Criteo SA (CRTO) 2024 Q4 法說會逐字稿

Good morning, and welcome to Criteo's fourth quarter and fiscal year 2024 earnings call. (Operator Instructions) Please note, this event is being recorded.

早安，歡迎參加 Criteo 2024 財年第四季和財報電話會議。（操作員指示）請注意，此事件正在記錄中。

I would now like to turn the conference over to Melanie Dambre, Vice President, Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係副總裁 Melanie Dambre。請繼續。

Good morning, everyone, and welcome to Criteo's fourth quarter and fiscal year 2024 earnings call. Joining us on the call today, Chief Executive Officer, Megan Clarken; and Chief Financial Officer, Sarah Glickman, are going to share some prepared remarks. Todd Parsons, our Chief Product Officer will join us for the Q&A session.

大家早安，歡迎參加 Criteo 2024 財年第四季和財報電話會議。今天參加我們電話會議的還有執行長梅根·克拉肯 (Megan Clarken)；和財務長 Sarah Glickman 將發表一些準備好的演講。我們的首席產品長 Todd Parsons 將參加我們的問答環節。

As usual, you will find our investor presentation on our Investor Relations website now as well as our prepared remarks and transcript after the call. Before we get started, I would like to remind you that our remarks will include forward-looking statements which reflect Criteo's judgments, assumptions and analysis only as of today.

像往常一樣，您現在可以在我們的投資者關係網站上找到我們的投資者介紹以及電話會議後的準備發言和記錄。在我們開始之前，我想提醒您，我們的評論將包括前瞻性陳述，這些陳述僅反映 Criteo 截至今天的判斷、假設和分析。

Our actual results may differ materially from current expectation based on a number of factors affecting Criterio's business. Except as required by law, we do not undertake any obligation to update any forward-looking statements discussed today. For more information, please refer to the risk factors discussed in our earnings release as well as our most recent forms 10-K and 10-Q filed with the SEC.

由於影響 Criterio 業務的多種因素，我們的實際結果可能與目前預期有重大差異。除法律要求外，我們不承擔更新今天討論的任何前瞻性陳述的任何義務。欲了解更多信息，請參閱我們的收益報告中討論的風險因素以及我們向美國證券交易委員會提交的最新 10-K 和 10-Q 表格。

We will also discuss non-GAAP measures of our performance. Definitions and reconciliations to the most directly comparable GAAP metrics are included in our earnings release published today. Finally, unless otherwise stated, all growth comparisons made during this call are against the same period in the prior year.

我們也將討論我們的非公認會計準則績效衡量標準。我們今天發布的收益報告包含了最直接可比較的 GAAP 指標的定義和調整。最後，除非另有說明，本次電話會議中進行的所有成長比較均與去年同期進行比較。

With that, let me now hand it over to Megan.

說完這些，現在讓我把麥克風交給梅根。

Thanks, Melanie, and good morning, everyone. Thank you for joining us today. As we enter 2025, I'm thrilled that Michael Komasinski will be stepping in as our new CEO. I'm confident that he is the right leader to take the reins and continue to execute against Criteo's vision and the exciting journey ahead.

謝謝，梅蘭妮，大家早安。感謝您今天加入我們。當我們進入 2025 年時，我很高興 Michael Komasinski 將擔任我們的新執行長。我相信他是合適的領導者，能夠接手並繼續執行 Criteo 的願景和未來令人興奮的旅程。

With over 20 years of AdTech expertise and a proven track record of driving accelerated growth and AI-driven innovate all at scale, Michael brings a sharp focus on execution and agility to keep building on the momentum we've created. He'll officially join us on February 15. And from my part, I remain deeply passionate about this company and its future, and I'll be available to ensure a seamless transition.

Michael 擁有超過 20 年的廣告技術專業知識以及推動加速成長和大規模人工智慧驅動創新的成功經驗，他高度重視執行力和敏捷性，以繼續保持我們所創造的勢頭。他將於 2 月 15 日正式加入我們。就我而言，我仍然對這家公司和它的未來充滿熱情，我將竭誠確保順利過渡。

Looking back at the past five years, I'm incredibly proud of what we've accomplished together from a single product retargeting solution which was in decline to a multifunctional platform addressing adtech needs in the fastest-growing sector of advertising, commerce media.

回顧過去五年，我為我們共同取得的成就感到無比自豪，我們從一個日漸衰落的單一產品重定向解決方案，發展成為一個多功能平台，滿足廣告和商業媒體這一增長最快的領域中的廣告技術需求。

Our momentum is evident as we continue to deliver strong results with 2024 being our best year to-date. We've become the platform of choice for the buying and selling of Commerce Media with promising prospects for future. We've come a long way from that one solution business. It's been an incredible journey. And as I pass the baton, I do so with excitement for what I know that Criteo can achieve.

我們的勢頭顯而易見，我們將繼續取得強勁的業績，2024 年是我們迄今為止最好的一年。我們已成為商業媒體買賣的首選平台，未來前景光明。我們已經從單一解決方案業務取得了長足進步。這是一次令人難以置信的旅程。當我傳遞接力棒時，我非常興奮，因為我知道 Criteo 能夠取得這樣的成就。

So let me start off by sharing our top-level results for '24. Our high say/do ratio and strong execution has translated into double-digit growth for the third consecutive year, while also expanding our adjusted EBITDA margin for the second consecutive year. These record results reflect the outstanding work of our teams who are driving us forward every day.

首先，我想與大家分享我們 24 年的最高水準的業績。我們的高說/做比率和強大的執行力連續第三年實現了兩位數的成長，同時也連續第二年擴大了我們的調整後 EBITDA 利潤率。這些創紀錄的成績體現了我們團隊的出色工作，他們每天都在推動我們前進。

A highlight for us was the shift of our topline mix where we wrapped up 2024 with our retail media business exceeding $250 million in revenue. We bolstered our position as the leading independent retail media adtech provider and continue to gain market share in 2024 with a remarkable 31% year-over-year growth in media spend, which translated to above $1.5 billion. Our momentum keeps building.

對我們來說，最大的亮點是我們的營收結構發生了變化，到 2024 年，我們的零售媒體業務收入超過 2.5 億美元。我們鞏固了作為領先的獨立零售媒體廣告技術提供商的地位，並在 2024 年繼續獲得市場份額，媒體支出同比增長 31%，達到 15 億美元以上。我們的勢頭不斷增強。

If I zoom out and focus on Criteo's strategy, we're laser-focused on bringing together our most powerful assets. From our legacy of best-of-breed performance targeting to our direct access to thousands of websites that attract consumers along their buyer journey through our privileged access to retailer data and premium inventory.

如果我放遠目光，把焦點集中在 Criteo 的策略上，我們正​​全神貫注於整合我們最強大的資產。從我們一貫的最佳績效定位，到我們直接訪問數千個網站，透過我們對零售商數據和優質庫存的特權訪問，吸引消費者沿著他們的購買旅程。

We've developed a commerce media platform that seamlessly consolidates the buying and selling of commerce-focused ads at scale. The flexibility of our platform to extend beyond traditional audience reach and into ROI and attribution at scale is the promise that Criteo can make.

我們開發了一個商業媒體平台，可以無縫整合大規模商業廣告的購買和銷售。我們的平台靈活性超越了傳統的受眾範圍，並實現了大規模的投資回報率和歸因，這是 Criteo 的承諾。

To deliver high ROI optimized attribution measured consistently and to industry standards is our direction, a direction that will propel digital advertising to the next level. Our strategy is focused on ensuring a unified commerce experience, which is central to the future of advertising.

提供符合業界標準的、一致衡量的高投資報酬率最佳化歸因是我們的方向，這個方向將推動數位廣告更上一層樓。我們的策略重點是確保統一的商業體驗，這對廣告的未來至關重要。

With two decades of commerce AI and rich data from our supply and demand side partners, we deliver targeted ads throughout the buyer journey from discovery to purchase. Our goal is to empower advertisers with full funnel strategies that reach shoppers across multiple channels, optimize performance and seamlessly integrate first-party data for enhanced personalization and to activate all through the Criteo commerce media platform.

憑藉二十年的商業人工智慧和供需方合作夥伴的豐富數據，我們在買家從發現到購買的整個旅程中提供有針對性的廣告。我們的目標是讓廣告主能夠採用完整的管道策略，透過多種管道接觸購物者，優化效能，無縫整合第一方數據，以增強個人化，並透過 Criteo 商業媒體平台啟動所有內容。

We've successfully elevated and differentiated our positioning in the market, and we're proud to have major enterprise clients like Macy's now utilizing all parts of our platform to meet their needs. This includes our demand-side capabilities with Commerce Growth, and Commerce Max and our supply-side solutions through Commerce Grid and Commerce Yield.

我們已成功提升並差異化了我們的市場定位，我們很自豪能夠擁有像梅西百貨這樣的大型企業客戶，他們現在正在利用我們平台的各個部分來滿足他們的需求。這包括我們透過 Commerce Growth 和 Commerce Max 提供的需求方能力以及透過 Commerce Grid 和 Commerce Yield 提供的供應方解決方案。

Our holistic commerce media value proposition, independence and AI-driven best-in-class performance are our key differentiators. Importantly, our platform value proposition positions us to win with agencies, which continue to be a strategic channel for us. Our agency business growth outpaced the growth of the rest of our business in 2024 and we expect to accelerate further on this momentum.

我們的整體商業媒體價值主張、獨立性和人工智慧驅動的一流表現是我們的主要差異化因素。重要的是，我們的平台價值主張使我們能夠贏得代理商的支持，而代理商仍然是我們的策略管道。2024年，我們的代理業務成長超過了其他業務的成長，我們預計這一勢頭將進一步加速。

We're excited to see that our major holdco agencies increasingly leverage our comprehensive commerce media platform as an enterprise play. We're thrilled to announce the recent renewal and expansion of our three-year US partnership with a leading holding agency to now become a global strategic deal, leveraging more of our platform's powerful commerce solutions.

我們很高興地看到，我們的主要控股機構越來越多地利用我們全面的商業媒體平台作為企業營運平台。我們很高興地宣布，我們與一家領先的控股機構在美國續簽並擴大了三年的合作夥伴關係，現已成為一項全球戰略交易，將更多地利用我們平台強大的商業解決方案。

Our expanding agency relationships are a testament to the value of our strategic focus and industry-leading capabilities. When it comes to retailers, we understand their needs, and we're proud that they trust Criteo with more ad placements, ad formats, first-party data than ever.

我們不斷擴大的代理關係證明了我們的策略重點和產業領先能力的價值。對於零售商，我們了解他們的需求，我們很自豪他們比以往更信任 Criteo，向他們提供更多的廣告展示位置、廣告格式和第一方數據。

As we highlighted during our retail media update, we have a unified offering set up for scale. We've created a flywheel, meaning the more retailers we partner with, the more brands we attract. Our multifaceted demand strategy helps brands and agencies scale, while our modular approach and professional services support retailers' growth in the fastest-growing advertising channel.

正如我們在零售媒體更新期間所強調的那樣，我們擁有統一的規模化產品。我們創造了一個飛輪，這意味著我們合作的零售商越多，我們吸引的品牌就越多。我們多方面的需求策略可協助品牌和代理商擴大規模，而我們的模組化方法和專業服務可支援零售商在成長最快的廣告管道中實現成長。

We recently secured significant new retailer partnerships worldwide as part of our strategic -- exciting strategic collaboration with Microsoft Advertising and we're happy to announce five new retailer wins across regions. Those retailers are expected to launch in the first half of 2025.

作為我們與微軟廣告公司激動人心的策略合作的一部分，我們最近在全球範圍內獲得了重要的新零售商合作夥伴關係，我們很高興地宣佈在各個地區贏得了五家新的零售商。這些零售商預計將於 2025 年上半年開幕。

Meanwhile, we're making great progress with our tech integration with Microsoft Advertising on the demand side. And we look forward to testing beginning in the first half of the year. In EMEA, we're thrilled to announce a new partnership with Harrods in the UK, expanding our presence in the luxury department store category.

同時，我們在需求面與微軟廣告的技術整合方面也取得了巨大進展。我們期待在今年上半年開始測試。在歐洲、中東和非洲地區，我們很高興宣布與英國哈羅德百貨建立新的合作夥伴關係，擴大我們在奢侈品百貨類別的影響力。

We delivered another quarter with over $150 million in agency spend going through our Commerce Max DSP in the US alone, resulting in more than 50% growth with US holding agencies in 2024. Our strength in retail media has been largely driven by our work in powering sponsored ads for our clients. And we see this as an on-ramp renewal formats that represent a growing opportunity.

我們在本季僅在美國就透過 Commerce Max DSP 實現了超過 1.5 億美元的代理支出，到 2024 年，美國控股代理商的成長率將超過 50%。我們在零售媒體領域的優勢很大程度上源自於我們為客戶提供贊助廣告的工作。我們認為這是一個代表著不斷增長的機會的更新模式。

These include display ads, video and off-site advertising. Retailers benefit most when they take a holistic approach to their media strategy, and that's exactly what our platform enables. Most recently, we launched new on-site formats, including display with Albertsons and Giant Eagle and video ads with Costco and Douglas.

其中包括展示廣告、影片廣告和站外廣告。當零售商採用整體方法來制定媒體策略時，他們會受益最多，而這正是我們的平台所能夠實現的。最近，我們推出了新的現場形式，包括與 Albertsons 和 Giant Eagle 合作的展示廣告以及與 Costco 和 Douglas 合作的影片廣告。

We've also been seeing an uptick in the adoption of retail media off-site campaigns where retailers extend their advertising reach across the open web. We have about 30 retailers now participating in this opportunity with Criteo, including the recent addition of one of Europe's leading toy retailers, Joué Club.

我們也看到零售媒體場外活動的採用率上升，零售商透過開放網路擴大了他們的廣告覆蓋範圍。目前，我們有大約 30 家零售商與 Criteo 一起參與這項活動，其中包括最近加入的歐洲領先玩具零售商之一 Joué Club。

Meanwhile, we're pleased to see that 3,500 brands are now leveraging our platform globally to reach shoppers across multiple retailer sites. In 2024, we added 1,000 brands, which is 3 times the number of brands we added in 2023. Our retail media business continues to perform well with strong growth and leading market position, we feel great about that progress.

同時，我們很高興地看到，目前全球有 3,500 個品牌正在利用我們的平台接觸多個零售網站上的購物者。2024年，我們增加了1,000個品牌，是2023年新增品牌數量的3倍。我們的零售媒體業務持續表現良好，成長強勁並佔據領先的市場地位，我們對這一進展感到非常高興。

Now turning to Performance Media. We delivered strong growth in commerce audiences, up 32% this year, while retargeting grew slightly. Retargeting represents 40% of our business as we exited 2024 compared to close to 90% of our topline in early 2020. Today, we're positioned at the forefront of the changes in our industry.

現在轉向 Performance Media。我們的商業受眾實現了強勁成長，今年成長了 32%，而重新定位也略有成長。到 2024 年結束時，重新定位占我們業務的 40%，而 2020 年初比例接近 90%。今天，我們正處於產業變革的前沿。

We believe we're prepared for any scenario, and we no longer plan our business around the deprecation of third-party cookie. The combination of our advanced AI and unique access to commerce data to achieve high performance outcomes of clients has enabled us to secure more targeting budget with a strong track record of delivering the performance that client demand with the ideal partners to execute full funnel strategies and drive measurable results at every stage of the buyer journey.

我們相信我們已經為任何情況做好了準備，我們不再圍繞第三方 cookie 的棄用來規劃我們的業務。我們結合先進的人工智慧和獨特的商業數據存取方式，為客戶實現高效能成果，這使我們能夠獲得更多的目標預算，並與理想的合作夥伴一起提供滿足客戶需求的績效，以執行完整的通路策略並在買家旅程的每個階段推動可衡量的成果。

We're encouraged by our recent success in capturing budgets from traditional open web upper-funnel DSPs. Our advertisers are seeing benefits when they plan, buy and optimize across multiple channels, including open web and social.

我們最近成功地從傳統開放式網路上層漏斗 DSP 中獲取了預算，這讓我們感到鼓舞。當我們的廣告主跨多個管道（包括開放網路和社交）進行規劃、購買和優化時，他們就會看到好處。

In Q4, we saw a 45% sequential increase in media spend allocated to our social campaigns as we help our clients add reach with performance. The Facebook and Instagram, we're excited to expand our offering beyond retargeting, enabling advertisers to activate method inventory at the SKU level for their commerce audience campaigns in 2025.

在第四季度，我們幫助客戶擴大了影響力並提升了效果，分配給社群活動的媒體支出較上季增加了 45%。對於 Facebook 和 Instagram，我們很高興能夠將我們的服務擴展到重新定位之外，使廣告商能夠在 2025 年為他們的商業受眾活動在 SKU 層級啟動方法庫存。

Our testing for commerce audiences shows a significant performance uplift with Meta's large-scale inventory and powerful communities. So we're moving to general availability this quarter. With social proving to be an effective channel for bringing commerce recommendations and experiences to consumers, we plan to expand into more social environments in the future.

我們針對商業受眾進行的測試表明，Meta 的大規模庫存和強大的社群顯著提高了效能。因此我們將於本季推出全面產品。事實證明，社交是向消費者提供商業建議和體驗的有效管道，我們計劃在未來擴展到更多的社交環境。

Our AI innovation fuels our growth and continues to set the stage for our future success. In 2024, we saw significant advancements in AI-driven performance as our Criteo AI Lab has continued innovating to optimize campaigns and unlock additional budgets.

我們的人工智慧創新推動了我們的成長，並繼續為我們未來的成功奠定基礎。2024 年，隨著我們的 Criteo AI 實驗室不斷創新以優化廣告活動並釋放更多預算，我們看到了 AI 驅動效能的重大進步。

Commerce Go! is our next-generation AI-powered automation and optimization tool set. It's designed to make campaign creation and management faster and easier and was rolled out in Q4. We're rapidly advancing towards a self-service model to drive scale, enabling clients to launch a campaign in just five clicks.

商業進行！是我們下一代基於人工智慧的自動化和最佳化工具集。它旨在使活動的創建和管理更快、更容易，並於第四季度推出。我們正在迅速推進自助服務模式以擴大規模，使客戶只需五次點擊即可發起活動。

Our clients value the easy setup and are pleased with the results they're getting as our advanced AI automates decisions around audiences, channels, ad formats and create ads to maximize results.

我們的客戶重視簡單的設置，並對他們獲得的結果感到滿意，因為我們的先進人工智慧可以自動圍繞受眾、管道、廣告格式做出決策並創建廣告以最大化結果。

We're off to a great start and very pleased with the activation of hundreds of campaigns of Commerce GO! since the beginning of Q4. We've seen great adoption with small clients driving more than half of our Commerce GO! revenue, and this is expected to remain a big area for us in 2025.

我們已經有了一個良好的開端，並且對 Commerce GO 數百個活動的啟動感到非常高興！自第四季開始以來。我們已看到小客戶廣泛採用我們的 Commerce GO！收入，預計到 2025 年這仍將是我們的一個重要領域。

As Criteo enters 2025, we're focused on growing our scale through cross-selling, upselling and the expansion of our strategic partnerships to fully harness commerce media. We see the ongoing convergence of commerce and advertising as an opportunity to shape the future of advertising by leveraging our massive commerce data, 20 years of AI expertise and innovative ad formats to drive product discovery, engagement and sales.

隨著 Criteo 進入 2025 年，我們專注於透過交叉銷售、追加銷售和擴大策略合作夥伴關係來擴大規模，以充分利用商業媒體。我們認為，商業和廣告的持續整合是一個機遇，可以利用我們海量的商業數據、20 年的人工智慧專業知識和創新的廣告形式來推動產品發現、參與和銷售，從而塑造廣告的未來。

Powered by our AI engine, which processes trillions of intent signals. We delivered personalized product recommendations across 5 billion SKUs, enhancing the shopping experience, increasing basket sizes and maximizing sales of clients. We're operating from a position of strength with the best competitive position we have ever had.

由我們的 AI 引擎提供支持，可處理數萬億個意圖訊號。我們為 50 億個 SKU 提供了個人化的產品推薦，增強了購物體驗、增加了購物籃規模並最大限度地提高了客戶的銷售額。我們憑藉優勢地位和有史以來最強的競爭優勢來開展營運。

We're excited to seize the opportunities ahead and confident in our strategy to drive sustainable, profitable growth and shareholder value. Everything we've achieved has been a true team effort, driven by our talented Criteos and valued clients.

我們很高興抓住未來的機遇，並對我們的策略充滿信心，以推動可持續的獲利成長和股東價值。我們所取得的一切成就都是團隊共同努力的成果，得益於我們才華洋溢的 Criteos 和尊貴的客戶。

And I personally want to express my deepest gratitude to our investors for your unwavering support. The foundation we've built is stronger than ever. And with Michael at the helm, I believe Criteo is well positioned for continued growth and success.

我個人也想向我們的投資人表達最深切的謝意，感謝你們堅定不移的支持。我們所建立的基礎比以往更加牢固。我相信，在邁克爾的領導下， Criteo 將能夠繼續發展並取得成功。

With that, I'll turn the call over to Sarah, who will provide more details on our financial results and our outlook.

說完這些，我將把電話轉給莎拉，她將提供有關我們的財務表現和前景的更多詳細資訊。

Thank you, Megan, and good morning, everyone. We delivered record results in 2024 with double-digit growth, significant margin expansion and strong cash flow generation. Starting with our financial highlights for 2024, revenue was $1.9 billion and contribution ex-TAC grew by 11% at constant currency, reaching over $1.1 billion.

謝謝你，梅根，大家早安。2024 年，我們取得了創紀錄的業績，實現兩位數成長、利潤率大幅擴大並產生強勁現金流。從我們 2024 年的財務亮點開始，營收為 19 億美元，扣除 TAC 後的貢獻按固定匯率計算增長了 11%，達到 11 億美元以上。

In Retail Media, revenue was $258 million and contribution ex-TAC was $254 million, up 25% year-over-year at constant currency as we continue to expand with our retailers brands and agency partners. In Performance Media, revenue was $1.7 billion and contribution ex-TAC was $868 million, up 8% at constant currency.

在零售媒體方面，營收為 2.58 億美元，扣除 TAC 後的貢獻為 2.54 億美元，以固定匯率計算年增 25%，因為我們繼續與零售商品牌和代理商合作夥伴擴大業務。在 Performance Media 方面，營收為 17 億美元，扣除 TAC 後的貢獻為 8.68 億美元，以固定匯率計算成長 8%。

This includes 32% growth in commerce audiences due to clients' continued strong adoption of our AI-powered targeting solutions and a 2% increase in retargeting over last year. We delivered a strong adjusted EBITDA margin of 35%, up 500 basis points year-over-year driven by operating leverage enabled by topline growth and greater operational productivity while we continue to invest in fueling our future growth.

其中，由於客戶持續大力採用我們的人工智慧定位解決方案，商業受眾成長了 32%，並且重新定位量比去年增加了 2%。我們實現了強勁的調整後 EBITDA 利潤率，達到 35%，比去年同期上升了 500 個基點，這得益於營業收入成長和營運效率提高帶來的營業槓桿，同時我們繼續投資以推動未來成長。

We delivered free cash flow of $182 million, up 65% year-over-year. This represents 47% of adjusted EBITDA. Our adjusted net income increased 40% year-over-year to $268 million and adjusted EPS was up 44% to $4.57 in 2024.

我們實現了 1.82 億美元的自由現金流，年增 65%。這佔調整後 EBITDA 的 47%。我們的調整後淨收入年增 40% 至 2.68 億美元，調整後每股收益在 2024 年增長 44% 至 4.57 美元。

Turning to our fourth quarter performance. Revenue was $553 million, and contribution ex-TAC was $334 million. This includes the year-over-year headwind from foreign currencies of $5 million, mainly reflecting the weakening of the euro against the US dollar.

談談我們第四季的表現。收入為 5.53 億美元，扣除 TAC 後的貢獻為 3.34 億美元。其中包括同比 500 萬美元的外幣逆風，主要反映歐元兌美元的走弱。

At constant currency, Q4 contribution ex-TAC grew by 7%, primarily driven by a 23% growth in Retail Media. Performance Media was up 3% year-over-year with commerce audience targeting up 15% year-over-year and 75% on a two-year stack basis, partially offset by lower retargeting and adtech services and supply down 2% and 4%, respectively.

以固定匯率計算，第四季扣除 TAC 後的貢獻成長了 7%，主要得益於零售媒體 23% 的成長。Performance Media 較去年同期成長 3%，其中商業受眾定位年增 15%，以兩年堆疊計算成長 75%，但被重新定位和廣告科技服務的下降以及供應分別下降 2% 和 4% 所部分抵銷。

After a slower start to the quarter, retargeting went back to growth in December. Overall, we have continued to benefit from a broad and diverse client base and high client retention of close to 90%. As mentioned during our investor event in November, we saw trends normalize after the US election, and our team performed exceptionally well during the holiday season.

在本季開局放緩之後，重新定位在 12 月恢復成長。總體而言，我們繼續受益於廣泛而多樣化的客戶群和接近 90% 的高客戶保留率。正如我們在 11 月的投資者活動中提到的那樣，我們看到美國大選後的趨勢恢復正常，而且我們的團隊在假期期間表現非常出色。

This followed a temporary distortion in the advertising market caused by the political advertising cycle. As a reminder, Criteo as a commerce media platform has no political advertising spend.

此前，政治廣告週期導致廣告市場出現暫時扭曲。提醒一下，Criteo 作為商業媒體平台沒有政治廣告支出。

Turning to our business segments. In Retail Media, revenue was $92 million and contribution ex-TAC grew 23% at constant currency to $90 million on top of 29% with last year. Our growth was driven by continued strength in real media on-site and an uptick in off-site campaigns.

轉向我們的業務部門。在零售媒體方面，營收為 9,200 萬美元，扣除 TAC 後的貢獻以固定匯率計算成長 23%，達到 9,000 萬美元，而去年同期則成長了 29%。我們的成長得益於現場實體媒體的持續強勁以及場外宣傳活動的增加。

Growth from existing clients was strong with same retailer contribution ex-TAC retention at 126%, driven by multiyear contracts and exclusive partnerships with most of our retailer clients. We had another exceptional holiday season and saw advertising spend grow in all categories during the traditional Cyber 6 peak.

現有客戶的成長勢頭強勁，同一零售商的貢獻（不包括 TAC）保留率為 126%，這得益於與大多數零售商客戶簽訂的多年期合約和獨家合作夥伴關係。我們度過了又一個異常美好的假期季，在傳統的 Cyber​​ 6 高峰期，所有類別的廣告支出均實現成長。

During Cyber 6, media spend grew 37% for our 10 largest retailers and the number of brands advertising across our network increased by close to 20% compared to last year. Given our outside performance during the holiday period, late in the quarter, we benefited from higher fees for achieving annual volume thresholds.

在 Cyber​​ 6 期間，我們 10 家最大零售商的媒體支出增加了 37%，在我們的網路上投放廣告的品牌數量與去年相比增加了近 20%。鑑於我們在本季末假期期間的外部表現，我們受益於達到年度交易量門檻的更高費用。

Of 3,500 global brands including the addition of 400 new brands in Q4 are prioritizing retail media as a key channel for their investments to reach relevant audiences and sell more products. We also experienced significant momentum with agencies through our multiyear partnerships with agency holdcos.

全球 3,500 個品牌（包括第四季度新增的 400 個品牌）均將零售媒體作為其投資的重要管道，以接觸相關受眾並銷售更多產品。透過與代理控股公司的多年合作，我們在代理機構業務方面也取得了顯著的發展。

In Performance Media, revenue was $461 million and contribution ex-TAC was $244 million, up 3% at constant currency. We had a successful Cyber week and saw sustained momentum throughout December, which has continued into the beginning of this year. We benefited from our latest AI-driven performance optimization, which drove the contribution ex-TAC uplift in the [double-digit million] range of gain this quarter.

在 Performance Media 方面，營收為 4.61 億美元，扣除 TAC 後的貢獻為 2.44 億美元，以固定匯率計算成長 3%。我們成功舉辦了網路週，並在整個 12 月保持了持續的勢頭，這種勢頭一直延續到今年年初。我們受惠於最新的人工智慧驅動的效能優化，這推動了本季 TAC 貢獻提升至 [ 數千萬 ] 左右。

Some end markets did incredibly well while others experienced a more challenging backdrop. Travel remains our fastest-growing vertical, up an impressive 46% and followed by classified and retail. Within retail, fashion was down 1%, offset by solid trends in categories such as, consumer electronics and hobby and leisure.

有些終端市場表現非常好，而其他終端市場則面臨更具挑戰性的環境。旅遊仍然是我們成長最快的垂直行業，增幅高達 46%，其次是分類廣告和零售。在零售業中，時尚產品銷售額下降了 1%，但被消費性電子產品、業餘愛好和休閒等類別的強勁成長趨勢所抵消。

We delivered strong growth in commerce audiences up 15% with over 80% of our media spend from clients using both commerce audiences and retargeting to reach consumers across the entire buyer journey. We also saw some budget shift to broader campaigns, resulting in lower retargeting and higher commerce audiences.

我們的商業受眾實現了 15% 的強勁成長，其中超過 80% 的媒體支出來自客戶使用商業受眾和重新定位來覆蓋整個購買旅程中的消費者。我們也看到一些預算轉向了更廣泛的活動，從而降低了重新定位的門檻並增加了商業受眾。

Lastly, adtech services was down 4%, a significant sequential improvement following a dip in performance in Q3, reflecting proactive actions we have taken to mitigate the impact of reduced spending by a major adtech client in our media trading marketspace.

最後，廣告科技服務下降了 4%，繼第三季業績下滑後，環比有了顯著改善，這反映了我們採取積極措施，以減輕我們媒體交易市場領域的主要廣告科技客戶減少支出的影響。

We delivered an adjusted EBITDA of $144 million in Q4 2024. Non-GAAP operating expenses increased 12% driven by planned growth investments partially offset our continued focus on productivity, a slower pace of hiring for investment roles, lower bad debt expense due to strong cash collections and lower-than-expected social charges for our RSUs. Overall expenses were also lower due to our foreign exchange rate benefit on our euro-based costs.

我們 2024 年第四季的調整後 EBITDA 為 1.44 億美元。非公認會計準則營業費用增長 12%，主要由於計劃增長投資，部分抵消了我們對生產力的持續關注、投資崗位招聘速度放緩、強勁的現金回籠導致的壞賬費用降低以及 RSU 的社會費用低於預期。由於我們以歐元為基礎的成本享受到外匯匯率優惠，整體費用也降低了。

Moving down the P&L, depreciation and amortization increased 11% in Q4 2024, and share-based compensation expense was $22 million including $4 million related to shares granted to Iponweb’s founder. Our income from operations was $95 million in Q4 2024, and our net income was $72 million, up 16% year over year.

沿著損益表走下去，2024 年第四季的折舊和攤銷增加了 11%，股權激勵費用為 2,200 萬美元，其中包括與授予 Iponweb 創始人的股份相關的 400 萬美元。2024 年第四季度，我們的營業收入為 9,500 萬美元，淨收入為 7,200 萬美元，年增 16%。

Our weighted as diluted share count was 57.6 million. This resulted in diluted earnings per share of $1.23. Our adjusted diluted EPS was $1.75 in Q4 2024, up 15% year-over-year. We canceled a total of 3.6 million shares in 2024 including 1.4 million shares canceled in Q4.

我們的加權稀釋股數為 5,760 萬股。這導致每股攤薄收益為 1.23 美元。 2024 年第四季度，我們的調整後攤薄每股收益為 1.75 美元，年增 15%。我們在 2024 年共取消了 360 萬股股票，其中包括第四季取消的 140 萬股股票。

We benefit from a strong financial position with solid cash generation and no long-term debt. We had about $782 million in total liquidity as of the end of December, which gives us significant financial flexibility to execute our growth and capital allocation strategy.

我們的財務狀況良好，現金流充足，沒有長期債務。截至 12 月底，我們的總流動資金約為 7.82 億美元，這為我們執行成長和資本配置策略提供了極大的財務靈活性。

We generated strong free cash flow of $182 million in 2024, up 65% year-over-year, including $146 million in the fourth quarter. We continue to have a disciplined and balanced capital allocation strategy, our priority to invest in high ROI investments to enable organic growth and value-enhancing acquisitions and to return capital to shareholders via our share buyback program.

我們在 2024 年產生了強勁的自由現金流，達到 1.82 億美元，年增 65%，其中第四季為 1.46 億美元。我們持續實行嚴謹、均衡的資本配置策略，優先投資高投資報酬率的投資，以實現有機成長和增值收購，並透過股票回購計畫向股東返還資本。

In 2024, we deployed a record $225 million of capital or 124% of our free cash flow for the year for share repurchases. This included 6 million shares repurchased at an average cost of $37.60 per share. As of December 31, 2024, there was $44 million remaining under the current authorized share repurchase program and we shared this morning that the Board increased our remaining share buyback authorization to up to $200 million.

2024 年，我們投入了創紀錄的 2.25 億美元資本，即當年自由現金流的 124% 用於股票回購。其中包括以平均每股 37.60 美元的價格回購 600 萬股。截至 2024 年 12 月 31 日，目前授權股票回購計畫剩餘 4,400 萬美元，我們今天上午分享了董事會將我們剩餘的股票回購授權增加至最高 2 億美元。

Our capital allocation strategy demonstrates our confidence in our business strategy, financial strength and our ongoing commitment to enhance shareholder value.

我們的資本配置策略顯示了我們對我們的業務策略、財務實力以及持續提升股東價值的承諾的信心。

Turning to our financial outlook, which reflects our expectations as of today, February 5, 2025. For 2025, we expect contribution ex-TAC to grow mid-single digits at constant currency with growth in each of our segments.

談到我們的財務展望，它反映了我們截至今天（2025 年 2 月 5 日）的預期。到 2025 年，我們預計，按固定匯率計算，扣除總營收貢獻 (TAC) 將實現中等個位數成長，並且各個部門都將實現成長。

We are confident in our guidance for which we anticipate potential upside depending on the progress of key initiatives and new capabilities, integration of partnerships and ramping of newer client relationships. We will keep you abreast of our trajectory as we report throughout the year. We estimate ForEx changes to drive a negative year-over-year impact of about $15 million to $20 million on contribution ex-TAC for the full year.

我們對我們的指引充滿信心，我們預期潛在的上升空間取決於關鍵措施和新能力的進展、合作夥伴關係的整合以及新客戶關係的加強。我們將在全年報告中向您通報我們的發展軌跡。我們估計，外匯變化將對全年不計入 TAC 的貢獻造成約 1,500 萬至 2,000 萬美元的年比負面影響。

In Retail Media, we expect to continue to grow rapidly from a scaled $250 million revenue base. We expect media spend to grow faster than the market as we anticipate further share gains. We forecast 20% to 22% growth in contribution ex-TAC at constant currency.

在零售媒體方面，我們預計營收將在 2.5 億美元的基礎上繼續快速成長。我們預計媒體支出的成長速度將快於市場，因為我們預期份額將進一步增加。我們預測，以固定匯率計算，扣除 TAC 後的貢獻將成長 20% 至 22%。

We have deep integration with retailers and our retail media playbook is expected to drive durable growth and scale across our network. As you know, we successfully completed the transition of our largest client to a direct sales model in 2024, and our 2025 guidance reflects the remaining impact until we fully lap the gradual transition in the later part of the year. We expect continued strong momentum across our client base and look forward to ramping up our partnerships with Microsoft Advertising retailers.

我們與零售商進行了深度整合，我們的零售媒體策略有望推動整個網路的持久成長和規模。如您所知，我們在 2024 年成功完成了我們最大客戶向直銷模式的過渡，而我們的 2025 年指引反映了剩餘的影響，直到我們在今年下半年完全完成逐步過渡。我們預計我們的客戶群將繼續保持強勁發展勢頭，並期待加強與微軟廣告零售商的合作夥伴關係。

We expect contribution ex-TAC to grow low single-digits for Performance Media as we anticipate continued traction in our suite of solutions to drive performance for advertisers throughout the buyer journey from product discovery to purchase, despite lapping significant AI-driven performance enhancements from 2024.

我們預計，Performance Media 的 TAC 貢獻將以低個位數成長，因為我們預計，儘管從 2024 年開始人工智慧驅動的效能提升將顯著提升，但我們的解決方案套件將繼續保持吸引力，從而推動廣告商在從產品發現到購買的整個購買過程中的表現。

We're excited about our platform innovation and look forward to ramping up Commerce Go! over the course of the year while continuing to see benefits from our AI-driven optimization focused on expanding client budget and gaining share and scale by driving superior outcomes.

我們對我們的平台創新感到非常興奮，並期待著提升 Commerce Go！在這一年中，我們繼續從人工智慧驅動的優化中獲益，專注於擴大客戶預算，並透過推動卓越的成果來獲得份額和規模。

We continue to review our disclosures to ensure they align with how we operate our business, our go-to-market strategy and as we enter the next chapter in our transformation. We no longer plan our business around a deprecation of third-party cookies. This, along with over 80% of client budgets now leveraging multiple solutions throughout the buyer journey means that we will no longer isolate the retargeting tactic when discussing our financial performance going forward.

我們將繼續審查我們的揭露，以確保它們與我們的業務運作方式、我們的市場進入策略以及我們進入轉型的下一章的方式一致。我們不再圍繞棄用第三方 Cookie 來規劃業務。這一點，加上現在超過 80% 的客戶預算在整個買家旅程中利用多種解決方案，意味著我們在討論未來的財務表現時將不再孤立地考慮重新定位策略。

We have disciplined in strategically allocating our resources to higher growth areas while enable productivity and cost efficiencies. In 2025, we are investing in high ROI initiatives that are incremental to our Commerce Media platform, enabling both scale of media spend, and optimization of our operating model.

我們嚴格遵守策略要求將資源分配到更高成長領域，同時提高生產力和成本效率。2025 年，我們將投資於高投資報酬率計劃，這些計劃將對我們的商業媒體平台產生增量影響，既能擴大媒體支出規模，又能優化我們的營運模式。

Overall, we anticipate an adjusted EBITDA margin of approximately 33% to 34% for 2025. This reflects disciplined cost management while investing for the future growth of our Commerce Media platform including scaling retail media capabilities and continued investments in AI innovation and performance.

總體而言，我們預計 2025 年調整後的 EBITDA 利潤率約為 33% 至 34%。這反映了嚴格的成本管理，同時投資於我們商業媒體平台的未來成長，包括擴展零售媒體能力並持續投資於人工智慧創新和效能。

It also includes the cost of a company-wide internal event planned for Q2, representing 1 percentage point of adjusted EBITDA margin. This is a high ROI investment in our teams and at an ideal time with Michael joining as our new CEO, and as Criteo celebrates his 20th anniversary as a company.

它還包括計劃於第二季度舉行的全公司內部活動的成本，佔調整後 EBITDA 利潤率的 1個百分點。這是對我們團隊的一項高回報率投資，而且時機非常理想，Michael 加入並擔任我們的新任首席執行官，而 Criteo 也正慶祝公司成立 20 週年。

As demonstrated in previous years, we prioritized high-return investments that lead to strong growth enabling margin expansion. We anticipate that the investments we are making this year will position us for continued topline growth and strong cash flow generation for the coming years.

正如前幾年所表明的那樣，我們優先考慮高回報的投資，以實現強勁的成長並擴大利潤率。我們預計，今年的投資將使我們在未來幾年繼續實現營收成長並產生強勁的現金流。

We expect a normalized tax rate of 22% to 27% on current rules. Consistent with prior years, our overall CapEx is expected to be between $90 million and $100 million as we continue to invest and optimize our leading AI infrastructure. We expect a free cash flow conversion rate of about 45% of adjusted EBITDA before any non-recurring items. And for modeling purposes, we assume a flat number of shares outstanding in 2025.

根據現行規定，我們預計標準稅率為 22% 至 27%。與往年一致，隨著我們繼續投資和優化我們領先的人工智慧基礎設施，我們的整體資本支出預計在 9,000 萬美元至 1 億美元之間。我們預計，扣除任何非經常性項目前的調整後 EBITDA 的自由現金流轉換率約為 45%。為了建模目的，我們假設 2025 年流通股數量保持不變。

We're off to a solid start in January. For Q1 2025, we expect contribution ex-TAC $256 million to $260 million growing up 3% to 5% at constant currency. At the midpoint, this represents growth of 21% on a two-year stack basis. We are lucky lapping a tougher comparison in Q1 2024 as the prior year period, including the benefits of the -- sorry, leap day and an earlier Easter, which accounted for 2 percentage points of growth in Q1 2024 and won't repeat this year as well as significant AI-driven performance enhancement.

我們一月份的開局很好。對於 2025 年第一季度，我們預計扣除 TAC 後的貢獻將達到 2.56 億美元至 2.6 億美元（以固定匯率計算），成長 3% 至 5%。從中點來看，這代表著兩年疊加基礎上的 21% 成長率。我們很幸運，2024 年第一季度與去年同期相比經歷了一場更為艱難的比較，包括閏日和提前復活節帶來的好處，這在 2024 年第一季度佔了 2 個百分點的增長，今年不會重複，同時也帶來了人工智能驅動的顯著性能提升。

We estimate ForEx changes to drive a negative year-over-year impact of about $5 million to $7 million on contribution ex-TAC in Q1. We expect adjusted EBITDA between $68 million and $72 million in a seasonally low quarter.

我們估計，外匯變化將對第一季的 TAC 貢獻造成約 500 萬至 700 萬美元的年比負面影響。我們預計，在季節性低迷的季度中，調整後的 EBITDA 將在 6,800 萬美元至 7,200 萬美元之間。

In closing, as a global commerce media powerhouse, we believe we are well positioned to deliver continued growth, robust profitability and strong cash generation to drive shareholder value in 2025 and beyond.

最後，作為全球商業媒體巨頭，我們相信我們有能力實現持續成長、強勁獲利和強勁現金創造，從而在 2025 年及以後推動股東價值。

And with that, I will open up the call for questions.

現在，我將開始回答大家的提問。

(Operator Instructions) Ygal Arounian, Citi.

(操作員指示) Ygal Arounian，花旗。

Hey, good morning, team. So I want to double check, Michael is on the call, right for Q&A?

嘿，早安，各位團隊。所以我想再確認一下，麥可是否在通話中，對嗎？

No. He's not.

不。他不是。

Okay. Alright. Well, then I can ask the first question.

好的。好吧。好吧，那我可以問第一個問題。

He will join on February 15.

他將於 2 月 15 日加入。

Alright, great. So well, Megan, congrats on the accomplishments here at Criteo and good luck on retirement and next steps from here. We'll miss you here. And so, as you exit just a bigger picture retail media question, just what the surprises were in 4Q on the strength?

好的，太棒了。那麼，梅根，恭喜你在 Criteo 的成就，並祝你退休後一切順利，接下來的日子也一切順利。我們會想念你的。那麼，當您退出更大的零售媒體問題時，第四季度的強勁表現究竟有何驚喜？

And then as we think about next year, gross media take rates and the biggest drivers of retail media, how we should be thinking about all of that? I know you hit on it in the prepared comments, but just expand on that a little bit more.

然後，當我們思考明年，媒體總收入以及零售媒體的最大驅動力時，我們該如何看待這一切？我知道您在準備好的評論中提到了這一點，但請再稍微擴展一下。

Yeah. Let me do this in a couple of ways. I'll open it up pretty big picture. Actually, I'll pass it first to Todd to talk about the sorts of things he's here in the market space around retail media because it's hot, as you know, and then any color financially, I'll ask that to Sarah.

是的。讓我用幾種方法來做到這一點。我會打開一張很大的圖片。實際上，我會先讓托德談談他在零售媒體市場領域所做的事情，因為如你所知，這個市場很熱門，然後關於任何財務方面的問題，我會問莎拉。

We're in the right place at the right time. And before the call, I was saying to the team how far ahead of the market, I believe we are given how long we've been doing this, how hard it is, the progress we've made, the client base that we had, the size of those plans that have feel very secured to us, given the work that we're doing with them.

我們在正確的時間出現在正確的地點。在打電話之前，我曾跟團隊說過，我們在市場上領先了多少，我相信我們已經做了多長時間，這有多難，我們取得的進展如何，我們擁有的客戶群，這些計劃的規模讓我們感到非常有保障，考慮到我們與他們正在進行的工作。

The competitive drop off, meaning the lack of competitors that we've seen in the marketplace compared to when we started this. And what's lost on a lot of people is how hard it is to get there. So when I talk about the five year, four year story here, that's how far ahead we are.

競爭力下降，意味著與我們剛開始做這件事的時候相比，市場上缺乏競爭對手。但許多人沒有意識到，要實現這一目標有多麼困難。所以當我在這裡談論五年、四年的故事時，這就是我們所取得的進展。

And so, for companies wanting to move into the space, they have to catch up. And we were delighted to be asked by Microsoft last year to basically partner with them for or their retail media play because they wanted to focus on other things.

因此，對於想要進入該領域的公司來說，他們必須迎頭趕上。去年微軟邀請我們作為合作夥伴，拓展其零售媒體業務，因此我們非常高興，因為他們想專注於其他業務。

So I feel terrific, Michael feels terrific. The entire company is leading into this opportunity as is our clients. And we're hearing more and more in the marketplace about the opportunity that is retail media and not just it is today, but what it will be tomorrow as it really embraces what it has to offer with scale.

所以我感覺很棒，邁克爾感覺很棒。整個公司和我們的客戶都在抓住這個機會。我們在市場上聽到越來越多關於零售媒體機會的消息，它不只是現在的機遇，而且隨著零售媒體真正發揮規模效應，它明天的機會也將是怎樣的。

And the last thing I'll say because I'll give this to Todd, I talked a lot in the opening remarks about the holistic view of advertising with retailers being a big part of that and Criteo's ability to provide precision performance, ROI, attribution, all of these things are things that don't come easy. But we have them, we provide them and once again being ahead of the market, a market that's asking for those things just have a fantastic important position to be in and maintain.

最後我要說的是，因為我將這個主題交給了 Todd，我在開場白中談了很多關於廣告整體觀點的問題，其中零售商是其中的重要組成部分，而 Criteo 提供精準性能、投資回報率、歸因的能力，所有這些都來之不易。但是我們擁有它們，我們提供它們，並且再次走在市場的前面，這個需要這些東西的市場具有極其重要的地位，我們需要佔據和維持它。

Yeah. I can add to that, Ygal, nice to hear from you. I think there are only a couple of points to make in addition. One, we are tracking very well with our agency and large brand spend relationships. As I think everyone knows, our relationships with the holding companies and agencies are relatively new and they're beginning to bear fruit as we gain share and momentum with each of those partnerships.

是的。我可以補充一點，Ygal，很高興收到你的來信。我認為只需補充幾點。一方面，我們與代理商和大型品牌支出關係保持著良好的追蹤關係。我想大家都知道，我們與控股公司和代理商的關係相對較新，但隨著我們在每個合作夥伴中獲得更多份額和發展動力，這種關係開始取得成果。

In the course of managing those partnerships, we have several different product solutions, which give demand paths or gross media spend to increase over time. Obviously, we have Commerce Max, which is growing.

在管理這些合作關係的過程中，我們有幾種不同的產品解決方案，這些解決方案可以使需求路徑或總媒體支出隨著時間的推移而增加。顯然，我們有 Commerce Max，並且它正在不斷發展。

We also have begun to gain traction with our Commerce Grid solution, which serves the agency's other choices of DSPs. So a combination of our product mix and our relationships is really putting a bloom on gross media spend overall. And we're set up for handsome growth as the years unfold ahead of us as Megan said.

我們的 Commerce Grid 解決方案也開始受到關注，該解決方案可為該機構的其他 DSP 選擇提供服務。因此，我們的產品組合和關係的結合確實使整體媒體支出總額實現了成長。正如梅根所說，隨著未來幾年的發展，我們將實現可觀的成長。

And I can just take the financial question. For us, for retail media Q4, we had an exceptional quarter. So very proud of that, obviously, driven by significant media spend coming into our network, including about [40%] -- [6%] increase year-on-year in the Americas.

我只想回答財務問題。對我們來說，對於零售媒體而言，第四季是一個非凡的季度。我們對此感到非常自豪，顯然，這得益於大量媒體支出進入我們的網絡，其中美洲地區的支出同比增長約 [40%] — [6%]。

For the Cyber 6, we grew across our largest retailers. We saw the number of brands advertising going up 20% year-over-year. One of the key reasons why we were higher than our expectation as we triggered some higher fees for achieving annual volume thresholds that happened late in the quarter, that will also slightly benefit Q1 2025 comp as well.

對於 Cyber​​ 6 來說，我們最大的零售商都實現了成長。我們發現品牌廣告數量較去年同期增加了20％。我們超出預期的一個主要原因是，我們在本季末觸發了一些達到年度交易量門檻的更高費用，這也將對 2025 年第一季的業績略有裨益。

So just exceptional performance by the team and as we go into 2025, we're in a fantastic positioning. We have the strong growth from the $250 million base from 2024 as we talked about in the Retail Media Day. We are looking at retail media to roll over the business. So we're doing all the things right.

因此，憑藉團隊的出色表現，我們將邁入 2025 年，處於非常有利的位置。正如我們在零售媒體日上談到的那樣，從 2024 年起，我們將以 2.5 億美元為基礎實現強勁成長。我們正在尋找零售媒體來拓展業務。因此，我們所做的一切都是正確的。

We're investing in fuel of the future. We have continued to sign global holdcos deals. We continue to see spend coming in from other categories into this space. And in terms of the guidance, 20% to 22% for 2025 and really represents lapping a pretty spectacular year as well as, of course, some of the known changes we made this year with the largest retailer as well. So very, very excited where we are, where we're going, and we see this fueling our growth for the foreseeable future.

我們正在投資未來的燃料。我們繼續簽署全球控股公司協議。我們不斷看到來自其他類別的支出進入該領域。就預期而言，2025 年的成長率為 20％至 22％，這確實代表著相當出色的一年，當然也代表著我們今年與最大的零售商一起做出的一些已知改變。我們對我們所處的位置和未來發展感到非常興奮，我們認為這將在可預見的未來推動我們的成長。

Great. I got triple answer to that question. I feel a little bit bad asking a follow-up, but maybe just real brief on the margin profile and outlook, was there also any specific onetime things in 4Q given how big of the beep that was relative to expectations.

偉大的。我得到了這個問題的三重答案。我感覺有點不好意思再問一個問題，但也許我只是簡單介紹一下利潤率狀況和前景，考慮到相對於預期而言的嗶嗶聲有多大，第四季度是否還有任何特定的一次性事件。

And as we think about next year, even with the 1 point drag you pointed out, you're well ahead of the margins you set out at the 2022 Investor Day. How do you think about the margin opportunity, growth and investments? Thanks.

當我們考慮明年時，即使出現您指出的 1 點拖累，您也遠遠領先 2022 年投資者日設定的利潤率。您如何看待利潤機會、成長和投資？謝謝。

Yeah. So in terms of the Q4 adjusted EBITDA, which was also a fantastic result, about $3 million of that came from the topline outperformance and operational leverage. About $5 million of that is from the weaker euro. So we, as you know, have a significant technology base in Europe. And so, we benefited from FX there.

是的。因此，就第四季度調整後的 EBITDA 而言，這也是一個出色的結果，其中約 300 萬美元來自營收的優異表現和營運槓桿。其中約500萬美元來自歐元貶值。如您所知，我們在歐洲擁有重要的技術基礎。因此，我們從那裡的外匯中受益。

And also, just lower people costs. We had a pretty high ask in terms of incremental investments, in particular in R&D. And just with Q4 and people holding until, I guess, to bonus of season and then coming -- they are coming more in Q1 versus Q4. So some of that is timing. And also, we had a spectacular traction in our collections processes.

而且還可以降低人力成本。我們對增量投資，特別是在研發方面，提出了相當高的要求。而就第四季度而言，人們會一直等到賽季獎金發放，然後再來——他們更多地參與第一季而不是第四季度。因此，其中有些是時機問題。而且，我們的收集過程也取得了顯著的進展。

This is just been a build year over year over year. So just lower DSO for long as ever, actually, for our Performance Media businesses that also resulted in lower bad debt expense. That was about $4 million too. And then I think you were asking me -- did you also ask about 2025?

這只是年復一年的建設。因此，實際上，對於我們的 Performance Media 業務而言，只要長期降低 DSO，壞帳費用也會降低。那也是約 400 萬美元。然後我想你問我──你是否也問過 2025 年的事？

Yeah. Just how you think about margins but I'm taking a lot of time. I have to be quick and can move on to others.

是的。就像您如何考慮利潤一樣，但我花了很多時間。我必須動作快點，才能繼續關注其他人。

Mark Kelley, Stifel.

馬克凱利（Mark Kelley），Stifel。

Great. Thank you very much. And Megan congrats, looking forward to hear what you are going to do in retirement. It's been a pleasure working with you. Two quick questions. One, I would love to hear your thoughts on Amazon retail ad service. And just, I guess the puts and takes, as they'd like to maybe try to compete with you a bit more.

偉大的。非常感謝。向梅根表示祝賀，期待聽到你退休後打算做什麼。與您共事我很榮幸。兩個簡單的問題。首先，我很想聽聽您對亞馬遜零售廣告服務的看法。我想，這只是因為他們可能想與你進行更多競爭。

And then second on the bid switch, headwinds in Q4, it sounds like you took some actions to fix whatever the issue was. Is is that something we can expect to go forward or does that large adtech partner maybe revert back to older behaviors that were a little bit more favorable. Thank you.

其次，關於出價轉換，第四季遇到的阻力，聽起來你已經採取了一些措施來解決問題。這是我們可以期待的事情嗎？謝謝。

Thanks, Mark. Let me just -- firstly, thanks for your comments and I will surely call you and tell you what I get up to in my retirement. Great question. And they're both, I'm going to hand them off to folks. But let me start with the Amazon one and I'll take it from a high level and then Todd will dig into that.

謝謝，馬克。首先，感謝您的評論，我一定會打電話給您，告訴您我退休後會做什麼。好問題。我將把它們都交給大家。但是讓我先從亞馬遜開始，我將從高層次來講，然後托德將深入研究這一點。

On the bid switch side, we have taken some actions. The business is certainly performing better. It has a better 2025 profile. But I'll pass it across to Sarah to give you some color on that.

在出價轉換方面，我們採取了一些行動。業務表現確實更好了。它具有更好的2025年形象。但我會將其轉達給莎拉，讓她對此做一些解釋。

On Amazon, this is a -- I think they have three clients that are -- it's a very small client base onto the new service. It is a very long tail play, way long tail play. It doesn't focus on our client base and retail media. And retail media, we are more at the top of town, the 225 clients that we have are focused on very specific things.

在亞馬遜，我認為他們有三個客戶，新服務的客戶群非常小。這是一個非常長尾的遊戲，非常長的尾聲的遊戲。它並不關注我們的客戶群和零售媒體。在零售媒體方面，我們處於行業的頂端，我們擁有 225 個客戶，他們專注於非常具體的事情。

And for the most part, what we hear from our clients is a reluctance to partner with Amazon or to provide the service because they compete against Amazon. And there is a notion that if there's another offer available, it certainly pays to spread the service around. So just not have all eggs in one basket, which is certainly something that our clients, not just on the retail side of the brand side are aware of.

大多數情況下，我們從客戶那裡聽到的是，他們不願意與亞馬遜合作或提供服務，因為他們與亞馬遜競爭。並且有一種觀點認為，如果有其他優惠，那麼推廣該服務肯定是值得的。所以不要把所有的雞蛋放在一個籃子裡，這是我們客戶（不只是零售方，還有品牌方）都意識到的。

And so this one is -- all of these things are always worth looking out for, but it really does touch a different part of the market than where we service. And we're going to continue to do what we do at the higher end of the market base that we have.

所以這一點——所有這些事情總是值得關注的，但它確實觸及了與我們服務領域不同的市場部分。我們將繼續在現有的高端市場開展業務。

Todd, you want to add some color?

托德，你想添加一些顏色嗎？

I can add a couple of things to that, Mark, and nice to hear from you. First of all, just to emphasize what Megan said, our product suite is built with neutrality and interoperability between the entire landscape of retail media in mind and that's directly opposed to Amazon's positioning.

馬克，我可以補充幾點，很高興收到你的來信。首先，為了強調梅根所說的話，我們的產品套件是在考慮整個零售媒體格局之間的中立性和互通性的情況下構建的，這與亞馬遜的定位完全相反。

So it's challenging for them as Megan said to get into the market, especially with data sharing concerns that exist for small retailers and large retailers alike. But our neutral position is very important. And on top of that, from a product perspective, we take a modular approach in serving retailers of those 225 that are focused today, which can be easily ported to the long tail.

因此，正如梅根所說，進入市場對他們來說是一個挑戰，尤其是小型零售商和大型零售商都存在數據共享問題。但我們的中立立場非常重要。最重要的是，從產品角度來看，我們採用模組化方式為目前重點關注的 225 家零售商提供服務，可以輕鬆移植到長尾市場。

So the coverage of our product mix, which goes well beyond Amazon's focus on sponsored products here with this offering is important to point out because we are covering the full page with video and display and sponsored products for our retailers. As I said, that is a portable solution.

因此，需要指出的是，我們的產品組合覆蓋範圍遠遠超出了亞馬遜對贊助產品的關注，因為我們為零售商提供了整個頁面的影片、展示和贊助產品。正如我所說，這是一個便攜式的解決方案。

And of course, we cover off site as well. So the scope of our solution, the fact that we are neutral and the fact that we can take that to different parts of the market as it matures and grows as an opportunity is our option. And that is a very good place to be in today relative to what you're seeing from Amazon.

當然，我們也涵蓋場外事務。因此，我們的解決方案的範圍、我們是中立的這一事實以及隨著市場逐漸成熟和增長而可以將其帶到市場不同部分這一事實都是我們的選擇。與亞馬遜的情況相比，目前的情況非常好。

I can just take on the adtech services. Yeah, I mean, the biggest challenge for 2024 was the knowledge that adtech players trading moved basically in house if you will. But we've taken a lot of mitigation actions here and we do have with many customers -- customers within the state that are accelerating and moving into new platforms and formats. So we're doing programmatic trading for (inaudible) so there's been a number of actions in this business.

我可以承接廣告技術服務。是的，我的意思是，2024 年最大的挑戰是知道廣告技術參與者的交易基本上轉移到內部。但我們已經採取了很多緩解措施，我們確實與許多客戶合作——州內的客戶正在加速轉向新的平台和格式。因此，我們正在進行程序化交易（聽不清楚），因此在這個業務上已經採取了許多行動。

But ultimately -- and ultimately, we will lap those, the large adtech player in 2025. So the right actions on the topline, but also importantly on the bottom line. So overall, we look at our entire business as rule of 40. We look at how do we ensure we have the right resources and investments going into the right place and we continue to see a strong operational leverage across all our businesses from the topline to the bottom line.

但最終——最終，我們將在 2025 年超越這些大型廣告科技公司。因此，正確的行動不僅關係到收入，也關係到收入。所以總的來說，我們按照 40 法則來看待我們的整個業務。我們研究如何確保將正確的資源和投資投入到正確的地方，並且我們繼續看到從營收到營收的所有業務都具有強大的營運槓桿。

Mark Zgutowicz.

馬克·茲古托維茨。

Thank you. Good morning, Megan and Sarah. Really nice upside on the retail media takeaway, at least relative to our expectations. And was just curious how much of that benefit or upside that you saw in fourth quarter was lapping that large client transition. I think you may be lapping here now and then how meaningful or off-site volumes in terms of driving that take rate relative to on-site efficiencies that you continue to see? Thanks.

謝謝。早上好，梅根和莎拉。零售媒體的外送確實有不錯的成長空間，至少相對於我們的預期而言。我只是好奇您在第四季度看到的收益或好處有多少是與大客戶轉型重疊的。我想您可能現在正在考慮，那麼就推動這種增長而言，場外交易量相對於您繼續看到的現場效率而言有多大意義？謝謝。

Yeah. I mean, first of all, for the most part, we saw significant growth in on-site sponsors. So that was certainly the area that's our sweet spot and that's what we saw significant growth. That being said, we also saw ramping up in off-site, but for sure, on-site sponsored is where most of the budgets are going and certainly, we're going during the holiday season.

是的。我的意思是，首先，在大多數情況下，我們看到現場贊助商數量顯著增長。所以這無疑是我們的優勢領域，也是我們看到顯著成長的地方。話雖如此，我們也看到場外贊助的增加，但可以肯定的是，大部分預算都花在了現場贊助上，而且我們肯定會在節日期間贊助。

And we don't comment on specific clients. So I'm not going to give specifics on clients, but we have a blended take rate. And the upside was from two things. One was just a spectacular growth I would say across the client base with new clients ramping up.

我們不會對特定客戶發表評論。因此，我不會透露客戶的具體情況，但我們有一個混合的接受率。其好處有兩點。一是整個客戶群呈現顯著成長，新客戶不斷增加。

And then second, there is tiered fees for the breeding annual thresholds. As I said, in Americas, we were at a 46% media run rate increase year on year. So that was good news for us. That will bleed into 2025. We do see a resilient take rate overall. And I would also look to some of the comments we took at the Retail Media event where we talked about a resilient take rate.

第二，養殖年度門檻實施分級收費。正如我所說，在美洲，我們的媒體運作率年增了 46%。這對我們來說是個好消息。這將持續到 2025 年。我們確實看到整體的接受率具有彈性。我也會參考我們在零售媒體活動上提出的一些評論，我們在其中討論了彈性接受率。

Our continued assumption is that we have continued strong media spend above market and in particular, in America's as well, given that's our largest market and that we have retail media take rates above the mid-teens.

我們一直假設的是，我們將繼續保持高於市場的強勁媒體支出，特別是在美國，因為美國是我們最大的市場，而且我們的零售媒體接受率高於十幾歲的水平。

Thanks. And if I could perhaps ask just one unrelated question related to Microsoft, just curious how much that was contemplated, the contribution there in your either first quarter or annual guide? Thanks.

謝謝。也許我可以問一個與微軟無關的問題，只是好奇你們在第一季或年度指南中考慮了多少貢獻？謝謝。

Yeah. In terms of overall contribution, with some of that is baked into the plan for 2025. It's progressing well. And we do see that some retailers will start to launch in the first half, I would say, first of Q1, likely really likeful or no impact, but ramping up going into the second half.

是的。就整體貢獻而言，其中一部分已納入 2025 年計劃。進展順利。我們確實看到一些零售商將在上半年開始推出產品，我想說，在第一季初，可能會真的很有影響力或沒有影響，但會在下半年加速推出。

Mr. Tom White, D.A. Davidson.

湯姆懷特先生，地方檢察官戴維森。

Great. Thanks. One quick one for Sarah and then a quick one for Megan. I guess just on the guidance, you mentioned potential upside opportunities. I guess after Microsoft and the ramp of that, sort of the pace of that roll off, could you maybe just enumerate maybe one or two things that would be potential meaningful upside drivers in '25.

偉大的。謝謝。給莎拉 (Sarah) 快速說一句，然後給梅根 (Megan) 快速說一句。我想，僅從指導角度來說，您提到了潛在的上行機會。我想，在微軟及其成長速度加快之後，您能否列舉出一兩件可能成為 25 年有意義的上行驅動因素的因素。

And then Megan, again, congrats on the retirement. You made comments in the prepared remarks about agencies increasingly viewing Criteo an enterprise play. Could you maybe just quickly elaborate on that what you meant there? Thank you.

然後梅根再次恭喜你退休。您在準備好的評論中評論說機構越來越多地將 Criteo 視為企業遊戲。能否快速闡述您的意思？謝謝。

Yeah. In terms of -- well, first of all, I would say, Michael is coming like in the next weeks. And so, we do see potential. He's certainly looking for us to have another spectacular year. What's going into our guidance is, I would say, continued traction across the board, seeing the new capabilities on our product road map going into the second half. And where we see potential upside would be places like Commerce Go!

是的。就……嗯，首先我想說的是，麥可將在接下來的幾週內到來。因此，我們確實看到了潛力。他確實希望我們能再創輝煌一年。我想說，我們的指導方針是繼續全面牽引，看到我們產品路線圖在下半年的新功能。我們認為具有潛在上升潛力的地方就是 Commerce Go! 這樣的地方。

We're in beta testing now and it's been a terrific upstart and to move that across the base of our client base, we see -- we do see some potential upside on that. But obviously, we're not at that stage yet and we do have a lot of new capability coming into our product road map that will be more towards the end of 2025 going into 2026.

我們現在處於 beta 測試階段，這是一個了不起的新產品，為了將其推廣到我們的客戶群，我們看到 - 我們確實看到了它的一些潛在的優勢。但顯然，我們還沒有到達那個階段，我們的產品路線圖中確實有很多新功能，更多的是在 2025 年底到 2026 年實現。

And obviously, there's a lot of focus on velocity on ensuring that those updates come in as quickly as they can, but they take time to build right and Todd, I know you wanted to add some commentary as well.

顯然，我們非常關注速度，以確保這些更新盡快完成，但它們需要時間來正確構建，Todd，我知道你也想添加一些評論。

Yeah. I think that maybe just reemphasize what I said earlier in response to Ygal's question, which is agencies have now a view of Criteo which gives them free path for them to get into the commerce media space and to retail media. Sarah just mentioned Go! as being a very promising, very automated view of that world that competes with Advantage Plus and Performance Max, which are increasingly getting taken up by agencies.

是的。我認為這也許只是再次強調了我之前在回答 Ygal 的問題時所說的話，即代理商現在對 Criteo 有了這樣的看法，這為他們進入商業媒體領域和零售媒體提供了自由途徑。莎拉剛才提到了 Go！這是一個非常有前景、高度自動化的世界觀，它與 Advantage Plus 和 Performance Max 競爭，而後兩者正越來越多地被各大機構所採用。

In addition, we do have a commerce focused DSP which gives a trading function in an agency, the ability to plan a buy and measure, their retail media budgets across retailers. And then of course, we have Commerce Grid, which is our SSP offering that will service the DSP of choice if it isn't Commerce Max and the agency, all of which is to say that we can be seen as an enterprise level partner and are being seen that way with agencies in many ways like Google, but incredibly focused on commerce all day, every day.

此外，我們確實有一個以商業為中心的 DSP，它為代理商提供交易功能、規劃購買和衡量的能力以及跨零售商的零售媒體預算。當然，我們也有 Commerce Grid，這是我們的 SSP 產品，如果不是 Commerce Max 和代理機構，它將為所選的 DSP 提供服務，所有這些都表明我們可以被視為企業級合作夥伴，並且在很多方面都被谷歌等代理機構視為企業級合作夥伴，但我們每天都非常專注於商業。

Richard Kramer, Arete Research.

Arete Research 的 Richard Kramer。

Megan, thank you for being refreshingly forthright and not just promotional in your communication over the years. I guess my question for you is given the comments on the agencies and the two-year contracts. When you leave now, what sort of portion of a 2025 budget or forecast is now broadly covered for the start of the year and what sort of visibility do you have in the business relative to a few years ago?

梅根，感謝你多年來在溝通中始終直言不諱，而不只是宣傳。我想問您的問題是針對代理商和兩年合約的評論。當您現在離開時，2025 年的預算或預測在年初已經大致涵蓋了多少部分，與幾年前相比，您對業務的了解程度如何？

And I have a follow up for Todd, Megan mentioned the Meta with respect to partnerships. And recently, your code was seen in ads TXT files at Pinterest. Can you speak to what specific competitive edge you would get, whether it's in performance or margins of getting access to much wider pools of inventory and all these social inventory alongside the retailer or website inventory you've got in retail media. Thanks.

我對托德進行了跟進，梅根提到了與合作關係有關的 Meta。最近，您的程式碼出現在 Pinterest 的廣告 TXT 檔案中。您能否談談您將獲得哪些具體的競爭優勢，無論是在性能方面，還是在獲得更廣泛的庫存池和所有這些社交庫存以及您在零售媒體中擁有的零售商或網站庫存的利潤方面。謝謝。

Thanks, Richard. Let me just start with this one and then -- because it's about the financial planning. I'm going to pass it across to Sarah, but we have a pretty rigorous process in terms of how we get to our plan every year. It's a top-down, bottom-up process.

謝謝，理查。讓我先從這個開始——因為這與財務規劃有關。我會把它轉交給莎拉，但就每年如何實現計劃而言，我們都有一個非常嚴格的流程。這是一個由上而下、由下而上的過程。

We look client by client. We look at client contracts that run across the year and those that need renewing through the year. We look at opportunities, we look at the ROI that we attribute to investments made in the prior year or years or anything that is an investment that will be -- that is being made that will roll out in the current year.

我們逐一查看客戶。我們會審查全年的客戶合約以及全年需要續約的合約。我們會尋找機會，我們會專注於前一年或前幾年的投資報酬率，或任何將在今年進行的投資。

We're a business like any other business that does their financial planning for the year. And we try to get as much insight into those numbers as we possibly can. And of course, weigh up sort of the risks and opportunities on the way through. That's made of CEO high level.

我們和其他企業一樣，都會進行年度財務規劃。我們嘗試盡可能地深入了解這些數字。當然，也要權衡沿途的風險和機會。這是由 CEO 高層制定的。

Turning to Sarah for a bit more color.

轉向莎拉，想了解更多顏色。

Yeah. Well, first, I mean, I think you actually said it. A lot of the agreements are signed, obviously, then we have to focus on the spend coming in. What we did see in Q4 was that we continue to see spend coming into retail media and reading other players earnings even in the last day. That's clearly where the money is going and that's where we are.

是的。嗯，首先，我的意思是，我認為你確實這麼說過。顯然，很多協議都簽了，接下來我們必須關注支出。我們在第四季度確實看到，即使在最後一天，我們仍看到支出流入零售媒體並閱讀其他玩家的收入。很顯然，資金的去向如此，而我們現在的處境也是如此。

In terms of the plan itself, it is based client by client with growth rates associated year on year. We also know expectations for whether for our clients and what growth they want. So it is a detailed plan. We have, I would say baked into that all the known clients and expectation of new clients coming in, ramp up of new capability.

就計劃本身而言，它是根據每個客戶的情況制定的，並且每年的成長率都與此相關。我們也了解客戶的期望以及他們想要什麼樣的成長。所以這是一個詳細的計劃。我想說，我們已經考慮到了所有已知客戶以及新客戶的期望，提升了新的能力。

And clearly some, I would say, some degree of caution knowing that every single quarter and every single year we just have business and business happens and there are some puts and takes within that and that also gets factored in. So we feel good about -- very confident about the overall guidance for Criteo in terms of retail media.

顯然，我想說，我們需要保持一定程度的謹慎，因為我們知道每個季度和每年我們都有生意，而生意發生時，這其中會有一些得失，這些也會被考慮在內。因此，我們對 Criteo 在零售媒體方面的整體指導感到非常滿意——非常有信心。

We had a spectacular year this year including Q4. So it's certainly, I would say, a tougher budget for retail media with a lot of things that need to get right in terms of new capabilities, the Microsoft, the partnership, et cetera, that could be potential upside to that as well.

今年，包括第四季在內，我們度過了輝煌的一年。因此，我想說，對於零售媒體來說，預算肯定會更加緊張，有很多事情需要在新功能、微軟、合作等方面做好，這些也可能是潛在的優勢。

Richard, nice to hear from you. On the question about Meta and social in general, I just want to go back to the fact that it continues to be our objective to help retail and direct selling clients to meet consumers, customers, their customers where they are and where they're most likely to discover new products, consider them and buy them through the buyer journey. So that continues to be the mantra.

理查德，很高興收到你的來信。關於 Meta 和社交的一般問題，我只想回到這樣一個事實：我們的目標仍然是幫助零售和直銷客戶在消費者、客戶和他們的客戶所在的地方與他們會面，在他們最有可能發現新產品的地方，透過買家旅程考慮和購買它們。因此這依然是我們的口頭禪。

The promise that we're making product wise is not just to do that. But importantly, to be able to hold performance outcomes constant across those channels in a way that makes it much easier for a buyer to get what they want, which is an acquired customer that has a higher lifetime value to get their product discovered for the first time.

我們對產品所做的承諾不僅僅是做到這一點。但重要的是，能夠保持這些管道的績效結果恆定，從而使買家更容易獲得他們想要的東西，即獲得一個擁有更高終身價值的客戶，讓他們的產品首次被發現。

And so, what we're doing is making sure that we're not just reaching new channels, but we are making sure that they perform at a constant rate relative to one another or we reallocate dynamically budgets across them. So that's the competitive advantage that we have. It's not just a channel play, it's an outcomes play across channels and that's very unique to our company.

因此，我們所做的是確保我們不僅能夠涵蓋新頻道，而且我們還要確保它們相對於彼此以恆定的速度運行，或者我們在它們之間動態地重新分配預算。這就是我們的競爭優勢。這不僅僅是一種渠道遊戲，而是一種跨渠道成果遊戲，這對我們公司來說非常獨特。

Mr. Brian Pitz, BMO Capital Markets.

BMO 資本市場 Brian Pitz 先生。

Thank you. And I echo the congratulations to Megan on retirement. Sarah, in the prepared remarks, I believe you mentioned possible guidance upside depending on some internal strategic initiatives. Can you provide additional insights there?

謝謝。我也對梅根退休表示祝賀。莎拉，在準備好的發言中，我相信你提到了根據一些內部策略舉措可能帶來的指導上行空間。能提供更多見解嗎？

And also, I think you have 30 retailers leveraging retail media off-site campaigns, any sense on the spend you see from these clients versus those not using off-site and what you need to do to drive more clients to the off-site campaigns? Thank you.

此外，我認為您有 30 家零售商利用零售媒體場外活動，與沒有使用場外活動的客戶相比，您認為這些客戶的支出情況如何？謝謝。

I mean, the strategic initiatives actually relate to everything that we're doing for 2025. So it was a broad -- that was a broad statement in terms of -- and we have very deliberately put investments in place to drive new areas of growth. I think that Todd spoke about some of those.

我的意思是，戰略舉措實際上與我們為 2025 年所做的一切相關。所以這是一個廣泛的聲明——我們已經非常謹慎地進行了投資，以推動新的成長領域。我認為托德談到了其中的一些。

But we feel we're in a unique position with our large broad client base on performance media as well as retail media and there's investments across the base for that so that it really relates to the traction all those initiatives.

但我們覺得，我們在績效媒體和零售媒體方面都擁有龐大而廣泛的客戶群，因此我們處於一個獨特的地位，並且我們在整個客戶群中都進行了投資，因此這與所有這些舉措的吸引力密切相關。

And obviously, with Michael coming in, we are laser focused working with him to ensure that we execute on those. So the upside is that we want to have another great year of growth -- of another three years of double digit growth. And we will be highly focused on ensuring that those initiatives will come to market and successfully launch as traction in terms of adoption as well.

顯然，隨著邁克爾的加入，我們將全心全意與他合作，以確保我們能夠執行這些目標。因此，好處是我們希望迎來另一個偉大的成長年——接下來的三年將實現兩位數的成長。我們將高度專注於確保這些舉措能夠進入市場並在採用方面獲得成功。

I just add to that, Brian, I mentioned before, we're covering the entire buyer journey with our capabilities. Off-site is a channel for retailers which can be cheap reach. Otherwise their partners that buy it aren't going to be that interested in it over time. So for us, driving dollars to off-site is really about helping a retailer be sure that they're providing their brand partners with something that isn't cheap reach.

我只是想補充一點，布萊恩，我之前提到過，我們正在利用我們的能力覆蓋整個買家旅程。場外是零售商可以廉價接觸的管道。否則，隨著時間的推移，購買該產品的合作夥伴不會對它那麼感興趣。因此對我們來說，吸引資金到場外實際上就是幫助零售商確保他們為品牌合作夥伴提供的不是廉價的產品。

That's an effective way to either find new buyers for a product that they're stocking or driving traffic that is considering those products off-site and being able to attach those KPIs very clearly to a purchasing event or a set of purchasing events so that incrementality is achieved. And that is incredibly important.

這是一種有效的方法，既可以為他們庫存的產品找到新買家，也可以吸引正在考慮這些產品的站外流量，並且能夠將這些 KPI 非常明確地附加到購買事件或一組購買事件上，從而實現增量。這極為重要。

In terms of growing the channel, that's going to be about how each retailer sits in their maturity and how they're packaging their wares, their data, their audiences and their inventory for brands that are buying with their networks. So we look at it more holistically than we look at it as simply off-site versus on-site. This is very much a dynamic that we're built to serve all, not one.

就通路成長而言，這將取決於每個零售商的成熟度，以及他們如何為透過其網路購買的品牌包裝他們的商品、數據、受眾和庫存。因此，我們會從更全面的角度來看待這個問題，而不是簡單地將其視為場外與現場之間的區別。這是一種動力，我們成立的目的是服務所有人，而不是只服務一個人。

Thank you, Megan, Sarah and Todd. This is now conclude our call for today. Thanks everyone for joining. The investor relations team is available for any other questions. Have a nice day.

謝謝你，梅根、莎拉和托德。今天的通話到此結束。感謝大家的加入。投資者關係團隊可以解答您的任何其他問題。祝你今天過得愉快。

The conference is 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。