Digital Turbine, Inc. (APPS) 2026 Q4 法說會逐字稿

Good day, and welcome to the Digital Turbine fourth quarter and fiscal 2026 financial results conference call. (Operator Instructions) Please note this event is being recorded.

各位好，歡迎參加 Digital Turbine 2026 會計年度第四季暨 2026 會計年度財務業績電話會議。（接線員指示）請注意，本活動將被錄音。

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

現在我想把會議交給資本市場資深副總裁 Brian Bartholomew。請開始。

Thanks, Nick. Good afternoon, and welcome to the Digital Turbine fourth quarter and fiscal year 2026 earnings conference call. Joining me today on the call to discuss our results are CEO, Bill Stone; and CFO, Steve Lasher.

謝謝你，Nick。各位下午好，歡迎參加 Digital Turbine 2026 會計年度第四季暨全年財報電話會議。今天與我一同在電話上討論業績的有執行長 Bill Stone，以及財務長 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. Although we believe that our assumptions are reasonable, they are not guarantees of future performance and some will inevitably prove to be incorrect.

在開始之前，我想藉此機會提醒各位，我們今天的發言將包含前瞻性陳述。這些前瞻性陳述係基於我們目前的假設、預期與信念，包括預估的營運指標、未來產品與服務、預期的市場需求，以及其他前瞻性主題。儘管我們相信這些假設是合理的，但它們並非對未來表現的保證，其中部分不可避免地將被證明是不正確的。

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

除法律要求外，我們不承擔更新任何前瞻性陳述的義務。

For 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 filed with the Securities and Exchange Commission.

關於可能導致我們實際結果與前瞻性陳述所預期結果出現重大差異的風險因素，請參閱我們向美國證券交易委員會（SEC）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，我們將討論若干非 GAAP 的績效衡量指標。非 GAAP 指標不能替代 GAAP 指標。請參閱今日新聞稿，以了解使用非 GAAP 指標之限制的重要資訊，以及這些非 GAAP 財務結果與最可比 GAAP 指標之調節表。

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

現在我想把電話交給我們的執行長 Bill Stone。

Thanks, Brian. Good afternoon, everyone. I want to open my remarks by recognizing our team for delivering another quarter of strong results that exceeded our expectations, both for the March quarter and for the fiscal year. Our current June quarter is off to a positive start, and combined with the broader business momentum, is enabling us to issue an annual outlook for fiscal year '27, guiding to another year of double-digit top and bottom-line growth.

謝謝你，Brian。各位下午好。我想先肯定我們的團隊，在本季再次交出強勁成果，無論是 3 月季度或全年，表現都超出我們的預期。我們目前的 6 月季度開局良好，結合更廣泛的業務動能，使我們得以發布 2027 會計年度的全年展望，指引將再度實現營收與獲利（上下線）雙位數成長。

I’m going to break my prepared remarks into four areas. First, we’ll be looking back at our fiscal '26 results in March. Second will be some commentary on the operational and strategic elements of our business, driving our expectations for continued double-digit growth this fiscal year. Third, I want to provide some commentary on AI and macroeconomic trends in our business. And finally, I wanted to provide an organizational update.

我將把事先準備的發言分成四個部分。第一，我們將回顧 3 月結束的 2026 會計年度業績。第二，將就我們業務的營運與策略要素提出一些評論，這些要素推動我們對本會計年度持續雙位數成長的預期。第三，我想就 AI 與總體經濟趨勢在我們業務中的影響提供一些看法。最後，我想提供一項組織更新。

Revenue for fiscal '26 came in at $565 million, representing 15% year-over-year growth. We also achieved nearly 70% year-over-year growth in adjusted EBITDA during the same period, demonstrating significant operating leverage in the model as we scale.

2026 會計年度營收為 5.65 億美元，年增 15%。同期間，我們的調整後 EBITDA 也接近年增 70%，顯示隨著規模擴大，我們的模式具備顯著的營運槓桿。

Breaking our results down by segment, our On-Device Solutions, or ODS business, generated $382 million in revenue in fiscal 2026, up approximately 12% from last year. In particular, it was encouraging to see over 20% growth in global devices for the year. Growth in revenue per device, or RPD, continues to be the bright spot with over 20% year-over-year growth in both US and international.

按事業部拆分，我們的裝置端解決方案（On-Device Solutions，ODS）業務在 2026 會計年度創造 3.82 億美元營收，較去年成長約 12%。特別令人鼓舞的是，全年全球裝置數成長超過 20%。每裝置營收（Revenue per Device，RPD）的成長仍是亮點，美國與國際市場皆實現超過 20% 的年增。

Our Application Growth Platform, or AGP business, was another bright spot for the year, with revenue for the March quarter growing 57% year over year and over 20% year over year for fiscal 2026. This compares to a global market that is growing in the high single digits. In other words, our AGP business is growing 2x more than the global industry growth rate.

我們的應用成長平台（Application Growth Platform，AGP）業務也是今年的另一個亮點，3 月季度營收年增 57%，2026 會計年度全年營收年增超過 20%。相較之下，全球市場僅以高個位數成長。換言之，我們的 AGP 業務成長速度約為全球產業成長率的 2 倍。

In the quarter, I was particularly pleased with our Brand business growing over 50% and our DT Exchange or SSP business growing over 60% year over year. The hard work we did over the past few years to stay the course and integrate the legacy tech stacks into a common platform is now paying dividends, and we expect the momentum to continue into the future.

在本季度，我尤其高興看到我們的品牌（Brand）業務年增超過 50%，以及我們的 DT Exchange（或 SSP）業務年增超過 60%。過去幾年我們堅持方向、努力將既有技術堆疊整合到共同平台的成果，如今正開始帶來回報，我們預期這股動能將延續到未來。

There are three key growth drivers powering our improved performance in the March quarter. First was higher advertiser demand, which translated into improving pricing fill rates, particularly for premium placements on our platform. This strong advertiser demand drove international RPD expansion in our ODS business, resulting in over 40% growth year over year.

推動我們在 3 月季度改善表現的關鍵成長動能有三項。第一是廣告主需求提升，帶動定價與填充率改善，尤其是在我們平台上的高端版位。強勁的廣告主需求推動 ODS 業務的國際 RPD 擴張，使其年增超過 40%。

We also had strong demand with our Brand and DT Exchange businesses, each growing over 50% in the March quarter compared to the last March quarter. And as I’ll discuss later in my remarks on AI, we are seeing brands migrating spend away from the open web to applications as brands and agencies adopt the power of AI.

我們的品牌與 DT Exchange 業務同樣需求強勁，兩者在 3 月季度相較去年同季皆成長超過 50%。此外，正如我稍後在 AI 部分將提到的，隨著品牌與代理商採用 AI 的力量，我們看到品牌正把預算從開放網路轉移到應用程式。

The second driver was increased supply. Our global devices grew more than 20% year over year, driven by strong volume from our international partners. In addition, our AGP supply volumes increased impressions by over 15% year over year, driven by expanding distribution of our SDK footprint, strong performance in the APAC region, and strong increases in non-gaming inventory.

第二項動能是供給增加。我們的全球裝置數年增超過 20%，主要由國際合作夥伴的強勁量能所帶動。此外，我們的 AGP 供給量使曝光（impressions）年增超過 15%，動能來自 SDK 覆蓋範圍的擴大分發、亞太（APAC）地區的強勁表現，以及非遊戲庫存的顯著增加。

Finally, we made meaningful progress leveraging first-party data in our AI and ML platform, which is setting the foundation for smarter targeting, higher return on ad spend for advertisers, and improved user experiences are the direct benefits of us better leveraging our data. Specifically, our rates were up 40% year over year in our AGP business, which is a direct result of better targeting and AI capabilities as our advertisers are willing to pay more for better outcomes.

最後，我們在 AI 與機器學習（ML）平台上運用第一方資料方面取得實質進展，為更智慧的定向投放奠定基礎，並直接帶來廣告主更高的廣告投資報酬（ROAS）與更佳的使用者體驗。具體而言，我們 AGP 業務的費率年增 40%，這直接反映更佳的定向與 AI 能力，因為廣告主願意為更好的成效支付更高價格。

Looking to the current fiscal year, we’re guiding today for continued double-digit growth both on the top and bottom lines. The drivers for these growth rates are, first, AI and data. I’ll provide some additional commentary later in my remarks on the macro impact of AI on our business and how leveraging unique first-party data across our platform with DT iQ and Ignite Graph drives better outcomes, which in turn drives more revenue.

展望本會計年度，我們今天給出的指引是營收與獲利（上下線）將持續雙位數成長。推動這些成長率的因素，第一是 AI 與資料。我稍後將就 AI 對我們業務的總體影響，以及如何在整個平台上透過 DT iQ 與 Ignite Graph 運用獨特的第一方資料以帶來更佳成效、進而推動更多營收，提供進一步評論。

The second driver is the flywheel. Connecting our diversified demand and supply drives each other. We have nearly 3 billion devices and more than 80,000 applications using our ad tech technology today. The opportunity for these apps to drive more user acquisition to our platform, and hence more monetization, will be a growth driver.

第二個動能是飛輪效應。連結我們多元化的需求與供給，彼此相互帶動。我們目前擁有近 30 億台裝置，以及超過 80,000 個應用程式使用我們的廣告科技。這些應用程式有機會為我們的平台帶來更多用戶獲取，進而帶來更多變現，將成為成長動能。

The third driver is our Brand business. Our Brand business showed impressive 50% year-over-year growth. Our focus is leveraging the macro tailwinds of more time being spent in apps, combined with our data and audience targeting capabilities to drive even more scale and growth.

第三個動能是我們的品牌業務。品牌業務展現亮眼的年增 50%。我們的重點是運用更多時間花在應用程式上的總體順風，結合我們的資料與受眾定向能力，推動更大的規模與成長。

The fourth driver is our Ignite platform. Our international ODS momentum has been fueled by Latin America and Europe. And the recent wins with partners like Orange, who have more subscribers than AT&T and Verizon combined, should accelerate our momentum in the EU. In addition, our Ignite platform is showcasing there’s more opportunity to not just grow device supply with these new wins, but also leverage the platform capability as a software enabler for distribution of other products on the screens of devices versus just our products today, such as SingleTap, out-of-the-box setups, notifications, and so on. We’re doing this today in the US with an AI-first partner distributing AI agents to devices, and we see this expanding into other areas such as e-commerce, lock screens, and other forms of content distribution.

第四個動能是我們的 Ignite 平台。我們國際 ODS 的動能由拉丁美洲與歐洲所帶動。近期與 Orange 等合作夥伴的勝利（其訂戶數超過 AT&T 與 Verizon 合計）應可加速我們在歐盟的動能。此外，我們的 Ignite 平台也展現出更多機會：不僅能透過這些新合作擴大裝置供給，還能將平台能力作為軟體賦能者，用於在裝置螢幕上分發其他產品，而不僅限於我們目前的產品，例如 SingleTap、開箱即用（out-of-the-box）設定、通知等。我們目前已在美國與一個 AI 優先（AI-first）的合作夥伴合作，將 AI 代理（AI agents）分發到裝置上，並預期這將擴展到其他領域，例如電商、鎖定螢幕，以及其他形式的內容分發。

And the final driver is alternative applications. We continue to ramp and scale more and more partners distributing their versions of applications, helping them get to devices, whether this is via our data and targeting capabilities, SingleTap, our DSP, and so on. Mainstream partners like King, Zynga, Playtika, and others are customers today leveraging our platform to distribute their own alternative direct-to-consumer billing options to customers.

最後一個動能是替代型應用程式。我們持續加速導入並擴大更多合作夥伴分發其自有版本的應用程式，協助其觸達裝置，無論是透過我們的資料與定向能力、SingleTap、我們的 DSP 等等。King、Zynga、Playtika 等主流合作夥伴目前都是客戶，正運用我們的平台向消費者分發其自有的替代性直面消費者（DTC）計費選項。

To close out my prepared remarks, I wanted to provide some commentary on the impact of AI and other macroeconomic factors to our business. Regarding AI, it’s clearly transformational and an exciting time and a tailwind for our business. It’s reinventing businesses, including ours, in three main ways.

在結束我事先準備的發言之前，我想就 AI 與其他總體經濟因素對我們業務的影響提供一些看法。就 AI 而言，它顯然具有變革性，這是令人振奮的時刻，也為我們的業務帶來順風。它正以三個主要方式重塑包括我們在內的企業。

First is the automation and simplification of workflows and processes. Over the past year, we grew our revenues by more than $70 million, where we accomplished this with 4% less headcount as we were able to use AI and automation to drive efficiencies in our business. We have implemented numerous new AI automation and simplification activities and processes from areas such as quality assurance, our back office, campaign management, software development, and data management, just to name a few. And we’re seeing an acceleration in these activities as we organize our people, our systems, and our processes for this AI-first world.

第一是工作流程與流程的自動化與簡化。過去一年，我們的營收增加超過 7,000 萬美元，而我們是在員工人數減少 4% 的情況下達成，因為我們能運用 AI 與自動化提升營運效率。我們已在品質保證、後勤（back office）、活動（campaign）管理、軟體開發與資料管理等領域（僅舉數例）導入多項新的 AI 自動化與簡化活動與流程。隨著我們為這個 AI 優先的世界重新組織人員、系統與流程，我們也看到這些活動正在加速。

The second is leveraging AI and our data to improve our outcomes for customers. As you have seen in our recent Google and Databricks press announcements, we’re combining our unique first-party data signals with AI enhancements to drive better outcomes for customers, leveraging our DT iQ and Ignite Graph capabilities. These will be revenue and EBITDA drivers for us into the future.

第二項是運用 AI 與我們的數據來改善客戶成效。如同你們在我們近期與 Google 及 Databricks 的新聞稿中所見，我們正把獨特的第一方數據訊號與 AI 強化結合，運用我們的 DT iQ 與 Ignite Graph 能力，為客戶帶來更好的成果。這些將在未來成為我們的營收與 EBITDA 驅動因素。

And the third area is how the broader AI landscape will leverage our distribution and on-device footprint and data to help their businesses grow. And there are three unique trends that we expect to be tailwinds for us.

第三個領域是更廣泛的 AI 生態將如何運用我們的分發能力、裝置端覆蓋與數據，來協助其業務成長。我們預期有三個獨特趨勢將成為我們的順風。

The first is more applications. According to recent analysis from market intelligence provider Appfigures, worldwide app releases in the first quarter of 2026 were up 60% year over year across both the Apple App Store and Google Play. AI makes it easier for anyone to create apps, driving growth in both app stores as creators no longer need technical skills to build mobile software. And these applications all need distribution to reach consumers given the inherent discovery limitations in the two legacy app stores.

第一個是更多應用程式。根據市場情報供應商 Appfigures 的最新分析，2026 年第一季全球在 Apple App Store 與 Google Play 的 App 發布量年增 60%。AI 讓任何人都更容易建立 App，推動兩大商店的成長，因為創作者不再需要技術技能就能打造行動軟體。而由於兩個傳統 App 商店本身存在探索（discovery）限制，這些應用程式都需要分發才能觸及消費者。

The second trend is the increase in time spent in applications. Today, the average consumer is spending five hours per day inside applications, which is up an hour from the past decade. And this trend is accelerating as the integration of AI chatbots, creates a shift in the channels of how we all consume information, leaning towards apps and away from the open web. Multiple measurement sources have reported that AI has likely caused a 10% drop of open web traffic so far, with some informational categories seeing 20% to 40% declines.

第二個趨勢是應用程式內使用時間增加。如今，平均消費者每天在應用程式內花費五小時，較過去十年增加了一小時。隨著 AI 聊天機器人的整合，這一趨勢正在加速，資訊消費的渠道正在轉變，從開放網路轉向 App。多個衡量來源指出，AI 迄今可能已導致開放網路流量下滑 10%，其中部分資訊類別的降幅達 20% 至 40%。

And the final trend bringing all this together is monetization. For centuries, one trend’s been consistent. Media dollars follow eyeballs. And as our eyeballs continue to spend more and more time in apps because of enabling technologies like AI, which is creating more breadth of apps and more depth of time spent in apps, this is a positive for us.

最後一個把這一切串起來的趨勢是變現。幾個世紀以來，有一個趨勢始終不變：媒體預算追隨目光。隨著我們的目光因 AI 等賦能技術而在 App 中花費越來越多時間——AI 正在帶來更廣的 App 覆蓋與更深的使用時長——這對我們是正向利多。

In addition to AI, I’ve also been receiving many questions on potential macroeconomic impacts to our business. One of my favorite things about our mobile AI cloud business is that we are more insulated than the vast majority of companies to things like tariffs, energy prices, recessions, inflation, any single geography, and so on. Our business is a digital one without the traditional input cost pressures many companies must navigate. Plus, the majority of our customers are using our platform to sell their digital goods and services versus goods that may be more sensitive to these risks.

除了 AI 之外，我也收到許多關於宏觀經濟可能對我們業務造成影響的問題。我最喜歡我們行動 AI 雲業務的一點是，相較於絕大多數公司，我們對關稅、能源價格、衰退、通膨、單一地理區域等因素更具隔離性。我們的業務是數位型態，沒有許多公司必須面對的傳統投入成本壓力。此外，我們的大多數客戶使用我們的平台來銷售其數位商品與服務，而非可能對這些風險更敏感的實體商品。

Of course, no single business is 100% insulated from macroeconomics. But as we saw during the pandemic, our business is a resilient one, insulated from these factors given our mobile-first approach matching where consumers are spending their time.

當然，沒有任何單一業務能 100% 與宏觀經濟隔離。但正如我們在疫情期間所見，鑑於我們以行動優先的方式契合消費者花時間的所在，我們的業務具備韌性，並能在一定程度上隔離這些因素。

And finally, I wanted to provide an organizational update. Stephen Lasher will be stepping down from his role as CFO and will support a transition in June as he pursues another opportunity outside of DT. One of my favorite expressions is leave it better than you found it, and Steve embodies this. I want to thank Steve for his significant contributions, and particularly his leadership in strengthening our balance sheet through the refinancing of our debt, as well as his role driving improved operating and business performance.

最後，我想提供一項組織更新。Stephen Lasher 將卸任 CFO 一職，並在 6 月協助交接，因其將在 DT 之外追求另一個機會。我很喜歡的一句話是「離開時要讓它比你來時更好」，Steve 正是這句話的體現。我想感謝 Steve 的重大貢獻，特別是他透過債務再融資強化我們資產負債表的領導力，以及他在推動營運與業務表現改善方面所扮演的角色。

And on a personal level, I’ve enjoyed really getting to know Steve and look forward to continue keep in touch with him during his next chapter. Josh Kinsell, our Chief Accounting Officer, will assume interim CFO duties.

就個人而言，我很享受真正認識 Steve 的過程，也期待在他下一段旅程中持續與他保持聯繫。我們的首席會計官 Josh Kinsell 將擔任代理 CFO 職務。

With that, I’ll turn it over to Steve to take us through the numbers.

接下來，我把時間交給 Steve，請他帶我們看一下數字。

Thank you, Bill, and good afternoon, everyone. Before I turn to our financial results and our outlook for fiscal 2027, I’d like to say a few words about my time at Digital Turbine.

謝謝你，Bill，各位下午好。在我談到我們的財務結果以及 2027 會計年度展望之前，我想先簡短談幾句我在 Digital Turbine 的這段時間。

As Bill mentioned, I will be leaving the company to pursue another opportunity, and I want to take a moment to reflect on what we’ve accomplished together. I’m exceptionally proud of where Digital Turbine stands today. It is a meaningfully stronger company than the one I joined. The platform’s performance has improved dramatically, and that improvement is now drawing greater spend from advertisers and publishers who are looking for a stronger return on advertising spend. The balance sheet is significantly stronger following an important refinancing and subsequent deleveraging.

如 Bill 所提到的，我將離開公司去追求另一個機會，我想花點時間回顧我們一起完成的成果。我對 Digital Turbine 今日的定位感到非常自豪。它已是一家明顯更強的公司，遠勝於我加入時的樣貌。平台表現大幅提升，而這項改善正吸引更多廣告主與發行商投入預算，因為他們正在尋求更高的廣告投資報酬。資產負債表也在一次重要的再融資以及後續去槓桿後顯著強化。

And on a personal note, I genuinely enjoyed the camaraderie of this team. I leave with many valued friendships and colleagues that I'll carry with me, and I’m grateful. With that, let me turn to our fourth quarter and full year fiscal 2026 results.

就個人而言，我真心享受這個團隊的情誼。我帶著許多珍貴的友誼與同事關係離開，並將一路珍藏，我心懷感激。接下來，讓我進入我們 2026 會計年度第四季與全年業績。

Our fourth-quarter results reaffirmed the momentum we have been building throughout the year. Starting with the top line, we delivered 20% year-over-year net revenue growth, with total net revenue for the quarter of $142.5 million. On-Device Solutions net revenue was $91 million, up 5% year over year; while App Growth Platform net revenue was $52.1 million, up 57% year over year.

我們第四季的結果再次印證了我們全年持續累積的動能。先從營收端來看，我們實現淨營收年增 20%，本季淨營收總額為 1.425 億美元。On-Device Solutions 淨營收為 9,100 萬美元，年增 5%；App Growth Platform 淨營收為 5,210 萬美元，年增 57%。

With On-Device, growth was once again driven by our international partnerships, where we expanded both the number of international devices and revenue per device year over year. The standout in the quarter was App Growth Platform. The 57% year-over-year growth was the segment’s highest growth rate in more than three years. These results reflect our strategic focus on better utilizing first-party data and on showcasing our AI-driven capabilities to deliver stronger outcomes for our publishers and advertiser partners.

在 On-Device 方面，成長再次由我們的國際合作夥伴關係所帶動，我們的國際裝置數量與每台裝置營收皆較去年同期提升。本季的亮點是 App Growth Platform。其年增 57% 是該分部三年多來的最高成長率。這些結果反映了我們的策略重點：更有效運用第一方數據，並展示我們以 AI 驅動的能力，為發行商與廣告主夥伴帶來更強的成效。

The combination of strong top-line growth and sustained operational execution delivered 53% year-over-year adjusted EBITDA growth in the quarter. Adjusted EBITDA totaled $31.4 million, with margin expanding nearly 500 basis points to 22% versus the year-ago quarter. Non-GAAP gross margin reached 50% in the quarter, up from 48% in the prior year, driven primarily by favorable product and segment mix.

強勁的營收成長與持續的營運執行相結合，使本季調整後 EBITDA 年增 53%。調整後 EBITDA 為 3,140 萬美元，利潤率較去年同期擴張近 500 個基點至 22%。本季非 GAAP 毛利率達 50%，高於去年同期的 48%，主要受惠於有利的產品與分部組合。

Cash operating expenses were $40.5 million, up 12% year over year, reflecting continued expense discipline, streamlined business processes, and targeted investments in our key growth initiatives. We will continue to identify additional efficiency opportunities while making the tactical investments needed to support future growth.

現金營運費用為 4,050 萬美元，年增 12%，反映我們持續的費用紀律、精簡的業務流程，以及對關鍵成長計畫的精準投資。我們將在進行支持未來成長所需的戰術性投資同時，持續尋找更多效率提升機會。

On the bottom line, we reported a GAAP net loss of $7.3 million, or $0.06 per share, in the fourth quarter. On a non-GAAP basis, we generated net income of $19.7 million, or $0.16 per share, based on 122.8 million shares outstanding. Let me comment briefly on the full year.

在淨利端，我們第四季 GAAP 淨損為 730 萬美元，或每股虧損 0.06 美元。以非 GAAP 基礎計算，我們實現淨利 1,970 萬美元，或每股盈餘 0.16 美元，係以流通在外股數 1.228 億股計算。接著我簡要評論全年表現。

Total net revenue was $565.3 million, up 15% year over year. Adjusted EBITDA was $122.5 million, up 69% year over year. GAAP net loss was $37.3 million, or $0.33 per share. Non-GAAP net income was $64.9 million, or $0.56 per share. And free cash flow was $11.8 million for the year, an improvement of more than $21 million versus the prior year.

全年淨營收總額為 5.653 億美元，年增 15%。調整後 EBITDA 為 1.225 億美元，年增 69%。GAAP 淨損為 3,730 萬美元，或每股虧損 0.33 美元。非 GAAP 淨利為 6,490 萬美元，或每股盈餘 0.56 美元。全年自由現金流為 1,180 萬美元，較前一年改善超過 2,100 萬美元。

Moving to the balance sheet. We ended fiscal 2026 with cash of $38 million and total debt net of issuance costs of $361 million, down from $409 million at the start of the year. The improvement reflects positive cash flow generation supplemented by proceeds from at-the-market offering, which we terminated earlier this year. We are pleased with the progress we have made on the balance sheet in recent quarters, and we intend to continue deploying free cash flow towards further deleveraging in fiscal 2027.

接著看資產負債表。我們在 2026 會計年度結束時，現金為 3,800 萬美元，扣除發行成本後的總負債為 3.61 億美元，較年初的 4.09 億美元下降。這項改善反映正向的現金流產生，並由我們的 at-the-market（ATM）發行所帶來的募資款項所補充；該 ATM 計畫我們已於今年稍早終止。我們對近幾季在資產負債表方面取得的進展感到滿意，並計畫在 2027 會計年度持續將自由現金流用於進一步去槓桿。

Turning now to our fiscal 2027 outlook. Given our stronger-than-expected fiscal 2026 performance and the continued momentum we are seeing in the June quarter to date, we expect another year of robust revenue and EBITDA growth. We are introducing fiscal 2027 guidance today with revenue in the range of $630 million to $650 million and adjusted EBITDA in the range of $135 million to $145 million.

接下來談 2027 會計年度展望。鑑於我們 2026 會計年度表現優於預期，以及我們在截至目前的 6 月季度所看到的持續動能，我們預期將再迎來一個營收與 EBITDA 強勁成長的年度。我們今天首次提供 2027 會計年度指引：營收預估介於 6.30 億至 6.50 億美元，調整後 EBITDA 預估介於 1.35 億至 1.45 億美元。

Let me hand the call back to Nick, our operator, to open the line up for questions. Nick?

我把電話交回給我們的主持人 Nick，開放線路進行提問。Nick？

(Operator Instructions)

（接線員指示）

Showing no questions, this will conclude our question-and-answer session. I'd like to turn the conference back over to Bill Stone for any closing remarks.

目前沒有提問，問答環節到此結束。我想把會議交回給 Bill Stone，請他做任何結語。

Yeah. Thanks, Nick, and thanks for everybody for joining the call tonight. We look forward to connecting with you in a few months to update you on our fiscal '27 first-quarter earnings call. Have a great night. Thank you.

好的。謝謝你，Nick，也謝謝各位今晚參與這通電話會議。我們期待在幾個月後與各位再度聯繫，向各位更新我們 2027 會計年度第一季的財報電話會議。祝各位晚安。謝謝。

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

本次會議到此結束。感謝各位參加今天的簡報。您現在可以中斷連線。