。接下來，我會把時間交給史蒂夫，讓他向大家介紹這些數字。

Thanks, Bill, and good afternoon, everyone. It's been a privilege to meet several of you during my time so far as CFO of Digital Turbine. And I look forward to engaging with many more of you in the near future as we continue building value together. Before we get into the results, I want to briefly reflect on my three months as CFO at Digital Turbine. I spent this time focused on strengthening financial execution, improving cash flow visibility, tightening working capital management and aligning more closely with our business and product teams to support smarter, more efficient growth.

謝謝，比爾，大家下午好。在我擔任 Digital Turbine 財務長期間，我很榮幸能與你們中的幾位相識。我期待在不久的將來與更多的人合作，繼續共同創造價值。在討論結果之前，我想先簡單回顧一下我在 Digital Turbine 擔任財務長的三個月經歷。這段時間我專注於加強財務執行力、提高現金流可見度、加強營運資金管理，並與我們的業務和產品團隊更緊密地協調，以支持更智慧、更有效率的成長。

Importantly, we continue to make progress on our capital structure and adding stability as we move into fiscal year 2026. Now turning to our performance in the fiscal fourth quarter and full year fiscal 2025. The fiscal fourth quarter marked a true inflection point for the company as we returned to year over year growth for both revenue and adjusted EBITDA. During the quarter, revenue of $119.2 million represented 6% growth year over year. At a segment level, revenue for our ODS segment was up 11% year over year, while our revenue for the AGP segment was down 3% year over year.

重要的是，隨著進入 2026 財年，我們將繼續在資本結構方面取得進展並增強穩定性。現在來談談我們 2025 財年第四季和全年的業績。第四財季標誌著公司真正的轉捩點，我們的營收和調整後 EBITDA 都恢復了年成長。本季度，營收 1.192 億美元，年增 6%。從細分市場來看，我們的 ODS 部門營收年增 11%，而 AGP 部門營收年減 3%。

The combination of renewed top line growth and the realization of expense savings via the enactment of our transformation program in late calendar 2025 led to more significant gains in EBITDA and free cash flow during the quarter. Our fiscal fourth quarter adjusted EBITDA of $20.5 million represented 66% growth year over year. And perhaps more importantly, our positive free cash flow of $5.5 million in the March quarter represented an increase of more than $21 million as compared to the prior year period. We are pleased to be benefiting from the combination of renewed revenue growth and lower cash operating expenses and expect to realize additional expansion in adjusted EBITDA margins moving forward. Non-GAAP gross margin expanded to 48% in the fiscal fourth quarter, up from 46% in the year-earlier period.

透過在 2025 年底實施轉型計劃，重新實現營收成長和實現費用節約，使得本季 EBITDA 和自由現金流實現了更顯著的成長。我們第四財季的調整後 EBITDA 為 2,050 萬美元，較去年同期成長 66%。或許更重要的是，我們 3 月季度的正自由現金流為 550 萬美元，與去年同期相比增加了 2,100 多萬美元。我們很高興能夠從新的收入成長和較低的現金營運費用的結合中受益，並期望未來調整後的 EBITDA 利潤率能夠進一步擴大。第四財季非公認會計準則毛利率擴大至 48%，高於去年同期的 46%。

This was primarily influenced by product mix changes in our ODS segment in addition to our continued focus on disciplined cost control measures. Our cash operating expenses in the March quarter were $36.1 million, representing a 7% decline year over year and a 4% decline on a sequential basis. We have made real progress on a number of expense-related fronts, not merely with reduced headcount but also with the migration to more cost-effective platforms and the implementation of more streamlined day-to-day business automation processes. While we're happy with the progress made around our transformation cost savings, we continue to focus on expense optimization efficiencies while still making the necessary strategic investments in the business to maximize the profitability of our growth strategy in fiscal year 2026. Turning now to the bottom portion of the income statement.

這主要受到我們 ODS 部門產品結構變化的影響，此外還受到我們持續關注嚴格的成本控制措施的影響。我們三月季度的現金營運費用為 3,610 萬美元，年減 7%，季減 4%。我們在許多與費用相關的方面取得了真正的進展，不僅減少了員工人數，而且還遷移到了更具成本效益的平台並實施了更精簡的日常業務自動化流程。雖然我們對轉型成本節約方面取得的進展感到滿意，但我們仍將繼續關注費用優化效率，同時仍對業務進行必要的戰略投資，以最大限度地提高 2026 財年增長戰略的盈利能力。現在來看損益表的底部。

We reported a GAAP net loss of $18.8 million or $0.18 per share in the fiscal fourth quarter. On a non-GAAP basis, we recorded net income of $10.1 million or $0.10 per share on 108 million shares outstanding in the fiscal fourth quarter. For the full fiscal year 2025, we generated total revenue of $490.5 million, representing a year over year decline of approximately 10% compared to the $544.5 million generated in fiscal year 2024. EBITDA for the full fiscal year 2025 totaled $72.3 million as compared to EBITDA of $92.4 million for the fiscal year 2024. GAAP net loss for all of fiscal year 2025 was $92.1 million or $0.89 per share as compared to a GAAP net loss of $420.4 million or $4.15 per share in full fiscal year 2024.

我們報告第四財季的 GAAP 淨虧損為 1,880 萬美元，即每股 0.18 美元。根據非公認會計準則，我們在第四財季的淨收入為 1,010 萬美元，即每股 0.10 美元，流通股數為 1.08 億股。2025 財年全年，我們的總營收為 4.905 億美元，與 2024 財年的 5.445 億美元相比年減約 10%。2025 財政年度全年 EBITDA 總計 7,230 萬美元，而 2024 財年的 EBITDA 為 9,240 萬美元。2025 財年全年 GAAP 淨虧損為 9,210 萬美元，即每股 0.89 美元，而 2024 財年全年 GAAP 淨虧損為 4.204 億美元，即每股 4.15 美元。

On a non-GAAP basis, net income for full fiscal year '25 totaled $36.1 million or $0.34 per share as compared to non-GAAP net income of $60.3 million or $0.58 per share recorded in fiscal year 2024. Moving to the balance sheet. Our cash balance at the end of the quarter totaled $40.1 million, an increase of approximately $5 million as compared to the balance at the end of December quarter. We had no new borrowings in the March quarter, and our debt balance at the end of the quarter stood at $408.7 million. As Bill mentioned, we closed on a short-term extension of our credit facility with the existing bank group and are working on a more permanent debt solution with a variety of debt providers.

以非公認會計準則計算，2025 財年全年淨收入總計 3,610 萬美元或每股 0.34 美元，而 2024 財年的非公認會計準則淨收入為 6,030 萬美元或每股 0.58 美元。轉到資產負債表。本季末的現金餘額總計 4,010 萬美元，與 12 月季度末的餘額相比增加了約 500 萬美元。我們在 3 月季度沒有新的借款，季度末的債務餘額為 4.087 億美元。正如比爾所提到的，我們與現有銀行集團達成了短期信貸協議延期協議，並正在與各種債務提供者合作尋求更持久的債務解決方案。

And we feel confident in being able to deliver an attractive solution for stakeholders after these two most recent quarters, which point to the strength and stability of our core business. We'll share more of these details as appropriate. Now let me turn to our outlook for fiscal year 2026. We expect revenue to be in the range of $515 million to $525 million for the fiscal year 2026, reflecting our continued trajectory and momentum we are seeing in the market. Additionally, we project non-GAAP adjusted EBITDA to between $85 million and $95 million as we continue to drive operational efficiencies and deliver value for our shareholders.

我們有信心在最近兩個季度之後為利益相關者提供有吸引力的解決方案，這表明我們核心業務的實力和穩定性。我們將在適當的時候分享更多細節。現在讓我來談談我們對 2026 財年的展望。我們預計 2026 財年的營收將在 5.15 億美元至 5.25 億美元之間，這反映了我們在市場上看到的持續發展軌跡和勢頭。此外，隨著我們繼續提高營運效率並為股東創造價值，我們預計非 GAAP 調整後 EBITDA 將達到 8,500 萬美元至 9,500 萬美元之間。

In closing, we are actively positioning the company for sustained growth in 2026 and beyond. Our business is showing encouraging signs of continued momentum, and we remain focused on execution, financial discipline and creating long-term value for our shareholders.

最後，我們正在積極定位公司在 2026 年及以後的持續成長。我們的業務顯示出繼續成長動能的令人鼓舞的跡象，我們仍然專注於執行、財務紀律和為股東創造長期價值。

With that, let me turn the call back to our operator, Chuck. Chuck, let's open it up for questions.

說完這些，讓我把電話轉回給我們的接線生查克。查克，讓我們開始提問吧。

(Operator Instructions)

（操作員指示）

Anthony Stoss, Craig-Hallum.

安東尼·斯托斯、克雷格·哈勒姆。

Nice execution, guys, and welcome aboard, Steve. First question, Bill. I just wanted to focus on your RPD was up quite a bit internationally. Can you talk about the opportunities that you're seeing? Are they with new device makers, new carriers or both? Any color would be helpful, and then I had a couple of follow-ups.

幹得好，夥計們，歡迎加入，史蒂夫。第一個問題，比爾。我只是想關註一下你的 RPD 在國際上是否有所上升。您能談談您所看到的機會嗎？他們是否與新的設備製造商、新的營運商合作，或者兩者兼而有之？任何顏色都會有幫助，然後我進行了幾次後續行動。

Yeah. Thanks, Tony. Yeah, on the international RPDs, as you know, we've been at this for a long time to really close the gap between what we see here in the US and internationally. And it's really just pleased on a few fronts.

是的。謝謝，托尼。是的，關於國際 RPD，如你所知，我們已經在這方面努力了很長時間，以真正縮小美國和國際之間的差距。並且它確實在某些方面令人高興。

One is our ability to take our international demand, whether that's coming from the US to our international partners or from Asia or coming from Europe and then bringing on to our international footprint is really number one, increase in our breadth. Number two is we've really improved our execution operationally to match a lot of the things that we do in terms of how things work in a market like Brazil or India or the UK versus how we've optimized it for here in the US, that execution has been better for us. And third is just increasing our distribution footprint to be able to cast a wider net to go after partners.

一是我們有能力滿足國際需求，無論這些需求來自美國的國際合作夥伴，還是來自亞洲或歐洲，然後擴大我們的國際影響力，這才是最重要的，可以擴大我們的業務廣度。第二，我們確實在營運上改進了執行力，使我們所做的許多事情都與巴西、印度或英國等市場的運作方式相匹配，而我們在美國市場的優化方式則讓我們的執行力更好。第三就是擴大我們的分銷範圍，以便能夠擴大我們的合作夥伴範圍。

So all of those three things together have really helped. And then as we add more and more devices in these regions from partners like Motorola, Telefonica and so on, it adds to more density of that supply to -- where more demand partners want to be honest. So all of those things combined together really helped drive improved results for us.

所以這三件事結合在一起確實很有幫助。然後，隨著我們在這些地區從摩托羅拉、西班牙電信等合作夥伴增加越來越多的設備，這會增加供應密度——更多的需求合作夥伴想要誠實。因此，所有這些因素結合在一起確實幫助我們取得了更好的表現。

Got it. And then, Bill, you talked about the regulatory environment, definitely the trend heading your way. I'm just curious if you've seen an increase in activity from the app publishers. Interested in either SingleTap or your AppInstall technology. And maybe you could share with us the number of new licensees signed last quarter?

知道了。然後，比爾，你談到了監管環境，這肯定是朝著你發展的趨勢。我只是好奇您是否發現應用程式發布商的活動增加。對 SingleTap 或 AppInstall 技術感興趣。您能否與我們分享一下上個季度簽署的新許可證數量？

Yeah. So the regulatory environment continues to be favorable for us. What we're seeing right now is people want to see a level playing field. They want to make sure that publishers have access to customers without having to go through some of the gatekeepers that we see, and that's a global phenomena. And the awareness continues to build.

是的。因此監管環境對我們繼續有利。我們現在看到的是人們希望看到一個公平的競爭環境。他們希望確保出版商能夠接觸到客戶，而不必經過我們看到的一些看門人，這是一種全球現象。而且這種意識還在不斷增強。

I think it is important to separate out legislation from legal lawsuits. What we see here in the US, those are different things and have different implications. But regardless of them, those are things that are positive for us as they're just continuing to build awareness, an opportunity for us to distribute that. And one of the ways, as you mentioned, we distribute that is through our SingleTap licensing capabilities. And we've got a number of good partners.

我認為將立法與法律訴訟分開很重要。我們在美國看到的是不同的事情，有著不同的意義。但無論它們如何，這些對我們來說都是積極的事情，因為它們只是在繼續提高人們的認識，為我們傳播這種認識提供了一個機會。正如您所提到的，我們分發該產品的方法之一是透過我們的 SingleTap 授權功能。我們擁有許多優秀的合作夥伴。

You heard me talk about Epic in my remarks. You heard me mention Pinterest on my remarks and a number of those we've talked about in the past. We continue to see people wanting to figure out how can they reach consumers in a very scalable way in our device footprint that we've been building over many, many years as a way to go do that, and then combine that with the data that we've got access to is something that's got a lot of interest and excitement.

你們聽到我在演講中談論 Epic。你們聽到我在我的評論中提到了 Pinterest，以及我們過去談論過的一些內容。我們不斷看到人們想要弄清楚如何在我們多年來構建的設備覆蓋範圍內以一種非常可擴展的方式接觸消費者，然後將其與我們可以訪問的數據相結合，這是引起人們極大興趣和興奮的事情。

Got you. And if I can include Steve, not to put him on the spot, but when you look at OpEx going forward, great adjusted EBITDA in the quarter and for the guide. Do you expect your expense level needs to change quite a bit or is it going to be held relatively flat going forward?

明白了。如果我可以把史蒂夫也算上的話，不是為了讓他為難，而是當你展望未來的營運支出時，你會發現本季度的調整後息稅折舊攤銷前利潤 (EBITDA) 表現非常好，並且具有指導意義。您是否預期您的支出水準需要發生很大變化，還是未來會保持相對穩定？

When we look at it, it'd be relatively flat going forward. You may see increases as we continue to grow the business, but for the most part, it'd be relatively flat.

當我們觀察它時，它會向前發展相對平穩。隨著我們業務的不斷增長，您可能會看到成長，但在大多數情況下，它會相對穩定。

(Operator Instructions)

（操作員指示）

This will conclude our question-and-answer session. I would like to turn the conference back over to Mr. Bill Stone for any closing remarks. Please go ahead, sir.

我們的問答環節到此結束。我想將會議交還給比爾·斯通先生，請他作最後發言。先生，請繼續。

Yeah. Thanks, Chuck, and thanks, everyone, for joining the call today. We'll talk to you again in our fiscal '26 first quarter call in a few months. Thanks, and have a great night.

是的。謝謝查克，也謝謝大家今天參加電話會議。幾個月後，我們將在 26 財年第一季電話會議上再次與您交談。謝謝，祝您有個愉快的夜晚。

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。