Digital Turbine, Inc. (APPS) 2027 Q1 法說會逐字稿

Good day, and welcome to the Digital Turbine reports fiscal 2027 first quarter financial results conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Brian Bartholomew, Senior Vice President of Capital Markets. Please go ahead.

您好，歡迎參加 Digital Turbine 公布 2027 財政年度第一季財務業績的電話會議。(接線員指示) 請注意，本活動將被錄音。現在我想把會議交給資本市場資深副總裁 Brian Bartholomew。請開始。

Thank you. Good afternoon and welcome to the Digital Turbine fiscal 2027 first quarter earnings conference call. Joining me today on the call to discuss our results are CEO Bill Stone and Interim CFO Josh Kinsell. Before we get started, I'd like to take this opportunity to remind you that our remarks today will include forward-looking statements. These forward-looking statements are based on our current assumptions, expectations, and beliefs, including projected operating metrics, future products and services, anticipated market demand, and other forward-looking topics.

謝謝。各位下午好，歡迎參加 Digital Turbine 2027 財政年度第一季財報電話會議。今天與我一同在電話會議上討論業績的有執行長 Bill Stone 與代理財務長 Josh Kinsell。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。

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 filed with the Securities and Exchange Commission.

雖然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，其中一些不可避免地將被證明是不正確的。除法律要求外，我們不承擔更新任何前瞻性陳述的義務。關於可能導致我們實際結果與前瞻性陳述所預期者出現重大差異的風險因素之討論，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，我們將討論若干非 GAAP 的績效衡量指標。非 GAAP 指標不能取代 GAAP 指標。關於使用非 GAAP 指標的限制之重要資訊，以及這些非 GAAP 財務結果與最可比 GAAP 指標之調節表，請參閱今日新聞稿。

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

現在我想把電話會議交給我們的執行長 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. The results are even more encouraging as they are not due to any single factor, but due to many factors. And I'll break those down in my prepared remarks, which will be across three areas.

謝謝，Brian。各位下午好。我想先肯定我們的團隊，在本季再度交出超出我們預期的強勁成果。更令人振奮的是，這些成果並非來自單一因素，而是多項因素共同促成。我會在事先準備的發言中加以拆解，涵蓋三個面向。

First, we'll be looking back at our June quarter results. Second will be some commentary on the operational and strategic elements of our business that are enabling us to raise our guidance for the remainder of the fiscal year. And then finally, I want to provide some commentary on AI and macroeconomic trends in our business. Revenue for the June quarter came in at $166 million, representing 27% 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 our model as we scale.

第一，我們將回顧 6 月季度的業績。第二，我們將就業務的營運與策略要素發表一些看法，這些要素使我們得以上調本財政年度剩餘期間的財測指引。最後，我想就 AI 與總體經濟趨勢在我們業務中的影響提供一些評論。6 月季度營收為 1.66 億美元，年增 27%。同期間，我們的調整後 EBITDA 也達到接近 70% 的年增率，顯示隨著規模擴大，我們的模式具備顯著的營運槓桿。

I'm also pleased with the dramatic improvement in our balance sheet that benefits from our strong results. Last June quarter, our net leverage ratio was greater than 5 turns. Today, we're at a healthy 2.5 turns and as implied in our increased outlook, we expect this positive trend to continue. If we break our results down by segment, our On-Device Solutions business generated $110 million in revenue in the June quarter, which was up approximately 15% from last year.

我也很高興看到在強勁業績帶動下，我們的資產負債表大幅改善。去年 6 月季度，我們的淨槓桿比率超過 5 倍。目前我們處於健康的 2.5 倍；且如我們上調後的展望所示，我們預期這一正向趨勢將持續。若按部門拆解，6 月季度我們的裝置端解決方案（On-Device Solutions）業務營收為 1.10 億美元，較去年約成長 15%。

In particular, it was encouraging to see double-digit year-over-year growth in global devices, despite macro headwinds on global device volumes due to DRAM pricing issues in the supply chain. Growth in international ODS continues to be a bright spot as higher device volumes combined with higher revenue per device, or RPD, drove nearly 80% year-over-year growth. Our Application Growth Platform, or AGP business results were another bright spot.

尤其令人鼓舞的是，儘管供應鏈中 DRAM 定價問題對全球裝置出貨量造成總體逆風，我們的全球裝置數仍實現年增兩位數成長。國際 ODS 的成長持續是一大亮點；更高的裝置量結合更高的單裝置營收（RPD），帶動接近 80% 的年增率。我們的應用成長平台（Application Growth Platform，AGP）業務表現同樣是另一個亮點。

It was our fourth consecutive quarter of year-over-year double-digit growth and our second consecutive quarter of more than 50% year-over-year growth. Meanwhile, this compares to a global digital advertising market that is growing into high single digits. In other words, our AGP business is consistently growing many multiples more than the global industry growth rate each quarter.

這是我們連續第四個季度實現年增兩位數成長，也是連續第二個季度年增超過 50%。同時，全球數位廣告市場的成長率僅約為高個位數。換言之，我們的 AGP 業務每一季的成長幅度，持續是全球產業成長率的數倍。

In June quarter, I was particularly pleased with our direct brand business growing over 70% and our DTX or SSP business growing over 40% year-over-year. It took longer than anticipated, but the combination of strong conviction to stay the course in our strategy, combined with the hard work to integrate our legacy SSP tech stacks with our brand demand into a data-driven marketplace and AI-first platform is now paying dividends.

在 6 月季度，我特別高興看到我們的直客品牌業務成長超過 70%，以及我們的 DTX（或 SSP）業務年增超過 40%。雖然所需時間比預期更長，但我們對策略堅定不移、加上整合既有 SSP 技術堆疊與品牌需求、打造資料驅動的市場與 AI 優先平台的努力，如今正開始帶來成果。

Our key growth drivers in June quarter were both rates and volume that powered our improved performance. On rates, we saw higher advertiser demand, which translated into improved pricing and fill rates, particularly for premium placements on our platform. This strong advertiser demand drove incremental international RPD expansion in our ODS business, resulting in nearly 80% growth year over year.

6 月季度的主要成長動能同時來自價格（rates）與量（volume），共同推動我們的表現改善。在價格方面，我們看到更高的廣告主需求，轉化為更佳的定價與填充率（fill rates），尤其是在平台上的優質版位。這股強勁的廣告主需求帶動 ODS 業務國際 RPD 的額外擴張，使年增率接近 80%。

We also had strong demand with our brand and DTX businesses, each growing rates by more than 40%. This is due to our platform delivering better return on ad spend for advertisers, which in turn allows for higher rates. This improvement in ad spend is being driven by AI for two reasons. First, our platform's first-party data is able to leverage our AI tools and machine learning models to drive better advertiser outcomes.

我們的品牌與 DTX 業務需求同樣強勁，兩者的價格（rates）皆提升超過 40%。這是因為我們的平台為廣告主帶來更好的廣告投資報酬（return on ad spend），進而支撐更高的價格。廣告投資報酬的改善由 AI 主要透過兩個原因所驅動。第一，我們平台的第一方資料能運用 AI 工具與機器學習模型，帶來更佳的廣告主成效。

And secondly, it's a tailwind where we're seeing brands migrate their spend away from the open web to other channels like apps, given traffic declines in the open web, which are caused by AI, and resulting in app usage growth as brands and agencies adopt the power of AI in the mobile app channel.

第二，這也是一股順風：由於 AI 導致開放網路（open web）流量下滑，我們看到品牌將預算從開放網路轉移到其他渠道（例如 App）；隨著品牌與代理商採用 AI 在行動 App 渠道的力量，App 使用量也隨之成長。

In addition to these positive pricing trends, we continue to see strong diversification of our demand with 80% of our advertiser spend on DTX coming from non-gaming partners. The second driver was increased supply. Our global devices grew double digits year over year, driven by strong volumes from our international partners. And within the devices we have our technology integrated, we are seeing operators and OEMs wanting to use our technology on new screens for monetization. In addition, our AGP supply continues to add new apps and publishers by expanding distribution of our SDK footprint.

除了這些正向的定價趨勢外，我們也持續看到需求端的強勁多元化：DTX 的廣告主支出中有 80% 來自非遊戲合作夥伴。第二個動能是供給增加。我們的全球裝置數年增兩位數，主要由國際合作夥伴的強勁量能所帶動。在已整合我們技術的裝置中，我們看到電信營運商與 OEM 希望在新的螢幕上採用我們的技術以進行變現。此外，我們的 AGP 供給端也持續透過擴大 SDK 覆蓋範圍的分發，新增更多 App 與出版商。

We are seeing this globally with the growth in publishers, but in particular, it's helping driving strong performance with APAC publisher supply, as well as adding non-gaming publishers and AI publishers looking for monetization. Turning to the future, we're increasing our guidance today for the fiscal year, and there are five drivers for this increased forecast. The first is AI and data. Our ability to leverage our unique first-party data across our platform with DTIQ and IgniteGraph drives better outcomes. This in turn drives more revenue because of better return on spend for advertisers.

我們在全球都看到出版商數量的成長；尤其是，這也有助於推動亞太（APAC）出版商供給端的強勁表現，同時新增非遊戲出版商，以及尋求變現的 AI 出版商。展望未來，我們今天上調本財政年度的財測指引，而這項上調預測有五項驅動因素。第一項是 AI 與資料。我們能透過 DTIQ 與 IgniteGraph，在整個平台上運用我們獨特的第一方資料，帶來更佳成效。這進而因為廣告主更好的投放報酬而帶動更多營收。

I'll provide some additional commentary later in my remarks on the macro impact of AI on our business. Second is the flywheel. Connecting our diversified demand and supply drives each other. We have nearly 3 billion devices and more than 80,000 apps using our ad tech technology. The opportunity for these apps to drive more user acquisition to our platform, and hence more monetization, will be a growth driver.

我稍後在談到 AI 對我們業務的宏觀影響時，會再補充一些評論。第二個是飛輪效應。連結我們多元化的需求與供給，彼此相互驅動。我們有近 30 億台裝置，以及超過 80,000 個應用程式使用我們的廣告技術。這些應用程式有機會為我們的平台帶來更多使用者獲取，進而帶來更多變現，將成為成長動能。

The third driver is brand. Our brand business showed impressive 70% year-over-year growth. Our focus is leveraging the macro tailwinds of more time in apps, combined with our micro first-party data and audience targeting to drive even more scale and growth. There are a variety of product and operational improvements being implemented real-time that are improving our ability to scale this important part of our business. Fourth driver is Ignite.

第三個驅動因素是品牌。我們的品牌業務年增 70%，表現亮眼。我們的重點是把握宏觀順風——使用者在應用程式中花費更多時間——並結合我們微觀層面的第一方數據與受眾定向能力，推動更大的規模與成長。我們正即時推行多項產品與營運改善，提升我們擴大這項重要業務的能力。第四個驅動因素是 Ignite。

Our international ODS momentum has been fueled by Latin America and Europe, and current and future supply wins are expected to mitigate concerns around the global device supply chain. In addition, our Ignite platform is showcasing there is more opportunity to not just grow device supply, but also leverage the platform capability as a software enabler for distribution of other products on the screens of devices versus just our current products such as SingleTap, out-of-the-box setups, and notifications.

我們國際 ODS 的動能主要由拉丁美洲與歐洲帶動，而目前與未來的供給端勝利預期將緩解對全球裝置供應鏈的疑慮。此外，我們的 Ignite 平台也展現出更多機會：不僅能成長裝置供給，還能利用平台能力作為軟體賦能者，將其他產品分發到裝置螢幕上，而不僅限於我們目前的產品，例如 SingleTap、開箱即用設定與通知。

We are 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. And finally, it's the growth of alternative applications.

我們今天已在美國與一個 AI 優先的合作夥伴合作，將 AI 代理分發到裝置上，我們也看到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。最後一項則是替代型應用程式的成長。

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 targeting, SingleTap, our DSP, and so on. The recent outcome of the Epic-Google case and the Google rulings in the EU are expected to open up opportunities for increased alternative distribution.

我們持續加速導入並擴大更多合作夥伴，分發他們版本的應用程式，協助他們觸達裝置，無論是透過我們的數據定向、SingleTap、我們的 DSP 等等。近期 Epic 與 Google 案的結果，以及歐盟對 Google 的裁決，預期將為更多替代性分發帶來機會。

Publishers are now seeing real-time what is happening to their businesses because of the impacts of AI on the open web and want to have more control over their destiny for the future versus being reliant on only one or two sources of distribution. These five things are important because it showcases our business is not relying upon any single factor to drive future growth. We've got many shots on goal that provide optimism in our ability to drive top and bottom line growth.

出版商現在正即時看到 AI 對開放網路所造成的影響如何衝擊其業務，並希望對未來有更多掌控，而不是只依賴一到兩個分發來源。這五點之所以重要，是因為它顯示我們的業務並不依賴任何單一因素來推動未來成長。我們有許多「進球機會」，讓我們對推動營收與獲利成長的能力保持樂觀。

To close out my prepared remarks, I want to provide some commentary on the impact of AI and other macroeconomic factors to our business. Regarding AI, it's clearly transformational, an exciting time, and a tailwind for our business. It's reinventing businesses, including ours, in three main ways. First is the automation and simplification of workflows and processes, which is now showing up in our results. A year ago, our revenue per employee was about $800,000.

在結束我事先準備的發言之前，我想就 AI 與其他宏觀經濟因素對我們業務的影響做一些評論。就 AI 而言，它顯然具有變革性，這是一個令人振奮的時刻，也是我們業務的順風。它正以三個主要方式重塑企業，包括我們在內。第一是工作流程與流程的自動化與簡化，而這已反映在我們的業績中。一年前，我們的人均營收約為 80 萬美元。

Today, it is in excess of $1 million. The driver of this efficiency is the ability to use AI and automation activities to scale our business. We've implemented numerous new AI and automation 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. We're seeing an acceleration in these activities as we organize our people, our systems, and our processes for this AI-first world. The second is leveraging AI in our data to improve outcomes for our customers.

今天已超過 100 萬美元。推動這項效率的因素，是能夠運用 AI 與自動化活動來擴大我們的業務規模。我們已在多個領域導入許多新的 AI 與自動化簡化活動與流程，例如品質保證、後台作業、活動管理、軟體開發與資料管理等，僅舉幾例。隨著我們為這個 AI 優先的世界重新組織人員、系統與流程，我們看到這些活動正在加速。第二是運用 AI 與我們的數據，為客戶帶來更好的成果。

As you've 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 DTIQ and IgniteGraph capabilities. These are not just impacting our strong results today, but will be revenue and EBITDA drivers for us in the future. And the final area is how the broader AI landscape will leverage DT's distribution and on-device footprint and data to help their businesses grow. And there are three important macro trends that we expect to be tailwinds for us. The first is more applications.

如同你們在我們近期與 Google 及 Databricks 的新聞公告中所見，我們正把獨特的第一方數據訊號與 AI 強化結合，透過我們的 DTIQ 與 IgniteGraph 能力，為客戶帶來更佳成效。這些不僅正在推動我們當前的強勁表現，也將在未來成為我們的營收與 EBITDA 驅動因素。最後一個面向，是更廣泛的 AI 生態將如何運用 DT 的分發能力、裝置端覆蓋與數據，來協助其業務成長。我們預期有三個重要的宏觀趨勢將成為我們的順風。第一是更多的應用程式。

According to recent analysis from market intelligence provider, Appfigures, worldwide app releases in first quarter of 2026 were up 60% year-over-year across both Apple's App Store and Google Play. AI makes it easier for anyone to create apps, driving both growth in 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 legacy two app stores.

根據市場情報供應商 Appfigures 的最新分析，2026 年第一季全球應用程式發布量在 Apple App Store 與 Google Play 兩大平台合計年增 60%。AI 讓任何人都更容易建立應用程式，推動應用商店成長，因為創作者不再需要技術技能就能打造行動軟體。而這些應用程式都需要分發才能觸達消費者，因為傳統兩大應用商店本身存在發現（discovery）上的限制。

The second trend is the increase in time spent in applications. Today the average consumer is spending about five hours per day inside applications, which is up about one hour over the past decade. This trend is accelerating as integration of AI chatbots creates a shift in the channels of how we consume information, leaning towards apps and away from the open web.

第二個趨勢是使用者在應用程式中花費的時間增加。目前平均消費者每天大約有五小時在應用程式內，較過去十年增加約一小時。隨著 AI 聊天機器人的整合改變我們獲取資訊的渠道，這一趨勢正在加速，使用行為更偏向應用程式、遠離開放網路。

Multiple measurement sources have reported that AI has likely caused a 10% open web traffic decline so far, with some informational categories seeing anywhere from 20% to 40% declines. The final trend bringing all of this together is monetization. And for centuries, one trend's been consistent. Media dollars follow eyeballs.

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下滑幅度介於 20% 到 40%。把這一切串聯起來的最後一個趨勢是變現。而數百年來，有一個趨勢始終一致。媒體預算會追隨目光所在。

And as our eyeballs continue to spend more and more time in applications because of enabling technologies like AI, which is creating more breadth of apps and more depth of time and spend in apps, this is a positive for us. In addition to AI, I've also been receiving many questions on potential macroeconomic impacts to our business, given wider fears around inflation, tariffs, and geopolitics. One of my favorite things about our mobile AI cloud business is that we are more insulated than the vast majority of companies, as our business is a digital one without the traditional input cost pressures many companies must navigate.

隨著我們的目光因 AI 等賦能技術而在應用程式中花費越來越多時間——AI 正帶來更廣的應用程式種類，以及在應用程式中更深的使用時間與支出——這對我們是正面因素。除了 AI 之外，鑑於市場對通膨、關稅與地緣政治的更廣泛擔憂，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，我們受到的影響更小，因為我們是數位業務，沒有許多公司必須面對的傳統投入成本壓力。

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 those risks. 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, high operating leverage approach matching where consumers are spending their time. We expect AI to only accelerate versus slow down these trends.

此外，我們的大多數客戶使用我們的平台來銷售數位商品與服務，而非可能對這些風險更敏感的實體商品。當然，沒有任何單一企業能 100% 免受宏觀經濟影響，但正如我們在疫情期間所見，憑藉我們以行動為先、具高營運槓桿的策略，並貼合消費者花時間的所在，我們的業務具韌性，且相對不受這些因素影響。我們預期 AI 只會加速而非放緩這些趨勢。

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

接下來，我把時間交給 Josh，請他帶各位看一下數字。

Thank you, Bill. And good afternoon, everyone. Let me turn to our first quarter fiscal 2027 results. We are off to a strong start to the new fiscal year with growth across both segments. Total net revenue for the quarter was $166 million, up 27% year over year, extending our strong fiscal 2026 exit momentum.

謝謝你，Bill。各位下午好。我來談談我們 2027 會計年度第一季的業績。我們在新會計年度開局強勁，兩個業務部門皆呈現成長。本季總淨營收為 1.66 億美元，年增 27%，延續我們 2026 會計年度期末的強勁動能。

On-Device Solutions net revenue was $110 million, up 15% year over year. Growth was again driven by our international business where higher device volumes and higher revenue per device continued to drive strong results. App Growth Platform net revenue was $56.6 million, up 56% year over year, continuing the growth we highlighted last quarter. This was led by DTX, where revenue increased by 54%. These results reflect both continued onboarding of publishers and demand partners, particularly in Asia Pacific, and the performance of our AI powered optimization capabilities.

裝置端解決方案（On-Device Solutions）淨營收為1.10億美元，年增15%。成長再次由我們的國際業務帶動，其中較高的裝置出貨量以及每台裝置更高的營收持續推動強勁表現。App Growth Platform（AGP）淨營收為5,660萬美元，年增56%，延續我們上季所強調的成長。此成長主要由DTX帶動，其營收增加54%。這些成果反映了出版商與需求方合作夥伴的持續導入（尤其在亞太地區），以及我們AI驅動最佳化能力的表現。

Turning to profitability, non-GAAP gross margin was 49.4% in the quarter, up from 47.3% in the year-ago period. This was driven by favorable segment and product mix as AGP continues to grow as a share of our business. Cash operating expenses were $39.5 million, up 7% year-over-year, reflecting a continued expense discipline even as we invest in our highest priority growth initiatives.

接著談獲利能力，本季非GAAP毛利率為49.4%，高於去年同期的47.3%。這主要受惠於有利的事業部與產品組合，因AGP持續成長並提高其在我們業務中的占比。現金營運費用為3,950萬美元，年增7%，反映即使我們投資於最優先的成長計畫，仍持續維持費用紀律。

Notably, we reached a significant milestone this quarter as our run rate revenue per employee has risen to over $1 million on an annual basis. The combination of strong top line growth, favorable mix, and expense discipline drove another quarter of substantial adjusted EBITDA.

值得注意的是，本季我們達成一項重要里程碑：按年化計算，每位員工的營收運行率已提升至超過100萬美元。強勁的營收成長、有利的組合，以及費用紀律的結合，推動我們再度繳出一季可觀的調整後EBITDA。

Adjusted EBITDA totaled $42.5 million, up 69% year-over-year, with margin expanding nearly 640 basis points to 25.6% versus the year-ago quarter. Evidence of a meaningful operating leverage beginning to emerge in our model. On the bottom line, we reported a GAAP net loss of $3.2 million, or $0.03 per share, an improvement from a net loss of $14.1 million, or $0.13 per share, in the first quarter of fiscal 2026. It should be noted that we're finalizing a non-cash adjustment in our Form 10-Q that may be recorded against beginning retained earnings. This adjustment would impact the GAAP net loss, but not our non-GAAP results.

調整後EBITDA合計4,250萬美元，年增69%，利潤率較去年同期擴張近640個基點至25.6%。這顯示我們的模型開始浮現顯著的營運槓桿效益。在最終損益方面，我們報告GAAP淨損320萬美元，或每股0.03美元，較2026會計年度第一季的淨損1,410萬美元（每股0.13美元）有所改善。需要注意的是，我們正在完成10-Q表格中的一項非現金調整，可能會記錄於期初保留盈餘。此調整將影響GAAP淨損，但不影響我們的非GAAP結果。

On to our non-GAAP net income of $24.1 million or $0.19 per share based on 125.6 million diluted shares outstanding. This is more than tripling our non-GAAP net income of $7 million or $0.06 per share in the year-ago quarter, driven by strong top-line growth and continued operating expense discipline. Moving on to the cash flow and the balance sheet, we generated $17.9 million of cash from operations in the quarter, more than double the $8.8 million we generated in the first quarter of last year.

再來看非GAAP淨利為2,410萬美元，或每股0.19美元，係以1.256億股稀釋後流通股數計算。這較去年同期非GAAP淨利700萬美元（每股0.06美元）增加逾三倍，主要受惠於強勁的營收成長以及持續的營運費用紀律。接著看現金流與資產負債表，本季我們自營運活動產生現金1,790萬美元，較去年第一季的880萬美元增加逾一倍。

Non-GAAP free cash flow was $11.3 million, an improvement of approximately $10 million versus the prior year period. We also made progress in strengthening our balance sheet. We ended the quarter with cash and cash equivalents of $43.2 million, an increase of more than $5 million from the start of the fiscal year. Our total debt, net of debt issuance costs and discounts, reached approximately $352.9 million, which was down by more than $8 million during the quarter.

非GAAP自由現金流為1,130萬美元，較去年同期改善約1,000萬美元。我們也在強化資產負債表方面取得進展。本季期末現金及約當現金為4,320萬美元，較會計年度開始增加逾500萬美元。我們的總負債（扣除發債成本與折價）約為3.529億美元，本季減少逾800萬美元。

We amended our financing agreement during the quarter to secure more favorable terms. This reflected an improved leverage profile we have built over the past several quarters. Subsequent to quarter end, as a result of achieving certain leverage thresholds under that agreement, the applicable margin on our largest loan tranche was reduced by 50 basis points.

本季我們修訂了融資協議，以取得更有利的條款。這反映我們在過去數季建立起更佳的槓桿水準。在季後，由於在該協議下達成特定槓桿門檻，我們最大一筆貸款分段的適用利差下調50個基點。

We continue to remain focused to further strengthen the balance sheet as we move through the fiscal year. Turning to our outlook, given our strong start to the year and the continued momentum we are seeing, we are raising our fiscal 2027 guidance. We now expect revenue in a range of $650 million to $670 million for the year and adjusted EBITDA in a range of $145 million to $155 million, both up from the initial ranges of $630 million to $650 million and $135 million to $145 million we provided last quarter.

在本會計年度推進過程中，我們仍將持續專注於進一步強化資產負債表。接著談展望，鑑於我們今年開局強勁且持續看到的動能，我們上調2027會計年度指引。我們目前預期全年營收介於6.50億至6.70億美元，調整後EBITDA介於1.45億至1.55億美元，均高於上季提供的初始區間：營收6.30億至6.50億美元、調整後EBITDA 1.35億至1.45億美元。

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

接下來，我把時間交還給接線員，開放提問。接線員？

(Operator Instructions)

（接線員指示）

Anthony Stoss, Craig Hallum.

Anthony Stoss，Craig Hallum。

Hey, Bill and team, congrats on the strong execution yet again. So Bill, you talked about having many shots on goal with your different product offerings. How do you prioritize the growth drivers for this year and next? And then I had a couple of follow-ups.

嗨，Bill和團隊，恭喜再次展現強勁的執行力。Bill，你提到你們不同的產品提供讓你們有很多「射門機會」。你如何為今年以及明年的成長驅動因素排定優先順序？另外我還有幾個追問。

Thanks, Tony. If we kind of look in the rearview mirror, I think the really the three stars of the show were the international ODS business, up 80%. And I know we've talked in the past around concerns around device headwinds on DRAM prices. As you've seen Apple and others raising prices on devices. And the fact that we're able to grow our devices almost 15% in the quarter, and then our RPDs were up 40-plus percent, I think it's an 80% growth rate.

謝謝，Tony。如果我們回頭看，我認為真正的三大亮點之一是國際ODS業務，成長80%。我知道我們過去談過對裝置端逆風、DRAM價格的疑慮。你也看到Apple和其他廠商提高裝置價格。而我們仍能在本季將裝置量成長將近15%，同時每裝置營收（RPD）成長40%以上，我認為這就對應到80%的成長率。

I think that was star number one. But star number two and three were really on the AGP side. And just seeing second consecutive quarter of more than 50% growth in that business with our brand business, our DTX business, really starting to show some nice momentum out in the marketplace. We started the journey many years ago in the belief that we could create this mobile first channel for brand dollars coming on to the exchange where it's been largely focused on games. So that bearing fruit is something it's great to see.

我認為那是第一個亮點。但第二與第三個亮點其實是在AGP這一側。我們看到該業務連續第二季成長超過50%，其中品牌業務、DTX業務在市場上開始展現不錯的動能。多年前我們就開始這段旅程，因為我們相信可以打造一個以行動優先（mobile first）的通路，讓品牌預算進入交易所，而過去交易所主要聚焦在遊戲。因此看到這些開始開花結果，令人非常振奮。

It's kind of turning forward and looking into the future on the increased guide today, if I was going to prioritize, I think data and AI is at the top of the list for us. We've got a lot of untapped potential in that part of the business. Our brand business as well has got a lot of momentum behind it. So I'd probably put those in the short term as the top 2 priorities. And the other three things I talked about with flywheels and Ignite and alt apps will be the catalyst to keep it going in the future.

若往前看、著眼於今天上調的指引，若要我排優先順序，我認為數據與AI會是我們的首要重點。我們在這部分業務仍有大量尚未開發的潛力。我們的品牌業務同樣具備很強的動能。所以短期內我大概會把這兩項列為前兩大優先事項。而我提到的另外三件事——飛輪、Ignite以及替代應用（alt apps）——將會是未來持續推進的催化劑。

Got it. And then there's been a lot of media reports about the whole saga between Google and Epic and the jury trials, et cetera. Is that affecting at all your alternative app initiatives? And then after that, I have one last question.

了解。另外，媒體對Google與Epic之間的整個事件、陪審團審判等等有很多報導。這是否會影響你們的替代應用商店相關計畫？然後之後我還有最後一個問題。

Yes. So we think that this is going to open up a lot of opportunities now that, that injunction has been settled and Google has opened up their app store to other app stores. We think that's a tailwind. I actually just put a blog out on that. I think it was earlier today that got published, and so I'd encourage everyone to go take a look at that for the details. But net-net is it's just showing more democratization of app stores, and so I think that's a positive for companies like us.

會的。我們認為，現在禁制令已經落定、而Google也已向其他應用商店開放其應用商店，這將帶來許多機會。我們認為這是一股順風。我其實剛針對這件事發了一篇部落格。我想是今天稍早發布的，因此我鼓勵大家去看看細節。但總結來說，這顯示應用商店正變得更民主化，因此我認為這對像我們這樣的公司是正面的。

Got you. Last question. You kind of alluded to on the Ignite section of your call here about more deals coming and international business being strong. I'm just curious, it's been a month and a half or so since your Orange deal has been announced. Has that kind of rattled the cage, if you will, with some of the other European carriers to go in either on Ignite or SingleTap? I'd love to hear.

了解。最後一個問題。你在這次電話會議中提到 Ignite 的部分時，似乎暗示會有更多交易進來，而且國際業務表現強勁。我只是好奇，自從你們宣布與 Orange 的交易以來，大概已經過了一個半月左右。那是否在某種程度上「撼動」了其他一些歐洲電信業者，讓他們考慮在 Ignite 或 SingleTap 上採取行動？很想聽聽你的看法。

Yes, we've got a lot of momentum right now in that part of the business. And momentum begets momentum. And I mentioned in my prepared remarks that the pipeline's looking really good. So, I'd say stay tuned for more momentum coming there.

是的，我們在那一塊業務目前動能很強。而動能會帶來更多動能。我在事先準備的發言中也提到，管線看起來非常不錯。所以，我會說請拭目以待，那邊還會有更多動能出現。

Great job, Bill. Thank you.

做得很好，Bill。謝謝。

Dan Kurnos, StoneX.

Dan Kurnos，StoneX。

Yeah, great. Thanks. Good afternoon, Bill, definitely a fun one to jump into here. Nice print. Just first, maybe can you give us a little bit more color and unpack the international ODS device growth, just any areas of strength, OEMs, just any additional color you can give, especially given the broader backdrop that you have. And then I want to follow up with several AGP questions.

好的，很棒。謝謝。下午好，Bill，這場確實很有意思可以切入。成績很漂亮。首先，也許你能再多給我們一些細節，拆解一下國際 ODS 裝置成長的情況：有哪些強項領域、哪些 OEM（原始設備製造商）帶動，或任何你能補充的資訊，尤其是在你所處的整體大環境背景之下。接著我想追問幾個關於 AGP 的問題。

Yes, sure. On the international ODS front, we really saw growth from really the OEM partners in particular. So Motorola and Samsung were encouraging. And then some of our international operator partners also showed nice growth. And so that's a good news story, given, again, some of the broader macro things that we're all reading headlines around just chipset prices and so on.

好的，當然。在國際 ODS 方面，我們確實看到成長主要來自 OEM 夥伴，尤其是 OEM 合作夥伴。所以 Motorola 和 Samsung 的表現令人鼓舞。另外，我們的一些國際電信營運商合作夥伴也呈現不錯的成長。因此這是一個好消息，尤其是考量到我們都在新聞標題中看到的一些更廣泛的總體因素，例如晶片組價格等等。

So the fact to see growth in that part of our business is really something else also helps us bring more demand to the platform. So more supply actually brings more demand. And then you get a cumulative effect, which is showing up in the results of the 80% year-over-year growth.

因此，能在我們這部分業務看到成長，確實很不容易；同時也有助於我們為平台帶來更多需求。也就是說，更多供給其實會帶來更多需求。接著就會產生累積效應，而這也反映在年增 80% 的成長結果上。

Got it. And then to that point on demand, so brand up 70%, not that DTX is a slouch, up 40%. We know that brand budgets can be a little lumpier and more seasonal and programmatic. I mean, this is obviously an uneven ad market to say the least, although mobile has been doing particularly well and digital out of home. So how much of this is durable share gain and how should we kind of model that split for the next, pick a number three, four, five, six quarters, because the momentum in AGP has been really strong.

了解。再接著談需求這點，品牌端成長 70%，而 DTX 也不差，成長 40%。我們知道品牌預算可能更不均勻、也更具季節性與程式化特性。我的意思是，這顯然是一個至少可以說相當不均衡的廣告市場，雖然行動端表現特別好，數位戶外（DOOH）也是。所以，這裡面有多少是可持續的市占提升？而接下來（隨便挑個數字）三、四、五、六個季度，我們應該如何建模這個拆分？因為 AGP 的動能一直非常強。

Yeah, so we can probably spend some more time offline on some of the details around how to model it. But I think in terms of just kind of more generally speaking, we expect the growth to continue. A lot of the hard work we had to do to establish brand as a channel for mobile has been done. As you're well aware, a lot of the digital brand dollars disproportionately go to things like CTV or go to things like retail media. So we had to establish this mobile-first channel for brand.

是的，我們或許可以在會後再花點時間離線討論一些建模細節。但就更一般性的角度來看，我們預期成長會持續。我們為了把品牌建立成行動端的一個渠道所做的大量艱苦工作，已經完成了。如你所知，許多數位品牌預算會不成比例地流向像 CTV（連網電視）或零售媒體這類渠道。因此我們必須建立一個以行動優先（mobile-first）的品牌渠道。

And that required a lot of legwork externally with holding companies and agencies and a lot of the big names, the Procter & Gamble and Apple and Target and Amazon and so on, they're spending money with us today. So that took time to get those budgets and get those relationships, and we've done that externally.

而這需要在外部做大量的推進工作，與控股公司與代理商合作，並與許多大品牌合作；像寶僑（Procter & Gamble）、Apple、Target、Amazon 等等，他們今天都在我們這裡投放預算。所以，爭取到這些預算與建立這些關係需要時間，而我們在外部已經做到了。

And then internally, getting the tech stacks aligned, getting some of the legacy acquisition assets integrated together to be able to deliver those experiences, that's now paying dividends for us. We continue to leverage our data and our ability to target audiences, our expectation is that brands are going to continue to spend. So we're pretty optimistic about that being a growth driver for us.

然後在內部，把技術堆疊對齊、把一些過去併購而來的資產整合在一起，以便能交付那些體驗，現在也開始為我們帶來回報。我們持續運用我們的數據與受眾定向能力；我們的預期是品牌將會持續投入支出。所以我們對這會成為我們的成長驅動因素感到相當樂觀。

And is there any way, Bill, because you brought up AI and yield execution here, is there any way to kind of parse out how much of the fill rate and CPM growth is kind of market wide versus company specific?

Bill，還有沒有任何方法——因為你提到了 AI 與收益率（yield）執行——可以拆解一下填充率與 CPM 成長中，有多少是市場整體因素、又有多少是公司自身因素？

Yeah, I don't have anything specific to talk about on the macro side other than what we've seen is kind of mid to high single digit growth from a macro perspective. And like I mentioned in my prepared remarks that our rates are kind of closer to north of 40% year over year. And that's driven by just better targeting, better outcomes, better formats, all helping to drive better rates.

是的，關於宏觀面我沒有特別具體的數據可以補充，除了我們看到從宏觀角度大概是中到高個位數的成長。而如我在事先準備的發言中提到，我們的價格（rate）年增幅更接近 40% 以上。這主要是由更好的定向、更好的成效、更好的格式所驅動，這些都在推動更好的價格。

And last one is just what's the monetization lag on newly signed distribution? You talked about your SDK footprint expansion in APAC and non-gaming verticals, and I assume you've already kind of spent the CapEx build out associated with this.

最後一個問題：新簽的分發合作，其變現落後期（monetization lag）大概多久？你談到你們在亞太（APAC）以及非遊戲垂直領域擴大 SDK 覆蓋，我假設你們已經投入了與此相關的資本支出（CapEx）建置。

Yes. So what we're seeing right now that's really encouraging is the trend on the spend is encouraging, which is part of what's powering the 40% growth in DTX. And you mentioned non-gaming specifically. So those could be news, weather, sports, e-commerce, AI. There's a whole variety of categories that all of these fall into, that we're starting to see encouraging trends for. And so we believe we're taking share from competitors as a result of that. And it's something that you're really great to see showing up in the results.

是的。所以我們現在看到、而且非常令人鼓舞的是，支出趨勢是正向的，這也是推動 DTX 成長 40% 的一部分原因。你特別提到非遊戲。所以這些可能包括新聞、天氣、運動、電商、AI。這涵蓋了各式各樣的類別，而我們開始在這些類別中看到令人鼓舞的趨勢。因此我們相信，因為這些因素，我們正在從競爭對手手中取得市占。而看到這些反映在結果上，真的非常好。

Got it. Congrats on the quarter.

了解。恭喜這一季的表現。

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

（接線員指示）問答環節到此結束。我想把電話會議交回給 Bill，請他做任何結語。

Yeah, thanks all for joining our call tonight. We look forward to connecting in a few months to update you on our fiscal '27, second quarter earnings call. Have a great night.

好的，感謝各位今晚參加我們的電話會議。我們期待在幾個月後再與各位交流，向各位更新我們 2027 財年的第二季財報電話會議。祝各位晚安。

This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.

今天的電話會議到此結束。各位可以掛線。感謝參與，祝各位有美好的一天。