Digital Turbine Inc (APPS) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to the Digital Turbine Fiscal 2026 first quarter results call. (Operator Instructions) Please note this event is being recorded.

下午好，歡迎參加 Digital Turbine 2026 財年第一季業績電話會議。（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, Drew. Good afternoon, and welcome to the Digital Turbine Fiscal 2026 First Quarter Earnings Conference Call. Joining me on the call to discuss our results are CEO, Bill Stone; and CFO, Steve Lasher.

謝謝，德魯。下午好，歡迎參加 Digital Turbine 2026 財年第一季財報電話會議。執行長比爾史東 (Bill Stone) 和財務長史蒂夫拉舍 (Steve Lasher) 與我一起參加電話會議討論我們的業績。

Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements.

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。

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.

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。

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。

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。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. Good afternoon, everyone, and thank you for joining us for Digital Turbine's Fiscal First Quarter 2026 Earnings Call. We're excited to report on our continued business momentum that accelerated in the first quarter. We delivered $131 million of revenue and $25 million in EBITDA, reflecting 11% revenue growth and 73% EBITDA growth year-over-year.

謝謝，布萊恩。大家下午好，感謝您參加 Digital Turbine 2026 財年第一季財報電話會議。我們很高興地報告，我們的業務動能在第一季持續加速。我們實現了 1.31 億美元的營收和 2,500 萬美元的 EBITDA，與去年同期相比營收成長了 11%，EBITDA 成長了 73%。

These results are a testament to our strategic focus and improved execution across our platform and enabling us to increase our annual outlook for the fiscal year. Breaking it down by segment, our On Device Solutions business generated $95 million in revenue, which was up approximately 18% from June quarter of last year.

這些結果證明了我們的策略重點和整個平台執行力的提高，並使我們能夠提高本財年的年度展望。按部門劃分，我們的設備解決方案業務創造了 9,500 萬美元的收入，比去年 6 月季度增長了約 18%。

Our Application Growth Platform business posted $35 million in revenue, which was modestly down year-over-year. However, we're encouraged by the nearly 10% sequential improvement compared to fiscal fourth quarter.

我們的應用程式成長平台業務收入為 3,500 萬美元，較去年同期略有下降。不過，與第四財季相比，季增近 10% 令我們感到鼓舞。

There are three key drivers that powered our improved performance this quarter. First was higher advertiser demand, which translated into improved pricing and fill rates, particularly for premium placements on our platform.

有三個關鍵驅動因素推動了我們本季業績的提升。首先是廣告主需求的增加，這轉化為更好的定價和填充率，特別是對於我們平台上的優質展示位置。

This strong advertiser demand resulted in 30-plus percent year-over-year growth in our revenue per device or RPD, in both the US and international markets for our On-Device business, and we also had solid double-digit year-over-year growth in our Content Media business. Our second driver was improved device volumes, particularly in North America and selected international markets.

強勁的廣告主需求使我們在美國和國際市場上的設備業務每台設備收入或 RPD 同比增長 30% 以上，我們的內容媒體業務也實現了兩位數的穩步同比增長。我們的第二個驅動因素是設備數量的增加，特別是在北美和部分國際市場。

This helped us expand our install footprint and monetization base. As an example, last year, we saw a decline of approximately 1 million devices here in the US between March and June. And this year, we saw a modest increase in US devices from March to June.

這有助於我們擴大安裝範圍和貨幣化基礎。例如，去年 3 月至 6 月期間，美國的設備數量減少了約 100 萬台。今年 3 月至 6 月，我們看到美國設備數量小幅增加。

Similarly, our international device volumes were up a few million units sequentially and year-over-year. Combined, these better RPDs and improved device volumes drove strong year-over-year growth.

同樣，我們的國際設備銷售量比上一季和去年同期增加了數百萬台。綜合起來，這些更好的 RPD 和改進的設備容量推動了強勁的同比增長。

And finally, we made meaningful progress on our first-party data and AI, machine learning platform, which is finally setting the foundation for smarter targeting, higher return on ad spend for advertisers and improved user experiences.

最後，我們在第一方數據和人工智慧機器學習平台上取得了有意義的進展，最終為更聰明的定位、更高的廣告商廣告支出回報率和改善的用戶體驗奠定了基礎。

Beyond near-term execution, we're also making strategic progress positioning Digital Turbine for the future. Our first-party data investments, coupled with real-time AI-driven decisioning, we're unlocking new levels of precision and scale.

除了近期執行之外，我們還在為 Digital Turbine 的未來定位取得策略進展。我們的第一方資料投資，加上即時人工智慧驅動的決策，我們正在實現新的精度和規模水準。

These capabilities are becoming even more valuable as advertisers seek alternatives to the closed walled garden ecosystems and look for transparent, performant ways to engage mobile users. We will begin branding these unique advantages as they are important to showcase to customers and partners why Digital Turbine is special and unique. You'll see us branding our first-party data as the DT Ignite and our AI machine learning platform, leveraging those data insights to drive improved advertiser and user experiences will be branded as DTiQ.

隨著廣告主尋求封閉式生態系統的替代方案，並尋找透明、高效的方式來吸引行動用戶，這些功能變得更加有價值。我們將開始打造這些獨特的優勢，因為它們對於向客戶和合作夥伴展示 Digital Turbine 的特殊和獨特之處非常重要。您會看到我們將我們的第一方資料標記為 DT Ignite，並將我們的 AI 機器學習平台標記為 DTiQ，利用這些資料洞察來推動改善廣告商和使用者體驗。

We're also seeing increasing brand engagement directly on our platform, a trend driven by our audience scale, strong device footprint and proven ability to deliver measurable outcomes. The number of campaigns contributing to brand revenue increased by nearly 50% quarter-over-quarter. This signals stronger and more diversified demand.

我們也看到在我們的平台上品牌參與度不斷提高，這一趨勢是由我們的受眾規模、強大的設備覆蓋範圍以及經過驗證的提供可衡量成果的能力所推動的。為品牌收入做出貢獻的活動數量較上季增加了近50%。這顯示需求更加強勁、更加多樣化。

This diversification spans major advertisers across retail, consumer packaged goods, finance, insurance, entertainment, tech, telco and more, giving us increased confidence in our ability to scale both broadly and deeply across many verticals.

這種多樣化涵蓋了零售、消費品、金融、保險、娛樂、科技、電信等領域的主要廣告商，使我們對在許多垂直領域進行廣泛而深入的擴展的能力更有信心。

Moreover, the macro environment continues to shift in favor of direct distribution and alternative app distribution models. With the combination of our tech enablers such as [ Ignite ], DTiQ and SingleTap, this trends positions us well. Regulatory momentum is accelerating in all geographies around the world to offer customer and publisher choice, including a reintroduction of the Open App Markets Act here in the United States as well as other recent legal rulings.

此外，宏觀環境繼續轉向有利於直接分發和替代應用程式分發模式。透過結合 [ Ignite ]、DTiQ 和 SingleTap 等技術推動因素，我們得以獲得有利地位。全球各個地區的監管勢頭都在加速，為客戶和出版商提供選擇，包括在美國重新引入《開放應用市場法案》以及其他最近的法律裁決。

We've recently joined forces with companies such as Meta, Spotify and others in the Coalition for a Competitive Mobile Experience to work with regulators and other stakeholders to ensure a more open and competitive mobile marketplace for consumers and publishers. To wrap up, the first quarter was a promising start to our fiscal year, which showed solid year-over-year double-digit growth in revenue and EBITDA, driven by a healthy mix of execution, innovation and favorable industry dynamics.

我們最近與 Meta、Spotify 等公司以及其他參與競爭性行動體驗聯盟的公司聯手，與監管機構和其他利益相關者合作，確保為消費者和出版商提供更開放和更具競爭力的行動市場。總而言之，第一季是我們財政年度的一個良好開端，在健康的執行力、創新和有利的行業動態的推動下，收入和 EBITDA 實現了同比兩位數的穩健增長。

We're building on the right foundation through operational discipline and strategic investment to drive sustained profitable growth. We're excited by the traction we're seeing across the business and confident in our ability to continue to deliver value to partners, advertisers, users and shareholders.

我們透過營運紀律和策略投資建立正確的基礎，以推動持續的獲利成長。我們對整個業務所取得的進展感到興奮，並有信心我們有能力繼續為合作夥伴、廣告商、用戶和股東創造價值。

With that, I'll turn it over to Steve to take you through the financials in more detail.

接下來，我將把主題交給史蒂夫，讓他向您更詳細地介紹財務狀況。

Thank you, Bill, and good afternoon, everyone. The fiscal first quarter represented another meaningful step forward for the company. Total revenue for the quarter was $130.9 million, reflecting 11% growth year-over-year.

謝謝你，比爾，大家下午好。第一財季的表現對公司而言是另一個有意義的進步。本季總營收為 1.309 億美元，年增 11%。

At a segment level, our ODS business delivered $95.4 million in revenue, up 18% year-over-year, driven by strong growth in both device volumes and revenue per device or RPD, particularly within our international partners.

從細分市場來看，我們的 ODS 業務實現了 9,540 萬美元的收入，年增 18%，這得益於設備數量和每台設備或 RPD 收入的強勁增長，尤其是在我們的國際合作夥伴中。

We also saw continued strength in RPDs and modest improvement in activation trends in the US market. Our AGP segment generated $36.3 million in revenue, representing a 5% decline year-over-year. However, on a sequential basis, AGP revenue increased 9%, reflecting early signs of stabilization and progress as we work to strengthen the platform, leveraging our unique first-party data and AI capabilities.

我們也看到 RPD 繼續保持強勁勢頭，美國市場的活化趨勢也略有改善。我們的 AGP 部門創造了 3,630 萬美元的收入，年減 5%。然而，以環比計算，AGP 收入成長了 9%，反映出我們努力加強平台、利用我們獨特的第一方數據和人工智慧能力所取得的穩定和進步的早期跡象。

The combination of accelerated top line growth and improving operating efficiencies driven by the transformation initiatives we began late last year resulted in strong EBITDA performance this quarter. Adjusted EBITDA for our fiscal first quarter was $25.1 million, up 73% year-over-year, marking our highest quarterly EBITDA since calendar 2023. Free cash flow remained positive at $1.4 million, an improvement of approximately $7 million year-over-year.

我們在去年年底開始的轉型計劃推動了營業收入的加速成長和營運效率的提高，導致本季 EBITDA 表現強勁。我們第一財季的調整後 EBITDA 為 2,510 萬美元，年成長 73%，創下 2023 年以來最高的季度 EBITDA。自由現金流仍為正值 140 萬美元，較去年同期增加約 700 萬美元。

Non-GAAP gross margin for the fiscal first quarter was 47%, representing an improvement of more than 100 basis points compared to the same period last year. As a reminder, our gross margins are primarily influenced by shifts in product and segment mix, which will vary from period to period.

第一財季非公認會計準則毛利率為47%，較去年同期增加100多個基點。提醒一下，我們的毛利率主要受產品和細分市場組合變化的影響，並且會隨著時期的變化而變化。

Our cash operating expenses for the June quarter were $36.8 million, down 8% year-over-year, in addition to our gross profit of $62 million, which grew 14% over the same period, a strong proof point of the operating leverage of the company.

我們六月季度的現金營運費用為 3,680 萬美元，年減 8%，而我們的毛利為 6,200 萬美元，年增 14%，這有力地證明了公司的營運槓桿作用。

While we're encouraged by the progress made on cost discipline and operating efficiency, we remain committed to further streamlining our business processes even as we continue to make disciplined investments to support future growth.

雖然我們對成本控制和營運效率的進展感到鼓舞，但我們仍然致力於進一步簡化業務流程，同時繼續進行有紀律的投資以支持未來的成長。

Turning now to the bottom portion of the income statement. We reported a GAAP net loss of $14.1 million or $0.13 per share in the fiscal first quarter. On a non-GAAP basis, we recorded net income of $5.8 million or $0.05 per share based on 110 million shares outstanding in the fiscal first quarter.

現在來看損益表的底部。我們報告第一財季的 GAAP 淨虧損為 1,410 萬美元，即每股 0.13 美元。根據非公認會計準則，我們在第一財季的淨收入為 580 萬美元，即每股 0.05 美元（基於 1.1 億股流通股）。

Looking at the balance sheet, we ended the quarter with a cash balance of $34.1 million, down approximately $6 million from the March quarter, primarily reflecting the timing of working capital. Our total debt stood at $400.5 million, a reduction of more than $8 million quarter-over-quarter. With respect to debt refinancing activities, we're pleased with our continued progress, and we'll share additional details as appropriate.

從資產負債表來看，本季末我們的現金餘額為 3,410 萬美元，比 3 月季度減少約 600 萬美元，主要反映了營運資金的時間安排。我們的總債務為 4.005 億美元，比上一季減少超過 800 萬美元。關於債務再融資活動，我們對持續的進展感到滿意，我們將在適當的時候分享更多細節。

Now let me turn to our updated outlook for fiscal 2026. On the heels of a stronger-than-expected first quarter and improved visibility into the remainder of the year, we are raising our full-year revenue and adjusted EBITDA guidance. We now expect revenue to be in the range of $525 million to $535 million and adjusted EBITDA in the range of $90 million to $95 million for fiscal year 2026. At the midpoint, this represents an increase of $10 million in revenue guidance and $5 million in EBITDA guidance compared to our prior outlook.

現在讓我來談談我們對 2026 財年的最新展望。由於第一季業績強於預期，今年剩餘時間的前景更加明朗，我們上調了全年營收和調整後 EBITDA 預期。我們現在預計 2026 財年的營收將在 5.25 億美元至 5.35 億美元之間，調整後的 EBITDA 將在 9,000 萬美元至 9,500 萬美元之間。從中間值來看，與我們先前的預測相比，這意味著收入預期增加了 1000 萬美元，EBITDA 預期增加了 500 萬美元。

In closing, we are actively positioning the company for sustainable growth in fiscal 2026 and beyond. While we are encouraged by recent momentum across key areas of the business, our focus remains squarely on disciplined execution, financial rigor and delivering long-term value for our shareholders. With that, let me hand the call back to our operator to open up the call for questions.

最後，我們正積極定位公司在 2026 財年及以後的永續成長。雖然我們對近期各關鍵業務領域的發展動能感到鼓舞，但我們的重點仍是嚴格執行、財務嚴謹以及為股東創造長期價值。說完這些，讓我把電話交還給我們的接線生，以便開始回答問題。

We will now begin the question and answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員指示）

Anthony Stoss with Craig-Hallum.

安東尼·斯托斯 (Anthony Stoss) 和克雷格·哈勒姆 (Craig-Hallum)。

Hi guys, Nice execution for sure. Bill, on the international carrier strength and strength on the RPD side on the international business, is that a combination of new international customers? Or is it largely just better take rates on the international side? And then I have a follow- up after that.

大家好，執行肯定很棒。比爾，就國際承運商的實力和 RPD 在國際業務方面的實力而言，這是新國際客戶的結合嗎？或者說這在很大程度上只是在國際方面獲得更好的利率？然後我也會進行後續跟進。

Yeah, Thanks, Tony. Yes, our international business on our On-Device business in general was up 70%. It was driven by better device volumes and better RPDs. Specifically on the RPDs themselves, we're just getting better at execution. We're seeing also stronger demand coming into these geographies from other geographies.

是的，謝謝，托尼。是的，我們的設備業務的國際業務整體成長了 70%。這是由更好的設備容量和更好的 RPD 推動的。特別是就 RPD 本身而言，我們的執行力正在不斷提高。我們也看到其他地區對這些地區的需求越來越強勁。

So in other words, where we see a lot of demand coming in from Europe or Asia into the US, we've done a much better job, now -- been able to get that demand going into other markets such as Latin America or into Europe on European supply.

換句話說，我們看到大量需求從歐洲或亞洲湧入美國，現在我們做得更好了——能夠將這些需求轉移到拉丁美洲等其他市場，或透過歐洲供應轉移到歐洲。

And so those things are helping us drive better RPDs. But we continue to see strong performance there, especially combined with the stronger devices really helped drive some solid top line performance

所以這些東西正在幫助我們推動更好的 RPD。但我們繼續看到其強勁表現，尤其是結合更強大的設備，確實有助於推動一些穩固的頂線表現

Got it. And then the brand revenue or brand portion of your business was exceptionally strong. Can you talk about the longevity of this business? Is it something new? Do you have a bunch of new customers that have come online? And what's your visibility into that continuing?

知道了。然後，您的業務的品牌收入或品牌部分就會異常強勁。您能談談這項業務的壽命嗎？這是新事物嗎？您是否有一批新上線的客戶？您對此有何看法？

Yeah, One of the things I was really excited about in the brand business for the quarter is just more diversification. I talked about -- in my prepared remarks that we saw nearly 50% increase in the amount of brand advertisers coming on the platform from more and more verticals. It's our job now to continue to grow and scale that.

是的，本季品牌業務真正讓我興奮的事情之一就是更加多樣化。我在準備好的演講中提到，我們看到來自越來越多垂直行業的平台品牌廣告商數量增加了近 50%。我們現在的任務是繼續發展和擴大這一規模。

But to see that diversification with more brands looking for solutions on our platform is incredibly encouraging for us. And we think we have something unique and differentiated here in terms of mobile first with our strategy in app and something that we're playing a long game with it and continuing to make good strides there.

但看到越來越多的品牌在我們的平台上尋求解決方案，我們感到非常鼓舞。我們認為，在行動優先方面，我們的應用策略具有獨特性和差異化，我們正在為此進行長期努力，並將繼續取得良好進展。

Got it. Last question, Bill, related to just the ongoing potential breakup of Apple or the monopoly of Apple and Google for app stores. What are you seeing recently, just in terms of activity, of potential customers? And do you expect any additional customers to actually launch alternative app stores on top of Epic this year?

知道了。比爾，最後一個問題與蘋果可能分拆或蘋果和谷歌對應用商店的壟斷有關。就活動而言，您最近看到了哪些潛在客戶？您是否預計今年會有其他客戶在 Epic 的基礎上推出替代應用程式商店？

Yeah, So it's really encouraging to see the recent legal ruling that came out from the judge reiterating what the jury decided in the Epic and Google case, really opening up alternative app stores within the Google Play ecosystem. That's an encouraging development in terms of just more fair, open and transparent.

是的，看到法官最近做出的法律裁決重申了陪審團在 Epic 和 Google 案中的裁決，真正在 Google Play 生態系統中開闢了替代應用程式商店，這確實令人鼓舞。從更公平、開放和透明的角度來看，這是一個令人鼓舞的發展。

And we're seeing that around the world, not just -- also in the United States, but also in Europe, Korea, Brazil, Japan, India, just to name a few. And so I think from our perspective, what we're seeing is very strong interest, first and foremost, from publishers.

我們在世界各地都看到了這種情況，不僅在美國，而且在歐洲、韓國、巴西、日本、印度等等。因此我認為從我們的角度來看，我們看到的是出版商的濃厚興趣。

So if you're thinking about large gaming companies or even large nongaming companies looking to find different billing methods to their customers and our ability to leverage our platform with things like SingleTap, DTiQ and our Ignite, I think it is something that's particularly encouraging to offer publishers options, first and foremost.

因此，如果您考慮大型遊戲公司或大型非遊戲公司尋求為其客戶找到不同的計費方式，以及我們利用 SingleTap、DTiQ 和 Ignite 等平台的能力，我認為首先為出版商提供選擇是特別令人鼓舞的事情。

And then on the distribution side, we're seeing a lot of encouraging developments here, not just in the United States -- on partners like Verizon, where we're live, but also we've got traction in Latin America as well as in the EU from a lot of different operator and OEM partners that are excited about what happens here in the future with that.

在分銷方面，我們看到了很多令人鼓舞的發展，不僅僅是在美國——在我們所在的 Verizon 等合作夥伴身上，而且我們在拉丁美洲和歐盟也得到了很多不同運營商和 OEM 合作夥伴的青睞，他們對未來的發展感到興奮。

Perfect thanks Bill. Congrats on the strong results again.

非常感謝比爾。再次恭喜您取得優異的成績。

Thanks Tony.

謝謝托尼。

Omar Dessouky with Bank of America.

美國銀行的 Omar Dessouky。

Hey guys, This is Arthur on for Omar. Bill, maybe just on the AGP business, obviously, great to see sequential improvement here. What do you think needs to happen to bring this business back to year-over-year growth? Like are there specific products or business segments that you'd like to see more improvement in, this year?

嘿，大家好，我是亞瑟，代替奧馬爾。比爾，也許只是關於 AGP 業務，顯然，很高興看到這裡的連續改善。您認為需要採取什麼措施才能使該業務恢復年成長？例如，今年您希望看到哪些特定產品或業務領域有更多改進？

Yeah, I think -- in terms of our AGP business, our Supply side platform and our DTX product is showing nice year-over-year growth. I think the real key for us will be on the performance side of the business.

是的，我認為——就我們的 AGP 業務而言，我們的供應方平台和 DTX 產品都呈現出良好的同比增長。我認為對我們來說真正的關鍵在於業務的績效面。

That's something we're making a lot of energy and investments and some of those first-party data and AI machine learning things that I referenced in my remarks will be super important here on the demand side of that to really show that top line growth. But as I mentioned in my remarks, we saw really nice sequential growth in that business that gives us encouragement that that's going to continue in quarters to come.

我們正在為此投入大量精力和投資，我在演講中提到的一些第一方數據和人工智慧機器學習在需求方面將發揮極其重要的作用，以真正實現營收成長。但正如我在發言中提到的那樣，我們看到該業務取得了非常好的連續成長，這讓我們有信心在未來幾季繼續保持這種成長勢頭。

Got it. And then if I could just follow up on that. Any potential time line you could share with us in terms of just that work that you guys are doing on the performance DSP side?

知道了。然後我是否可以繼續跟進。就你們在性能 DSP 方面所做的工作而言，您能與我們分享任何可能的時間表嗎？

Yeah, we'll communicate our progress and time lines on -- in future calls right now. Again, I'm encouraged because what we've done now is we've been able to connect the actual performance DSP and all the bidding work to now the first-party data and AI machine learning algorithms, and we're getting much better and stronger at that. And that will be the key driver to improved top line performance in that business.

是的，我們將在未來的電話會議中溝通我們的進度和時間表。再次，我感到很受鼓舞，因為我們現在所做的就是將實際性能 DSP 和所有競價工作與第一方數據和 AI 機器學習演算法相連接，而且我們在這方面做得越來越好、越來越強大。這將成為提高該業務營收業績的關鍵驅動力。

Awesome thank you appreciate it.

太棒了，謝謝你欣賞。

Thanks, Arthur.

謝謝，亞瑟。

Mitchell Pindus, Wells Fargo Private Bank.

富國銀行私人銀行的米切爾‧平杜斯 (Mitchell Pindus)。

Sure, hi gentlemen, and I'd like to also thank you for what looks like a nice confirmation of DT's turnaround with these numbers. A couple of quick questions. Device sales have, in recent quarters -- actually in recent years, been headwinds, but now it looks like we're starting to get evidence from Apple, from Verizon that there seems to be a turnaround and anecdotally in device sales. Can you talk a little bit as to how that can affect DT going forward?

當然，嗨，先生們，我也要感謝你們透過這些數字對 DT 的轉變進行了很好的確認。幾個簡單的問題。最近幾個季度，實際上是近年來，設備銷售一直處於逆風狀態，但現在看來，我們開始從蘋果、Verizon 獲得證據表明，設備銷售似乎出現了好轉。您能否稍微談談這將如何影響 DT 的未來發展？

Yeah, Sure, Mitch. We see it really is helping us in two areas. First is just the macro trend, which is something that's been a headwind, as you mentioned, for us for the last couple of years. So this past quarter was an encouraging sign to see that turn around and become

是的，當然了，米奇。我們發現它確實在兩個方面幫助了我們。首先是宏觀趨勢，正如您所說，這對我們來說是過去幾年的逆風。因此，過去一個季度是一個令人鼓舞的跡象，表明情況正在好轉並

a tailwind and show growth from the June quarter to the March quarter and that sequential improvement. It's been a while since we've been able to talk about that.

順風順水，從六月季度到三月季度呈現成長，並且連續改善。我們已經有一段時間沒有談論過這個話題了。

So hopefully, that's an encouraging trend that continues. We've known for a long time that these long, elongated upgrade cycles that are in the US are not sustainable, and we're going to see that turn around. So we're starting to see that. So that's a nice tailwind for us. But the second thing we can do is also continue to grow our share with getting our technology on more devices.

所以希望這是一個令人鼓舞的趨勢能夠持續下去。我們早就知道，美國這種漫長的升級週期是不可持續的，我們將會看到這種轉變。所以我們開始看到這一點。這對我們來說是一個很好的順風。但我們能做的第二件事是繼續擴大我們的份額，讓我們的技術應用於更多的設備。

So for example, that could be T-Mobile here in the United States, which we just recently launched with Motorola and a variety of other things with Chinese OEMs and other partners in the EU. So growing our device footprint in addition to just the macro, tailwinds starting to emerge, gives us a lot of optimism that we can see good growth from this part of the business.

舉例來說，這可能是美國的 T-Mobile，我們最近與摩托羅拉合作推出了該產品，並且還與中國 OEM 廠商和歐盟的其他合作夥伴合作推出了各種其他產品。因此，除了宏觀因素之外，我們的設備覆蓋範圍也在不斷擴大，順風開始出現，這讓我們非常樂觀地認為，我們可以看到這部分業務的良好成長。

Great. And generally speaking, where are you seeing some of your growth geographically coming from?

偉大的。整體來說，從地理分佈來看，您認為您的成長主要來自哪裡？

Yeah, So on the supply side of the business on AGP, I've been really pleased with our growth in Asia and Europe, in particular. And then for our On-Device business, we've really done a nice job on growing our business in the EU and Latin America. So those have been two bright spots for us. And then on the ODS business, you can see the double-digit growth back here in the United States. It Is also something that's been encouraging. So it's really a true global story that's starting to emerge here.

是的，就 AGP 業務的供應方面而言，我對我們在亞洲和歐洲的成長感到非常滿意。對於我們的設備業務，我們在歐盟和拉丁美洲的業務成長方面確實做得很好。所以這對我們來說是兩個亮點。然後就 ODS 業務而言，您可以看到美國實現了兩位數的成長。這也是令人鼓舞的事。所以這確實是開始在這裡出現的一個真實的全球故事。

Got it and are you-- when you're billing outside the country, are you billing in USD or the local currency?

明白了，當您在國外付款時，您是用美元還是當地貨幣付款？

Yeah, predominantly the vast majority of our revenues all come through USD.

是的，我們的絕大部分收入都來自美元。

Okay All right, well, that's all for me.

好的，好吧，對我來說就這些了。

Thank you.

謝謝。

Okay. Thanks, Mitch.

好的。謝謝，米奇。

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 (Bill Stone) 做最後發言。

Thanks, everyone, for joining our call today. We'll talk to you again on our fiscal '26 second quarter call in a few months. Thanks, and have a great night.

感謝大家今天參加我們的電話會議。幾個月後，我們將在 26 財年第二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。