Criteo SA (CRTO) 2025 Q1 法說會逐字稿

Good morning, and welcome to Criteo's first-quarter 2025 earnings call. (Operator Instructions) Please note, this event is being recorded.

早安，歡迎參加 Criteo 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to 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 first-quarter 2025 earnings call. Joining us on the call today is Chief Executive Officer, Michael Komasinski; and Chief Financial Officer, Michael Komasinski 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 2025 年第一季財報電話會議。今天參加電話會議的有執行長 Michael Komasinski；和財務長 Michael Komasinski 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 the prepared remarks and transcript after the call.

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好的評論和記錄。

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 as of today. Our actual results may differ materially from current expectations based on a number of factors affecting Criteo'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 Form 10-K and 10-Q filed with the SEC.

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，這些陳述反映了 Criteo 截至今天的判斷、假設和分析。由於影響 Criteo 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 表和 10-Q 表。

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 work comparisons made during this call or against the same period in the prior year.

我們也將討論非公認會計準則的績效衡量標準。我們今天發布的收益報告中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，所有工作比較均在本次通話期間或與去年同期進行。

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

現在，讓我把麥克風交給麥可。

Thanks, Melanie, and good morning, everyone. Thank you all for joining us today. I'm proud to be here for my first earnings call as CEO of Criteo. It's a tremendous opportunity to lead the company forward with focus and ambition.

謝謝，梅蘭妮，大家早安。感謝大家今天的參與。我很榮幸能夠以 Criteo 執行長的身份參加我的第一次財報電話會議。這是一個帶領公司以專注和雄心壯志向前邁進的絕佳機會。

Over the past two months, I've had the chance to meet with many of our teams across the region, along with clients and partners. I want to start by sharing a few reflections on why I took the role, what I've observed in my first couple of months, and how we're thinking about the road ahead. But before I do that, I want to address two important recent developments.

在過去的兩個月裡，我有機會與我們在該地區的許多團隊以及客戶和合作夥伴會面。首先，我想分享我擔任這個職位的原因、我在頭幾個月觀察到的情況以及我們對未來道路的看法。但在此之前，我想先談談最近的兩個重要進展。

First one is related to Google's recent decision to keep third-party cookies, which has positive near-term and long-term implications. In addition to a modest benefit this year, we now operate from a position of strength and with greater clarity. We're bullish about the long-term prospects of our Performance Media segment. Our investments in addressability have led to significant AI innovation that will continue to pay off across all environments. With a future-proofed approach to privacy protecting addressability, we're moving full steam ahead to execute tailored full-funnel, cross-channel campaigns to drive measurable outcomes for our clients in any scenario and for the long term.

第一個與Google最近保留第三方 cookie 的決定有關，這具有積極的短期和長期影響。除了今年的適度收益外，我們現在的營運狀況更加強勁，而且更加清晰。我們對績效媒體部門的長期前景充滿信心。我們對可尋址性的投資帶來了重大的人工智慧創新，並將繼續在所有環境中產生回報。我們採用面向未來的隱私保護可尋址方法，全力以赴地執行量身定制的全通路、跨通路活動，以在任何情況下為我們的客戶帶來長期可衡量的成果。

The second development impacts us in the near term and is related to our large retail media client, who has been a long-standing partner. This client unexpectedly notified us this week that while they will continue to use our industry-leading retail media technology platform under a multiyear committed contract, they will discontinue our managed services and curtail the remaining brand demand sales services in November of this year. Instead of a natural and gradual evolution of the support we provide them with, this is a sudden change that will result in a significant impact on the growth rates of our Retail Media business for a 12-month period starting in Q4 2025.

第二個發展在短期內對我們產生了影響，與我們的長期合作夥伴大型零售媒體客戶有關。該客戶本週意外通知我們，雖然他們將繼續根據多年期承諾合約使用我們行業領先的零售媒體技術平台，但他們將在今年 11 月停止我們的託管服務並削減剩餘的品牌需求銷售服務。這不是我們為他們提供的支援自然而漸進的演變，而是一個突然的變化，將對我們從 2025 年第四季開始的 12 個月內的零售媒體業務成長率產生重大影響。

However, this near-term change does not affect our substantial opportunities to continue to grow faster than the market across the rest of our retailer base and for the long term. More broadly, it's important to highlight that Criteo as a leading and independent ad tech player has built something unique, a robust, AI-powered performance media business combined with leading capabilities in Retail Media, one of the fastest-growing segments of digital advertising. Criteo is right at the center of commerce and media and that combination is powerful.

然而，這一短期變化並不影響我們在整個零售商群體中繼續以高於市場的速度長期增長的巨大機會。更廣泛地說，值得強調的是，Criteo 作為一家領先的獨立廣告技術公司，已經建立了獨特的業務，即強大的、由人工智慧驅動的績效媒體業務，並結合了零售媒體（數位廣告中成長最快的領域之一）的領先能力。Criteo 正處於商業和媒體的中心，這種結合非常強大。

We have deep commerce data, advanced AI capabilities, a large and diversified global client base, impressive talent and a strong position across the digital advertising ecosystem. Criteo is increasingly viewed as a must-have agency partner in the evolving advertising landscape, and I saw firsthand that our relationships with leading global agencies are growing more strategic every quarter.

我們擁有豐富的商業數據、先進的人工智慧能力、龐大且多樣化的全球客戶群、令人印象深刻的人才以及在數位廣告生態系統中的強大地位。在不斷發展的廣告領域中，Criteo 越來越被視為必不可少的代理商合作夥伴，而且我親眼看到，我們與全球領先代理商的關係每個季度都在變得更具策略性。

For my first couple of months, I can see that Criteo hasn't yet realized its fullest potential. My key priorities are to reaccelerate growth and improve its durability, fortify our leadership position in Retail Media, reenergize our Performance Media business and amplify the power of our platform, all with a sharp focus on maximizing shareholder value. The opportunity ahead is to intensify our focus, scale our strength and build down in a few core strategic initiatives to deliver durable, strong and profitable growth.

在最初的幾個月裡，我發現 Criteo 尚未發揮其全部潛力。我的首要任務是重新加速成長並提高其持久性，鞏固我們在零售媒體領域的領導地位，重振我們的績效媒體業務並增強我們平台的力量，所有這些都以最大化股東價值為重點。未來的機會是加強我們的關注點，擴大我們的實力，並加強一些核心策略舉措，以實現持久、強勁和盈利的成長。

First, we have early momentum behind our platform strategy. We've elevated our positioning in the market, and we have major enterprise clients like Office Depot and ODP Business Solutions now utilizing our comprehensive Commerce Media Platform. They leverage our demand-side capabilities with commerce growth and Commerce Max and our supply side solutions through Commerce Grid and Commerce Yield. This demonstrates the value of our integrated approach. We're also expanding our global agency partnerships to activate more of the overall platform. These strategic partnerships will continue to be a key growth lever for us moving forward.

首先，我們的平台策略擁有早期發展動能。我們已經提升了我們在市場上的定位，我們的主要企業客戶（如 Office Depot 和 ODP Business Solutions）現在正在使用我們全面的商業媒體平台。他們利用我們的商業成長和 Commerce Max 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。這證明了我們的綜合方法的價值。我們也正在擴大我們的全球代理商合作夥伴關係，以啟動更多整體平台。這些策略夥伴關係將繼續成為我們未來發展的關鍵成長槓桿。

As a multiproduct platform company, we have many synergies across our products. There is a real opportunity to amplify these connections and enable our flywheel. Second, we're focused on driving more demand to our platform. That's key to reaccelerating growth. After establishing a strong foothold in retail media supply, we're deepening agency and API partnerships and expect to incorporate more demand sources moving forward, including through Microsoft and other partnerships.

作為一家多產品平台公司，我們的產品之間具有許多協同效應。這是一個真正的機會來擴大這些聯繫並啟用我們的飛輪。其次，我們專注於推動對我們平台的更多需求。這是重新加速成長的關鍵。在零售媒體供應領域站穩腳跟後，我們正在深化代理商和 API 合作夥伴關係，並期望在未來吸收更多的需求來源，包括透過微軟和其他合作夥伴。

In Performance Media, we're excited about the rollout of Commerce Go, our new AI-powered automation and optimization tool set to launch high-performing campaigns in just five clicks and onboard more advertisers faster.

在 Performance Media 領域，我們很高興推出 Commerce Go，這是我們全新的人工智慧自動化和優化工具，只需五次點擊即可啟動高效能廣告系列，並更快地吸引更多廣告主。

Third, we're leaning into brand performance, helping brands build awareness that's actionable and linked to measurable outcomes. Our reach across multiple buyer types and our unique ability to deliver performance across the buyer journey gives us optionality. No one else delivers performance everywhere like we do, and it's powered by a rock-solid foundation and sustained innovation. That's a strength we plan to build on with new product extensions.

第三，我們傾向於專注於品牌表現，幫助品牌建立可操作且與可衡量結果相關的知名度。我們涵蓋多種買家類型，並具有在整個買家旅程中提供出色服務的獨特能力，這為我們提供了選擇權。沒有任何一家公司能夠像我們一樣在各個領域提供卓越的性能，而這得益於我們堅如磐石的基礎和持續的創新。我們計劃透過新產品的擴展來鞏固這一優勢。

For the second quarter in a row, we've seen success in capturing budgets from traditional upper funnel DSPs, which reinforces our growing relevance across the full funnel. Underpinning all of this is our AI innovation. We have world-class capabilities, including the right training data, and we intend to continue to accelerate the pace of our innovation. In Performance Media, our AI delivers greater automation and performance breakthroughs. More broadly, as AI agents become a new interface for consumers, we see a clear opportunity for Criteo to play a central role in helping brands show up where it matters in real time with measurable outcomes.

連續第二個季度，我們成功地從傳統的上層漏斗 DSP 中獲取了預算，這增強了我們在整個漏斗中日益增長的相關性。所有這一切的基礎是我們的人工智慧創新。我們擁有世界級的能力，包括正確的訓練數據，我們打算繼續加快創新的步伐。在 Performance Media 中，我們的 AI 實現了更高的自動化和效能突破。更廣泛地說，隨著人工智慧代理成為消費者的新介面，我們看到了 Criteo 的一個明顯機會，可以發揮核心作用，幫助品牌即時出現在重要的地方，並獲得可衡量的成果。

In Retail Media, AI is a key enabler for our full funnel relevancy and holistic page optimization strategy. As we look to the future, here's what you can expect from us. we intend to continue to lead in Commerce Media and maintain our disciplined approach to growth through our build, partner and buy framework. We'll hold ourselves accountable, aligning ambition with execution. We're shifting from transformation to scale with continuous innovation and disciplined execution. That means further expanding across multiple channels, including retail media, Open Web and social to serve a full buyer journey.

在零售媒體中，人工智慧是我們全通路相關性和整體頁面優化策略的關鍵推動因素。展望未來，以下是我們對您的期望。我們打算繼續在商業媒體領域保持領先地位，並透過我們的建構、合作和購買框架保持嚴謹的成長方式。我們將承擔責任，將雄心壯志與執行結合。我們正透過持續創新和嚴格執行從轉型走向規模化。這意味著進一步擴展多個管道，包括零售媒體、開放網路和社交媒體，以服務完整的買家旅程。

We're investing in new formats such as outcome-based native display, on-site video and CTV, all expanding our SAM. Importantly, we are evolving from a largely managed service model to more scalable self-service platform. We're excited about this new chapter, and we have a world-class team to execute. For my part, I lead with transparency, operational rigor and a focus on measurable impact. I take a hands-on approach to understanding the business dynamics, enabling smart decisions to turn high ambitions into tangible results.

我們正在投資新格式，例如基於結果的原生顯示、現場視訊和 CTV，所有這些都擴大了我們的 SAM。重要的是，我們正在從主要託管服務模式發展為更具可擴展性的自助服務平台。我們對這一新篇章感到興奮，我們擁有一支世界一流的團隊來執行。就我而言，我以透明度、嚴謹的操作和對可衡量影響的關注來領導。我採取親身實踐的方式來了解業務動態，從而做出明智的決策，將遠大的抱負轉化為實際的成果。

Now, turning to our first quarter performance. We delivered solid results, reflecting continued execution and momentum. Starting with Retail Media. We activated $335 million in media spend, up 21% year-over-year from over 3,800 brands globally. Our media spend growth was primarily driven by our multiyear partnerships with leading agencies with a year-over-year increase of approximately 50% in US agency spend again this quarter. At the same time, our growing relationships with independent agencies are fueling the expansion of our small and midsized brand roster.

現在，談談我們第一季的業績。我們取得了穩健的業績，體現了持續的執行力和動力。從零售媒體開始。我們在全球超過 3,800 個品牌上啟動了 3.35 億美元的媒體支出，較去年同期成長 21%。我們的媒體支出成長主要得益於與領先機構的多年合作關係，本季美國機構支出年增約 50%。同時，我們與獨立機構日益增長的關係也推動了我們中小型品牌名單的擴張。

With the transition of retailers from Microsoft advertising to our platform, we now partner with 70% of the top 30 retailers in the US, an increase from 65% previously, and our pipeline is strong. We're expanding globally, with new wins across all regions, including DICK'S Sporting Goods in the US, Endeavor in Australia, D shopping in Japan, Cooperative U in France and Elkjop, our first retailer in the Nordics. We're also expanding our collaboration with Ela Clark in France.

隨著零售商從微軟廣告轉向我們的平台，我們現在與美國前 30 名零售商中的 70% 建立了合作夥伴關係，這一比例高於之前的 65%，而且我們的管道非常強大。我們正在全球擴張，在所有地區都取得了新的勝利，包括美國的 DICK'S Sporting Goods、澳洲的 Endeavor、日本的 D shopping、法國的 Cooperative U 以及我們在北歐的第一家零售商 Elkjop。我們也正在擴大與法國 Ela Clark 的合作。

Additionally, we're building from our success with sponsored ads to expand to newer formats, including on-site video, we recently launched into general availability and our outcome-based native on-site display offering coming later this year. Shoppable video is a powerful addition for on-site advertising, expanding inventory, boosting engagement and elevating the overall shopping experience. For retailers, it unlocks new revenue streams while enhancing how shoppers discover and interact with products. For brands, it raises awareness at the point of sale and drives purchases, all back by closed-loop measurement. We're excited to see early adoption of onsite video from several key retail partners, including Albertsons Companies and Costco, and we look forward to rolling this out over the next several quarters.

此外，我們正在利用贊助廣告的成功經驗，拓展新的廣告形式，包括現場視頻，我們最近推出了全面服務，並將於今年晚些時候推出基於結果的原生現場展示產品。可購物影片是現場廣告、擴大庫存、增強參與度和提升整體購物體驗的有力補充。對於零售商來說，它開闢了新的收入來源，同時增強了購物者發現和與產品互動的方式。對於品牌來說，它可以提高銷售點的知名度並推動購買，所有這些都透過閉環測量來實現。我們很高興看到包括 Albertsons Companies 和 Costco 在內的幾家主要零售合作夥伴提前採用了現場視頻，我們期待在未來幾個季度內推出這項服務。

Overall, we're confident that our comprehensive full funnel on-site advertising capabilities combining video, display and sponsored product ad formats and one unified platform can increase our market share gain. Retail Media offsite represents a complementary opportunity for retailers and brands to expand their reach across the open web. Most recently, we launched offsite with Office Depot, ODP Business Solutions and Costco Canada in our Commerce Max DSP. The recent campaign with HP and Costco showcased the power of our full funnel retail media strategy. Shoppers exposed to both on-site and off-site ads saw an 855% uplift in conversion rates, and over 10 times increase in revenue per user and a 58% lift in click-through rates. All a clear demonstration of how our integrated approach drives measurable business impact.

總體而言，我們相信，我們全面的全通路現場廣告功能結合影片、展示和贊助產品廣告格式以及一個統一的平台可以增加我們的市場份額。場外零售媒體為零售商和品牌提供了一個互補的機會，以擴大其在開放網路上的影響力。最近，我們在 Commerce Max DSP 中與 Office Depot、ODP Business Solutions 和 Costco Canada 合作進行了場外活動。最近與惠普和好市多合作的活動展示了我們全通路零售媒體策略的威力。同時接觸到站內和站外廣告的購物者的轉換率提高了 855%，每位用戶的收入增加了 10 倍以上，點擊率提高了 58%。所有這些都清楚地表明了我們的綜合方法如何帶來可衡量的業務影響。

In addition, we now have several retailers running off-site monetization through our Commerce Grid SSP, enabling brands to access retailer audiences via third-party DSPs. This demonstrates our platform synergies and further expands the scale and flexibility of our Retail Media offering.

此外，現在有幾家零售商透過我們的 Commerce Grid SSP 進行站外貨幣化，使品牌能夠透過第三方 DSP 接觸零售商受眾。這體現了我們的平台協同效應，並進一步擴大了我們的零售媒體產品的規模和靈活性。

Moving on to Performance Media. We're encouraged by the sequential increase in media spend growth, excluding ad tech services. Our growth was led by Commerce Audiences are set of precision targeting tactics that leverage our large commerce data set and best-in-class AI to help advertisers acquire and retain customers. We've successfully capitalized on cross-selling and increasingly benefit from third-party demand via our Commerce Grid SSP. We're now focused on expanding beyond these initial levers to unlock even greater scale and opportunity. We believe our ability to drive performance for clients is the strongest it has ever been and will continue to expand.

繼續討論性能媒體。我們對媒體支出（不包括廣告科技服務）的持續成長感到鼓舞。我們的成長由商業受眾引領，這是一套精準定位策略，利用我們龐大的商業數據集和一流的人工智慧來幫助廣告商獲取和留住客戶。我們成功地利用了交叉銷售，並透過我們的 Commerce Grid SSP 從第三方需求中獲益良多。我們現在專注於擴展這些初始槓桿，以釋放更大的規模和機會。我們相信，我們為客戶帶來業績的能力達到了前所未有的高度，並且也將持續增強。

We're focused on unifying the buyer journey in a single independent platform for advertisers to drive brand performance and reach shoppers wherever they are. To this end, we further expanded our social offering in the first quarter, enabling advertisers to activate Facebook and Instagram inventory at the SKU level for their commerce audience campaigns globally. While still early days, this led to a 40% sequential increase in social campaigns this quarter.

我們致力於在一個獨立的平台上統一買家的旅程，以便廣告商能夠推動品牌績效並接觸到任何地方的購物者。為此，我們在第一季進一步擴展了社交產品服務，使廣告主能夠在 SKU 層級啟動 Facebook 和 Instagram 庫存，以在全球範圍內進行商業受眾活動。儘管仍處於早期階段，但這已導致本季度社交活動較上季成長 40%。

Our value proposition is resonating and we're pleased to announce a new preferred partnership with annuity, one of the largest independent full funnel agencies in the US to leverage our Performance Media solutions. More broadly, our goal is to deliver an end-to-end self-service streamlined workflow with Commerce Go, allowing advertisers to plan, buy and optimize across ad formats and channels, all while onboarding clients faster and reducing our cost to serve.

我們的價值主張引起了共鳴，我們很高興宣布與美國最大的獨立全通路代理商之一年金建立新的優先合作夥伴關係，以利用我們的績效媒體解決方案。更廣泛地說，我們的目標是透過 Commerce Go 提供端到端自助服務的簡化工作流程，使廣告主能夠跨廣告格式和管道進行規劃、購買和優化，同時更快地吸引客戶並降低我們的服務成本。

Our advanced AI automates decisions around audiences, channels, ad formats and creatives to maximize results. And while we're still in the early stages of the rollout, we're seeing steady adoption from small clients and lower churn. We've grown Commerce Go campaign volume by 45% quarter-over-quarter, predominantly coming from small clients. We are focused on our go-to-market efforts to build on this progress over the next several quarters.

我們先進的人工智慧可以自動做出有關受眾、管道、廣告格式和創意的決策，以最大限度地提高效果。雖然我們仍處於推出的早期階段，但我們看到小客戶正在穩步採用該技術，客戶流失率也在降低。我們的 Commerce Go 活動量較上季成長了 45%，主要來自小客戶。我們專注於市場推廣工作，以便在接下來的幾季中繼續取得進展。

To summarize, we believe Criteo is well positioned with many growth vectors in front of us. Our diversified global business and robust financial foundation gives us a strong position, and our focus on performance enables us to be resilient. By staying focused and operating with rigor, we're confident in the long-term potential of our platform and are firmly committed to driving sustained value for our shareholders. In Performance Media, we have gained greater clarity and have been even -- and have even more confidence in our long-term outlook. In Retail Media, the fundamentals and momentum of our business remains strong despite the near-term challenges.

總而言之，我們相信 Criteo 已做好準備，並擁有多項成長潛力。我們多元化的全球業務和強大的財務基礎賦予了我們強大的地位，而我們對業績的關注則使我們具有韌性。透過保持專注和嚴謹運營，我們對平台的長期潛力充滿信心，並堅定地致力於為股東創造持續價值。在 Performance Media 中，我們獲得了更大的清晰度，並且對我們的長期前景更有信心。在零售媒體方面，儘管面臨近期挑戰，但我們業務的基本面和發展勢頭依然強勁。

Overall, we have momentum behind our holistic platform strategy, and we anticipate growth in our business. We will pull cost and productivity levers as needed to maintain 2025 adjusted EBITDA margins in the 33% to 34% range and generate industry-leading cash flows. Criteo sits at the heart of Commerce Media uniquely powered by cutting-edge AI and unmatched commerce data at scale. We're firmly committed to driving shareholder value, and we intend to continue our share buyback, underscoring our confidence in our strategy and financial strength and our belief in the intrinsic value of our shares. We know there is more to do, and the management team and Board continue to explore all ways to enhance value for our shareholders.

整體而言，我們的整體平台策略勢頭強勁，我們預期業務將會成長。我們將根據需要利用成本和生產力槓桿來將 2025 年調整後的 EBITDA 利潤率維持在 33% 至 34% 的範圍內，並產生領先業界的現金流。Criteo 是 Commerce Media 的核心，由尖端的人工智慧和無與倫比的大規模商業數據提供支援。我們堅定地致力於提高股東價值，並打算繼續回購股票，這突顯了我們對我們的策略和財務實力的信心以及我們對股票內在價值的信念。我們知道還有很多工作要做，管理團隊和董事會將繼續探索一切方法來為我們的股東提高價值。

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

說完這些，我將把發言權交給莎拉，她將提供有關我們的財務表現和前景的更多細節。

Thank you, Michael, and good morning, everyone. Our first quarter performance reflects strong execution and financial discipline. Revenue was $451 million and contribution ex tax increased to $264 million. This includes a year-over-year headwind from foreign currencies of $6 million. At constant currency, Q1 contribution ex tax grew by 7% year-over-year, representing growth of 24% on a two-year stack basis. We are lapping a tougher comparison with significant AI-driven performance enhancements in 2024 as well as the prior year quarter, including -- and Easter, Client retention remains high at close to 90%.

謝謝你，邁克爾，大家早安。我們第一季的業績反映了強而有力的執行力和財務紀律。收入為 4.51 億美元，稅前貢獻增加至 2.64 億美元。其中包括同比 600 萬美元的外幣逆差。以固定匯率計算，第一季稅前貢獻年增 7%，兩年累計成長 24%。我們正在進行更嚴格的比較，2024 年與去年同期相比，人工智慧驅動的效能有了顯著提升，包括復活節，客戶保留率仍然接近 90%。

Starting with Retail Media revenue of $59 million and contribution ex-TAC grew 18% at constant currency to $59 million. Our growth was driven by continued strength in Retail Media on-site and continued traction for off-site campaigns. We benefited from the contribution of newly signed retailers and growth from existing clients remain strong, with same retailer contribution ex cat retention at 120%. On the supply side, we continue to win new retailers globally, including former Microsoft advertising retailers. As expected and as previously communicated, we also benefited from higher tiered fees in January for exceeding fiscal year volume threshold.

首先是零售媒體收入 5,900 萬美元，扣除 TAC 貢獻以固定匯率計算成長 18% 至 5,900 萬美元。我們的成長得益於現場零售媒體的持續強勁表現以及場外活動的持續推動。我們受惠於新簽約零售商的貢獻，現有客戶的成長依然強勁，同一零售商的貢獻（不包括巨災保留率）達到 120%。在供應方面，我們繼續在全球贏得新的零售商，包括前微軟廣告零售商。如預期和先前所傳達的，我們也因 1 月超過財政年度交易量門檻而受益於更高的分級費用。

On the demand side, we saw a significant expansion with CPG and smaller brands, and we onboarded 300 new brands this quarter. There is continued momentum with our agency partners, and we expect our 3,800 global brands to continue to prioritize Retail Media as a key channel for their advertising investments given the proximity with the point of sale. During the first quarter, we experienced strength in grocery while we saw lower growth in beauty.

在需求方面，我們看到快速消費品和小品牌的顯著擴張，本季我們引進了 300 個新品牌。我們與代理商合作夥伴的合作勢頭持續強勁，我們預計，鑑於零售媒體與銷售點的接近性，我們全球 3,800 個品牌將繼續優先考慮零售媒體作為其廣告投資的主要管道。在第一季度，食品雜貨業務表現強勁，但美容業務的成長速度較慢。

In Performance Media, revenue was $392 million and contribution ex tax was $206 million, up 4% at constant currency. This was driven by our commerce growth solution, which leverages our large-scale commerce data, an AI-powered audience modeling technology defined in-market shoppers. We also benefited from the growth of our Commerce Grid SSP, while ad tech services continue to be negatively impacted by lower spend by a large client in our media training marketplace. We benefit from a global diversified client base.

Performance Media 的營收為 3.92 億美元，稅前貢獻為 2.06 億美元，以固定匯率計算成長 4%。這是由我們的商業成長解決方案推動的，該解決方案利用我們的大規模商業數據，這是一種由人工智慧驅動的受眾建模技術，定義了市場內的購物者。我們也受惠於 Commerce Grid SSP 的成長，而廣告科技服務則持續受到我們媒體培訓市場大客戶支出減少的負面影響。我們受益於全球多元化的客戶群。

By region, we delivered double-digit growth in media spend in Asia Pac and low single-digit growth in Europe and in the Middle East, while we saw lower budgets in the US. By vertical, travel remains our fastest-growing vertical, up 44% followed by classified and marketplace is performing well. Broadly, there was lower spending in retail, and fashion was down 6%. We delivered adjusted EBITDA of $92 million in Q1 2025, up 30% year-over-year, mainly driven by operational leverage from top line growth and cost discipline, including a slower pace of hiring and lower bad debt expense.

按地區劃分，我們在亞太地區的媒體支出實現了兩位數成長，在歐洲和中東實現了低個位數成長，而美國的預算較低。從垂直產業來看，旅遊仍然是我們成長最快的垂直產業，成長了 44%，其次是分類廣告，市場表現良好。整體而言，零售業支出下降，時尚業支出下降 6%。2025 年第一季度，我們的調整後 EBITDA 為 9,200 萬美元，年增 30%，主要得益於營收成長和成本控制帶來的營運槓桿，包括招募速度放緩和壞帳支出降低。

Non-GAAP operating expenses decreased 3% year-over-year, reflecting our rigor on resource allocation. We invest in our growth areas while optimizing our operating model to enable scale and operational efficiencies. We continue to streamline our processes to work better and faster and enable increased productivity with AI-driven tools.

非公認會計準則營運費用較去年同期下降 3%，反映了我們對資源分配的嚴謹性。我們投資於我們的成長領域，同時優化我們的營運模式，以實現規模和營運效率。我們將繼續簡化流程，以便更好、更快地工作，並利用人工智慧驅動的工具來提高生產力。

Moving down the P&L, depreciation and amortization increased by 3% in Q1 2025 to $26 million. Share-based compensation expense was $16 million, reflecting a normalized run rate compared to $27 million in 2024. Our income from operations was $48 million, and our net income was $40 million in Q1 2025, an increase compared to $9 million last year. Our weighted average diluted share count was $57.2 million, which resulted in diluted earnings per share of $0.66 compared to $0.12 last year. Our adjusted diluted EPS was $1.10 in Q1 2025, up 38% year-over-year. Operating cash flow was $62 million, and free cash flow was $45 million in Q1 reflecting improved working capital and lapping last year's calendar impact.

損益表中，折舊和攤提在 2025 年第一季增加了 3%，達到 2,600 萬美元。股份制薪資費用為 1,600 萬美元，與 2024 年的 2,700 萬美元相比，反映出了正常的運作率。2025 年第一季度，我們的營業收入為 4,800 萬美元，淨收入為 4,000 萬美元，與去年的 900 萬美元相比有所增加。我們的加權平均稀釋股數為 5,720 萬美元，每股稀釋收益為 0.66 美元，去年同期為 0.12 美元。2025 年第一季度，我們的調整後稀釋每股收益為 1.10 美元，年增 38%。第一季的營運現金流為 6,200 萬美元，自由現金流為 4,500 萬美元，反映出營運資本的改善和去年日曆影響的抵銷。

We benefit from a strong financial position and pristine balance sheet with solid cash generation and no long-term debt. We had $810 million in total liquidity as of the end of March, which gives us significant financial flexibility to execute on our strategies and enable disciplined and balanced capital allocation. Our priorities are to invest in high ROI organic investments and value-enhancing acquisitions and to return capital to shareholders via our share buyback program. We are confident in our business strategy, and we are committed to driving shareholder value. We deployed $56 million for share repurchases this quarter, which included the repurchase of 1.5 million shares, and we will continue to actively buy shares as part of our buyback program.

我們受益於強大的財務狀況和完美的資產負債表，擁有穩健的現金產生能力且沒有長期債務。截至 3 月底，我們的總流動資金為 8.1 億美元，這為我們執行策略提供了極大的財務靈活性，並實現了規範、均衡的資本配置。我們的首要任務是投資高投資報酬率的有機投資和增值收購，並透過股票回購計畫向股東返還資本。我們對我們的經營策略充滿信心，並致力於提高股東價值。本季我們部署了 5,600 萬美元用於股票回購，其中包括回購 150 萬股，我們將繼續積極回購股票作為我們回購計畫的一部分。

Turning to our financial outlook, which reflects our expectations as of today, May 2, 2025. We have taken a prudent approach given the uncertain macro environment and the reduced -- services related to our largest retail media clients. It is important to emphasize that our strategic priorities remain unchanged, with a strong focus on top line growth delivering for our clients and ensuring strong operational rigor on costs and cash. We also have greater clarity around Google's plans for third-party cookies, giving us even more confidence in the long-term outlook of our Performance Media segment.

談到我們的財務展望，它反映了我們截至今天（2025 年 5 月 2 日）的預期。鑑於宏觀環境的不確定性以及與我們最大的零售媒體客戶相關的服務的減少，我們採取了謹慎的態度。值得強調的是，我們的策略重點保持不變，重點在於為客戶提供的營收成長，並確保在成本和現金方面採取嚴格的營運嚴謹措施。我們也更清楚地了解了 Google 對第三方 Cookie 的計劃，這讓我們對 Performance Media 部門的長期前景更有信心。

For 2025, we now expect contribution ex TAC to grow low single digits year-over-year at constant currency, with growth in each of our segments. We now estimate ForEx changes to drive a positive year-over-year impact of about $10 million to $12 million on contribution ex tax for the full year. In Retail Media, we have a scaled $250 million plus revenue base. Our 2025 Retail Media growth is now projected to be in the low to mid-single-digit range at constant currency.

對於 2025 年，我們目前預計扣除 TAC 後的貢獻將按固定匯率同比增長低個位數，並且我們每個部門都將實現增長。我們現在估計，外匯變動將對全年稅前貢獻產生約 1,000 萬至 1,200 萬美元的年比正面影響。在零售媒體領域，我們的營收基礎已超過 2.5 億美元。我們預計 2025 年零售媒體成長率將達到低點至中位數個位數（以固定匯率計算）。

The downward revision contemplates a more challenging macro environment, driving delays of certain retailers tech road map. This revision also reflects the scope changes for our largest retail clients and for a food delivery client in the US. We expect the reduced scope for these two specific clients to result in a $25 million negative impact in 2025, largely related to Q4 2025 and approximately $75 million for the first 10 months of 2026 until it annualizes. We have included our most prudent view in our updated outlook and do not anticipate any further significant changes.

此次下調是由於宏觀環境更具挑戰性，導致某些零售商的技術路線圖被推遲。此次修訂也反映了我們最大的零售客戶和美國食品配送客戶的範圍變化。我們預計，這兩個特定客戶的範圍縮小將在 2025 年造成 2500 萬美元的負面影響，主要與 2025 年第四季度有關，以及 2026 年前 10 個月約 7500 萬美元，直至年度化。我們在更新後的展望中納入了最謹慎的觀點，預計不會再發生任何重大變化。

Excluding these two clients, our underlying growth for 2025 is expected to be in the ballpark of 20%. In Performance Media, we expect contribution ex TAC to be up low single digits in 2025. This reflects continued traction with advertisers to drive performance throughout the buyer journey and lap tough comps from a significant AI-driven performance enhancements in 2024. We and our clients are excited about our platform innovation and look forward to continued ramp-up of Commerce Go. We also expect potentially lower ad budget in a challenging macro environment, especially in discretionary categories as all ad budgets are likely to face greater scrutiny.

除這兩位客戶外，我們預計 2025 年的潛在成長率將在 20% 左右。在 Performance Media 中，我們預計 2025 年 TAC 之外的貢獻將成長個位數。這反映了廣告主在整個購買旅程中持續推動業績的動力，並在 2024 年透過人工智慧驅動的重大業績提升超越競爭對手。我們和我們的客戶對我們的平台創新感到興奮，並期待 Commerce Go 的持續發展。我們也預計，在充滿挑戰的宏觀環境下，廣告預算可能會減少，尤其是在可自由支配的類別中，因為所有廣告預算都可能面臨更嚴格的審查。

Overall, we continue to anticipate an adjusted EBITDA margin of approximately 33% to 34% for 2025. Q1 adjusted EBITDA had some phasing benefits as some expenses shifted from Q1 into Q2. We intend to maintain margins and generate strong cash flow while continuing to invest in the growth of our Commerce Media Platform. We anticipate that the investments we are making this year will position us for continued top line growth and strong cash flow generation for the coming years. We expect a normalized tax rate of 22% to 27% on the current rules. Our overall CapEx is expected to be approximately $100 million, and we now expect a free cash flow conversion rate of above 45% of adjusted EBITDA before any nonrecurring items.

總體而言，我們繼續預期 2025 年調整後的 EBITDA 利潤率約為 33% 至 34%。由於部分費用從第一季轉移到第二季度，第一季調整後的 EBITDA 具有一些階段性優勢。我們打算保持利潤率並產生強勁的現金流，同時繼續投資於我們的商業媒體平台的成長。我們預計，今年的投資將使我們在未來幾年繼續實現收入成長和強勁的現金流。根據現行規定，我們預計正常稅率為 22% 至 27%。我們的整體資本支出預計約為 1 億美元，目前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將超過 45%。

For Q2 2025, we expect contribution ex TAC of $270 million to $278 million, down 2% -- minus 2% to flat at constant currency. Our range takes into account the volatility in the macro environment, its impact on consumers and our clients and top April trends. As previously communicated, this includes a sequential decrease in our Retail Media growth in Q2 mainly due to lapping a tough comparison and the tiered fees in January. We estimate ForEx changes to drive a positive year-over-year impact of about $10 million to $12 million on contribution ex TAC in Q2.

對於 2025 年第二季度，我們預計扣除 TAC 後的貢獻將為 2.7 億美元至 2.78 億美元，下降 2%——按固定匯率計算為負 2% 至持平。我們的範圍考慮了宏觀環境的波動、其對消費者和客戶的影響以及四月份的主要趨勢。如同先前所傳達的，這包括我們第二季零售媒體成長的連續下降，主要是由於 1 月的嚴格比較和分級費用。我們估計，外匯變化將對第二季扣除 TAC 後的貢獻產生約 1,000 萬至 1,200 萬美元的年比正面影響。

We expect adjusted EBITDA between $60 million and $66 million. And as previously communicated, this includes a onetime planned company-wide internal event. It also reflects continued high ROI growth investments in our platform, our annual employee merit increase effective in April and foreign rate exchange rate headwinds on our European cost base. We anticipate a slower pace of hiring and less discretionary spend for the remainder of the year.

我們預計調整後的 EBITDA 在 6,000 萬美元至 6,600 萬美元之間。正如之前所傳達的，這包括一次性計劃的全公司內部活動。這也反映了我們平台持續的高投資回報率成長、我們從四月開始生效的年度員工績效加薪以及外匯匯率對我們歐洲成本基礎的不利影響。我們預計今年剩餘時間內招募速度將會放緩，可自由支配的支出將會減少。

As a reminder, in Q2 2024, we benefited from a reduction in bad debt expense due to lower DSO for Retail Media and a onetime milestone payment related to one of our large partnerships. To conclude our strong Q1 results demonstrate the underlying strength of our Commerce Media Platform, while we are facing near-term challenges, including uncertainty in the macroeconomic environment, we expect to continue to deliver growth, healthy profitability and solid cash generation. We have a resilient business with robust performance capabilities and a broad and diversified client base. We have strong conviction in our strategy and our business model, and we have the access to commerce data that fuels our AI model to enable performance and relevance at scale across the buyer journey.

提醒一下，在 2024 年第二季度，由於零售媒體的 DSO 降低以及與我們的一個大型合作夥伴相關的一次性里程碑付款，我們受益於壞帳費用的減少。總而言之，我們強勁的第一季業績證明了我們商業媒體平台的潛在實力，雖然我們面臨著近期的挑戰，包括宏觀經濟環境的不確定性，但我們預計將繼續實現成長、健康的獲利能力和穩健的現金產生。我們的業務具有韌性、強勁的業績能力和廣泛而多樣化的客戶群。我們對我們的策略和商業模式有著堅定的信念，我們可以獲得商業數據，為我們的人工智慧模型提供動力，從而在整個買家旅程中實現大規模的性能和相關性。

And with that, I'll hand it over to the operator to begin the Q&A session.

接下來，我將把電話交給接線員，開始問答環節。

(Operator Instructions) Ygal Arounian, Citigroup.

（操作員指示）花旗集團的 Ygal Arounian。

So I guess first, not surprisingly, on Retail Media. Over the past few quarters, you guys have highlighted the competitive environment, how Criteo has been getting stronger within that competitive environment in a pretty meaningful way. And the combined impacts here that we're talking about are roughly a third -- it would be roughly a third of your Retail Media contribution ex TAC in 2025. So that's a pretty meaningful impact.

因此，我猜想首先是零售媒體，這並不奇怪。在過去的幾個季度中，你們強調了競爭環境，以及 Criteo 如何在競爭環境中以相當有意義的方式變得更強大。這裡我們討論的綜合影響大約是三分之一——大約是 2025 年零售媒體貢獻（不含 TAC）的三分之一。所以這是一個非常有意義的影響。

And I just want to kind of expand on, a, with your largest retail partner, why -- maybe why you think this is happening again after this happened 15 years ago, why they're pulling back further, given the support you offer maybe a little bit on Uber Eats also happening why that's happening and the confidence that your competitive positioning remains as it plays out. Is there further risk of in-housing and just how we think about that?

我只是想進一步說明一下，對於您最大的零售合作夥伴，為什麼——也許您認為為什麼在 15 年前發生這種情況後會再次發生，為什麼他們會進一步退縮，考慮到您提供的支持，也許 Uber Eats 也發生了一些事情，為什麼會發生這種情況，以及您對您的競爭地位在發揮作用時保持不變的信心。內部化是否有進一步的風險？我們對此有何看法？

And then a follow-up just on maybe if we could expand on the comments around April and the softer macro, a little bit more detail on what you're seeing there?

然後，我們是否可以進一步討論一下 4 月以及宏觀經濟疲軟時期的評論，更詳細地介紹一下您看到的情況？

Thanks, Ygal, I can start the first question, and then I'll ask Sarah for some extra commentary. In terms of the in-housing question, we see some retailers willing to own the sales and demand front end of their Retail Media network but continuing to use our technology. But not every retailer can take that on. And Criteo's demand generation is differentiated and as is our technology, which we don't see any risk to in-housing from.

謝謝，Ygal，我可以開始第一個問題，然後我會請 Sarah 提供一些額外的評論。就內部問題而言，我們看到一些零售商願意擁有其零售媒體網路的銷售和需求前端，但繼續使用我們的技術。但並不是每個零售商都能承擔這項責任。Criteo 的需求產生具有差異性，我們的技術也是如此，我們認為這不會對內部化帶來任何風險。

So no, I don't -- we don't see this as continuing trend. This client being one of the larger ones in the market was probably overdue to start to adopt this operating model. And in fact, we had contemplated it for some time. So I'll let Sarah talk a little bit about that.

所以，不，我不認為這是持續的趨勢。該客戶是市場上較大的客戶之一，可能早就該開始採用這種營運模式了。事實上，我們已經考慮這個問題有一段時間了。因此，我將讓莎拉稍微談論一下這個問題。

Yes. Thanks for the question. Just in terms of this situation, first of all, this is a very long-standing partner for us and obviously is our largest Retail Media clients. What we have seen over the years is that they have -- they had changed their arrangement with us. a few years back, as you know. In this situation, what has happened is that they have removed services, which relate to two specific items. One relates to client services that we support and bringing in new clients and demand generation services as well as other services, including billing and collection. That is now -- will now be curtailed on November. That being said, we have incredible long-term relationship with them. They will continue to use our tech for running Retail Media.

是的。謝謝你的提問。就這種情況而言，首先，這是我們的長期合作夥伴，顯然也是我們最大的零售媒體客戶。多年來我們看到的是，他們已經改變了與我們的安排。你知道，幾年前。在這種情況下，他們刪除了與兩個特定項目相關的服務。一個涉及我們支援的客戶服務，包括引入新客戶和需求產生服務以及其他服務，包括計費和收款。現在——將於 11 月縮減。話雖如此，我們與他們保持著令人難以置信的長期關係。他們將繼續使用我們的技術來經營零售媒體。

So there will be no other change there. But it is a significant impact, especially given that we have done, we'd say, a strong job for them as well as our other clients across this year and in 2025. We do expect strong growth across the rest of the base and for the long term, and we expect to continue to get leverage from our tech across this customer and all our customers for the long term. As specifically to the US food delivery clients, this was a choice by them simply for the US market. We are continuing to manage all the business for them globally. And that, as you know, was announced externally.

所以那裡不會有其他變化。但它的影響是巨大的，特別是考慮到我們在今年和 2025 年為他們以及我們的其他客戶做出了巨大的貢獻。我們確實預計其餘客戶將長期保持強勁成長，並且我們預計我們的技術將長期持續為該客戶以及所有客戶提供優勢。對於美國食品配送客戶來說，這是他們專門針對美國市場所做的選擇。我們將繼續在全球範圍內為他們管理所有業務。正如你所知，這是對外宣布的。

Overall, we do not expect this to be impacting us for other clients. This is, I would say, a unique situation, and we manage through it, and we continue to service all our clients, and we continue to drive our tech road map as well as the value that we deliver for them.

總體而言，我們預計這不會對其他客戶產生影響。我想說，這是一個獨特的情況，我們設法解決了這個問題，並繼續為所有客戶提供服務，繼續推動我們的技術路線圖以及為他們提供的價值。

Okay. And then maybe just on the macro trends in April and what you're seeing?

好的。那麼也許只是關於四月份的宏觀趨勢以及您所看到的情況？

Yes. I mean we did see a soft macro in April. I mean, we came off a fantastic Q4 strong traction into Q1. I would say in Q1, and as I said, we saw a mixed quarter, beauty being more down, fashion down, US retail department store also down, but offset with very strong growth, travel up 44% classifies up. Similar trends in April, but we did see, I would say, a flat Easter year-on-year, and it was softer across the board. I think just given some of the news in the macro environment, we saw a softening.

是的。我的意思是，我們確實看到四月宏觀經濟表現疲軟。我的意思是，我們在第一季取得了出色的第四季強勁成長。我想說，在第一季度，正如我所說，我們看到了一個好壞參半的季度，美容產品銷量下滑幅度更大，時尚產品銷量下滑，美國零售百貨商店銷量也下滑，但都被非常強勁的增長所抵消，旅遊產品銷量上漲了 44%。四月份的趨勢與此類似，但我想說，我們確實看到復活節的銷售額與去年同期相比持平，而且總體而言較為疲軟。我認為，從宏觀環境中的一些消息來看，我們看到了經濟的疲軟。

That being said, we always see that we have an incredibly resilient performance business. And none of our categories are down more than 10%. They are all either up or they're down to the kind of mid-single-digit range.

話雖如此，我們始終看到我們的績效業務具有令人難以置信的彈性。我們所有類別的降幅均未超過 10%。它們要么上升，要么下降到中等個位數範圍。

Mark Zgutowicz, Benchmark.

馬克‧茲古托維奇 (Mark Zgutowicz)，Benchmark。

Welcome, Michael. I just wanted to get a sense -- I appreciate the color, Sarah, on the verticals that you saw a weaker in April. But in terms of spending patterns across income demographics, I know you see a lot of data and -- just curious if you're starting to see any weakness at the upper income levels relative to the low to mid, that would be interesting.

歡迎光臨，麥可。我只是想了解一下——莎拉，我很欣賞你看到的四月垂直顏色較弱的情況。但就不同收入人群的消費模式而言，我知道您看到了很多數據，而且——我只是好奇，您是否開始看到高收入水平相對於中低收入水平有任何疲軟，那將會很有趣。

And then in terms of the OpEx leverage, Sarah, that you saw across all line items in the first quarter. I'm just curious how that should trend into Q2 and through the year, I think you have a better picture perhaps of the top line this year, but I would be interested in just getting a sense of how you plan to manage that. And then just initially, how we should be thinking about the 12-month revenue impact that begins in fourth quarter from your large client downtick.

然後就營運支出槓桿而言，莎拉，您在第一季的所有項目中都看到了這一點。我只是好奇這會在第二季以及全年呈現怎樣的趨勢，我想您可能對今年的營收情況有了更好的了解，但我感興趣的只是了解您計劃如何管理這一點。首先，我們應該如何考慮從第四季開始的大客戶下滑對 12 個月的營收影響。

Yes. Yes, I'm happy to take those. Thanks, Mark, for the question. I mean, first of all, on the macro, we do look at this, I would say, in many ways and actually there is information on our website regarding our kind of marketing trends. I don't know we show that in demographics.

是的。是的，我很樂意接受這些。謝謝馬克提出這個問題。我的意思是，首先，從宏觀角度來看，我們確實從很多方面來看待這個問題，而且我們的網站上實際上有關於我們的行銷趨勢的資訊。我不知道我們是否在人口統計中體現了這一點。

What I would say is that we have seen -- we said fashion down, right, broadly beauty, which is including in the fragrance kind of categories in, I would say, the nicer stores down, US department stores, they're not doing as well. And we're clearly very focused on the retailers as they announced in the coming months.

我想說的是，我們已經看到——我們說時尚、廣義的美容，包括香水類別，我想說，在高檔商店、美國百貨公司中，它們的表現並不好。我們顯然非常關注零售商，因為他們將在未來幾個月內宣布這一消息。

But in terms of brand spend, it really is some brands are more resilient than others. So more discretionary categories, I would say, across income bands, we're seeing less pain, just in general. But we clearly keep a close eye on what the bank tell this year as well.

但就品牌支出而言，有些品牌確實比其他品牌更有彈性。因此，我想說，在各個收入階層中，可自由支配的類別越多，整體而言，我們看到的痛苦就越少。但我們顯然也密切關注銀行今年的言論。

In terms of the operating leverage, we saw terrific operational leverage in Q1. We're really keeping a close eye. This is, I would say, a well-trained muscle for us point. So Q1, very strong EBITDA leverage coming from the top line. Q2 as -- and we actually have included within our investor materials a walk of Q1 to Q2 that you can see the dynamics there. Some of it relates to comps and some of it relates to specific onetime expenses.

就經營槓桿而言，我們在第一季看到了極佳的經營槓桿。我們確實在密切關注。我想說，這對我們來說是一塊訓練有素的肌肉。因此，第一季的營收呈現非常強勁的 EBITDA 槓桿。Q2——實際上，我們已經在投資者材料中納入了 Q1 到 Q2 的趨勢，您可以看到其中的動態。其中一些與補償有關，一些與特定的一次性費用有關。

There's also an FX headwind in there for our European cost base that we expect continue to see this year. But it's a very, I hope, a clear walk for you that we included in the materials. But overall, for the year, we are focused on ensuring that we deliver on the top line as well as on the bottom line, and we're going to continue to focus on all cost levels largely related to the, I would say, pace of new hires.

我們預計今年我們的歐洲成本基礎將繼續面臨外匯逆風。但我希望，我們在材料中為您提供的指導非常清晰。但總體而言，今年我們的重點是確保實現營收和利潤雙豐收，並且我們將繼續關注與新員工招募速度密切相關的所有成本水準。

In terms of Retail Media client, we have a $250 million base for our Retail Media client. It's a scale base. It's across over 200 clients. We added over 1,100,000 year-on-year. That continues to grow. This impact relates to two specific client situations that will, of course, lap within a year. It is a significant headwind to us largely because I would say we've done a good job to ensure that we deliver services to our clients, including demand generation services for the long tail of brands, and that is the piece that will we could tell.

就零售媒體客戶而言，我們為零售媒體客戶提供了 2.5 億美元的資金基礎。這是一個規模基礎。它覆蓋超過 200 個客戶。我們比去年同期增加了110多萬人。這一數字還在持續成長。這種影響與兩種特定的客戶情況有關，當然，這種影響將在一年內持續下去。這對我們來說是一個重大的阻力，主要是因為我想說我們已經做得很好了，確保我們為客戶提供服務，包括針對品牌長尾的需求產生服務，這是我們可以告訴的部分。

But overall, for all our client base, Thomas, Max is going well, high spend from agencies that want to go across retailer across our ad network. And so our focus is continue to ensure that we deliver value to all those bases. And of course, we'll see the uptake in our new clients as well as our new capabilities coming in, and we anticipate that will be more in the end of this year, but likely more to start ramping up in the beginning of next year, just given the uncertain macro.

但總體而言，對於我們所有的客戶群來說，Thomas、Max 都發展良好，希望透過我們的廣告網路覆蓋零售商的代理商花費龐大。因此，我們的重點是繼續確保為所有這些基地提供價值。當然，我們會看到新客戶的成長以及我們新能力的提升，我們預計今年年底這一數字還會更高，但考慮到宏觀經濟的不確定性，明年年初可能會有更多數字開始上升。

Mark Kelley, Stifel.

馬克凱利（Mark Kelley），Stifel。

Great. A couple of just quick ones on surprisingly on Retail Media. Just starting with your largest Retail Media client. Any way to give us a sense for what percent of the demand you were generating versus what they were doing in-house before this change?

偉大的。以下是關於零售媒體的幾個令人驚訝的簡短訊息。剛從您最大的零售媒體客戶開始。能否讓我們了解一下，與這項變更之前他們內部所做的相比，你們產生的需求佔了多少百分比？

And then second, just on the Uber relationship, can you just walk through what that process was like? I can see who the competitor is that starting to work with them in the US, but was there like an RFP process that -- where they were testing you against other solutions and the other solutions out. I'm just trying to get a sense for just the dynamics at Uber.

其次，關於與 Uber 的關係，您能否簡單介紹一下這個過程是怎麼樣的？我知道在美國開始與他們合作的競爭對手是誰，但是否有一個類似 RFP 流程 - 他們會測試你與其他解決方案以及其他解決方案的比較。我只是想了解 Uber 的動態。

Yes, I'll just address the question on the largest retailer first. We do not, I would say, generally comment on our specific clients. But we -- and we also do not give information on what's being driven between ourselves and our clients. What we have said and what continues to be the case is that 80% of brand spend for large brands is being driven by most of our large retailers.

是的，我先回答關於最大零售商的問題。我想說，我們一般不會對我們的特定客戶發表評論。但是我們——我們也不會提供有關我們和客戶之間正在發生的事情的資訊。我們曾經說過，現在的情況是，大品牌 80% 的品牌支出是由我們的大多數大型零售商推動的。

What we are doing is a very good job of increasing the number of brands globally and that tends to be the mid- to long tail that we do service for this client, but also for other clients, and that will be shifted in kind of at the end of this year. So that would be, I would say, the dynamic for this client.

我們所做的工作是出色地增加全球品牌數量，這往往是我們為該客戶提供服務的中長尾，同時也為其他客戶提供服務，這將在今年年底發生轉變。所以我想說，這就是這個客戶的動態。

In terms of concentration of clients, we do include our client concentration within our 10-K. So you can see the specifics within that.

就客戶集中度而言，我們確實將客戶集中度納入了我們的 10-K 表中。所以你可以看到其中的具體內容。

Yes. Thanks, Sarah. Mark, I can address the your question. But while we're disappointed with the change, I think it's worth reminding what we continue our global partnership with Uber advertising and remain focused on the collaboration and driving share of success. Like Sarah said, we don't think you comment in detail about how clients make their decisions.

是的。謝謝，莎拉。馬克，我可以回答你的問題。但是，儘管我們對這一變化感到失望，我認為值得提醒的是，我們將繼續與 Uber 廣告保持全球合作夥伴關係，並繼續專注於合作和推動成功份額。正如莎拉所說，我們認為您沒有詳細評論客戶如何做出決定。

But I guess, what I can tell you is there was not a head-to-head competition of some kind that we lost down, and we were driving significant demand for that client, and they've made a decision that they think that there'll be maybe stronger synergy with another provider about the best I could surmise at this current state.

但我想，我可以告訴你的是，我們並沒有在某種形式的正面競爭中失敗，而且我們正在為該客戶推動巨大的需求，他們已經做出了決定，他們認為與另一家供應商可能會產生更強的協同效應，這是我目前所能推測的最好的結果。

Richard Kramer, Arete Research.

Arete Research 的 Richard Kramer。

Michael, you mentioned and Sarah as well, you mentioned the onboarding of the Microsoft clients, capturing budget from multiple funnel DSPs and you talked about the growth rates in agencies, both larger and midsized agencies, but we're not really seeing this come through in numbers this year.

邁克爾，你提到了這一點，莎拉也提到了這一點，你們提到了微軟客戶的加入，從多個管道 DSP 獲取預算，你們還談到了代理機構（包括大型和中型代理機構）的增長率，但我們今年並沒有真正看到這些數字的體現。

And Sarah, it seems like you're mentioning more 2026 figures. Can you talk through what you could do to speed up the ramp of these both new cohorts of clients and also these new channels. It does seem like you're calling out a lot of areas where you're winning share, you've got a big pipeline. But again, it's hard to see that flowing through in numbers this year.

莎拉，你好像提到了更多 2026 年的數字。您能否談談您可以採取哪些措施來加快這些新客戶群和新管道的成長？看起來你確實在很多領域贏得了市場份額，你擁有龐大的管道。但今年我們仍然很難看到這個數字的實現。

Yes, Richard, it's Michael. Thanks for the question. I'll start that and then probably -- for a little extra commentary. And like I mean, in general, there's a solid strategy here and a strong road map. And it's kind of back to my overall remarks that our focus here in the near terms is the focus on product delivery, scaling products in the market and make sure that we execute commercially.

是的，理查德，我是麥可。謝謝你的提問。我將開始這一點，然後可能會有一些額外的評論。我的意思是，總的來說，這裡有一個可靠的策略和強大的路線圖。這有點回到我的整體評論，我們近期的重點是產品交付、擴大市場產品規模並確保我們能夠進行商業執行。

In the near term, for Performance Media, we need to ramp Commerce Go and make sure that, that's positioned to have an impact on the business in 2026, continue to leverage our AI investments. And I think longer term, make sure that we can continue to move up funnel to be more of a full-funnel, cross-channel product on the performance side.

短期內，對於 Performance Media，我們需要加大 Commerce Go 的投入，確保它能夠在 2026 年對業務產生影響，並繼續利用我們的 AI 投資。我認為從長遠來看，確保我們能持續提升通路，在效能上成為更俱全通路、跨通路的產品。

In Retail, near term, I think it's about driving solutions towards holistic page optimization and making sure that we scale new offerings like on-site video, right? That's contemplated in the plan. what we need to deliver against that. And then long term, it's really about solving the equation for efficient buying and Retail Media. But I'll let Todd comment on maybe a couple of the product advancements that --

在零售業，短期內，我認為這是關於推動整體頁面優化的解決方案，並確保我們擴展現場視訊等新產品，對嗎？這是計劃中考慮的。我們需要採取什麼措施來應對這種情況。從長遠來看，這實際上是為了解決高效購買和零售媒體的問題。但我會讓 Todd 對一些產品改進進行評論--

Thanks, Michael -- Richard. I would just add one thing, which is Retail Media is still maturing into trading that pulls together on-site search, display and off-site in the full funnel cross-channel setup that Michael was measuring. And that's why we talk about the longer-term implications in partnership with Microsoft and other demand platforms because we have to make sure that all of those things trade in the full funnel cross-channel setup in an efficient manner.

謝謝，麥可——理查。我只想補充一點，零售媒體仍在不斷成熟，將現場搜尋、展示和場外整合到邁克爾所衡量的全通路跨通路設置中。這就是為什麼我們與微軟和其他需求平台合作討論長期影響，因為我們必須確保所有這些東西都以有效的方式在完整的管道跨通路設定中進行交易。

And that's something that just doesn't exist across retail media today, and we are leading the charge to design it and to put it into place for the whole ecosystem. That's why we talk about it long term, and that's why you're not showing seeing it show up in the immediate term. But we're very confident that we're ahead of the charge there. And we have a footprint that is enviable on almost any level across the ecosystem to make that true. So that's just the one thing to add. But we're very bullish about the opportunity as we move into this space where retail media transacts full funnel cross channel.

這是當今零售媒體中尚不存在的東西，我們正在帶頭設計它並將其應用於整個生態系統。這就是我們談論長期問題的原因，也是你沒有在短期內看到它出現的原因。但我們非常有信心，我們在這方面處於領先地位。我們在整個生態系統的幾乎任何層面上都留下了令人羨慕的足跡，從而實現了這一目標。這只是需要補充的一點。但當我們進入零售媒體跨通路全通路交易的這個領域時，我們對這個機會感到非常樂觀。

I just to add to the forecast. I mean, as you've seen, we've -- we've moved to a more prudent view on the forecast. Some of that is related to the macroeconomics. We're winning clients, and win rate is strong, but we do anticipate some of those will be later, and that is largely due to client versus the, I would say, appetite to get going. So it's more that it's just a slower transition and a slower pace.

我只是想補充一下預測。我的意思是，正如您所看到的，我們對預測的看法變得更加謹慎。其中一些與宏觀經濟有關。我們正在贏得客戶，而且贏率很高，但我們確實預計其中一些客戶會在稍後獲得，這主要是由於客戶與我想說的開始的慾望有關。所以這只是一個較慢的轉變和較慢的步伐。

Okay. And maybe a quick follow-up for Todd and Sarah since you have the history there with respect to privacy sandbox, does retargeting somehow revive itself down the road? Or has this sort of third-party cookie ship already sailed. And maybe, Sarah, what sort of incremental testing costs were you wearing in the past year or two to make the transition to privacy sandbox that may now no longer be needed.

好的。也許您可以快速跟進 Todd 和 Sarah 的問題，因為您了解隱私沙盒的歷史，重定向是否會在未來以某種方式復興？或者這種第三方 cookie 之船已經啟航了。莎拉，也許在過去的一兩年裡，為了過渡到隱私沙盒，你花了哪些增量測試成本，而現在這些成本可能不再需要了。

Let me take the first one, and Sarah can jump in after. It's a pretty simple equation. I think Michael mentioned earlier. We have made our investment in hybrid addressability and privacy sandbox specifically well before now. We're four years into that. Google's policy is only helping us expand retargeting and other direct response pools and making them perform a greater scale. So that's upside for us over time.

讓我先來，然後莎拉再加入。這是一個非常簡單的等式。我想邁克爾之前有提到過。我們早在先前就已對混合尋址和隱私沙盒進行了投資。我們已經這樣做了四年。谷歌的政策只是幫助我們擴大重新定位和其他直接回應池並使其發揮更大的規模。從長遠來看，這對我們來說是有利的。

And in terms of the investment, again, just to reinforce what Michael said earlier, we've already made our investments in Privacy Sandbox. Most of those were accretive broadly because it took us in the world of deep learning for audience setups, for bidding, for a product recommendation and for our optimization in new ways.

關於投資，我再強調一下麥可之前說的話，我們已經對隱私沙盒進行了投資。其中大部分都是廣泛增值的，因為它將我們帶入了深度學習的世界，以新的方式進行受眾設定、競價、產品推薦和優化。

So we're going to carry those long-term, and they're definitely upside for the company. We will not have to continue to invest in Privacy Sandbox APIs as we were before. So that does lose up a very slight amount of resources for the product road map.

因此，我們將長期持有這些股票，而且它們肯定會為公司帶來好處。我們不必像以前一樣繼續投資隱私沙盒 API。因此，這確實會損失產品路線圖的少量資源。

Yes. Yes. I mean just to add to that, I would say this has been actually a great ROI investment for us across the board. We understand signal, we understand data -- teams right alongside all the -- we -- I mean, I would say, Todd and the R&D team alongside all the charge to really expand on how do we use data and AI signals in the best way. So I would say, not significant savings there because these are team members just understand this cold and are excited about the innovation that this will drive. So from our standpoint, we see those guys ahead to just have clarity on driving that road map forward.

是的。是的。我的意思是，我想補充一點，這對我們來說實際上是一項具有巨大投資回報率的投資。我們了解訊號，我們了解數據——我們和所有團隊一起——我們——我的意思是，我想說，托德和研發團隊一起真正擴展了我們如何以最佳方式使用數據和人工智慧訊號。所以我想說，這方面的節省並不顯著，因為這些團隊成員只是理解這一點，並對這將推動的創新感到興奮。因此，從我們的角度來看，我們看到那些人正在清楚地推動路線圖向前發展。

Justin Patterson, KeyBanc.

賈斯汀·帕特森，KeyBanc。

Great. Sarah, you mentioned managing expenses during this period, while still investing for growth. Could you give us just how much -- a sense on how much flexibility there is around expense management this year. And maybe stepping back for Michael. We've seen a lot of interest on Retail Media more so from the video side as Connected TV ramps up. Any views on just how you might approach a channel like that and where that could fit on the long-term road map?

偉大的。莎拉，您提到了在此期間管理開支，同時仍進行投資以實現成長。您能否告訴我們今年的費用管理有多少彈性？也許對麥可來說這是退一步。隨著連網電視的興起，我們看到人們對零售媒體的興趣越來越濃厚，尤其是視訊方面。您對於如何處理這樣的管道以及它在長期路線圖上的位置有何看法？

And just to address on the cost side, I mean, we clearly had a road map in an investment, including, I would say, selling and operational resources that was focused on maybe a different macro environment at the beginning of this year. So most of this would relate to not hiring for, I would say, more discretionary role.

僅就成本方面而言，我的意思是，我們顯然有一個投資路線圖，其中包括銷售和營運資源，這些資源可能在今年年初專注於不同的宏觀環境。因此，我認為，這大部分與不招募更具自由裁量權的職位有關。

Second, I would say that our focus is on a self-service platform and the Commerce Go would be one great area. It's a new segment for us, both a small clients, its self-service capability kind of end-to-end. And clearly, that's a more efficient operating model. So I would say those would be the two items that we're focused on.

其次，我想說我們的重點是自助服務平台，而 Commerce Go 是一個很好的領域。對我們來說，這是一個新的領域，既有小客戶，也有端到端的自助服務能力。顯然，這是一種更有效率的營運模式。所以我想說這是我們關注的兩件事。

We are not stopping any investments on high ROI investments. What we have seen is that we need less people to do that given AI innovation, just given some of the discussion we just had on the AI resource and engineers that are able to do more with less.

我們不會停止任何高投資報酬率的投資。我們看到，隨著人工智慧創新的推進，我們需要更少的人手來做這些事情，正如我們剛才就人工智慧資源和能夠用更少的資源做更多事情的工程師進行的一些討論一樣。

So all in all, it's across the board, but ultimately, it's doing what we do well, which is ensuring that the operating model and the resources are focused on just ensuring that we go full speed ahead on where our clients are going and on the efficiency that we can drive in the productivity.

總而言之，這是全面的，但最終，它是在做我們擅長的事情，即確保營運模式和資源集中在確保我們全速前進，滿足客戶的需求，並提高生產力的效率。

Yes, I can -- and Justin, thanks for the question. I'll take the one on CTV. It all starts with our goal to serve the full buyer journey across multiple channels, and CTV is the second fastest-growing area of digital advertising.

是的，我可以──賈斯汀，謝謝你的提問。我要選 CTV 上的那個。一切始於我們的目標，即透過多種管道為買家提供完整的購物體驗，而 CTV 是數位廣告中成長第二快的領域。

And I think in terms of what it offers as a format. It supports brand building with the added benefit of being measurable, having closed loop attribution, and we think even can be a robust performance channel. So we're in the early stages of assessing how it would fit for us and how we would build connections between kind of living room commerce and other channels, so to speak. So it's early days, but it definitely could have helped us achieve more scale by capitalizing on, again, the second fastest growing segment of the media landscape.

我認為就其提供的格式而言。它支持品牌建設，具有可衡量的額外優勢，具有閉環歸因，我們認為甚至可以成為一個強大的績效管道。因此，我們正處於評估它如何適合我們以及如何在客廳商務和其他管道之間建立聯繫的早期階段。雖然現在還處於早期階段，但它肯定可以幫助我們利用媒體領域第二快成長的領域來實現更大的規模。

Todd, you want to offer the whole -- early hypotheses.

托德，你想提供整個早期的假設。

Yes. I'd just reinforce something Michael said, we're looking at CTV and video across the full funnel cross-channel landscape. And it's not just something that we are considering. We are in the process of testing the dimensions of how it is used for both performance in the direct response context as well as all the way up to the top of the funnel in discovery advertising. So we have two dimensions of work that we're doing there product-wise to prove that we can manage performance and deliver it for our clients across that full funnel.

是的。我只是想強調麥可所說的話，我們正在研究整個跨通路環境中的 CTV 和影片。這不僅僅是我們正在考慮的事情。我們正在測試它在直接回應環境中的表現以及在發現廣告中一直到漏斗頂部的表現。因此，我們在產品方面進行了兩個方面的工作，以證明我們能夠管理效能並在整個通路中為客戶提供服務。

Alec Brondolo, Wells Fargo.

富國銀行的亞歷克·布朗多洛。

Maybe one for Sarah and one for Michael Sarah. Could you maybe help us think about the percent of Retail Media contribution ex TAC after backing out the $100 million large customer that's generated the ad sales or, I guess, demand generation services. I'm trying to think about like how much of the business pro forma is on the supply side, which seems a little bit safer, more defensible versus -- side.

也許一個給莎拉，一個給麥可莎拉。在扣除產生廣告銷售或需求產生服務的價值 1 億美元的大客戶後，您能否幫助我們考慮一下零售媒體貢獻（不包括 TAC）的百分比？我試著思考一下，有多少業務形式是在供應方，這似乎更安全一些，相對於供應方來說更具防禦性。

And then maybe for Michael, I guess, could you help us think about early impressions of Criteo's self-service kind of tools? How do you raise the sophistication of self-service campaign setup and management at Criteo right now relative to maybe -- Advantage Plus or Google Performance MAX? And how do you think about maybe closing the capability gap over time? .

那麼對於邁克爾來說，我想，您能否幫助我們思考一下對 Criteo 自助服務工具的早期印象？相對於 Advantage Plus 或 Google Performance MAX，您如何提高 Criteo 自助式廣告活動設定和管理的複雜程度？您認為如何隨著時間的推移縮小能力差距？。

Yes. I mean, just to address '26, clearly, we're not going to give long-term guidance as I think you know what is '26 guidance. What I have said is that we are building off a strong base of 200-plus plus growing customers, they are growing faster than the market, and we do expect that to ramp up, especially within 2026, and I would say, in a more normalized macro. In terms of the service layer, this the curtailment largely relates to services, which was about 20% of our base, but this is the only significant client that has services.

是的。我的意思是，只是為了解決 26 問題，顯然，我們不會提供長期指導，因為我認為你知道什麼是 26 指導。我所說的是，我們正在建立一個由 200 多個不斷增長的客戶組成的強大基礎，他們的成長速度快於市場，我們確實預計這一增長將會加速，特別是在 2026 年，我想說，在一個更正常化的宏觀經濟環境中。就服務層而言，此次削減主要與服務有關，服務約占我們基礎的 20%，但這是唯一擁有服務的重要客戶。

So I guess I would say that it's just a slower ramp-up of the services layer. Demand generation, we see coming through Commerce Max, we see the agency growth 50% year-on-year. We see the continued focus on mid- and long-tail brands as well as large brands across the base. And our customers, I mean, I'd say our agency partners and brands, in particular, do want to buy across retailer.

所以我想我會說這只是服務層的一個緩慢的提升。我們看到透過 Commerce Max 產生的需求，我們看到代理商年增 50%。我們看到，中長尾品牌以及大型品牌將繼續受到關注。我們的客戶，我的意思是說我們的代理商合作夥伴和品牌，確實希望透過零售商購買。

So we're not -- we don't necessarily see this as being a key driver for us in terms of supply fees, which I would say are quite fixed relating to the tech. But the demand side fees and the demand fees and demand side of the business, is where we do see scaling up with our agency and brand partners.

因此，我們不一定認為這是我們供應費用的主要驅動力，我想說，供應費用與技術相關，是相當固定的。但是，需求方費用、需求費用和業務的需求方，是我們與代理商和品牌合作夥伴一起擴大規模的地方。

I'll take the one on the self-service ability. Look, I would say that Criteo is on a journey as it pertains to that. But we are very excited about the rollout of Commerce Go. And I think we have the benefit there, have seen what has worked in terms of what's come before us and frankly what hasn't. I can tell you from my agency background, really what agency partners are looking for in a solution like that is the ability to manage parameters. They actually enjoy AI automation, but certainly want to have hands on the key critical levers, want to understand placement. They want to have a good understanding of the measurement component.

我將選擇具有自助服務能力的。瞧，我想說 Criteo 正處於與此相關的旅程中。但我們對 Commerce Go 的推出感到非常興奮。我認為我們從中受益匪淺，看到了我們之前所取得的成就，坦白說，也看到了哪些成就是成功的，哪些是失敗的。從我的代理商背景來看，我能夠告訴你，代理商夥伴在這樣的解決方案中真正尋求的是管理參數的能力。他們實際上喜歡人工智慧自動化，但肯定希望掌握關鍵的槓桿，希望了解佈局。他們希望對測量組件有一個很好的了解。

And so Commerce Go designed with all of those in mind, right? We refer to it as our box solution because it offers those types of parameters and transparencies that other solutions in the market do. And so we think that we potentially will be differentiated with that as we roll it out, and we're excited about that has for the business.

所以 Commerce Go 的設計考慮到了所有這些因素，對嗎？我們將其稱為我們的盒子解決方案，因為它提供了市場上其他解決方案所提供的那些類型的參數和透明度。因此，我們認為，隨著我們推出這項服務，我們有可能實現差異化，我們對此為業務帶來的影響感到興奮。

Doug Anmuth, JPMorgan.

摩根大通的道格安穆斯 (Doug Anmuth)。

It's Bryan Smilek on for Doug. Just thinking about the '25 guide, can you just help parse out the trade-off of contributions from new clients, specifically Microsoft versus macro headwinds that are factored into the guide?

布萊恩·斯邁利克 (Bryan Smilek) 代替道格 (Doug)。只要考慮一下 '25 指南，您能否幫助分析新客戶貢獻的權衡，特別是微軟與指南中考慮的宏觀不利因素？

And then separately, by vertical overall to social continues to grow well, and you obviously integrated at the SKU level on Facebook and Instagram. Just curious, can you help us think about the demand there and the cross-selling opportunity with the new channels such as social over time?

然後單獨來看，從垂直角度來看，社交整體繼續保持良好成長，並且顯然在 Facebook 和 Instagram 的 SKU 層級進行了整合。只是好奇，您能否幫助我們思考那裡的需求以及隨著時間的推移透過社交等新管道進行的交叉銷售機會？

Yes, I can address just in terms of the growth rate for '25. The way that we saw the revision downwards was, I would say about 50-50, so about 50% related to the macro. Some of that is general macro trends, some of that is not -- not starting soon enough, I would say. And the other part relates to the specific -- the two specific clients.

是的，我可以僅就 25 年的成長率來談談。我們認為向下修訂的方式大約是 50-50，所以大約 50％ 與宏觀有關。其中一些是整體宏觀趨勢，而另一些則不是——我想說，還不夠快。另一部分與具體情況有關—兩個特定的客戶。

I can jump in on the social piece. And I'm glad that you asked about meta specifically. And our intent, the entire way has been to simplify workflows and guarantee performance is returned as our clients are looking across channels and reaching that full funnel that we talked about before. and that's working quite well with Meta so far.

我可以加入社交部分。我很高興您特別詢問了元資料。我們的整個目的是簡化工作流程，並保證在我們的客戶跨渠道瀏覽並達到我們之前談到的整個管道時能夠獲得效能回報。到目前為止，它與 Meta 的配合還不錯。

So obviously, we look to take that further out into social platforms so that our clients are not only getting reach, but they're also getting workflow efficiency and performance as they choose us as their solution -- their overall solution rather than using a variety of point solutions that are available in the market. So we're very excited to continue down the path that we've started and the early returns show that we're being successful on both performance and reach for our clients.

因此，顯然，我們希望將其進一步擴展到社交平台，以便我們的客戶不僅可以獲得覆蓋面，還可以獲得工作流程效率和效能，因為他們選擇我們作為他們的解決方案 - 他們的整體解決方案，而不是使用市場上可用的各種點解決方案。因此，我們非常高興能夠繼續沿著我們已經開始的道路前進，早期的回報表明我們在業績和客戶覆蓋範圍方面都取得了成功。

There are no further questions at this time. I will now turn the call over to Melanie for closing remarks.

目前沒有其他問題。現在我將把電話交給梅蘭妮，請她做最後發言。

Thank you, Mike, Sarah and Todd. That concludes our floor for today. Thanks, everyone, for joining. If you have any follow-up questions, the Investor Relations team is available to assist.

謝謝你，麥克、莎拉和陶德。今天我們的發言到此結束。謝謝大家的參與。如果您有任何後續問題，投資者關係團隊將隨時為您提供協助。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。