Criteo SA (CRTO) 2025 Q2 法說會逐字稿

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

早安，歡迎參加 Criteo 2025 年第二季財報電話會議。（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 second-quarter 2025 earnings call. Joining us on the call today is Chief Executive Officer, Michael Komasinski; and Chief Financial Officer, Sarah Glickman, are going to share some prepared remarks. Todd Parsons, our Chief Product Officer and President, Performance Media, will join us for the Q&A session. 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.

大家早安，歡迎參加 Criteo 2025 年第二季財報電話會議。今天參加電話會議的有執行長 Michael Komasinski 和財務長 Sarah Glickman，他們將發表一些準備好的演講。我們的首席產品長兼 Performance Media 總裁 Todd Parsons 將參加我們的問答環節。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。

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. 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 Forms 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，這些陳述僅反映 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 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 指標的定義和對帳。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相比。

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. Thanks for joining us today. After immersing myself of the business over the past few months, I'm encouraged by what I see. Incredibly resilient company with unique assets and enormous potential. That time has reinforced my conviction in our strategy and in the talent and innovation that will drive our next chapter.

謝謝，梅蘭妮，大家早安。感謝您今天加入我們。經過過去幾個月對業務的深入研究，我對所看到的情況感到鼓舞。極具韌性的公司，擁有獨特的資產和巨大的潛力。那段時間更加堅定了我對我們的策略以及將推動我們下一章發展的人才和創新的信念。

Now I'd like to share how we're thinking about the future and positioning our business to address the opportunities ahead. Our vision is ambitious and focused on delivering full-funnel, cross-channel, self-service advertising that performs. It's anchored by a solid foundation and grounded in a clear path to execution. We're building a unified outcome-based advertising platform designed for the next decade of commerce, one that connects demand and supply, optimized for performance at every stage of the buyer journey. All of this is underpinned by a deep competitive moat coming from the combination of our unique commerce dataset, cutting-edge AI, and global reach.

現在我想分享我們對未來的思考以及我們如何定位我們的業務以應對未來的機會。我們的願景是雄心勃勃的，專注於提供有效的全通路、跨通路、自助式廣告。它以堅實的基礎為基礎，並以明確的執行路徑為基礎。我們正在建立一個統一的基於結果的廣告平台，專為未來十年的商業發展而設計，該平台連接需求和供應，並針對買家旅程的每個階段的性能進行最佳化。所有這一切都建立在我們獨特的商業數據集、尖端人工智慧和全球影響力的結合所形成的深厚競爭優勢之上。

Starting with the demand side of our business. We're advancing intuitive, self-service solutions to attract a broad range of budgets from performance and trade marketing to national media and serve all types of buyers, including agencies, brands, and SMB to advertisers. Our strategy is built on three key levers to reaccelerate growth: cross channel, full funnel, and self-service.

從我們業務的需求方開始。我們正在推動直覺的自助服務解決方案，以吸引從績效和貿易行銷到國家媒體的廣泛預算，並為所有類型的買家提供服務，包括代理商、品牌、中小企業和廣告商。我們的策略建立在三個關鍵槓桿之上，以加速成長：跨通路、全通路和自助服務。

First, we're meeting consumers where they are, whether that's on-site, offsite, increasingly on connected TV or soon through AI assistance and agents. Second, we're extending our full-funnel capabilities, building on the success of Commerce Audiences, which is our set of precision targeting tactics that leverage commerce data and advanced AI for customer acquisition and retention. We expect our full-funnel approach to unlock a larger share of advertiser spend as we deliver measurable outcomes from discovery to purchase. Third, we're moving towards self-service to drive scale and efficiencies. These initiatives are already expanding our serviceable market and they're key for long-term sustainable growth.

首先，我們會在消費者所在的地方與他們會面，無論是在現場、場外、越來越多地透過連網電視，還是很快透過人工智慧協助和代理。其次，我們正在擴展我們的全通路能力，以「商業受眾」的成功為基礎，這是我們的一套精準定位策略，利用商業數據和先進的人工智慧來獲取和留住客戶。我們期望我們的全通路方法能夠釋放更大份額的廣告商支出，因為我們能夠提供從發現到購買的可衡量成果。第三，我們正在轉向自助服務，以推動規模和效率。這些措施已經擴大了我們的服務市場，並且對於長期永續成長至關重要。

Moving to the supply side of our business. We offer retailers and traditional publishers best-in-class tools to deliver superior advertising performance and maximize yield across Retail Media and the Open Web. We have the industry's most expansive retail media footprint, giving us exclusive access to premium, global on-site inventory. Our strategy is focused on bringing programmatic flexibility into retail environments, advancing holistic page optimization, and scaling curated supply with retailer data deals easily accessible through any DSP.

轉向我們業務的供應方。我們為零售商和傳統出版商提供一流的工具，以提供卓越的廣告效果並最大限度地提高零售媒體和開放網路的收益。我們擁有業內最廣泛的零售媒體覆蓋範圍，使我們能夠獨家訪問優質的全球現場庫存。我們的策略重點是將程式化靈活性引入零售環境，推進整體頁面優化，並透過任何 DSP 輕鬆存取零售商資料交易來擴展精選供應。

Together, our demand and supply capabilities create synergies that deliver better outcomes, simplify workflows and reduce the tech tax. This convergence is already taking shape. The more we scale advertiser demand, the more value we create for media owners, the more exclusive our commerce-enriched supply we bring to market, the more differentiated our performance becomes for advertisers. That flywheel is working, and we see tremendous opportunities to accelerate it. We see momentum in our platform strategy, reflected in deeper, more strategic partnerships with leading agencies. Last month, we announced an expanded global partnership with dentsu, marking the first time a holding company is leveraging our complete commerce media platform stack. Today, we're thrilled to announce the recent renewal and expansion of our multiyear global partnership with another major holding company now also using all of our platform's powerful commerce solutions. These milestones signal growing confidence in our unified offering.

我們的需求和供應能力共同產生協同效應，從而提供更好的結果，簡化工作流程並降低技術稅。這種融合已開始形成。我們擴大廣告商需求的規模越大，我們為媒體所有者創造的價值就越大，我們向市場推出的商業豐富的供應就越獨特，我們為廣告商帶來的業績就越有差異化。飛輪正在運轉，我們看到了加速它的巨大機會。我們的平台策略發展勢頭強勁，這體現在與領先機構建立更深入、更具策略性的合作夥伴關係。上個月，我們宣布擴大與電通的全球合作夥伴關係，這標誌著控股公司首次利用我們完整的商業媒體平台堆疊。今天，我們很高興地宣布，我們最近與另一家大型控股公司續簽並擴大了多年的全球合作夥伴關係，該公司現在也使用我們平台的所有強大的商業解決方案。這些里程碑顯示我們對統一產品的信心日益增強。

Lastly, we're executing with discipline as we lay the foundation for sustainable, long-term growth with accelerated innovation. We're embracing the Agentic AI opportunity, which we see as an exciting new frontier for commerce where our scale and differentiated commerce data positions us to deliver real value. Wherever shopping happens, advertising inevitably follows. As AI assistants and agents change how consumers discover and decide, the ability to surface the right product at the right time becomes even more critical. And that's exactly where we come in.

最後，我們將嚴格執行，以加速創新為可持續的長期成長奠定基礎。我們正在抓住 Agentic AI 的機遇，我們認為這是一個令人興奮的商業新領域，我們的規模和差異化商業數據使我們能夠提供真正的價值。無論在哪裡購物，廣告都不可避免地隨之而來。隨著人工智慧助理和代理商改變消費者發現和決策的方式，在正確的時間展示正確的產品的能力變得更加重要。這正是我們要做的事。

Driving scalable performance in AI-powered environment starts with data, data that's high quality, structured and constantly refreshed. In commerce, that requires far more than static product listings. It means access to real-time, actionable data such as inventory levels, pricing, availability, and sourcing standardized across thousands of retailers. We believe this is where Criteo has a unique and durable advantage. We bring product data and shopper journey signals at a scale and precision that differentiates us, powered by a reinforcement loop that continually improves performance.

在人工智慧環境中推動可擴展效能始於數據，即高品質、結構化且不斷更新的數據。在商業領域，這需要的遠不止靜態的產品清單。這意味著可以存取數千家零售商標準化的即時、可操作數據，例如庫存水準、定價、可用性和採購。我們相信這正是 Criteo 擁有獨特且持久優勢的地方。我們以獨特的規模和精度提供產品數據和購物者旅程訊號，並透過不斷提高性能的強化循環提供支援。

To enable this, we're developing model context protocol, or MCP, support for delivering product and shopper information to AI agents in a way that is real time, structured and controlled. Prompt-based recommendations are a natural extension of our strategy, and we're actively engaging with LLM vendors to explore how to best shape the next wave of consumer interaction. We're also advancing how audiences are built and activated as we're moving toward real-time, intelligent audience creation that eliminates the friction of traditional workflows. Our goal is to enable brands and agencies to generate the right audience instantly without delays from manual queries or data handoffs. At the same time, we're expanding where and how media can be activated as we're embedding marketing capabilities into new environments, including agent interfaces.

為了實現這一點，我們正在開發模型上下文協定 (MCP)，以支援以即時、結構化和受控的方式向 AI 代理傳遞產品和購物者資訊。基於提示的建議是我們策略的自然延伸，我們正在積極與 LLM 供應商合作，探索如何最好地塑造下一波消費者互動。我們也正在不斷改進觀眾的建立和激活方式，朝著即時、智慧的觀眾創建方向發展，以消除傳統工作流程的摩擦。我們的目標是使品牌和機構能夠立即吸引合適的受眾，而不會因手動查詢或資料交接而造成延遲。同時，我們正在將行銷能力嵌入到新環境（包括代理商介面）中，從而擴展媒體的激活範圍和方式。

Ultimately, we're building tools for marketplaces and merchant networks to run full-funnel, cross-channel campaigns with simplicity and scale. Our envision in the impact, we're realigning the organization to sharpen our focus and align execution with opportunity. Our business has strong fundamentals, and we're ambitious in our long-term outlook. We're renewing our focus on performance media with an expanded market approach and accelerated AI innovation to drive our next phase of growth. We're also focused on unlocking the next generation of demand to realize Retail Media's full potential.

最終，我們正在為市場和商家網路建立工具，以便簡單、大規模地進行全通路、跨通路的活動。我們對影響的設想是，我們正在重新調整組織，以加強我們的重點並使執行與機會保持一致。我們的業務基礎強勁，我們對長期前景充滿信心。我們將重新關注效能媒體，擴大市場範圍並加速人工智慧創新，以推動下一階段的成長。我們也致力於釋放下一代需求，以充分發揮零售媒體的潛力。

Our new structure consolidates product, R&D, and commercial strategy under two seasoned leaders who will take on expanded executive roles. Todd Parsons, as Chief Product Officer and President, Performance Media; and Sherry Smith, as President, Retail Media. This streamlined organization will help us operate with greater agility, clearer accountability, and set the stage for long-term sustainable growth. While we believe it will take a few quarters to reaccelerate growth, we have a world-class team to execute against our strategy, and we're confident the foundations we're putting in place to bring multiyear benefits. Now turning to our second quarter performance.

我們的新架構將產品、研發和商業策略整合到兩位經驗豐富的領導者的領導下，他們將承擔更多的執行職責。托德·帕森斯 (Todd Parsons) 擔任首席產品長兼 Performance Media 總裁；雪莉·史密斯 (Sherry Smith) 擔任零售媒體總裁。這個精簡的組織將幫助我們以更大的靈活性、更明確的責任來運營，並為長期可持續成長奠定基礎。雖然我們相信重新加速成長需要幾個季度的時間，但我們擁有一支世界一流的團隊來執行我們的策略，我們相信，我們正在建立的基礎將帶來多年的利益。現在來談談我們第二季的表現。

We delivered solid results, reflecting our team's strong execution, starting with Performance Media. We're encouraged by the sequential improvement in our growth compared to Q1. We're building for durable growth and laying the groundwork for several multiyear growth opportunities that we believe will accelerate as we scale. Commerce GO! continues to gain momentum as we simplify how advertisers plan, buy, and optimize across formats and channels. Powered by AI, at Commerce GO! automates decisions around audiences, channels and creative, driving better results and lowering our cost to serve.

我們取得了豐碩的成果，體現了我們團隊強大的執行力，從 Performance Media 開始。與第一季相比，我們的成長取得了連續改善，這讓我們感到鼓舞。我們正在為持久成長而努力，並為數個多年的成長機會奠定基礎，我們相信，隨著規模的擴大，這些成長機會將會加速。商業前進！隨著我們簡化廣告主跨格式和管道規劃、購買和優化的方式，我們將繼續獲得發展動力。由 AI 提供支持，在 Commerce GO！自動化圍繞著受眾、管道和創意做出決策，從而獲得更好的結果並降低我們的服務成本。

Campaign volume grew 200% quarter over quarter, largely driven by increasing adoption from SMB advertisers and lower churn. We see Commerce GO! as a multiyear revenue growth driver, and we're focused on scaling this momentum by implementing an end-to-end self-service streamlined workflow in the coming quarters. As part of our cross-channel strategy, we expanded our social capabilities last quarter, enabling advertisers to activate Facebook and Instagram inventory at the SKU level for global commerce audience campaigns. We have good traction with spend on social campaigns, growing nearly 30% sequentially this quarter. As we expand our full-funnel capabilities, we're leaning into brand performance and early results in CTV show strong potential as a powerful performance marketing channel.

廣告活動數量較上季成長 200%，主要得益於中小企業廣告商的採用率不斷提高以及客戶流失率不斷降低。我們看到商業開始運作！作為多年收入成長的動力，我們專注於在未來幾季實施端到端自助服務簡化工作流程，以擴大這一勢頭。作為我們跨通路策略的一部分，我們在上個季度擴展了社交功能，使廣告主能夠在 SKU 層級啟動 Facebook 和 Instagram 庫存，以進行全球商業受眾活動。我們在社交活動支出方面取得了良好的進展，本季環比成長了近 30%。隨著我們擴展全通路能力，我們更傾向於品牌表現，而 CTV 的早期結果顯示其作為強大的績效行銷管道具有巨大潛力。

A great example is our recent partnership with Jewelry Television. We delivered CTV campaigns that drove 93% new users, a 20% increase in average order value, and more than doubled qualified site visits, clearly demonstrating CTV's ability to deliver measurable outcomes at scale. In addition, we recently announced a new partnership with WPP Media to reach high-intent shoppers at scale across premium connected TV inventory, starting with Roku, Samsung, and Scripps. We're making it easier for advertisers to run audience-led CTV campaigns using curated Deal IDs with Commerce Grid, our supply side platform. By combining rich commerce and identity data, we're helping them reach the right audiences and drive measurable results from initial exposure to purchase.

一個很好的例子就是我們最近與珠寶電視台的合作。我們開展的 CTV 活動吸引了 93% 的新用戶，平均訂單價值增加了 20%，合格網站訪問量增加了一倍以上，清楚地證明了 CTV 能夠大規模地實現可衡量的成果。此外，我們最近宣布與 WPP Media 建立新的合作夥伴關係，以透過優質連網電視庫存大規模接觸有意願的購物者，首先從 Roku、三星和 Scripps 開始。我們讓廣告主更輕鬆地使用我們供應方平台 Commerce Grid 精心挑選的交易 ID 來進行受眾主導的 CTV 廣告活動。透過結合豐富的商業和身分數據，我們幫助他們接觸到合適的受眾，並從最初的接觸到購買的過程中獲得可衡量的成果。

Overall, our business remains resilient, supported by diversification across markets, verticals, and products. We experienced notable strength in APAC again this quarter, largely led by full-funnel activation and the success of our marketplace offering, which allows marketplaces to offer their merchants, Criteo's targeting and retargeting tools. We continue to gain market share in travel, up 28% in the second quarter, driven by continued momentum in EMEA and in the Americas. A great example of the measurable impact of our platform is ITAKA, Poland's leading travel brand, by activating full-funnel reach. With cross-channel precision across web, app, and Meta, ITAKA achieved a 5x return on ad spend and nearly 5x higher click-through rate.

總體而言，在跨市場、垂直行業和產品多元化的支持下，我們的業務保持了韌性。本季度，我們在亞太地區再次經歷了顯著的成長，這主要得益於全通路活化和我們市場產品的成功，這使得市場能夠向其商家提供 Criteo 的定位和重新定位工具。我們的旅遊市場份額持續成長，第二季成長了 28%，這得益於歐洲、中東和非洲地區以及美洲地區持續的成長勢頭。我們的平台透過啟動全通路覆蓋實現可衡量影響力的一個很好的例子是波蘭領先的旅遊品牌 ITAKA。憑藉跨網路、應用程式和元通路的跨通路精準度，ITAKA 實現了 5 倍的廣告支出回報和近 5 倍的點擊率。

A key differentiator for us is our Commerce Grid's supply side platform. It uniquely enables access to commerce audiences with full DSP interoperability and provides the only programmatic path to Retail Media at scale. It's a growing contributor to our business as agencies and brands ramp up investments to activate commerce audience deals and several leading retailers now use it to power offsite monetization. Today, over 30% of commerce growth inventory buys run through our SSP with meaningful upside as adoption continues to grow in the years ahead. All these synergies across our platform are driving more scale, more flexibility, and more value for our partners.

我們的主要差異在於我們的 Commerce Grid 的供應方平台。它以獨特的方式實現了具有完整 DSP 互通性的商業受眾訪問，並提供了大規模零售媒體的唯一程序化途徑。隨著代理商和品牌加大投資以激活商業受眾交易，它對我們的業務的貢獻越來越大，並且一些領先的零售商現在利用它來實現場外貨幣化。如今，超過 30% 的商業成長庫存購買都透過我們的 SSP 進行，隨著未來幾年採用率的持續成長，其成長潛力巨大。我們平台上的所有這些協同作用正在為我們的合作夥伴帶來更大的規模、更大的靈活性和更多的價值。

Moving on to Retail Media, which is a long-term growth engine and differentiator for Criteo. As this category evolves, retailers are looking for strategic partners who bring global scale, flexible technology and deep connections to brand and agency demand. Criteo delivers on all fronts, which enables us to keep adding new retailers and new brands while outpacing market spend growth quarter after quarter. We continue to win RFPs, including returning clients, and we're pleased with the traction of our new product launches. After launching shoppable video ads in April, we launched our auction-based display technology in June.

轉向零售媒體，這是 Criteo 的長期成長引擎和差異化因素。隨著這一類別的發展，零售商正在尋找能夠帶來全球規模、靈活技術以及與品牌和代理商需求深度連結的策略合作夥伴。Criteo 在各方面都表現出色，這使我們能夠不斷增加新的零售商和新品牌，同時逐季度超越市場支出成長。我們不斷贏得 RFP，包括回頭客，我們對新產品發布的吸引力感到滿意。繼四月推出可購物影片廣告後，我們於六月推出了基於拍賣的展示技術。

Retailer adoption is ramping up rapidly with 16 retailers already live across all regions in just a month, and this number is expected to double in the coming weeks. Auction-based display is a great example of how we're making Retail Media supply easier to buy at scale. It's purpose-built to bring programmatic flexibility to retail environments, giving retailers more robust media capabilities like biddable trading optionality, flexible pricing, efficient workflows, and advanced controls for ad relevancy. It complements reservation-based deals to give retailers more flexibility and access to national media budgets. Today, onsite display makes up less than 10% of our Retail Media business and represents approximately 30% to 40% of our clients' media mix, which shows significant growth potential.

零售商的採用率正在迅速提升，短短一個月內，各地區已有 16 家零售商上線，預計未來幾週將翻倍。基於拍賣的展示是我們如何使零售媒體供應更容易大規模購買的一個很好的例子。它旨在為零售環境帶來程序化的靈活性，為零售商提供更強大的媒體功能，如可競價的交易選擇權、靈活的定價、高效的工作流程以及對廣告相關性的高級控制。它補充了基於預訂的交易，為零售商提供了更多的靈活性和獲得全國媒體預算的機會。如今，現場展示在我們的零售媒體業務中所佔比例不到 10%，但占我們客戶媒體組合的約 30% 至 40%，顯示出巨大的成長潛力。

We drove close to $400 million in media spend this quarter, up 20% year over year with over 4,000 brands globally. We continue to see substantial growth from our multiyear partnerships with leading agencies, well above market growth rates, and we're incorporating new demand sources. Our new partnership with Mirakl is expected to unlock demand from mid- to long-tail advertisers. Together with Mirakl, we enable third-party sellers to easily launch campaigns, boosting product variety without adding operational complexity to retailers. We're deepening agency and API partnerships and expect to incorporate more demand sources moving forward, including through Microsoft, which is progressing well and other partnerships.

本季我們的媒體支出接近 4 億美元，年增 20%，全球涉及超過 4,000 個品牌。我們與領先機構的多年合作持續帶來大幅成長，遠高於市場成長率，而且我們正在整合新的需求來源。我們與 Mirakl 的新合作關係有望釋放中長尾廣告商的需求。與 Mirakl 合作，我們讓第三方賣家能夠輕鬆發起活動，增加產品種類，而不會增加零售商的營運複雜性。我們正在深化代理商和 API 合作夥伴關係，並期望未來納入更多的需求來源，包括透過進展順利的微軟和其他合作夥伴關係。

We're expanding globally with new wins across all regions, including Thermo Fisher, BJ's Wholesale Club, and Grocers Weis Markets, Winn-Dixie, and Harveys Supermarkets via our digital commerce partner, Mercatus in the US.

我們正在全球擴張，並在所有地區取得新的勝利，包括透過我們的數位商務合作夥伴美國 Mercatus 贏得賽默飛世爾科技、BJ's Wholesale Club 以及 Grocers Weis Markets、Winn-Dixie 和 Harveys Supermarkets。

In closing, we're confident in the strength of our business and the momentum we're driving. We're operating at the intersection of powerful market trends with the assets, capabilities and strategy to lead and create lasting value for our shareholders.

最後，我們對我們的業務實力和我們所推動的發展勢頭充滿信心。我們正處於強大的市場趨勢的交匯處，擁有資產、能力和策略，可以為股東創造持久的價值。

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. We delivered strong Q2 results with significant operating leverage enabled by top line growth and disciplined cost management. Revenue was $483 million, and contribution ex-TAC increased to $292 million. This includes the year-over-year tailwind from foreign currencies of $6 million. At constant currency, Q2 contribution ex-TAC grew by 7% year over year, representing growth of 21% on a two-year stack basis.

謝謝你，邁克爾，大家早安。我們取得了強勁的第二季業績，得益於營業收入的成長和嚴格的成本管理，我們擁有顯著的經營槓桿。營收為 4.83 億美元，扣除 TAC 後的貢獻增至 2.92 億美元。其中包括同比 600 萬美元的外幣順風。以固定匯率計算，第二季扣除 TAC 後的貢獻年增 7%，以兩年疊加計算則成長 21%。

As previously communicated, we experienced a slow start to the quarter. We observed better macro trends in May, and the environment has remained relatively stable since. Client retention remains high at close to 90%. In Performance Media, revenue was $422 million and contribution ex-TAC was $232 million, up 6% at constant currency or 17% on a two-year stack basis.

正如之前所傳達的，本季我們的業績開局緩慢。我們觀察到五月宏觀趨勢有所好轉，此後環境保持相對穩定。客戶保留率仍高達近 90%。在 Performance Media 方面，營收為 4.22 億美元，扣除 TAC 貢獻為 2.32 億美元，以固定匯率計算成長 6%，以兩年疊加計算成長 17%。

We leverage our large-scale commerce data and AI-powered audience modeling technology to find in-market shoppers. We saw continued strong growth for commerce audiences and retail getting grew at a mid-single-digit rate. We benefited from further AI-driven performance enhancements despite lapping a tough comparison with the significant AI improvements implemented last year. The growth of our Commerce Grid SSP is primarily driven by the traction of commerce audiences packaged with publisher inventory to deliver highly targeted campaigns.

我們利用大規模商業數據和人工智慧受眾建模技術來尋找市場購物者。我們看到商業受眾持續強勁成長，零售額也以中等個位數的速度成長。儘管與去年實施的重大 AI 改進相比存在困難，但我們仍受益於進一步的 AI 驅動的性能增強。我們的 Commerce Grid SSP 的成長主要得益於商業受眾與發布商庫存的結合，從而提供高度針對性的行銷活動。

Lastly, AdTech services continued to be negatively impacted by lower spend by a large client in our media trading marketplace. Overall, we benefit from a global diversified client base. By region, we delivered high single-digit growth in media spend in Asia Pac and low single-digit growth in EMEA while we saw lower budgets in the US. By vertical, travel remains our fastest-growing vertical, up 28%, followed by classifieds and marketplaces performing well. Broadly, there was lower spending in retail, including fashion, which was down 6%.

最後，由於我們媒體交易市場的大客戶支出減少，廣告科技服務持續受到負面影響。整體而言，我們受益於全球多元化的客戶群。按地區劃分，我們在亞太地區的媒體支出實現了高個位數成長，在歐洲、中東和非洲地區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產業，成長了 28%，其次是表現良好的分類廣告和市場。總體而言，零售業支出有所下降，其中時尚業支出下降了 6%。

In Retail Media, revenue was $61 million, and contribution ex-TAC grew 11% at constant currency to $60 million, in line with our expectations, that's a 35% increase on a two-year stack. As a reminder, quarter-over-quarter trends reflect lapping a tough comparison on TACs in January. Our growth was driven by continued strength in Retail Media on-site and traction for off-site campaigns. We benefit from the contribution of newly signed retailers and growth from existing clients remain strong, with same retailer contribution ex-TAC retention at 112%.

在零售媒體方面，營收為 6,100 萬美元，扣除 TAC 貢獻以固定匯率計算成長 11% 至 6,000 萬美元，符合我們的預期，即兩年內成長了 35%。提醒一下，季度環比趨勢反映了 1 月份 TAC 的艱難比較。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 TAC）留任率為 112%。

We saw continued expansion with CPG and smaller brands and we onboarded 200 new brands this quarter. Our media spend in Q2 grew 20% year over year. Our bulk market is demonstrating share gains. Momentum with our agency partners remain strong, and our 4,000 global brands are prioritizing Retail Media as a key channel, given its close connection to the point of sale. We continue to win new retailers globally, including former Microsoft advertising retailers.

我們看到 CPG 和小品牌的持續擴張，本季我們引入了 200 個新品牌。我們第二季的媒體支出較去年同期成長了 20%。我們的大宗市場正在呈現份額成長。我們與代理商合作夥伴的合作勢頭依然強勁，我們的 4,000 個全球品牌都優先考慮零售媒體作為關鍵管道，因為它與銷售點密切相關。我們繼續在全球贏得新的零售商，包括前微軟廣告零售商。

We delivered adjusted EBITDA of $89 million in Q2 2025, reflecting strong operational leverage from top line growth and cost discipline, planned growth investments, including investments in our people and marketing events, and lower-than-expected social charges for RSUs.

我們在 2025 年第二季度實現了 8,900 萬美元的調整後 EBITDA，反映了營收成長和成本控制帶來的強勁營運槓桿、計劃成長投資（包括對員工和行銷活動的投資）以及低於預期的 RSU 社會費用。

Non-GAAP operating expenses increased to $175 million in Q2, including product investments, marketing events like Cannes Lions and our long planned in-person company-wide event, partially offset by our rigor on resource allocation. We are building on our strong operational fitness to enable greater scale and efficiency. This means disciplined investments in growth areas, further optimization of our operating model, including the expansion of our lower-cost hub in India, and unlocking productivity gains through Commerce GO! and AI-driven tools.

非公認會計準則營運費用在第二季度增加至 1.75 億美元，其中包括產品投資、坎城國際創意節等行銷活動以及我們長期計劃的全公司現場活動，但我們對資源配置的嚴格性部分抵消了這一影響。我們正在增強強大的營運能力，以實現更大的規模和更高的效率。這意味著對成長領域進行嚴格的投資，進一步優化我們的營運模式，包括擴大我們在印度的低成本樞紐，並透過 Commerce GO! 釋放生產力成長。以及人工智慧驅動的工具。

Moving down the P&L. Depreciation and amortization increased to $36 million in Q2 2025, which includes approximately $9 million, largely related to accelerated amortization of privacy sandbox assets. Equity-related compensation expense was $22 million. Our income from operations was $30 million and our net income was $23 million in Q2 2025. Our weighted average diluted share count was 55.1 million, which resulted in diluted earnings per share of $0.39. Our adjusted diluted EPS was $0.92 in Q2 2025.

降低損益。2025 年第二季折舊和攤提增加至 3,600 萬美元，其中包括約 900 萬美元，主要與隱私沙盒資產的加速攤銷有關。股權相關薪酬費用為 2,200 萬美元。2025 年第二季度，我們的營業收入為 3,000 萬美元，淨收入為 2,300 萬美元。我們的加權平均稀釋股數為5510萬股，稀釋每股收益為0.39美元。 2025年第二季度，我們的調整後稀釋每股收益為0.92美元。

As expected, free cash flow was negative by $36 million in Q2, reflecting seasonality and payment of 2024 income taxes. Our trailing 12-month free cash flow was $194 million. We anticipate positive free cash flow generation in the second half of the year and a free cash flow conversion rate of above 45% of adjusted EBITDA, before any nonrecurring items this year.

正如預期的那樣，第二季的自由現金流為負 3,600 萬美元，反映了季節性和 ​​2024 年所得稅的支付。我們過去 12 個月的自由現金流為 1.94 億美元。我們預計今年下半年將產生正向自由現金流，扣除今年任何非經常性項目之前的自由現金流轉換率將超過調整後 EBITDA 的 45%。

We benefit from a strong financial position and pristine balance sheet with solid cash generation and no long-term debt. We had 100 -- sorry, $746 million in total liquidity as at the end of June, which gives us significant financial flexibility to execute on our strategy and enable disciplined and balanced our capital allocation.

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 6 月底，我們的總流動資金為 1 億美元（抱歉，是 7.46 億美元），這為我們執行策略提供了極大的財務靈活性，並使我們資本配置更加規範和平衡。

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 $48 million for share repurchases for this quarter, which included the repurchase of 1.7 million shares. Year-to-date, we have allocated $104 million to share repurchases and we have $115 million remaining in our Board share buyback authorization as at the end of June.

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 4,800 萬美元用於股票回購，其中包括回購 170 萬股。年初至今，我們已撥款 1.04 億美元用於股票回購，截至 6 月底，董事會股票回購授權餘額為 1.15 億美元。

Turning to our financial outlook, which reflects our expectations as of today, July 30, 2025. We have raised our guidance for the year while keeping a prudent approach, given the remaining uncertainties in the macro environment and potentially lower ad budgets in discretionary categories. For 2025, we now expect contribution ex-TAC to grow 3% to 4% 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 $1 million to $3 million on contribution ex-TAC for the full year.

談到我們的財務展望，它反映了我們截至今天（2025 年 7 月 30 日）的預期。鑑於宏觀環境仍存在不確定性以及可自由支配類別的廣告預算可能減少，我們在保持審慎態度的同時提高了今年的業績預期。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 3% 至 4%，並且我們各個部門都將實現增長。我們現在估計，外匯變化將對全年不計入 TAC 的貢獻產生約 100 萬至 300 萬美元的年比正面影響。

In Performance Media, we now expect contribution ex-TAC to be up mid-single digits in 2025, raised from our prior expectation of low single-digit growth. This reflects our solid ex performance in the first half of the year, continued traction with advertisers to drive performance throughout the buyer journey and the continued ramp-up of Commerce GO!.

在 Performance Media 領域，我們目前預計 2025 年扣除 TAC 後的貢獻將成長中等個位數，高於我們先前預期的低個位數成長。這反映了我們上半年穩健的業績表現、與廣告商的持續合作以推動整個買家旅程中的業績以及 Commerce GO! 的持續增長。

In Retail Media, our growth projection for 2025 remains unchanged and is projected to be in the low to mid-single digits range at constant currency. As previously communicated, this includes the unchanged negative impact related to specific client dynamics mostly affecting Q4 2025. Excluding these two clients, our underlying growth for 2025 is expected to be in the ballpark of 20%.

在零售媒體方面，我們對 2025 年的成長預測保持不變，以固定匯率計算，預計成長將處於低至中等個位數範圍內。如前所述，這包括與特定客戶動態相關的不變的負面影響，主要影響 2025 年第四季。除這兩位客戶外，我們預計 2025 年的潛在成長率將在 20% 左右。

Overall, we continue to anticipate an adjusted EBITDA margin of approximately 33% to 34% for 2025. We expect strong margins and cash flow generation while continuing to invest in the growth of our commerce media platform, including investments in Agentic AI innovation. We believe these investments 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% under the current rules. Our overall CapEx is expected to be approximately $100 million to $110 million.

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%。我們預期利潤率和現金流將強勁成長，同時我們將繼續投資於商業媒體平台的成長，包括對 Agentic AI 創新的投資。我們相信，這些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 億至 1.1 億美元。

For Q3 2025, we expect contribution ex-TAC of $277 million to $283 million, up 5% to 7% at constant currency. Our range takes into account uncertainty in the macro environment. We estimate ForEx changes to have a minimal year-over-year impact from contribution to ex-TAC in Q3. We expect adjusted EBITDA between $81 million and $87 million. This reflects continued high ROI growth investments in our platform and foreign exchange rate headwind for our European cost base. We anticipate a slower pace of hiring and less discretionary spend for the remainder of the year.

對於 2025 年第三季度，我們預計扣除 TAC 後的貢獻將達到 2.77 億美元至 2.83 億美元，以固定匯率計算成長 5% 至 7%。我們的範圍考慮了宏觀環境的不確定性。我們估計，外匯變動對第三季除 TAC 貢獻的年比影響很小。我們預計調整後的 EBITDA 在 8,100 萬美元至 8,700 萬美元之間。這反映了我們平台持續的高投資回報率成長以及我們歐洲成本基礎的外匯匯率逆風。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。

In closing, our strong Q2 results demonstrate the strength of our platform and resilience of our business model. We expect to continue to deliver growth, healthy profitability and solid cash generation to drive shareholder value. We're confident in our strategy and uniquely positioned with the commerce data that powers our AI-driven performance and relevance at scale across the buyer journey.

最後，我們強勁的第二季業績證明了我們平台的實力和商業模式的彈性。我們期望繼續實現成長、健康的獲利能力和穩健的現金創造，以推動股東價值。我們對自己的策略充滿信心，並在商業數據方面擁有獨特的優勢，這些數據能夠在整個買家旅程中為我們由人工智慧驅動的效能和相關性提供動力。

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

接下來，我將把時間交給接線員，開始問答環節。

(Operator Instructions) Mark Kelley, Stifel.

（操作員指示）Mark Kelley，Stifel。

I just had a couple on the Agentic AI product that you highlighted on the call and announced a handful weeks ago. I guess the first one would be, what's the right way to think about monetization or I guess, the payment mechanism for a product like that? That's the first one.

我剛剛談了一些有關 Agentic AI 產品的事情，您在電話會議上重點介紹了該產品，並在幾週前宣布了該產品。我想第一個問題是，如何正確思考貨幣化，或者我猜，如何正確思考這類產品的支付機制？這是第一個。

And then I guess as consumers start to use agents more frequently in the coming years, I guess, in your mind, is that a negative for Retail Media as we know it today and some of those budgets maybe flow towards this Agentic AI product? Any thoughts there would be really helpful.

然後我想，隨著消費者在未來幾年開始更頻繁地使用代理商，我想，在您看來，這對我們今天所知的零售媒體來說是否是一個負面影響，而其中一些預算可能會流向這款 Agentic AI 產品？任何想法都會非常有幫助。

Great. Thanks for the question. I'll start with a couple of quick thoughts, and then I'll hand it over to Todd to take those. Look, the -- we definitely look at Agentic AI as a big opportunity for Criteo. And again, that perspective is grounded in the unique data assets that we have.

偉大的。謝謝你的提問。我先簡單說幾點想法，然後交給托德來處理。看，我們確實將 Agentic AI 視為 Criteo 的一個巨大的機會。再次強調，這種觀點是基於我們擁有的獨特數據資產。

The way that the money would flow into products like that, I mean, it's still being determined, right? The LLM vendors have yet to declare monetization strategies. Those could range from affiliate programs to sponsored citations or even commerce transactions, product recommendation inside their platform. So there's quite a range of options of what -- how that could evolve. So our sort of commercial models for those would vary from calls to our API, could be on a CPM or CPC basis.

我的意思是，資金流入此類產品的方式仍在確定中，對嗎？LLM 供應商尚未宣布貨幣化策略。這些可以包括聯盟計劃、贊助引用甚至商業交易、平台內的產品推薦。因此，對於如何發展，存在著相當多的選擇。因此，我們的商業模式會根據對 API 的呼叫而有所不同，可以基於 CPM 或 CPC。

So I think there's quite a few varieties that we're looking at. But we're confident that we really bring a pretty unique capability to those discussions. I'll let Todd comment a little more on that in the retail question as well.

所以我認為我們正在研究相當多的品種。但我們相信，我們確實為這些討論帶來了非常獨特的能力。我也會讓托德在零售問題上對此發表更多評論。

Yeah. Let me start with the retail question, Mark. So right now, obviously, we observe traffic globally. And what we're seeing more of is AI assistance being used for discovery and less for conversion, which is good for the time being. What Michael said is true, we're setting up our back end, meaning our product recommendation capabilities, our audience capabilities, and our full-funnel capabilities to be called by agents through MCP in order for us to be able to monetize in whatever the selected or winning hand ends up being.

是的。馬克，讓我先從零售問題開始。因此現在，顯然我們觀察到的是全球的交通狀況。我們看到越來越多的人工智慧輔助被用來發現，而不是轉化，目前是件好事。麥可說的沒錯，我們正在設定後端，也就是我們的產品推薦功能、受眾功能和全通路功能，以便代理商透過 MCP 呼叫這些功能，這樣我們就能夠根據最終選定或獲勝的牌局進行貨幣化。

As Michael said, and we know this from partnering with and speaking with all of the major players in the space, the prevailing pricing model has not been defined. So our job from a product perspective is to make sure that our MCP setup is flexible enough to accommodate that winning hand. And so far, we haven't seen it. But what we have seen is tremendous interest in our partners getting to product recommendation, getting to commerce audiences and getting the full-funnel, cross-channel campaign setup through MCP. And we think being very concrete about those use cases will help us get to a pricing model very quickly that can be tailored to each individual partner.

正如邁克爾所說，我們從與該領域所有主要參與者的合作和交談中了解到這一點，現行的定價模式尚未確定。因此，從產品角度來看，我們的工作是確保我們的 MCP 設定足夠靈活，以適應獲勝的局面。但到目前為止，我們還沒有看到它。但我們看到，我們的合作夥伴對產品推薦、商業受眾以及透過 MCP 進行全通路、跨通路行銷活動設定有著濃厚的興趣。我們認為，具體地了解這些用例將有助於我們快速獲得可以針對每個合作夥伴量身定制的定價模型。

But the setup is most important. And just to emphasize Michael's point about our data and what we've been doing to structure it for years being useful in this new environment as being job one.

但設定是最重要的。只是為了強調邁克爾關於我們的數據的觀點以及我們多年來一直在做的事情，以構建它在這個新環境中發揮作用，這是第一要務。

Ygal Arounian, Citi.

花旗銀行的 Ygal Arounian。

Just a follow-up on that Agentic AI and Agentic Commerce. Just so I understand, are your clients, retailers, brands, I think you mentioned the LLMs, are they actively spending on this or working with you guys on this? Like where are we at and the opportunity to monetize this, yes?

這只是對 Agentic AI 和 Agentic Commerce 的後續關注。我的理解是，您的客戶、零售商、品牌（我想您提到了法學碩士 (LLM)）是否積極地為此花錢或與您合作？例如我們現在處於什麼位置以及是否有機會將其貨幣化，是的？

Thanks for the question. Again, I'll just tee this up and then let Todd expand, it is early days in these discussions. I think what you see with retailers, as an example, is them really thinking about what their Agentic front end looks like and wanting to make sure that they can control sort of the data flows and their IP and that they retain a position in the shopper journey that keeps them relevant. As said very directly, we definitely do not want to be disintermediated and turned into online fulfillment centers.

謝謝你的提問。再一次，我只是開個頭，然後讓托德進一步闡述，這些討論還處於早期階段。以零售商為例，我認為他們確實在思考他們的 Agentic 前端是什麼樣的，並希望確保他們能夠控制資料流和他們的 IP，並確保他們在購物者旅程中保持相關性。正如我們直接所說的，我們絕對不想被去中介化，變成線上履行中心。

So I definitely see a lot of discussion there about protecting data, setting up Agentic front ends and wanting to control and add value to the shopping experience. When it comes to brands, I think they're all sort of looking at sort of the changes in search behavior, and wanting to make sure that they understand how to be discovered. And I'll let Todd sort of expand on the rest of that.

因此我確實看到很多關於保護資料、設定 Agentic 前端以及希望控制和增加購物體驗價值的討論。說到品牌，我認為他們都在關注搜尋行為的變化，並希望確保他們了解如何被發現。我會讓托德詳細闡述其餘部分。

Yeah. So whether it's a branded agent that sits on a retailer or a marketplace that we partner with or whether it's an LLM that is trying to do product recommendation, we're setting up to serve either or -- and go beyond. So everything Michael said is true. Brands need discoverability in this new workflow for consumers. We see a lot of organic traffic coming through agents, and it varies.

是的。因此，無論是我們合作的零售商或市場的品牌代理商，還是試圖進行產品推薦的法學碩士，我們都將為他們提供服務——甚至超越。所以麥可說的一切都是真的。品牌需要在這個新的工作流程中讓消費者能夠發現。我們看到很多有機流量來自代理，而且各不相同。

It varies where they come from. But the setup for us is that we can serve all agents regardless of where they're domiciled. And that's exciting because whether a consumer chooses a retailer's agent, a brand's agent or an LLM, we're there with a product recommendation and a way to monetize that discovery. And later on, the conversion that we expect to result.

它們來自哪裡則有所不同。但我們的設定是，我們可以為所有代理商提供服務，無論他們身在何處。這很令人興奮，因為無論消費者選擇零售商代理商、品牌代理商還是法學碩士，我們都會向他們推薦產品，並提供將這項發現貨幣化的方法。隨後，我們期望發生轉換。

Okay. That's fascinating topic. I'm sure there'll be a lot more on that. And then I wanted to dig a little bit deeper into the broader agency relationships as well. You called out the one with Dentsu and your -- also seems like an opportunity, that's still pretty early.

好的。這是一個令人著迷的話題。我確信還會有更多關於此的內容。然後，我還想更深入地了解更廣泛的代理關係。您提到了與電通的合作——這似乎也是一個機會，但現在還為時過早。

As you go to these agencies and holdcos and kind of move to the broader set of products that you're pitching, right, like you did with Dentsu, can you talk about that motion, like the sales motion, the go-to-market motion and the competitive differentiation of what you're offering now is the full end-to-end suite? And is there any way to help frame how this is flowing through the financials and what the impact is on that front?

當您與這些代理商和控股公司洽談並轉向推銷更廣泛的產品時，就像您與電通合作時一樣，您能否談談這種動議，例如銷售動議、上市動議以及您現在提供的全套端到端產品的競爭差異化？有什麼方法可以幫助描述這對財務狀況的影響以及對財務狀況的影響嗎？

Sure. Thanks for the question. Happy to start this and have Sarah give a little extra color on the flow-through. We -- in terms of the go-to-market, which I think is a great way to ask that, we start those conversations at the highest level and really take a look at what is the sort of partnership setup with the agency. And I always say, it's really three things, right?

當然。謝謝你的提問。很高興能開始這個，並讓莎拉在流通過程中給予一點額外的色彩。就市場進入而言，我認為這是一個很好的方式，我們在最高層級開始這些對話，並真正了解與該機構建立什麼樣的合作關係。我總是說，這實際上有三件事，對吧？

Do we have a commercial agreement that creates shared economics for both parties? Do we have a data integration strategy where our data can flow to theirs or be matched to create value? And do we have a co-development strategy where we are building tools that help our agency partners differentiate themselves around our services? So it's always for me the three-legged stool of how we approach an agency relationship. Specifically on products, we're seeing really good traction with the bundling of the commerce growth platform, our performance offering, Commerce Max, our Retail Media DSP -- and sorry, and our Commerce Grid, our SSP, right, where agencies oftentimes want to go direct to curated audience buys.

我們是否有一個能為雙方創造共享經濟的商業協議？我們是否有資料整合策略，讓我們的資料可以流向他們的資料或進行配對以創造價值？我們是否有一個共同開發策略，來建立工具來幫助我們的代理商合作夥伴在我們的服務中脫穎而出？因此，對我來說，我們處理代理關係的方式始終是三條腿的凳子。具體到產品方面，我們看到商業成長平台、我們的性能產品、Commerce Max、我們的零售媒體 DSP 以及我們的 Commerce Grid、我們的 SSP 的捆綁銷售具有非常好的吸引力，代理商通常希望直接面向精選受眾進行購買。

And it's really bundling those three things together. And then we really get deep into the agency as well in terms of training, how we provide customer service. We even sometimes will co-locate people on site, because really what we're trying to do is drive adoption at the user level and make sure that our tools are the preferred choice for the people that are hands on keyboard using them. That's what gives us greater share of wallet inside of those agencies once we've created the partnership or commercial framework that frames it. Sarah?

它實際上是將這三件事綁在一起。然後，我們在培訓、如何提供客戶服務方面也真正深入了解了該機構。有時我們甚至會將人員安排在現場，因為我們真正想要做的是推動使用者層面的採用，並確保我們的工具是那些使用鍵盤的人的首選。一旦我們建立了合作夥伴關係或商業框架，我們就可以從這些機構中獲得更大的利益。莎拉？

Yeah. I mean in terms of how the money flows through our financials effectively, it goes to the product that it relates to, so Retail Media would obviously be reported in Retail Media, Performance Media, and Commerce media, I guess in terms of the growth, I mean, this is the fastest-growing part of our business. The deals that we just announced are going -- are spending across the entire platform, as Michael said. For example, in Retail Media, we had about 38% of our business in 2025 coming from agencies versus 30% the year before. So really strong traction across the board in -- now we've got to get the dollars through, which we see very much so with the (inaudible) front end as well.

是的。我的意思是，就資金如何有效地流經我們的財務而言，它會流向與其相關的產品，因此零售媒體顯然會在零售媒體、績效媒體和商業媒體中報告，我想就增長而言，我的意思是，這是我們業務中增長最快的部分。正如邁克爾所說，我們剛剛宣布的交易將在整個平台上進行。例如，在零售媒體領域，到 2025 年，我們約有 38% 的業務來自代理商，而前一年這一比例為 30%。因此，各方面都具有非常強勁的吸引力——現在我們必須獲得資金，我們在（聽不清楚）前端也看到了這一點。

That's been well adopted.

這一做法已被廣泛採用。

Justin Patterson, KeyBanc.

賈斯汀·帕特森，KeyBanc。

Great. I wanted to hit on CTV a little bit. The partnership looked pretty interesting that was announced yesterday. I'm just curious how you think the time line of ramping up this channel and providing value to advertisers as well to take there?

偉大的。我有點想在 CTV 上打一打。昨天宣布的合作關係看起來非常有趣。我只是好奇，您認為擴大這個管道並為廣告商提供價值的時間表是怎樣的？

Yeah. Thanks, Justin. Definitely excited to talk about this. We had a couple of, I think, great pieces of content in this earnings cycle around CTV, case study with Jewelry Television, which really demonstrates the efficacy of performance in CTV. And then as you referenced in the question, the partnership with WPP Media.

是的。謝謝，賈斯汀。非常高興談論此事。我認為，在本次盈利週期中，我們圍繞 CTV 推出了幾篇精彩內容，以珠寶電視台為例進行研究，這確實證明了 CTV 的表現有效性。然後，正如您在問題中提到的，與 WPP Media 的合作。

I would say, look, we're at the early stages still of assessing how CTV fits for us and really how we build connections, I would say, between the living room and other channels. But the partnership with WPP Media flows through our Commerce Grid SSP, and we're able to create those curated DLIDs that enable advertisers to connect essentially commerce for CTV strategies, and it's quite flexible. So it's with the DSP of their choice, which I think that the agencies like because it gives them flexibility to drive those solutions across clients that have embedded DSPs on the front end. So I would say it's early days. We continue to make traction with partnerships like the one announced and some others that we're working on.

我想說，我們仍然處於早期階段，評估 CTV 如何適合我們，以及我們如何在客廳和其他頻道之間建立聯繫。但與 WPP Media 的合作透過我們的 Commerce Grid SSP 進行，我們能夠創建那些精選的 DLID，使廣告商能夠將本質上的商業與 CTV 策略聯繫起來，而且它非常靈活。因此，我認為代理商喜歡他們選擇的 DSP，因為它使他們能夠靈活地在前端嵌入 DSP 的客戶之間推動這些解決方案。所以我想說現在還太早。我們將繼續與已宣布的合作夥伴以及我們正在進行的其他一些合作夥伴建立合作關係。

And it continues to be a more meaningful mix of our supply base overall. And I think it will continue to ramp and accelerate as we go into 2016.

並且它繼續成為我們整體供應基礎中更有意義的組合。我認為，隨著我們進入 2016 年，這一趨勢將繼續加速發展。

Alec Brondolo, Wells Fargo.

富國銀行的亞歷克·布朗多洛。

We know that a significant percent of Amazon's Retail Media business, just with longer tail marketplace sellers. Could you maybe just walk us through how the Mirakl deal helps you penetrate that market?

我們知道，亞馬遜零售媒體業務的很大一部分都與長尾市場賣家有關。您能否向我們介紹一下 Mirakl 交易如何幫助您打入該市場？

And then maybe a second question, if I could. After the two customer challenges in Retail Media last quarter, I think there's a lot of angst in the investor community that it might beget future issues. How confident are you that you're going to be able to retain the rest of the retailer base? And can you provide an update on the retailer count? I think it was 225 at the end of last year.

如果可以的話，我再問第二個問題。在零售媒體上個季度遭遇兩次客戶挑戰之後，我認為投資者群體中存在著許多擔憂，擔心這可能會引發未來的問題。您對於能夠保留剩餘的零售商群體有多大信心？您能否提供零售商數量的最新情況？我認為去年年底是 225。

Sure, Alec. I'm happy to take those. Look, yeah, the Mirakl partnership is super exciting. It's -- as we've described in the release, it's -- Mirakl is one of the real fastest-growing providers of marketplace support, which is also one of the big secular trends inside of Retail Media as retailers look to add third-party products and demand to their sites. So it's a really good match, fast-growing category with one of the fastest-growing providers in the space.

當然，亞歷克。我很樂意接受這些。是的，與 Mirakl 的合作非常令人興奮。正如我們在新聞稿中所描述的那樣，Mirakl 是真正成長最快的市場支援提供者之一，這也是零售媒體內部的一大長期趨勢，因為零售商希望在其網站上添加第三方產品和需求。因此，這確實是一個完美的結合，快速成長的類別與該領域成長最快的供應商之一相得益彰。

And really, we're there to unlock demand from third-party sellers in the mid- to long tail. For Mirakl, it gives them a value proposition to allow them to drive demand generation with targeting and retargeting tools from Criteo in like a really easy setup. It really enhances their value proposition quite a bit. And so -- and obviously, it's great for Criteo because it drives demand and usage of our platform. So it's quite a mutually beneficial partnership.

事實上，我們的目的是釋放第三方賣家在中長尾的需求。對於 Mirakl 來說，它為他們提供了一個價值主張，使他們能夠透過非常簡單的設定來利用 Criteo 的定位和重新定位工具來推動需求產生。這確實大大增強了他們的價值主張。所以——顯然，這對 Criteo 來說很棒，因為它推動了我們平台的需求和使用。所以這是一個互惠互利的夥伴關係。

And Mirakl, I think, is well competitively positioned against Amazon because, again, we have the thesis that many retailers are not going to work with Amazon, whether it's in marketplace support Retail Media or anything else, including AWS support. And so it really -- I think it's a great fit with our client base, especially in that mid- to long tail of retailer sets.

我認為 Mirakl 在與亞馬遜的競爭中佔據優勢，因為我們再次認為許多零售商不會與亞馬遜合作，無論是在市場支援零售媒體還是其他任何方面，包括 AWS 支援。所以它真的——我認為它非常適合我們的客戶群，特別是中長尾零售商群。

The second question, I think, you had was on Retail Media, and Sarah can comment a little bit on how we're thinking about that.

我認為您的第二個問題是關於零售媒體的，莎拉可以稍微評論一下我們對此的看法。

Yeah. Well, I think the question is on the number of retailer and unless I missed part of the question. So yeah, I mean, we don't keep updating the numbers, but just to update the number. We now have -- we now partner with over 230 retailers. And we did roll off some less possible players over the last year that represented less than 2% of our CXT. So just to size that.

是的。嗯，我認為問題在於零售商的數量，除非我錯過了部分問題。是的，我的意思是，我們不會一直更新數字，而只是更新數字。我們現在已經與超過 230 家零售商合作。去年我們確實淘汰了一些潛力較小的球員，他們占我們 CXT 的不到 2%。所以只是為了確定尺寸。

I would say what's important here is that for those retailers, we have a sizable base in the US. We have -- we partner with 70% of the top 30 retailers in the US and 50% of the top 30 retailers in Europe. So we feel very good about being complementary to Amazon and continuing to drive our footprint across globally and across Europe as well as Asia Pac. And then we did add some of the new Microsoft partnerships this quarter as we disclosed as well.

我想說的是，對於那些零售商來說，重要的是我們在美國擁有相當大的基礎。我們與美國前 30 名零售商中的 70% 以及歐洲前 30 名零售商中的 50% 建立了合作夥伴關係。因此，我們很高興能夠與亞馬遜互補，並繼續在全球、歐洲和亞太地區擴大我們的業務。正如我們所揭露的，我們本季確實增加了一些新的微軟合作關係。

Thomas White, D.A. Davidson.

湯瑪斯懷特、D.A.戴維森。

Just a follow-up on CTV. It seems like you guys are talking about the potential for CTV to be more of a performance-based kind of accountable medium. Can you maybe just talk a little bit about what is it about your offering in that channel that positions you to maybe tracking to a space where there are already some decently entrenched competitors, specifically around that angle of sort of performance-based or making it more accountable?

這只是 CTV 的後續報導。看起來你們正在談論 CTV 成為一種基於績效的負責任媒體的潛力。您能否簡單談談您在該管道中提供的服務如何讓您進入已經存在一些根深蒂固的競爭對手的領域，特別是從基於績效的角度或使其更負責任的角度？

Thanks, Thomas. I'll have Todd take this one.

謝謝，托馬斯。我會讓托德來接手這個。

Thomas, I think it's pretty simple. CTV has shown a huge amount of promise for awareness advertising and for discovery -- product discovery. But it's been very difficult for advertisers to tie their advertising to sales lift or to a better cost per order. And that's something that we do quite well. So when you think about our unique value proposition relative to CTV and what Michael said before, which is there's a brand performance sort of vail on that.

湯瑪斯，我認為這很簡單。CTV 在知名度廣告和發現（產品發現）方面展現了巨大的潛力。但對於廣告商來說，將廣告與銷售成長或更優的每筆訂單成本連結起來非常困難。這是我們做得相當好的事情。因此，當您考慮我們相對於 CTV 的獨特價值主張以及邁克爾之前所說的內容時，就會發現其中存在一種品牌表現面紗。

That's what makes us special. For us to be able to show incremental return on ad spend, for us to show sales lift organically is coming from those CTV sessions is a pretty special thing. And so that's the way we enter the market. And when you think about the buyer journey and we talk about discovery advertising at the top of the funnel being so important CTV gives us a huge swath of surfaces to reach consumers and then to tie that reach back to incremental sales lift, CPO, et cetera.

這就是我們的特別之處。對我們來說，能夠展示廣告支出的增量回報，能夠展示銷售成長自然來自於這些 CTV 會議，這是一件非常特別的事情。這就是我們進入市場的方式。當您考慮買家旅程時，我們會討論漏斗頂端的發現廣告非常重要，CTV 為我們提供了接觸消費者的廣闊管道，然後將這種接觸與增量銷售提升、CPO 等聯繫起來。

Richard Kramer, Arete Research.

Arete Research 的 Richard Kramer。

Michael, we've seen total activated media spend around $1 billion a quarter for the past four quarters with very limited growth. Can you parse out what the lower ad tech trading portion of that might explain that? And more importantly, can you speak to the drivers that might bring a step-up in total activated media. Do the two announced holdco deals with Dentsu and WPP include any firm spending commitments? Or would you open up Retail Media SSP inventory solutions to third-party DSPs.

邁克爾，我們看到過去四個季度激活媒體的總支出每季度約為 10 億美元，成長非常有限。您能否分析一下其中較低的廣告技術交易部分可以解釋什麼？更重要的是，您能否談談可能推動整體激活媒體成長的驅動因素。與電通和 WPP 宣布的兩筆控股交易是否包括任何堅定的支出承諾？或者您將向第三方 DSP 開放零售媒體 SSP 庫存解決方案。

Thanks, Richard. Yeah, definitely as activated media -- growing activated media spend really is a top priority. So it's something that we're very focused on. We believe that the strategy for Performance Media, right, it's full-funnel, cross-channel, self-service. Is really the key to reverse that trend of that being flattish for the last couple of years.

謝謝，理查。是的，作為激活媒體——增加激活媒體支出確實是重中之重。所以這是我們非常關注的事情。我們相信 Performance Media 的策略是全通路、跨通路、自助服務的。這確實是扭轉過去幾年持平趨勢的關鍵。

And we're really focused on that. Obviously, we have great top line media growth with Retail Media. And then there has been a little bit of a drag from our ad tech services units, which Sarah could expand on as needed. The agreements with agencies typically are an endeavor or a commit. And they definitely do have sort of volume expectations.

我們確實非常關注這一點。顯然，我們的零售媒體收入實現了巨大的成長。然後，我們的廣告科技服務部門出現了一些拖累，莎拉可以根據需要進行擴展。與機構達成的協議通常是一項努力或承諾。他們確實有一定的銷售預期。

I think it varies a little bit agency to agency, but certainly, there are numbers that are talked about in terms of what we're mutually trying to drive towards. And look, I really think it comes back to the performance products. So driving Commerce GO!, continuing to build into additional channels, developing the mid- and upper funnel offerings and that's what's going to start bringing in an increase in activated media spend to complement the strong growth that we've had in CXT over the last couple of years, but it's definitely a top priority for the management team.

我認為各個機構之間會有所不同，但肯定會有一些數字是我們共同努力的目標。瞧，我確實認為它又回到了性能產品。因此，推動 Commerce GO！ ，繼續建立更多管道，開發中上層通路產品，這將開始帶來激活媒體支出的增加，以補充我們在過去幾年中在 CXT 中取得的強勁增長，但這絕對是管理團隊的首要任務。

And then a quick -- yeah, please go ahead.

然後快速——是的，請繼續。

Sorry, just to unpack. I mean AdTech services was down by, I would say, double-digit millions kind of quite significantly year on year, and that was due to -- preference from the largest ad tech player. Retail media spend is up 20%. It's significantly up in the US. We did have a marketplace in Europe that had, I would say, high spend but very low CXT, and that's -- so there's some change in the numbers there in Retail Media.

抱歉，只是打開包裹。我的意思是，廣告科技服務年減了數千萬，這是相當明顯的下降，這是由於最大的廣告科技公司的偏好造成的。零售媒體支出成長了20%。在美國，這一數字明顯上升。我們在歐洲確實有一個市場，我想說，它的支出很高，但 CXT 卻很低，所以零售媒體的數字發生了一些變化。

But overall, fee growth is stable, but grower we want it to grow and with good CPMs on the other side. So we feel good about the focus on the acceleration of growth for Performance Media segment. AdTech services has been impacted by lower traffic.

但總體而言，費用成長穩定，但我們希望它能夠成長，並在另一方面實現良好的 CPM。因此，我們對加速績效媒體部門的成長感到滿意。廣告科技服務受到流量下降的影響。

And maybe a quick follow-up for Sarah. There's obviously intense competition for AI and engineering talent. Can you talk about your strategy for attracting and retaining that talent? And do you expect it could impact future margins to ensure that you're able to staff up to address your AI opportunities?

也許可以快速跟進一下莎拉的情況。顯然，人工智慧和工程人才的競爭非常激烈。能談談吸引和留住人才的策略嗎？您是否預期它會影響未來的利潤率，以確保您能夠配備員工來應對人工智慧機會？

I think Michael is dying to talk, but since you asked me, I'll say, first of all, we attracted -- first of all, fantastic for the new promotions that we just announced. So that gives focus, including on the product side. Second, we announced Will, who is going to be the Head of our Product Activation team. And that's, I would say, a fantastic hire. So I'm really excited about that.

我想麥可很想談談，但既然你問我，我會說，首先，我們吸引了——首先，我們剛剛宣布的新促銷活動非常棒。因此，這需要重點關注，包括產品方面。其次，我們宣布威爾將擔任我們的產品活化團隊負責人。我想說，這是一次非常棒的聘任。所以我對此感到非常興奮。

We have a really strong base in Paris of, I would say, the best engineering talent areas in AI in our Paris Hub, and we continue to have massive amounts of resumes coming in for people that want to work on in Criteo. We actually have 60 new engineers in the seats.

我想說，我們在巴黎擁有非常強大的基礎，我們的巴黎中心匯集了人工智慧領域最優秀的工程人才，而且我們持續收到大量想要在 Criteo 工作的履歷。我們實際上有 60 名新工程師。

I will add that teams love working at Criteo. So just more broadly, we have really strong retention of our engineering talent, including in those very high sought-after areas, and we do interesting work and we have fun as well.

我想補充的是，團隊喜歡在 Criteo 工作。因此，從更廣泛的角度來看，我們確實非常善於留住工程人才，包括在那些非常受歡迎的領域，我們從事有趣的工作，同時也享受樂趣。

Doug Anmuth, JPMorgan.

摩根大通的道格安穆斯 (Doug Anmuth)。

This is Maggie Hoffman on for Doug. I just had two quick ones. So one on macro. Is there any more color you can provide on what you're seeing across budgets. I know you mentioned lower retail and some lower US ad budgets as well. So just any additional color there would be great.

我是 Maggie Hoffman，代替 Doug 報道。我剛剛吃了兩塊。所以一個是關於宏觀的。您能否提供更多關於不同預算的情況？我知道您也提到了零售額下降和美國廣告預算下降。因此，只要添加任何顏色就很好了。

And then more so on the Microsoft partnership. I know you mentioned some progress there. So curious if there's anything else you can share across retailer wins or what's left to do with the demand integration.

然後多談談微軟的合作關係。我知道您提到了那裡的一些進展。我很好奇您是否可以分享有關零售商勝利的其他信息，或者與需求整合還有什麼要做的。

Yeah, I mean, just to share more color on the verticals. So we talked about 28% increase in travel on that, obviously, I'd say, quarter after quarter significant increases. I classified for us a really good vertical. That's actually up on activated media spend about just under 30% year on year. And where we see challenges in our bigger sectors, we certainly see CPG being down just broadly kind of depending on the category.

是的，我的意思是，只是為了在垂直方向上分享更多顏色。因此，我們談到了旅行量增加 28% 的問題，顯然，我想說，每個季度都會出現顯著的增長。我為我們分類了一個非常好的垂直產業。這實際上意味著激活媒體支出同比增長了約 30%。我們看到，在較大的行業中，快速消費品的銷售量普遍下降，具體情況取決於類別。

Food and grocery slightly down to tech being down by 8%. And then nonfood actually more discretionary items down double digit, 20%-plus in some categories. Home & Garden is down about 12%. And then in terms of areas that we're seeing really good traction, yes, travel and classifieds would be the key ones. So the benefit of our business is we're diversified globally.

食品和雜貨價格略有下降，科技產品價格下降了 8%。非食品類商品實際上下降了兩位數，某些類別的下降幅度超過 20％。家居和花園類商品下跌約 12%。就我們看到的真正良好發展的領域而言，旅遊和分類廣告是關鍵。因此，我們的業務優勢在於我們實現了全球多元化。

And so there's obviously very different stories to that, depending on the region and depending on the cyber customers. Department stores in the US and fashion are the two categories where slightly more challenged.

因此，根據地區和網路客戶的不同，情況顯然有很大差異。美國的百貨公司和時尚是面臨更大挑戰的兩個類別。

I can jump in on the Microsoft partnership. Obviously, Microsoft has been a great multiyear partner for us. And this is just really expanding the envelope of that. As far as Retail Media is concerned, we're continuing to progress well on both fronts. On the supply side, we're preparing the launch of several important retailers across regions in the coming months, and we talked about a couple of those wins.

我可以加入微軟的合作。顯然，微軟多年來一直是我們的優秀合作夥伴。這實際上擴大了其範圍。就零售媒體而言，我們在兩個方面都繼續取得良好進展。在供應方面，我們正準備在未來幾個月內推出幾家跨地區的重要零售商，我們談到了其中的一些勝利。

On the demand side, we are tracking, as we talked about before, to get the first real time set up broadly in Retail Media, we hope by the end of the year. And so we're working together on that. It is a complicated technical challenge to meet retailers' requirements for brand safety for latency and the variety of controls that they operate with today. But again, we're making great progress with that demand solution, which should be a real unlock for our Retail Media network partners.

在需求方面，正如我們之前談到的，我們正在跟踪，希望在今年年底前在零售媒體上廣泛建立第一個即時設定。因此我們正在共同努力。滿足零售商對品牌安全、延遲和當今營運的各種控制的要求是一項複雜的技術挑戰。但是，我們在需求解決方案方面取得了巨大進展，這對我們的零售媒體網路合作夥伴來說應該是真正的解鎖。

Mark Zgutowicz, Benchmark Company.

馬克‧茲古托維奇 (Mark Zgutowicz)，基準公司。

Two quick questions. Just on Retail Media broadly, a lot of conjecture out there in terms of the pace of growth. And I'm just hoping maybe you could update us on key drivers over the next 12 months in terms of your core CPG and retail versus commerce media -- newer commerce media verticals, that is.

兩個簡單的問題。就零售媒體而言，人們對其成長速度有許多猜測。我只是希望您能向我們介紹未來 12 個月內核心 CPG 和零售與商業媒體（即較新的商業媒體垂直領域）的關鍵驅動因素。

And then on the standardization front, perhaps an update when that visually could become perhaps a tailwind versus a headwind for retail media growth? And then separately, just hoping you could maybe quantify initial demand that you're seeing for auction-based display and on-site video and whether either will have a noticeable contribution to second half revenue?

然後在標準化方面，也許進行更新，從視覺上看，這也許會成為零售媒體成長的順風還是逆風？然後另外，只是希望您能夠量化您所看到的基於拍賣的展示和現場視頻的初始需求，以及它們是否會對下半年的收入做出顯著的貢獻？

Yeah, Mark, happy to get this started. Look, so the outlook for Retail Media growth over the next 12 months, right, well, we continue to be driven, I'd say, multifold. One, we continue to win new suppliers like the ones we announced here in call like BJ's, Thermo Fisher, et cetera, and we have other announcements pending for next quarter. It will come through the scaling of some of the new products that we've launched, like the on-site video product that we launched in April and the programmatic display product that we launched in June.

是的，馬克，很高興開始這個。看起來，未來 12 個月零售媒體成長的前景是，好吧，我們將繼續受到多方面的推動。首先，我們繼續贏得新的供應商，例如我們在這裡宣布的 BJ's、Thermo Fisher 等，並且我們還有其他待定於下個季度發布的公告。它將透過擴大我們推出的一些新產品來實現，例如我們在四月推出的現場視訊產品和我們在六月推出的程式化展示產品。

Specifically to your question on programmatic display, that's a great uptake, right? We have 16 retailers live, and we think that that's going to double in the coming weeks. So it's really taking off. And I think we mentioned in the prepared remarks, the gap between the current spend level on our product versus what it is as a total mix for retailers, which really shows the kind of the opportunity that we're chasing with scaling that product. And so that will continue to ramp up over the next 12 months, both of those. I'd say the biggest and longer-term one that will probably be more of a 2026 growth driver we'll be what Todd was talking about when he answered the Microsoft question, which is as we start to develop the technology to unlock real open RTB for retail supply.

具體來說，關於程序化展示的問題，這是一個很好的理解，對嗎？我們目前有 16 家零售商，我們認為未來幾週這個數字將會翻倍。所以它真的起飛了。我想我們在準備好的評論中提到過，我們產品的當前支出水準與零售商的整體支出水準之間的差距，這確實表明了我們在擴大該產品規模時所追求的機會。因此，在接下來的 12 個月裡，這兩個數字都會繼續上升。我想說，最大的、長期的、可能更能成為 2026 年成長動力的因素就是 Todd 在回答微軟問題時談到的因素，即我們開始開發技術來解鎖真正的開放式 RTB 以用於零售供應。

I think it's really like the next leg of growth, not just for Criteo, but for the entire industry. And we're really looking forward to leading the charge on that. Criteo will absolutely be at the front of developing that capability for the industry. And again, it will scale because it will improve fill rates and really normalizes what is still a lot of demand that doesn't make its way into Retail Media networks even today at the stage of maturity that we've achieved.

我認為這確實是下一階段的成長，不僅對於 Criteo 而言，對於整個產業而言都是如此。我們非常期待在這方面發揮領導作用。Criteo 絕對會走在產業開發這項能力的前端。而且，它將會擴大規模，因為它將提高填充率，並真正使即使在我們今天已經達到成熟的階段，仍然有很多需求無法進入零售媒體網路。

And just in terms of activated media spend, we do see that there is some impact with certain retailers that are more mature in our base, there's less growth. All the factors that Michael spoke about are all key drivers for our growth in media spend. So we're seeing traction, I would say, across the board. Some slower start-ups of new retailers that have been signed. So that will be more a '26 driver versus '25.

就啟動的媒體支出而言，我們確實看到，對於我們客戶群中較為成熟的某些零售商來說，這會產生一些影響，增長較少。麥可談到的所有因素都是我們媒體支出成長的關鍵驅動因素。所以我想說，我們看到了全方位的牽引力。一些已簽約的新零售商的起步速度較慢。因此，這更像是 26 年的車手，而不是 25 年的車手。

And then continued traction on, especially on large brand spend in Retail Media in North America.

然後繼續推動，特別是在北美零售媒體上的大品牌支出。

Brian Pitz, BMO Capital Markets.

Brian Pitz，BMO 資本市場。

Any additional color based on commentary from your advertisers? On how they're really thinking about tariffs in the second half and on holiday demand? So -- let's say, we settle at 15% across the board. Will that be a positive or negative? Where do they kind of think about getting more bullish?

根據廣告商的評論，還有其他顏色嗎？他們究竟是如何考慮下半年的關稅和假期需求的？所以——我們假設我們全盤接受 15% 的折扣。這是積極的還是消極的？他們怎麼會認為會變得更樂觀呢？

And then separately, I believe same retailer contribution ex-TAC for Retail Media was 112%. That was actually down a bit from 120% last quarter. If you consider the expected second half churn, how are you thinking about the durability of same retailer contribution ex-TAC for the rest of the year?

然後另外，我相信同一家零售商對零售媒體的貢獻（不包括 TAC）為 112%。這實際上比上一季的 120% 略有下降。如果您考慮預期的下半年客戶流失率，您如何看待今年剩餘時間內同一零售商貢獻（不包括 TAC）的持久性？

Yeah. So in terms of our outlook, I would say we've been prudent in our outlook. We do see the color related to Americas versus Europe. We do not have a significant -- as you know, China based, it's very, very small for us, and we tend to focus more on in-country larger brands. We do see some impact for the tariffs in the US more for consumer sentiment versus the impact of tariffs or there is some impact clearly on certain categories and certain retailers, largely on the Performance Media side.

是的。因此，就我們的展望而言，我想說我們一直保持謹慎。我們確實看到了與美洲和歐洲相關的顏色。如你所知，我們沒有顯著的——中國市場對我們來說非常非常小，我們傾向於更多地關注國內較大的品牌。我們確實看到美國關稅對消費者情緒產生了一些影響，而不是關稅的影響，或對某些類別和某些零售商明顯產生了一些影響，主要是在 Performance Media 方面。

In terms of same retail CXT, yes, it's still strong. And we obviously have some tougher comps on that as well, and we expect that to continue to grow with our existing base and then adding the new retailers over time.

就相同零售 CXT 而言，是的，它仍然很強勁。顯然，我們也有一些更嚴格的競爭，我們預計，隨著我們現有的基礎繼續增長，並隨著時間的推移增加新的零售商。

Thank you, Michael, Sarah, and Todd. That concludes our call for today. Thanks again, everyone, for joining. If you have any follow-up questions, the Investor Relations team is available to assist. Have a great day.

謝謝你，麥可、莎拉和托德。今天的通話到此結束。再次感謝大家的參與。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。祝你有美好的一天。

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

會議現已結束。非常感謝您參加今天的演講。您現在可以斷開連線。