Criteo SA (CRTO) 2025 Q3 法說會逐字稿

Good morning, and welcome to Criteo's third-quarter 2025 earnings call. (Operator Instructions) Please note, this event is being recorded. And I would now like to turn the conference over to Ms. Melanie Dambre, Vice President, Investor Relations. Thank you. Please go ahead.

早安，歡迎參加 Criteo 2025 年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。現在，我謹將會議交給投資人關係副總裁梅蘭妮‧丹布雷女士。謝謝。請繼續。

Good morning, everyone, and welcome to Criteo's third-quarter 2025 earnings call. Joining us on the call today, Chief Executive Officer, Michael Komasinski; and Chief Financial Officer, Sarah Glickman, are going to share some prepared remarks. Joining us for the Q&A session is Todd Parsons in his role as Chief Product Officer. 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.

各位早安，歡迎參加 Criteo 2025 年第三季財報電話會議。今天參加電話會議的有首席執行官邁克爾·科馬辛斯基和首席財務官莎拉·格利克曼，他們將分享一些準備好的演講。參加問答環節的是首席產品長托德·帕森斯。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簡報，以及電話會議結束後我們準備好的發言稿和文字記錄。

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.

在正式開始之前，我想提醒各位，我們的發言將包含前瞻性陳述，這些陳述僅反映 Criteo 截至今日的判斷、假設和分析。由於多種因素影響 Criteo 的業務，我們的實際業績可能與目前的預期有重大差異。除法律另有規定外，我們不承擔更新今天討論的任何前瞻性陳述的義務。

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

有關更多信息，請參閱我們在盈利報告中討論的風險因素，以及我們最近向美國證券交易委員會提交的 10-K 表格和 10-Q 表格。我們也將討論我們績效的非GAAP指標。我們今天發布的獲利報告中包含了定義以及與最直接可比較的 GAAP 指標的調整說明。最後，除非另有說明，本次電話會議中所有成長比較均與上年同期進行比較。那麼，現在讓我把麥克風交給麥可。

Thanks, Melanie, and good morning, everyone. Thanks for joining us today. Well, what excites me most about this quarter isn't just the strength of our results, but how our business is growing into a platform that reaches far beyond any single channel or format. Consumer attention is more fragmented than ever, across websites, apps, social feeds, connected TV, and now AI-driven assistance. That fragmentation creates complexity for advertisers, but it creates opportunity for us.

謝謝梅蘭妮，大家早安。感謝您今天收看我們的節目。嗯，本季最讓我興奮的不僅是我們強勁的業績，還有我們的業務如何發展成為一個遠遠超越任何單一管道或形式的平台。消費者的注意力比以往任何時候都更加分散，他們分散在網站、應用程式、社群媒體、連網電視，以及現在的AI驅動的助理。這種碎片化為廣告商帶來了複雜性，但也為我們創造了機會。

Criteo is built to meet shoppers wherever they are and deliver the outcomes brands care most about. Progress we're making in Performance Media, in Retail Media, and in agentic AI, shows our strategy is working, and our opportunity is only expanding. Since stepping into this role, I focused on getting close to our teams, our clients, and our partners. And what I see gives me confidence that we are on the right path.

Criteo 旨在滿足購物者隨時隨地的需求，並提供品牌最關心的結果。我們在效果媒體、零售媒體和智慧人工智慧領域的進展表明，我們的策略正在奏效，我們的機會也在擴大。自從我擔任這個職位以來，我一直致力於與我們的團隊、客戶和合作夥伴建立密切聯繫。我所看到的讓我相信我們走在正確的道路上。

We're building on our strengths and sharpening our focus, and we're seeing early results from our push for greater decentralization and agility. Our purpose is clear. We power shopper journeys that unlock Commerce outcomes. We help brands, agencies, and retailers connect with consumers wherever they are across every channel and every device. We've evolved from being an open-web company to a diversified multichannel platform with about 85% of our media spend now happening outside of desktop display.

我們正在發揮自身優勢，並更加專注於特定領域，我們已經看到，我們為實現更大程度的去中心化和敏捷性所做的努力已經初見成效。我們的目的很明確。我們協助消費者打造卓越的購物體驗，進而釋放商業潛力。我們幫助品牌、代理商和零售商透過各種管道和設備與消費者建立聯繫。我們從一家開放網路公司發展成為一個多元化的多通路平台，目前我們約 85% 的媒體支出都發生在桌面顯示廣告之外。

Retail Media represents roughly half of our spend with strong growth across mobile, social, and video, including CTV. This cross-channel diversification continues to set us apart from single-channel ad tech players and walled gardens. Criteo's diversified reach across these channels is a core strength that's often underappreciated. Our platform enables consistent, measurable returns across channels, delivering stronger performance in siloed alternatives.

零售媒體約占我們支出的一半，在行動、社群和視訊（包括連網電視）方面實現了強勁成長。這種跨管道多元化使我們與單一管道廣告技術公司和封閉平台區分開來。Criteo 在這些管道上的多元化覆蓋範圍是其核心優勢，但這一優勢往往被低估。我們的平台能夠實現跨通路的持續、可衡量的回報，在各自獨立的替代方案中提供更強勁的業績。

As advertisers focus on outcomes rather than media buying, they're looking for the ability to accurately measure performance across a variety of consumer touchpoints. Our data, our AI, and our global reach create a foundation that gives us a distinct competitive edge to deliver measurable outcomes for our clients. With this strong cross-channel foundation in place, we're now focused on the next major shift shaping our industry, the rise of agentic AI. This is a natural extension of our strategy.

隨著廣告商越來越注重結果而非媒體購買，他們正在尋求能夠準確衡量各種消費者接觸點的績效。我們的數據、人工智慧和全球影響力為我們奠定了堅實的基礎，使我們擁有獨特的競爭優勢，能夠為客戶帶來可衡量的成果。憑藉著這強大的跨通路基礎，我們現在專注於塑造我們產業的下一個​​重大轉變——智慧人工智慧的崛起。這是我們策略的自然延伸。

Intelligent assistants are starting to guide people through their shopping journeys, helping them discover, compare, and choose products in new ways. We see this as another channel where brands will want to engage because every major shift in digital has created more fragmentation, not less. We're moving fast to prepare for this future. Our MCP server is live and has powered our first client campaigns, proving the flexibility of our platform and new workflows.

智慧助理正開始引導人們完成購物之旅，幫助他們以全新的方式發現、比較和選擇產品。我們認為這是品牌想要參與的另一個管道，因為數位化的每一次重大變革都造成了更多的碎片化，而不是更少。我們正在加快步伐，為未來做好準備。我們的 MCP 伺服器已上線，並為我們的首批客戶活動提供了支持，證明了我們平台和新工作流程的靈活性。

In Performance Media, we've developed new agents that let brands generate audiences or surface insights instantly. removing friction from data workflows. In Retail Media, we're piloting sponsored recommendations within retailer agents. These are clear signs of how our platform adapts to new behaviors and new channels.

在效果媒體領域，我們開發了新的代理程序，使品牌能夠即時產生受眾群體或獲取洞察，從而消除數據工作流程中的摩擦。在零售媒體領域，我們正在零售商代理商試行推廣贊助推薦。這些都清楚地表明了我們的平台是如何適應新的行為和新的管道的。

Looking ahead, the opportunity is to bring together the proven performance of recommendation systems with the usability of large language models. Our performance engine keeps getting stronger with every AI innovation we deliver including our latest deep learning bidding model and it's powered by one of the most complete sets of commerce data in the market.

展望未來，機會在於將推薦系統的成熟表現與大型語言模型的易用性結合。隨著我們推出的每項人工智慧創新，包括我們最新的深度學習競價模型，我們的效能引擎都在不斷增強，並且它由市場上最完整的商業數據集之一提供支援。

We combine normalized product information from thousands of e-commerce players with a global map of how people search, browse, consider, and buy across categories. This curated view of products and shoppers reveals the connections that predict intent and enable precise product recommendations. It gives us a data set that is uniquely structured, granular, and scalable, making our recommendations more accurate, more actionable, and ultimately more valuable for clients and partners. And it's an advantage that is very hard to replicate.

我們將數千家電子商務平台的標準化產品資訊與全球範圍內人們如何跨類別搜尋、瀏覽、考慮和購買的地圖相結合。這種精心挑選的產品和購物者視圖揭示了預測意圖並實現精準產品推薦的連結。它為我們提供了一個結構獨特、細粒度且可擴展的資料集，使我們的建議更加準確、更具可操作性，並最終對客戶和合作夥伴更有價值。而這種優勢很難被複製。

We're thrilled to be partnering on a proof of concept with a major AI-powered assistant to explore how our technology can seamlessly integrate into their ecosystem, a strong signal of how relevant we believe Criteo will be in the next phase of digital commerce. This includes exploring how integrating our product recommendation API into product-level search to drive incremental performance and relevance for users.

我們很高興能與一家主要的 AI 助理公司合作進行概念驗證，探索我們的技術如何無縫整合到他們的生態系統中，這有力地表明了我們相信 Criteo 在下一階段數位商務中的重要性。這包括探索如何將我們的產品推薦 API 整合到產品級搜尋中，從而提升使用者體驗的效能和相關性。

Turning to Performance Media. This part of our business is in the midst of an exciting transformation. We're moving from a managed service model to a self-service AI-first platform that can serve customers more broadly and capture a greater share of their budgets. This shift matters because self-service not only lowers cost to serve but also opens the door to a much larger market by allowing our technology to integrate within partner ecosystems and reach a broader universe of SMB advertisers.

轉向表演媒體。我們業務的這一部分正處於令人興奮的轉型期。我們正在從託管服務模式轉向以人工智慧為先導的自助服務平台，該平台可以更廣泛地服務客戶，並贏得他們更大的預算份額。這種轉變意義重大，因為自助服務不僅降低了服務成本，而且還透過讓我們的技術融入合作夥伴生態系統並涵蓋更廣泛的中小企業廣告商，打開了通往更大市場的大門。

At the center is our GO! solution where momentum is building quickly for our small and mid-sized clients. For example, one in four campaigns from small clients now run through GO!, up from just 10% last quarter and we expect that to double again by year-end.

中心是我們的 GO！為我們的中小客戶提供快速發展勢頭強勁的解決方案。例如，現在來自小型客戶的四分之一的行銷活動都透過 GO! 進行，而上個季度這一比例僅為 10%，我們預計到年底這一比例還會翻倍。

GO! simplifies performance marketing through automation and built-in optimization, driving higher spend, lower churn, and stronger return on ad spend. GO! has also accelerated in adoption and social, which now accounts for approximately 35% of our GO! campaign revenue. As we continue to expand across channel access and full-funnel capabilities, we see significant opportunity ahead. Progress we're making reinforces our confidence that Performance Media will become an even stronger growth engine for Criteo going forward.

去！透過自動化和內建優化簡化效果行銷，從而提高廣告支出、降低客戶流失率並提高廣告支出回報率。去！在採用率和社交方面也加速成長，目前約占我們 GO！競選收入。隨著我們不斷拓展通路覆蓋率和全通路行銷能力，我們看到了未來巨大的機會。我們所取得的進展增強了我們的信心，績效媒體將成為 Criteo 未來更強大的成長引擎。

Our engine is purpose-built to optimize performance holistically across channels and throughout the full-buyer journey. Social is a great example with more than 3 billion daily active users. Its share of Performance Media business has nearly tripled since last year. Cross-channel, full-funnel campaigns for large enterprise clients drove 5 times more new users and positive incremental return on ad spend, proving that our engine delivers true performance lift across CTV, social, and video.

我們的引擎是專門為全面優化跨渠道和整個購買流程的性能而設計的。社群媒體就是一個很好的例子，它擁有超過30億的每日活躍用戶。自去年以來，其在效果媒體業務中的份額增長了近三倍。為大型企業客戶開展的跨通路、全通路行銷活動，帶來了 5 倍的新用戶成長和廣告支出正向增量回報，證明我們的引擎在 CTV、社群和影片方面確實能提升業績。

We're also extending into Connected TV, which is emerging as a new performance channel. Marketers can activate CTV campaigns through our Commerce Growth demand solution or our Commerce Grid Supply Side Platform, and the results are compelling. A food brand tripled household exposure and a luxury fashion brand lifted transactions per user by 50%, revenue per user by 25%, and new buyers by 7%. With Criteo still underpenetrated in the second fastest-growing part of the digital advertising ecosystem. CTV represents a significant multi-year growth opportunity.

我們也將業務拓展到連網電視領域，它正成為新興的績效管道。行銷人員可以透過我們的 Commerce Growth 需求解決方案或 Commerce Grid 供應方平台啟動 CTV 活動，且效果顯著。一個食品品牌將家庭曝光率提高了三倍，一家奢侈時尚品牌將每用戶交易量提高了 50%，每用戶收入提高了 25%，新買家增加了 7%。Criteo 在數位廣告生態系統中成長速度第二快的領域仍然滲透不足。CTV代表著未來多年巨大的成長機會。

Another area where we see significant opportunity is with our marketplace offering, which allows marketplaces to offer their merchants Criteo's targeting and retargeting tools. Marketplaces now account for more than half of global e-commerce sales and our solution helps them unlock incremental ad revenue while strengthening merchant retention. This is a scalable new channel of distribution that accelerates adoption of our platform across a broader commerce ecosystem.

我們看到的另一個重要機會領域是我們的市場服務，該服務允許市場向其商家提供 Criteo 的定向和重定向工具。如今，電商平台佔全球電子商務銷售額的一半以上，我們的解決方案可以幫助它們釋放額外的廣告收入，同時增強商家的留存率。這是一個可擴展的新型分銷管道，能夠加速我們的平台在更廣泛的商業生態系統中的普及。

Turning to Retail Media. It continues to be a powerful growth engine despite the near-term headwinds that we expect to work through in the coming quarters. This quarter, we drove over $450 million in media spend, up 26% year over year, with more than 4,100 brands worldwide. We're making it easier for brands and agencies to plan, buy, and optimize Retail Media spend through partnerships with Google, Microsoft, and Mirakl, while also deepening agency relationships and bringing more brands onto the platform.

轉向零售媒體。儘管我們預計未來幾季將克服一些短期不利因素，但它仍然是一個強勁的成長引擎。本季度，我們的媒體支出超過 4.5 億美元，年增 26%，覆蓋全球 4,100 多個品牌。我們透過與Google、微軟和 Mirakl 的合作，讓品牌和代理商更容易規劃、購買和優化零售媒體支出，同時深化與代理商的關係，並將更多品牌引入該平台。

Our new partnership with DoorDash underscores the strength of our demand generation engine. Our new API integration with Google is live. It is especially important because it captures brand search budgets that have historically sat outside of Retail Media, opening new spend opportunities. As Google's first on-site retail media partner, we're seeing strong interest from both existing and new retailers looking to take advantage of this integration.

我們與 DoorDash 建立的全新合作關係凸顯了我們需求產生引擎的強大。我們與Google的全新API整合已正式上線。這一點尤其重要，因為它涵蓋了以往零售媒體以外的品牌搜尋預算，從而開闢了新的支出機會。身為Google首個線上零售媒體合作夥伴，我們看到現有零售商和新零售商都對利用這項整合方案表現出濃厚的興趣。

Search is one of the largest pools of digital ad spend, and as we roll out this offering through Google Search Ads 360 in the Americas in Q4, it gives us access to an estimated $172 billion in addressable spend, a portion of which we expect will move into Retail Media over time. While still early, we see this as a multi-year growth driver starting in 2026. We're also encouraged by the early traction of our Mirakl partnership, which is opening up demand from mid- to long-tail advertisers and helping us expand with retailers, including Lowe's and Ulta Beauty as they grow their marketplaces.

搜尋是數位廣告支出最大的領域之一，隨著我們在第四季度透過 Google Search Ads 360 在美洲推出這項服務，我們將獲得約 1,720 億美元的可觸達支出，我們預計其中一部分將隨著時間的推移轉移到零售媒體領域。雖然現在下結論還為時過早，但我們認為這將是 2026 年開始的多年成長動力。我們也對與 Mirakl 合作的早期進展感到鼓舞，這正在打開中長尾廣告商的需求，並幫助我們與零售商（包括 Lowe's 和 Ulta Beauty）擴大合作，因為他們正在發展自己的市場。

With Microsoft, we're excited to begin testing this quarter. We're rolling out scalable real-time bidding solutions that enable programmatic buying while ensuring retailers retain full control over their data and site experience. On the Supply side, we're executing with strong momentum led by the rapid success of our auction-based display format which has quickly become the fastest-growing ad format in Retail Media. On-site display spend grew 42% this quarter and retailer adoption more than doubled with 41 retailers now live and more coming in Q4. And that represents 12% of our Retail Media business, up from 9% last quarter with meaningful upside as it can reach 30% to 40% of our clients' media mix.

我們很高興能與微軟合作，在本季開始測試。我們正在推出可擴展的即時競價解決方案，實現程式化購買，同時確保零售商對其數據和網站體驗保持完全控制權。在供應方面，我們憑藉基於競價的展示廣告形式的快速成功，正以強勁的勢頭推進業務，該形式已迅速成為零售媒體中增長最快的廣告形式。本季現場展示支出成長了 42%，零售商採用率翻了一番多，目前已有 41 家零售商上線，第四季還將有更多零售商加入。這占我們零售媒體業務的 12%，高於上一季的 9%，並且還有很大的成長空間，因為它可以達到我們客戶媒體組合的 30% 到 40%。

Our global retailer network continues to expand, now at 235 retailers, including Sephora, Fragrance Shop in the UK, and Zepto in India, and new market entries with Migros, and Interdiscount in Switzerland, and Massmart in South Africa. Shoppable video is gaining traction, too, and contributing to the success of full-funnel onsite strategies to drive over five times higher conversion and five times more new buyers than sponsored products alone. We're expanding offsite with Superdrug as our latest client to adopt the solution, and we see opportunities to extend Retail Media offsite into CTV and social.

我們的全球零售網絡持續擴張，目前已擁有 235 家零售商，包括 Sephora、英國的 Fragrance Shop 和印度的 Zepto，以及透過 Migros 和瑞士的 Interdiscount 以及南非的 Massmart 等新市場管道進入市場。可購物影片也越來越受歡迎，並有助於全通路網站策略的成功，與單獨推廣產品相比，轉換率和新買家數量可提高五倍以上。我們正在拓展線下業務，Superdrug 是我們最新的客戶，他們採用了我們的解決方案。我們看到了將零售媒體線下業務拓展到 CTV 和社群媒體的機會。

All of this reinforces our confidence in the long-term growth trajectory of Retail Media. Overall, we delivered solid results this quarter. Media spend grew 4%, representing a 400-basis-point improvement from last quarter. Contribution ex-TAC increased 6% year-on-year, and adjusted EBITDA margin came in above guidance. We have the right team and strategy in place to reaccelerate growth over the next few quarters and the foundations we're building will drive multi-year benefits.

所有這些都增強了我們對零售媒體長期成長前景的信心。總體而言，我們本季取得了穩健的業績。媒體支出成長了 4%，比上一季提高了 400 個基點。扣除TAC後的貢獻收入年增6%，調整後的EBITDA利潤率超出預期。我們已經組建了合適的團隊並製定了相應的策略，將在未來幾季重新加速成長，我們正在建立的基礎將帶來多年的收益。

As part of that effort, I'm thrilled to announce that Ed Dinichert as our new Chief Customer Officer, a key addition to our leadership team, who will further strengthen execution and ensure client success remains central to everything we do. This morning, we also announced our intention to redomicile Criteo to Luxembourg and replace our current ADS structure with a direct listing of our ordinary shares on Nasdaq.

作為這項工作的一部分，我很高興地宣布 Ed Dinichert 擔任我們新的首席客戶官，他的加入將極大地增強我們的領導團隊，進一步加強執行力，並確保客戶成功始終是我們一切工作的核心。今天上午，我們也宣布了將 Criteo 的註冊地遷至盧森堡，並將我們目前的 ADS 結構替換為在納斯達克直接上市我們的普通股。

We view this as an important strategic step toward unlocking significant and sustainable shareholder value, which reflects our commitment to ensuring Criteo has the optimal corporate structure. It is expected to offer significant advantages over our existing structure, including eliminating most of the legal complexities currently applicable to Criteo, enhancing flexibility in capital allocation, and broadening our shareholder base, and Sarah will provide additional details on this shortly.

我們認為這是釋放重大且永續股東價值的重要策略步驟，這反映了我們致力於確保 Criteo 擁有最佳公司結構的承諾。預計這將比我們現有的結構帶來顯著優勢，包括消除目前適用於 Criteo 的大部分法律複雜性，增強資本配置的靈活性，並擴大我們的股東基礎，Sarah 很快就會提供更多細節。

To close, Criteo has real momentum. We're executing with conviction, building on a durable strategy, and positioning ourselves to capture the most important shifts in commerce and advertising. We're confident that this will translate into sustained growth and long-term value for our shareholders.

總之，Criteo發展勢頭強勁。我們堅定不移地執行計劃，建立在可持續的策略之上，並讓自己處於有利地位，以抓住商業和廣告領域最重要的變革。我們相信這將轉化為持續成長，並為我們的股東創造長期價值。

With that, I'll hand it over to Sarah for more detail on our financial results and outlook.

接下來，我將把發言權交給莎拉，讓她詳細介紹我們的財務表現和展望。

Thank you, Michael, and good morning, everyone. We delivered strong Q3 results with significant operational leverage driven by top-line growth and disciplined cost management. Revenue was $470 million, and contribution ex-TAC increased to $288 million. This includes a year-over-year tailwind from foreign currencies of $6 million. At constant currency, Q3 contribution ex-TAC grew by 6% year over year, representing 15% on a two-year stack.

謝謝你，邁克爾，大家早安。第三季業績強勁，營運槓桿效應顯著，這主要得益於營收成長和嚴格的成本控制。營收為 4.7 億美元，扣除 TAC 後的貢獻收入增加至 2.88 億美元。這其中包括來自外匯的同比利好 600 萬美元。以固定匯率計算，第三季（不含TAC）貢獻年增6%，兩年累計成長15%。

Client retention remains high at close to 90%, underscoring the resilience of our model. Macro trends remained stable throughout the quarter and during the back-to-school season, we saw higher advertising spend year over year across several key categories including office supplies, furniture, and personal care. In Performance Media, revenue was $403 million, and contribution ex-TAC was $222 million, up 5% at constant currency, and 10% on a two-year stack. This was driven by our Commerce Growth solution, up 6% which leverages our large-scale commerce data and AI-powered audience modeling technologies connect advertisers with in-market shoppers. We also benefited from incremental AI-driven performance enhancements on top of the strong AI improvements we implemented last year.

客戶留存率維持在接近 90% 的高位，凸顯了我們模式的韌性。整個季度宏觀趨勢保持穩定，在返校季期間，我們看到辦公用品、家具和個人護理等幾個關鍵類別的廣告支出同比增長。在效果媒體業務中，營收為 4.03 億美元，扣除 TAC 後的貢獻收入為 2.22 億美元，以固定匯率計算成長 5%，以兩年計算成長 10%。這主要得益於我們的電商成長解決方案，該方案成長了 6%，利用我們的大規模電商數據和人工智慧驅動的受眾建模技術，將廣告商與有購買意願的消費者聯繫起來。去年我們實施了強大的 AI 改進措施，而今年我們又受惠於 AI 驅動的效能提升。

AdTech services reduced Performance Media Contribution ex-TAC growth by approximately 100 basis points due to lower spend in our media trading marketplace. Overall, we benefit from a diversified client base and a global footprint. By region, we saw immediate spend growth in Asia Pac and EMEA, and softer but improving trends in the US. Travel remains our fastest-growing vertical, up 24%, with classified about 14% and marketplace is also performing well. Retail net spending was softer, including an 11% decline in fashion.

由於媒體交易市場的支出減少，廣告科技服務使不含TAC的效能媒體貢獻成長減少了約100個基點。總體而言，我們受益於多元化的客戶群和全球業務佈局。以地區來看，亞太地區和歐洲、中東及非洲地區的支出立即成長，而美國的趨勢雖然放緩但正在改善。旅遊仍然是我們成長最快的垂直領域，成長了 24%，分類廣告成長了約 14%，市場平台也表現良好。零售淨支出疲軟，其中時尚支出下降了 11%。

In Retail, Media revenue was $67 million, and contribution ex-TAC grew 11% at constant currency to $66 million, up 34% on a two-year stack. Growth was driven by continued strength in Retail Media onsite. We benefited from the traction of our auction-based display offering and the addition of newly signed retailers. We continue to win new retailers across all regions.

在零售領域，媒體收入為 6,700 萬美元，扣除 TAC 後的貢獻收入按固定匯率計算增長了 11%，達到 6,600 萬美元，兩年累計增長了 34%。零售媒體現場業務的持續強勁成長推動了業務成長。我們受益於基於拍賣的展示方式的吸引力以及新簽約零售商的加入。我們持續在各個地區贏得新的零售商。

Media spend in Q3 grew 26% year over year, outpacing the market and reflecting share gains. We saw continued expansion with CPG and smaller brands, and we onboarded 100 new brands this quarter. Momentum with agencies also remained strong, and our 4,100 global brands are prioritizing Retail Media as a key performance channel.

第三季媒體支出年增 26%，超過市場平均水平，反映出市場佔有率的成長。我們看到消費品和小型品牌持續擴張，本季我們新增了 100 個品牌。與代理商的合作動能依然強勁，我們的 4,100 個全球品牌將零售媒體視為關鍵績效管道。

We delivered adjusted EBITDA of $105 million in Q3 2025, up 28% year over year, resulting in adjusted EBITDA margin of 36%, up 500 basis points year over year. This reflects strong operational leverage from top-line growth, AI-driven productivity gain, and cost discipline as well as lower-than-expected total charges for RSUs. We also benefited from approximately $8 million due to the timing of certain marketing expenses shifting into Q4 and lower bad debt expense.

2025 年第三季度，我們實現了調整後 EBITDA 1.05 億美元，年增 28%，調整後 EBITDA 利潤率為 36%，年成長 500 個基點。這反映了營收成長帶來的強勁營運槓桿效應、人工智慧驅動的生產力提升和成本控制，以及低於預期的限制性股票單位總費用。由於某些行銷費用轉移到第四季以及壞帳支出減少，我們也受益於約 800 萬美元。

Non-GAAP operating expenses were flat year-over-year at $158 million in Q3, reflecting our disciplined resource allocation while enabling continued investment in product innovation. We continue to build on our strong operational fitness to enable greater scale and efficiency, including driving productivity gains through Commerce GO! and AI-powered tools.

第三季非GAAP營運費用與去年同期持平，為1.58億美元，這反映了我們嚴格的資源分配，同時使我們能夠繼續投資於產品創新。我們將繼續鞏固我們強大的營運能力，以實現更大的規模和效率，包括透過 Commerce GO! 推動生產力提升。以及人工智慧驅動的工具。

Moving down the P&L, depreciation and amortization was $30 million in Q3 2025. Equity-related compensation expense was $15 million compared to $35 million in Q3 last year. Our income from operations of $52 million, up sharply compared to $10 million in the same quarter last year, and our net income improved to $40 million, reflecting both revenue growth and operational leverage, and lower equity-related compensation expense.

從損益表來看，2025 年第三季的折舊和攤提為 3,000 萬美元。與股權相關的薪酬支出為 1,500 萬美元，而去年第三季為 3,500 萬美元。我們的營業收入為 5,200 萬美元，與去年同期的 1,000 萬美元相比大幅成長；淨收入增至 4,000 萬美元，這反映了收入成長和營運槓桿作用，以及股權相關薪酬支出的降低。

Our weighted average diluted share count was $53.8 million compared to $58.4 million a year ago, which resulted in diluted earnings per share of $0.70. Our adjusted diluted EPS was $1.31 in Q3 2025, up 36% year over year. Free cash flow was $67 million in Q3, up 74% year over year. We are delivering consistent upward momentum in adjusted EPS and free cash flow per share, demonstrating long-term value creation. We expect to deliver free cash flow conversion above 45% of adjusted EBITDA this year, excluding non-recurring items.

我們的加權平均稀釋後股份數量為 5,380 萬股，而去年同期為 5,840 萬股，由此得出稀釋後每股收益為 0.70 美元。我們 2025 年第三季的調整後稀釋後每股收益為 1.31 美元，年增 36%。第三季自由現金流為 6,700 萬美元，較去年同期成長 74%。我們在調整後每股盈餘和每股自由現金流方面持續保持上升勢頭，展現出長期價值創造能力。我們預計今年自由現金流轉換率將超過調整後 EBITDA 的 45%（不包括非經常性項目）。

Criteo is a well-managed, resilient cash-generative business with a financial strength to invest for growth and return capital to shareholders. We closed the quarter with $811 million in total liquidity and no long-term debt, giving us the flexibility to execute our strategy and pursue disciplined balanced capital allocation. We are confident in our business strategy and the priorities remain clear: invest in organic growth as new value-enhancing acquisitions and return capital to shareholders. We deployed $11 million towards share repurchases this quarter, buying back about 0.5 million shares, reflecting our current constraints related to French law limits for share buybacks.

Criteo 是一家管理良好、具有韌性且現金流充裕的企業，擁有雄厚的財務實力，可以投資成長並為股東帶來資本回報。本季末，我們擁有 8.11 億美元的流動資金，且無長期債務，這使我們能夠靈活地執行我們的策略並追求有紀律的平衡資本配置。我們對我們的商業策略充滿信心，優先事項依然明確：投資於有機成長，進行新的增值收購，並向股東返還資本。本季我們投入 1,100 萬美元用於股票回購，回購了約 50 萬股，這反映了我們目前受到法國股票回購法律限制的限制。

Year-to-date, we have allocated $115 million to share repurchases and anticipate resuming our buyback program in Q4. We had $104 million remaining in our Board share buyback authorization as of the end of September.

今年迄今為止，我們已撥出 1.15 億美元用於股票回購，預計將在第四季恢復我們的回購計畫。截至9月底，我們董事會授權的股票回購額度還剩1.04億美元。

Turning to our financial outlook, which reflects our expectations as of today, October 29, 2025. We are reaffirming our full-year contribution ex-TAC guidance and raising our adjusted EBITDA margin guidance at the high end of our range. For 2025, we continue to expect contribution ex-TAC to grow 3% to 4% year over year at constant currency.

接下來談談我們的財務展望，這反映了我們截至 2025 年 10 月 29 日的預期。我們重申全年不計TAC的貢獻預期，並將調整後的EBITDA利潤率預期上調至預期範圍的高端。2025 年，我們仍然預計扣除 TAC 後的貢獻收入將以固定匯率年增 3% 至 4%。

We estimate four changes to have a positive full-year impact of $12 million to $15 million. In Performance Media, we expect contribution ex-TAC to grow mid-single digits at constant currency in 2025. This reflects our solid performance in the first nine months of the year, continued traction with advertisers to drive performance throughout their buyer journey, and the ramp-up of Commerce GO!, partially offset by lower AdTech services.

我們預計這四項改變將帶來全年 1,200 萬至 1,500 萬美元的正面影響。在效果媒體領域，我們預期 2025 年以固定匯率計算，扣除 TAC 後的貢獻收入將達到中等個位數的成長。這反映了我們今年前九個月的穩健表現，持續吸引廣告商，推動其購買旅程中的業績增長，以及 Commerce GO! 的快速發展，但部分被 AdTech 服務的下降所抵消。

In Retail Media, we expect to drive media spend growth ahead of the market and contribution ex-TAC growth is now expected to be at the low end of low- to mid-single-digit growth range at constant currency. As previously communicated in Q4, we anticipate lower revenue due to scope changes with two specific clients, and we lap one-time tiered fees for our largest retailer in December 2024. Excluding these two clients, underlying retail media contribution ex-TAC growth for 2025 is expected to be in the mid- to high-teens range, reflecting a slower ramp-up from certain new clients in Q4.

在零售媒體領域，我們預期媒體支出成長將領先市場，目前預計扣除TAC後的貢獻成長將處於個位數低至中位數成長範圍的低端（以固定匯率計算）。正如我們在第四季度所溝通的那樣，由於與兩家特定客戶的範圍變更，我們預計收入將下降；此外，我們將於 2024 年 12 月終止對最大零售商的一次性分級收費。除這兩位客戶外，預計 2025 年零售媒體貢獻（不含 TAC）的成長將達到 15% 至 10% 的水平，這反映出第四季度某些新客戶的成長速度放緩。

We now project an adjusted EBITDA margin of approximately 34% for 2025. This reflects our confidence in operational leverage from top line growth, AI-driven productivity, continued cost discipline, and the ongoing transformation of our operating model as we continue to invest in areas of growth, including agentic AI innovation. These investments will support continued top-line growth and strong cash flow generation for the coming years.

我們現在預計 2025 年調整後的 EBITDA 利潤率約為 34%。這體現了我們對營收成長帶來的營運槓桿效應、人工智慧驅動的生產力、持續的成本控制以及我們營運模式的持續轉型的信心，因為我們將繼續投資於成長領域，包括智慧人工智慧創新。這些投資將支持未來幾年營收持續成長和強勁的現金流產生。

We expect a normalized tax rate of 22% to 27% on the current rules and capital expenditure of approximately $110 million for the year. As a reminder, Criteo operates its own data centers and infrastructure, which supports our stability, flexibility, performance, and cost efficiency.

我們預計，依照現行規定，正常稅率為 22% 至 27%，年度資本支出約為 1.1 億美元。再次提醒，Criteo 經營自己的資料中心和基礎設施，這為我們的穩定性、靈活性、效能和成本效益提供了保障。

In 2026, we anticipate higher CapEx related to the renewal of certain large data centers. For Q4 2025, we expect contribution ex-TAC between $325 million at $331 million, down 3% to 5% at constant currency. We estimate full-rate changes to have a positive impact of $5 million to $8 million per year, year-over-year impact from contribution ex-TAC in Q4.

預計到 2026 年，與某些大型資料中心更新相關的資本支出將會增加。預計 2025 年第四季度，扣除 TAC 後的貢獻收入將在 3.25 億美元至 3.31 億美元之間，以固定匯率計算下降 3% 至 5%。我們估計，全額費率調整每年將帶來 500 萬至 800 萬美元的正面影響，這是第四季度扣除 TAC 費用後的同比影響。

We expect adjusted EBITDA between $113 million and $119 million. This reflects continued high-ROI growth investments in our platform and foreign exchange rate headwinds on our European cost base. It also reflects our return to office transition and higher Q4 marketing spend tied to product launches. Importantly, we anticipate that our Q4 trends do not represent a run rate for 2026. While we are not giving formal guidance to 2026, we currently anticipate overall low growth given the temporary Retail Media impact with a low point expected in Q1 given the one-time revenue from tiered fees in January 2025.

我們預計調整後 EBITDA 在 1.13 億美元至 1.19 億美元之間。這反映了我們對平台持續進行高投資報酬率的成長投資，以及外匯匯率對我們歐洲成本基礎的不利影響。這也反映了我們重返辦公室的過渡以及與產品發布相關的第四季度更高的行銷支出。重要的是，我們預期第四季的趨勢並不代表 2026 年的運行速度。雖然我們沒有對 2026 年做出正式的指導，但鑑於零售媒體的暫時性影響，我們目前預計整體成長將較為緩慢，預計第一季將達到低點，因為 2025 年 1 月將有來自分級收費的一次性收入。

Before I close, I'd like to touch briefly on our intention to redomicile to Luxembourg and list our ordinary shares directly on Nasdaq. This change is designed to enhance our capital management flexibility, eliminating restrictions that pretty on currently faces in relation to share repurchases and position us for potential inclusion in major US stock indices.

在結束之前，我想簡要談談我們打算將公司註冊地遷至盧森堡，並將我們的普通股直接在納斯達克上市的計劃。這項變革旨在增強我們的資本管理彈性，消除目前在股票回購方面面臨的限制，並使我們有機會被納入美國主要股票指數。

We believe it would expand our access to passive capital, triggering associated benchmarking from actively managed funds and broadening our shareholder base. We expect this process to be completed in the third quarter of 2026 subject to the prior consultation of Criteo's works council and shareholder approval. Looking ahead, we intend to pursue a subsequent redomiciliation to the United States potentially as early as the first quarter of 2027 to further broaden our access to US capital markets.

我們相信這將擴大我們獲得被動資本的管道，引發主動式管理基金的相關基準測試，並擴大我們的股東基礎。我們預計，在事先諮詢 Criteo 員工委員會並獲得股東批准後，流程將於 2026 年第三季完成。展望未來，我們計劃最早於 2027 年第一季將公司註冊地遷至美國，以進一步擴大我們進入美國資本市場的管道。

In closing, our results reflect a resilient company with strong execution and consistent cash generation. Innovation in AI are deeply embedded in our DNA and drive how we deliver performance, scale, and value for our clients. We are confident in our strategy, our team, and our ability to drive growth, profitability, and long-term value for our shareholders. And with that, I'll turn it over to the operator to begin the Q&A session.

總之，我們的業績反映了公司強大的韌性、高效的執行力和持續的現金流。人工智慧創新已深深融入我們的基因，並驅動我們如何為客戶帶來性能、規模和價值。我們對我們的策略、團隊以及推動成長、獲利能力和為股東創造長期價值的能力充滿信心。接下來，我將把發言權交給接線員，開始問答環節。

Thank you. We will now begin our question-and-answer session. (Operator Instructions)

謝謝。現在開始問答環節。（操作說明）

Justin Patterson, KeyBanc.

Justin Patterson，KeyBanc。

Great. Thank you. Michael, I was hoping you could elaborate on just how your clients have responded to your agentic products. I know it's early but would love to hear more about how you're thinking about that. And then just a quick follow-up. You also called out CTV as a multi-year growth opportunity. What are some of the investments you need to make so that can become more material over the next few years? Thank you.

偉大的。謝謝。邁克爾，我希望你能詳細說明一下你的客戶對你的代理產品的反應如何。我知道現在說這些還為時過早，但我很想聽聽你對此有何想法。然後還有一個簡短的後續問題。您還指出 CTV 是一個多年增長的機會。為了在未來幾年內取得更大的成就，你需要進行哪些投資？謝謝。

Hi, thanks for the question. Yeah, we'll take both of those. On agentic, really, I'd say our opportunities are threefold. I try to categorize them a bit. We have delivered internal agentic products around our current workflows. For example, the audience agents that advance how audiences are built and activated. We're moving towards real-time intelligence audience creation, it's less work, it's faster. And really, the goal is to enable brands and agencies to generate the right audience instantly without delays. And that's in market today.

您好，感謝您的提問。是的，這兩個我們都要。就自主性而言，我認為我們的機會有三個面向。我試著對它們進行一些分類。我們圍繞現有工作流程交付了內部代理產品。例如，受眾代理推動了受眾的建構和啟動方式。我們正在朝著即時智慧受眾創建的方向發展，這樣工作量更少，速度更快。實際上，我們的目標是讓品牌和代理商能夠立即獲得合適的受眾，而無需等待。這就是目前市場上的產品。

Similarly, campaign agents, right, where we build tools for agencies where they can access our growth engine directly. We can create and manage and optimize full-funnel cross-channel campaigns, much simpler, prompt-based interface really drives the modernization of that product.

同樣，對於廣告代理商來說，我們為代理商建立工具，使他們可以直接存取我們的成長引擎。我們可以創建、管理和優化全通路跨通路行銷活動，更簡單、基於提示的介面真正推動了該產品的現代化。

Second category would be how we integrate sponsored ads into retailers' own agentic chat-like experiences. So I think of how we power retail media networks today, all retailers are going to need to beef up their agentic capabilities to create easier shopping experience as we can power that with a lot of the feeds and technology that we used to serve as today.

第二類問題是如何將贊助廣告整合到零售商本身的代理式聊天體驗。所以我認為，就我們今天如何為零售媒體網路提供支援而言，所有零售商都需要加強其代理能力，以創造更便捷的購物體驗，因為我們可以利用我們今天所使用的許多資訊流和技術來支持這一點。

And then lastly, the one that we highlighted in the script, is the potential partnerships with AI platforms that bring our product recommendation capability into their responses and make them better and more informed because of the breadth of data that we have in our engine combined nicely with the semantic capability that really is the way that the responses are generated in AI platforms. We've put a blog post out on this and some social post a few weeks back, and that's the thesis that we're really working on now with one of the large platforms to test that theory and see the results. And then on CTV, I think I'll hand that one over to Todd, and he can elaborate on some of the investments required to scale that channel.

最後，也是我們在腳本中重點提到的一點，是與人工智慧平台建立潛在的合作夥伴關係，將我們的產品推薦功能融入他們的回覆中，並使其更好、更明智，因為我們的引擎擁有廣泛的數據，這與人工智慧平台生成回應的語義能力完美結合。幾週前，我們發布了一篇部落格文章和一些社群媒體貼文來探討這個問題，而這正是我們目前正在與一家大型平台合作，測試該理論並觀察結果的論點。至於 CTV，我想我會把這個問題交給 Todd，讓他詳細說明擴大頻道規模所需的一些投資。

Great. Thanks a lot. Justin, just a couple of points on CTV -- we have been investing on the Supply side, specifically in the United States, but also beginning to fan out globally with direct relationships with CTV providers that are scaled. That gives us a basis for bringing cross-channel, pull-funnel tactics into play where CTV can help with product discovery at the upper funnel customer acquisition in the middle funnel, and obviously, performance, which we're seeing show up and go, for instance, with social, we would expect the same thing with CTV.

偉大的。多謝。賈斯汀，關於 CTV，我只想提幾點——我們一直在供應端進行投資，尤其是在美國，但也開始在全球範圍內與規模化的 CTV 提供者建立直接關係。這為我們引入跨渠道、拉動式營銷漏斗策略奠定了基礎，其中 CTV 可以幫助在漏斗上層進行產品發現，在漏斗中層進行客戶獲取，顯然，它還可以提升營銷效果，例如，我們看到社交媒體的效果時好時壞，我們預計 CTV 也會出現同樣的情況。

So we're doing two things: supply-side integrations, and on the demand side, working with our tactics to make sure that CTV shows up in each of those three categories, so that our advertisers get to net new incremental audiences that are on CTV can be acquired. And then on the performance level can be reactivated in a variety of different lower funnel tactics. Measurement underpins all of this. And of course, for us, making sure that advertisers see performance at a constant level across their entire marketing mix is a very key point in bringing these two worlds together. Those are the three key investments, I would say.

因此，我們正在做兩件事：供應方整合，以及需求方，透過我們的策略確保 CTV 出現在這三個類別中，以便我們的廣告商能夠獲得 CTV 上新增的受眾群體。然後，在績效層面，可以透過各種不同的漏斗底部策略重新啟動。衡量是這一切的基礎。當然，對我們來說，確保廣告主在整個行銷組合中看到一致的效果，是把這兩個世界融合在一起的關鍵。我認為，這三項是關鍵的投資。

Great. Thank you, both.

偉大的。謝謝你們兩位。

Ygal Arounian, Citi.

Ygal Arounian，花旗銀行。

Hey, good morning, guys, thanks for the question. First, just a follow-up on the third opportunity like Michael or Todd or whoever just on the partnership with the AI platforms. And I guess a ton of debate from investors on how agentic commerce changes e-commerce, product discovery, and where the transaction is owned and it sounds like you're kind of integrating to be part of that. Just philosophically, how do you see that playing out? And is there anything you could share -- I know you're not going to share the economics specifically, but how that model would work for you guys, if more and more of the transaction is moving into that agentic AI platform.

嘿，各位早安，謝謝你們的提問。首先，我想跟進第三個機會，例如和 Michael、Todd 或其他任何人談談與人工智慧平台的合作。我猜想投資者們對代理商務如何改變電子商務、產品發現以及交易所有權歸屬等問題進行了大量討論，聽起來你們似乎正在融入其中。從哲學角度來看，你覺得這件事會如何發展？您能否分享一些資訊——我知道您不會具體透露經濟方面的情況，但如果越來越多的交易轉移到智慧AI平台，這種模式對您們來說會如何運作？

Yeah, sure. Hey, Ygal, great question. Certainly, the debate in the weekly press week to week. But -- we see the monetization strategies for those platforms, probably skewing towards a native advertising solution. There definitely has been some headlines here recently with the commerce capability for single-product checkout, which you think is interesting. But I think ultimately, those platforms probably move towards the native advertising solution. Think of it as the modernization of paid search. And really, our solution works either way, sort of not dependent on that.

當然可以。嘿，Ygal，問得好。當然，每週的報紙上都會出現相關的辯論。但是——我們看到這些平台的獲利策略，可能正朝著原生廣告解決方案的方向發展。最近，關於單品結帳的電商功能確實引起了一些關注，你覺得這很有趣嗎？但我認為最終這些平台可能會轉向原生廣告解決方案。可以把它看作是付費搜尋的現代化。實際上，我們的解決方案兩種方式都適用，並不依賴於此。

What we're trying to do is bring an API data feed that allows product-oriented responses to simply be better. And so as AI platforms are competing for market share based on user experience and quality of response, data feeds like ours that are proprietary, deep, complete, really start to differentiate the types of outputs that those platforms are able to generate. So we see them being interested in it no matter what their monetization strategy is. And I'll hand it over to Todd, maybe just to kind of talk about some of the hypothetical economic models that might support that.

我們正在努力實現的是提供一個 API 資料來源，使以產品為導向的回應變得更好。因此，隨著人工智慧平台根據使用者體驗和回應品質來爭奪市場份額，像我們這樣專有、深入、完整的資料來源開始真正區分這些平台能夠產生的輸出類型。所以無論他們的獲利策略是什麼，我們都看到他們對此很感興趣。然後我會把話題交給托德，讓他談談一些可能支持這一觀點的假設性經濟模型。

Yeah. I would say this. We see the affiliate model as being an underpinning to the trading that will occur regardless of the native ad format and how it might present itself, Ygal. I think what's not happening in the dialogue today is enough attention is being given to how a merchant is going to participate and show up in that clearing. So when you don't know what the format is or how it's going to be treated, it's easy to neglect how a merchant might play.

是的。我會這麼說。Ygal，我們認為聯盟行銷模式是交易的基礎，無論原生廣告形式如何，也無論它以何種方式呈現，交易都會發生。我認為目前對話中缺乏的是對商家如何參與和出現在清算過程中給予足夠的關注。所以，當你不知道遊戲規則是什麼，或是遊戲規則是如何處理的時候，很容易忽略商家可能會如何運作。

So we're spending a lot of time with data feeds, as Michael pointed out, working with our retailers, with our marketplace partners to help them get ready to show up in answers in a way that native formats might be agnostic to. So there's a very big investment on our end to make sure that retailers are ready to play regardless of format. And we think that some affiliate-type setup will be the clearing capability for economics, but we're not sure of that either. What we're really focused on now is making sure that retailers are going to show up in answers the right way. And that's the work that we're doing on the platform side or exploring with different platform partners. So we have a real advantage in that regard.

正如邁克爾指出的那樣，我們正在花大量時間研究資料來源，與我們的零售商和市場合作夥伴合作，幫助他們做好準備，以原生格式可能無法接受的方式出現在答案中。因此，我們投入了大量資金，以確保零售商無論採用何種形式都能做好準備。我們認為某種附屬機構類型的安排將成為經濟清算的能力，但我們對此也不確定。我們現在真正關注的是確保零售商能夠以正確的方式回答問題。這就是我們在平台方面正在做的工作，或者說是我們正在與不同的平台合作夥伴探索的工作。所以在這方面我們確實具有優勢。

Great. That's an in-shift in how e-commerce is going to play out. And then on the Google partnership, that seems like a pretty big deal to me getting integrated into Google Search, talked about brand dollars being part of that opening up incremental budgets. Just expand on that relationship a little bit more about -- I wanted to add to just like how that rolls in terms of contribution and all that.

偉大的。這標誌著電子商務發展方式的重大轉變。然後談到與Google的合作，在我看來，整合到谷歌搜尋中是一件非常重要的事情，他們也談到了品牌資金也將參與其中，從而開闢新的預算。我想再詳細闡述這種關係──我想補充的是，這段關係在貢獻等方面是如何運作的。

Sure. Yeah, I have to expand on that (inaudible). Yeah, but the Google partnership is exciting. We announced that back in August. And it really is another example of Criteo unlocking more demand for the Retail Mass Media category. And obviously, it allows retailers to capture brand search budgets that have traditionally been outside of Retail Media, and it's going to give advertisers true cross-channel visibility into search performance. And so the incrementality comes from net new brands and new search budgets from existing mutual brands. And back to the size that we talked about, obviously, it's a huge addressable spend at $172 billion. A portion of that will move in. And importantly, the API connection with Google is up and running now.

當然。是的，我得再詳細說。（聽不清楚）是啊，不過與Google的合作確實令人興奮。我們早在八月就宣布了這件事。這確實是 Criteo 為零售大眾傳播媒體領域釋放更多需求的另一個例證。顯然，它可以讓零售商獲得傳統上不在零售媒體範圍內的品牌搜尋預算，並且它將為廣告商提供真正的跨渠道搜尋效果可見性。因此，增量來自新增品牌和現有共同品牌的新增搜尋預算。回到我們剛才討論的規模，顯然，這是一筆巨大的潛在支出，高達 1,720 億美元。其中一部分人會搬進來。更重要的是，與Google的 API 連線現在已經建立並運行。

So we will start to see campaign volume flow into the business across Q4 and then we'll open that up to the other regions in the first half of next year. So it's a strong multi-year growth lever, really probably starting more in 2026. If you just go off a few other things. From a take rate perspective, it's directionally neutral, the same demand-side fee, whether a brand goes through SA 360 or through CMax. In terms of measurement, retailers can choose whether they want to share click data with Google to enable that cross-channel measurement and so Google has an incentive to proving for mentality, and importantly, we only share click data tied to Google campaigns, not all quick data or broader user behavior on retail sites. So I think a real great win-win here for retailers for Google to get access to the fastest-growing part of the ecosystem and for Criteo to continue to benefit from unlocking demand for our retailers, which is [form of] our mission.

因此，我們將在第四季開始看到廣告投放量流入業務部門，然後在明年上半年將業務拓展到其他地區。所以這是一個強勁的多年成長槓桿，很可能從 2026 年開始真正發揮作用。如果你只參考其他一些因素的話。從佣金率的角度來看，方向是中性的，需求方費用相同，無論品牌是透過 SA 360 還是透過 CMax 進行交易。在衡量方面，零售商可以選擇是否與 Google 分享點擊數據以進行跨渠道衡量，因此 Google 有動力證明其有效性，而且重要的是，我們只分享與 Google 廣告系列相關的點擊數據，而不是所有快速數據或零售網站上更廣泛的用戶行為。所以我認為這對零售商來說是一個真正的雙贏局面：Google可以進入生態系統中成長最快的部分，而 Criteo 可以繼續從釋放零售商的需求中受益，這正是我們的使命。

Thank you, guys.

謝謝大家。

Thanks, Ygal.

謝謝，Ygal。

Mark Kelley, Stifel.

馬克凱利，史蒂費爾。

Great. Thanks very much. Good morning, everyone. I'll stick with the agentic theme. I wanted to get your thoughts on -- I think there's a debate across the investor base, not for just Criteo but just the Retail Media category overall, where as people start to transact more inside agents, maybe that would be a headwind to Retail Media as we know it today, people not going to that e-commerce site. So fewer eyeballs to see retail media ads. But conversely, I think as people more transact more inside these agents, it seems like you'll be able to tap more and more into the search budget? I know we just talked about the Google partnership. But I guess how do we balance those two dynamics in terms of what you gained that you didn't have access to before versus what might be a for Retail Media if that makes sense?

偉大的。非常感謝。各位早安。我還是堅持主動性這個主題。我想聽聽你對以下問題的看法——我認為投資者群體中存在一種爭論，這不僅針對 Criteo，而且針對整個零售媒體行業，隨著人們開始更多地透過內部代理商進行交易，這可能會對我們今天所知的零售媒體構成不利影響，因為人們不會再訪問電子商務網站。因此，看到零售媒體廣告的人數會減少。但反過來，我認為隨著人們透過這些中介進行更多交易，你似乎就能越來越多地利用搜尋預算？我知道我們剛才談到了與Google的合作。但我想，我們該如何平衡這兩種動態呢？一方面是你獲得了以前無法獲得的東西，另一方面是零售媒體可能面臨的挑戰（如果我這麼說你能理解的話）？

It does. It does, Mark. And I would like to, again, like a hotly debated topic, I think, week to week. I mean, at Criteo, we see agentic as an additional channel. We just don't subscribe to the notion that agentic platforms will essentially swallow or cannibalize the entirety of the Commerce ecosystem. So is this pattern that you see today of people doing discovery, getting shopping assistance agentically and then jumping into commerce sites to complete transactions. We see that pattern continuing.

確實如此。確實如此，馬克。而且，我想再次探討一個備受爭議的話題，我認為，每週都應該如此。我的意思是，在 Criteo，我們將代理商視為一個額外的管道。我們並不認同代理平台最終會吞噬或蠶食整個商業生態系統的觀點。所以，如今我們看到的這種模式是：人們先進行探索，然後透過代理商取得購物協助，最後進入電商網站完成交易。我們看到這種模式仍在繼續。

Now, agentic may become a bigger channel in that mix at some point, but we just don't see it consuming it in entirety. I mean, that would be a bear case for like all of retail in all marketplaces. So it's just not the future that we believe in. If you did see some of that channel shift, which I don't think has to be zero sum, by the way, retail could compensate by raising CPMs because you could argue that those placements are going to be even more valuable than they would be today.

現在，代理型 ...我的意思是，這對所有零售業、所有市場來說都將是極為悲觀的局面。所以，這並不是我們所相信的未來。如果確實出現了一些通路轉移（順便說一句，我認為這不一定是零和遊戲），零售商可以透過提高 CPM 來彌補，因為你可以說這些廣告位將比現在更有價值。

I think what also gets lost is that retailers won't stand still, they'll continue to add additional formats, improve their shopping and site experience, and they're competing for really the right to conduct business on their own channel versus an agentic channel. So I mean those are some of our thoughts. I guess we'll see how it plays out. But I think Criteo has got to play in that either way, right? We'll either play directly into that channel in some of the ways that we talked about earlier on the call or through some of our current means, powering retailers as they serve of world-class experiences that give them the right to continue to command traffic and serve customers.

我認為人們忽略的一點是，零售商不會停滯不前，他們會繼續增加新的銷售形式，改善購物和網站體驗，他們實際上是在爭奪在自己的管道（而不是代理商管道）上開展業務的權利。以上就是我們的一些想法。我想我們拭目以待吧。但我認為無論如何，Criteo 都必須參與其中，對吧？我們將透過一些我們之前在電話會議上談到的方式直接進入該管道，或透過我們目前的一些手段，為零售商提供世界一流的體驗，使他們有權繼續吸引流量並服務客戶。

That all makes sense. Thank you, Michael. And then maybe a second question, just on Retail Media. Nice to see activated media accelerate in Q3. Possible to parse out, I guess, some of the new wins that you've announced, whether it's DoorDash or other ones, how that's layered in already? Or is that mostly like a same-store sales number with your existing retailer footprint? Thank you.

這一切都說得通。謝謝你，麥可。然後或許可以問第二個問題，就零售媒體方面而言。很高興看到活躍媒體在第三季加速成長。我想，或許可以分析一下你宣布的一些新成果，無論是 DoorDash 還是其他公司，它們是如何逐步融入你的計畫中的？還是這主要是指您現有零售網路內的同店銷售額？謝謝。

Yeah. I mean, I'll let Sarah comment a little bit about it because we were super excited about the 26% activated media spend growth and so you have the two factors that we've talked about in the past, scope reductions and then lapping the tiered fees. And then really the new things. We had a couple of new wins that just did not scale as quickly as we had hoped for in this quarter, and so that, created a little bit of softness. But we think that we'll make that up as those programs get up and running for next year. Sarah.

是的。我的意思是，我還是讓 Sarah 來簡單評論一下吧，因為我們對 26% 的激活媒體支出增長感到非常興奮，所以就有了我們過去討論過的兩個因素：範圍縮小和分級收費的取消。然後才是真正的新事物。本季我們取得了一些新的突破，但這些突破並沒有像我們希望的那樣迅速擴大規模，因此造成了一些疲軟。但我們認為，隨著這些項目在明年啟動並運行，我們將彌補這一缺口。莎拉。

Yeah, most of Q3 is activity related to our existing base. And within that, we have some more mature, I would say, customers right scale based, but ultimately, some -- there's a little bit of softness in some of the beauty area. But the new wins that we have are starting to ramp up now. So we've only announced, as you know, to DoorDash a couple of -- really a couple of weeks ago, so that's starting to ramp up now.

是的，第三季的大部分活動都與我們現有的客戶群相關。其中，我們有一些較成熟的客戶，我認為，他們的規模也比較合適，但最終，在美容領域，還是存在一些軟弱的因素。但我們取得的新勝利正在加速成長。正如你們所知，我們只是在幾週前才向 DoorDash 宣布了此事，所以現在才開始加速推進。

Perfect, Sarah. Thank you. Thank you, both.

太好了，莎拉。謝謝。謝謝你們兩位。

Tim Nollen, SSR.

蒂姆·諾倫，SSR。

Two number Z questions, I guess. If you could help us understand a bit better as to how you beat so substantially on the earnings line in Q3. It looks like your CXT number was roughly in line with guidance, but you'd be pretty substantially on the adjusted EBITDA line. And then as you move your domicile to Luxembourg and into the US, are there any financial implications we should be aware of, the cost to do this, the tax implications, reporting, anything like that? Thanks.

我想應該是兩個關於數字 Z 的問題吧。如果您能幫助我們更好地了解一下您是如何在第三季度實現如此大幅超出預期的盈利目標的，那就太好了。看起來您的 CXT 資料大致符合預期，但您的調整後 EBITDA 資料則相當接近預期。然後，當您將住所遷至盧森堡和美國時，我們是否應該注意任何財務影響，例如費用、稅務影響、申報等？謝謝。

Yeah. I mean just in terms of the beat for EBITDA, and some of that relates to the top line on CXT. We also benefited and continue to benefit from the operational leverage of just continuing to make smart investments. And there are a couple of, I would say, more one-time items. So our bad debt reserve reduced our receivables are in really good shape, which also translates to great cash flow in Q3. And we have some shift of marketing spend from Q3 into Q4. So I would say, a pretty solid list of why would be most of it related to, I would say, strong operational leverage.

是的。我的意思是，就 EBITDA 而言，這部分與 CXT 的營收有關。我們也從持續進行明智的投資所帶來的營運槓桿效應中受益，而這種受益還將持續下去。還有幾件，可以說是一次性物品。因此，我們的壞帳準備金減少了，應收帳款狀況非常好，這也意味著第三季現金流狀況良好。我們的行銷支出從第三季轉移到了第四季。所以我覺得，造成這種情況的主要原因應該大多與強大的營運槓桿有關。

Great.

偉大的。

Sorry, I thought you said Q3. So yeah, we don't see any material costs related to that. And we will isolate those within our findings so you can see what those costs are.

抱歉，我以為你說的是Q3。是的，我們沒有看到與此相關的任何材料成本。我們將從調查結果中單獨列出這些成本，以便您了解這些成本是多少。

Okay. Thank you, Sarah.

好的。謝謝你，莎拉。

Doug Anmuth, JPMorgan.

道格·安穆斯，摩根大通。

Thanks for taking questions. Appreciate you highlighting the three major areas of the agentic opportunity. Are there any particular investments that we should be thinking about as you're heading into '26 required to build out those AI products. And then, Sarah, just a few guidance, I know you [jiffed] with the two Retail Media clients, is there anything to call out on the slower ramp in certain new clients that you mentioned? And then as we think '26, any change to the headwind that you had called out earlier in the year over the first 10 months of the year?

謝謝回答問題。感謝您重點介紹了代理商機會的三個主要領域。展望 2026 年，為了建構這些人工智慧產品，我們應該考慮哪些具體的投資？還有，Sarah，我只想問你幾點，我知道你和那兩位零售媒體客戶合作得很愉快，你提到的某些新客戶進展較慢的問題，有什麼需要特別指出的嗎？那麼，展望2026年，您在今年前10個月中提到的不利因素是否有所改變？

Thanks, Doug. Yeah, I can take the AI investment one, and then Sarah can follow up on the second half. I wouldn't say that there's any investments that are out of the norm to continue to scale the three different categories that we've talked about or at least that we can see right now. Yeah, I mean you can see a little bit of it in the quarter. There's some extra marketing costs that's going into launching Commerce GO!, but that's probably just like more of an increase on a run rate as we scale that self-service tool in the market.

謝謝你，道格。是的，我可以負責人工智慧投資那部分，然後莎拉可以跟進後半部分。我不會說有什麼投資是超越常規的，可以繼續擴大我們討論過的三個不同類別的規模，或者至少目前我們看不到任何超出常規的投資。是的，我的意思是，你可以在這塊地上看到一點。推出 Commerce GO! 會產生一些額外的行銷成本，但這可能只是隨著我們在市場上擴大這款自助服務工具的規模，運行率的增加而已。

But things like the campaign agent and the audience agent have been developed very much inside the teams as they are today. And then we'll see how the pilot test goes with the agentic platform. I suppose that's a bit of a wildcard. We'll have to see how the test goes and then what would be required to scale that if that's a partnership that's going to take off. But obviously, it would be self-funded with some kind of a revenue model attached to it.

但像廣告活動代理商和受眾代理這樣的工具，目前都是在各個團隊內部開發的。然後我們將看看代理平台的試點測試進展如何。我想這有點像是未知數。我們得看看測試結果如何，如果這項合作要成功的話，還需要做些什麼才能擴大規模。但很顯然，它將依靠自身資金，並輔以某種獲利模式。

Yeah. I mean -- and I think just on the Retail Media, we have a strong base of clients, 235, 4,100 brands. We're continuing to see a really strong baseline of our revenue. And there's just a slow ramp up of some of those new clients in the later part of '25, which is not unusual. We see that in past years.

是的。我的意思是——而且我認為僅在零售媒體領域，我們就擁有強大的客戶基礎，235家公司，涵蓋4100個品牌。我們的營收基數依然非常強勁。2025 年下半年，部分新客戶的成長速度較為緩慢，並非罕見。我們在過去幾年中已經看到了這一點。

And same, Sarah, just to clarify the same kind of cadence that you talked about '26 in terms of the headwinds. Just want to be sure that we're on the same page there.

莎拉，我也是一樣，只是想澄清一下你之前在談到 26 年逆風時的那種節奏。我只是想確認一下我們在這方面理解一致。

Yes. Yes. We still anticipate the $75 million. And I pointed out in the prepared comments that Q1 will be the low watermark. So then we had the tiered fees for December '25 and January '26 for our largest retailer. So our expectation is that it will pivot, that it will be the same impact of about $75 million that we already discussed.

是的。是的。我們仍然預期會收到7500萬美元。我在事先準備好的評論中指出，第一季將是低潮。因此，我們針對最大的零售商制定了 2025 年 12 月和 2026 年 1 月的分級收費標準。因此，我們預計情況會有所轉變，影響將與我們之前討論過的約 7500 萬美元的影響相同。

Got it. Okay, thanks to you both.

知道了。好的，謝謝你們兩個。

Thanks, Doug.

謝謝你，道格。

Matthew Cost, Morgan Stanley.

馬修‧科斯特，摩根士丹利。

Hi, everybody, thanks for taking the questions. Commerce GO! is coming up a lot. It seems like the launch is pretty exciting, talking about doubling the number of campaigns from 10% by the end of the year for small customers. I guess how should we think about the contribution to growth for this product, especially as we look into 2016 and beyond? Is this something that is offsetting change in behavior for customers in other parts of the product portfolio? Or is it like really incremental in the way that we think it could shift the growth trajectory for Performance Media. And then I have one follow-up. Thank you.

大家好，感謝大家回答問題。商業 GO！經常被提及。這次發布似乎相當令人興奮，據說到今年年底，面向小客戶的行銷活動數量將翻一番，達到 10%。我想我們應該如何看待這款產品對成長的貢獻，尤其是在展望 2016 年及以後的時候？這是否會抵銷其他產品組合中顧客行為的改變？或者，它真的像我們認為的那樣，是一種漸進式的改變，可以改變效果媒體的成長軌跡。然後我還有一個後續問題。謝謝。

yeah. Thanks, Matthew. It's a great question. It's a product we're really excited about. You can think about it in a couple of ways. One, there is a conversion of existing clients to the GO! Tool or to the GO! Campaign workflow. And in that case, what we're seeing is higher spend, lower churn, better results. And so those flow through in a couple of different ways for us that are great for the business. Then there is an incremental client-gain angle as well as we roll out full self-registration self-service early next year, we're looking to drive client count with that and bring on real net new customers.

是的。謝謝你，馬修。這是一個很好的問題。我們對此產品感到非常興奮。你可以從幾個方面來考慮這個問題。第一，現有客戶向 GO！轉換率正在上升。工具或出發！行銷活動工作流程。在這種情況下，我們看到的是更高的支出、更低的客戶流失率和更好的表現。因此，這些資金會以幾種不同的方式流向我們，這對我們的業務發展非常有利。此外，隨著我們明年年初推出完全自助註冊服務，我們還希望透過逐步增加客戶數量來提高客戶轉換率，並真正吸引新的客戶。

The other thing that's exciting about GO! in that context is how it really makes our cross-channel proposition come to life. I think we mentioned in the remarks, right, we've got 35% of the campaign revenue flowing through social channel. It really is like an expression of that cross-channel, full-funnel self-service proposition with a lower cost-to-serve model. And again, the results we're seeing from clients so far are they spend more, they churn less and they get better performance. So it's really a win-win all around. Do you have anything to add?

GO！的另一個令人興奮的地方在這種背景下，它才能真正使我們的跨渠道方案發揮作用。我想我們在發言中提到過，對吧，我們35%的競選收入都來自社群管道。它其實是一種跨通路、全流程自助服務模式的體現，而且服務成本更低。此外，我們從客戶那裡得到的回饋是，他們消費更多，客戶流失率更低，業績也更好。所以這真的是個雙贏的局面。您還有什麼要補充的嗎？

Nothing to add to that at all. We're thrilled about it. We're excited. And it is already showing up in several ways as being significant with a lot of headroom.

沒什麼要補充的了。我們對此感到非常興奮。我們很興奮。而且它已經在多個方面展現出其重要性，並且有很大的發展空間。

And I guess, Doug, just -- or Matt, just to put a constrain on that note. We do see this being a contributor to 26% growth. We'll do guidance on '26, obviously, at year-end results in February. But we do see this being a meaningful contributor to our top line next year.

我想，道格，或者馬特，只是為了給這個說法設個限制。我們認為這將是26%成長的促成因素之一。我們顯然會在2月的年終業績報告中給出2026年的業績指引。但我們認為這將對我們明年的營收做出重要貢獻。

Great. Thanks. And then just on the proof of concept with the major AI systems you talked about in the prepared remarks. Presumably, proof of concept is an internal test that's not consumer-facing, if it's deemed to be successful by both yourselves and your partner, what are the next steps that come after that?

偉大的。謝謝。然後，就您在準備好的發言稿中提到的主要人工智慧系統的概念驗證而言。想必概念驗證是一項不面向消費者的內部測試，如果您和您的合作夥伴都認為它成功了，那麼接下來的步驟是什麼？

The next steps will be entirely determined on the quality of the test. Like you said, it's a fairly limited test at this point to determine how the data that we have, the feeds that we have that Michael talked about earlier are contributing to better answers and product recommendations. So it's relatively contained. What we will see once we have that baseline is how we take that to scale to improve the way questions are answered across the larger base of that particular partner. And we don't know that yet. So we're very much in the evidence-producing phase of the trialing. And we'll have more on it, obviously. We're going to go step by step like we do with everything, produce a good result, and build.

下一步措施將完全取決於測試品質。正如你所說，目前這只是一個相當有限的測試，目的是確定我們擁有的數據，也就是邁克爾之前提到的資訊來源，如何能夠幫助我們獲得更好的答案和產品推薦。所以它相對來說比較小。一旦我們有了這個基準，我們將看到的是如何將其規模化，從而改善該特定合作夥伴的更廣泛用戶群中問題的解答方式。我們目前還不知道這一點。所以，我們目前正處於試驗的證據蒐集階段。我們顯然還會對此進行更多報道。我們將像處理所有事情一樣，一步一步來，取得好結果，並逐步發展。

Great. Thank you.

偉大的。謝謝。

(Operator Instructions) Mark Zgutowicz, Benchmark.

（操作說明）Mark Zgutowicz，Benchmark。

Thank you. Good morning, everyone. Sarah, your net dollar retention was 107% for Retail Media in the quarter. And I'm just curious what was the incremental from offsite versus display. And then just hoping you could provide a little more clarity on your comment about the Retail Media trends being softer, but improving in the US and what that means in terms of how we should be thinking about variables over the next 12 months in terms of growth spend versus take rate? Anything outside of the large client transition that we should be thinking about there? Thanks.

謝謝。各位早安。Sarah，本季零售媒體的淨美元留存率為 107%。我只是好奇，與展示廣告相比，非現場廣告的增量是多少。然後，我希望您能更清楚地解釋一下您關於美國零售媒體趨勢有所放緩但正在改善的評論，以及這對於我們在未來 12 個月內如何考慮增長支出與轉換率等變數意味著什麼？除了大型客戶過渡之外，我們還應該考慮哪些其他因素？謝謝。

Yeah, absolutely. I mean in terms of most of the revenue came from sponsored and we have seen that, I would say, consistently that sponsored and then our auction-based display ramp up or where we see most of the uptick. And that's obviously on a scale base. There clearly are some very fast growth within that, but there's also some more stable growth.

是的，絕對的。我的意思是，大部分收入來自贊助，而且我們已經看到，贊助收入持續成長，然後是我們的拍賣式展示廣告，或者說，我們看到大部分成長都來自這裡。這顯然是按比例縮放的。其中顯然存在一些成長速度非常快的領域，但也存在一些成長較穩定的領域。

Offsite, we now have 42 retailers, and I would say, it's just over 10% of our revenue. In terms of what we're seeing for next year -- or sorry, rather of our media spend. In terms of what we're seeing next year, we are seeing that the continued trend with auction display continue to ramp up really spoke to being, I would say, the kind of lifeblood, if you will, of Retail Media, that's where we're seeing most of the expectation of our growth. And with the -- with adding more and more capabilities to that offering that we will see most of the growth upside will continue to ramp up. But I would say that is absolutely secondary to the incredible traction of our sponsored advertising and on-site offerings.

目前，我們在場外有 42 家零售商，可以說，這占我們收入的 10% 多一點。就我們明年的媒體支出而言。就我們明年的預期而言，我們看到拍賣展示的持續成長趨勢表明，它將成為零售媒體的生命線，我們預計我們的大部分成長都將來自這裡。隨著產品功能的不斷增加，我們將看到大部分成長空間將繼續擴大。但我認為，與我們贊助廣告和網站內容帶來的巨大反響相比，這絕對是次要的。

And what we're seeing for next year is that we continue to see our media spend growth across our client base, and we continue to add new clients to that. So we're continuing to see that we're in the right place with our retailers, and there's some new opportunities, as we discussed with some of the agentic AI that we're partnering with our retailers on as well. So many, many factors for growth and obviously the near-term impacts in '26 are very much been offset by good traction across the Retail Media.

我們預計明年客戶的媒體支出將持續成長，我們也將繼續增加新客戶。因此，我們繼續看到我們與零售商的合作方向是正確的，並且還有一些新的機遇，正如我們與零售商合作開發的一些智慧人工智慧所討論的那樣。許多因素促成了成長，顯然，2026 年的短期影響很大程度上被零售媒體的良好勢頭所抵消。

Excellent. Thanks very much. Appreciate it.

出色的。非常感謝。謝謝。

Richard Kramer, Arete.

理查德·克雷默，Arete。

Hi, thanks, folks, a couple of things, maybe I haven't touched on so much yet. One is, Michael, can you speak a little bit to custom audience share and the extent to which you're getting greater social media inventory from outside of Meta properties? It would seem pretty important for the potential resumption of growth or continued resumption of growth in Performance Media. And then maybe, Sarah, you mentioned all these new initiatives, specifically self-serve, and Michael made a few comments about the API relationship with Google, but mindful of the bid switch margin experiences? Can you talk about the relative economics of self-serve versus direct sales and the trade-offs that investors might expect to see in activated media growth but also take rates? Thanks.

大家好，謝謝大家，有幾件事我可能還沒太多提及。邁克爾，你能否談談自訂受眾群體分享，以及你從 Meta 資產之外獲得更多社交媒體資源的程度？對於績效媒體產業的潛在復甦或持續復甦而言，這似乎非常重要。然後，莎拉，你提到了所有這些新舉措，特別是自助服務，邁克爾也對與谷歌的 API 關係發表了一些評論，但是，有沒有考慮到出價切換利潤率方面的經驗？您能否談談自助服務與直銷的相對經濟效益，以及投資者可能預期在啟動媒體成長和轉換率方面看到的權衡取捨？謝謝。

Thanks, Richard. Yeah, I'm going to have Todd take the custom audience as one is the architect of that in full.

謝謝你，理查。是的，我會讓陶德來主持這場客製化觀眾見面會，因為他是這場見面會的策劃者之一。

Yeah, I can. Hey, Richard, I would say this. The way we think about social right now is ensuring constant performance across Meta and open auction and going into CTV as we talked about earlier in the Q&A. So in terms of other social, we look at global scale partnerships. I think we've talked about the fact that we're testing in TikTok as one of those. And there are a couple of other explorations that we've done. But really, we have plenty of headroom with Meta currently to optimize our setups for constant performance between social and the open auction. So that's why you're seeing the numbers show up the way that they are.

是的，我可以。嘿，理查德，我會這麼說。我們現在對社群媒體的思考方式是確保 Meta 和公開競價平台持續穩定運行，並像我們在先前的問答環節中討論的那樣，進軍 CTV 領域。所以在其他社會方面，我們會關注全球規模的合作關係。我認為我們已經討論過，我們正在TikTok上進行測試，這也是其中之一。我們也進行了一些其他的探索。但實際上，我們目前在 Meta 方面還有很大的提升空間，可以優化我們的設置，從而在社交拍賣和公開拍賣之間實現持續的性能。所以這就是你看到這些數字以這種方式顯示的原因。

So as much as we're excited about expanding the social footprint, we're doing it pretty thoughtfully with a global scale partnership set in mind and then making sure that we don't get lost in single-channel setups that other competitors are emphasizing. We're all about holistic performance across social and open and retail media as it comes online, and we're very focused there.

儘管我們對擴大社交影響力感到興奮，但我們在做這件事時非常謹慎，以建立全球規模的合作夥伴關係為目標，並確保我們不會像其他競爭對手那樣，陷入單一管道的困境。我們致力於在社群媒體、開放媒體和零售媒體等各個領域實現整體績效，尤其是在線上領域，我們非常關注這一點。

Yeah. And in terms of the margin, we certainly do see with self-serve, and I think it was answered well in terms of the traction we're seeing on scaling the media spend. So that's obviously beneficial. It just gives us top-line leverage and it's optimized automated flows. Are we using the same, I would say, the same capability internally as well. So even if it is more a managed campaign, especially for our enterprise clients, we are starting and continuing to use more capability to optimize all of those campaigns set ups.

是的。就利潤率而言，我們確實看到了自助服務的優勢，而且我認為，從我們擴大媒體支出所取得的進展來看，這個問題已經得到了很好的解答。所以這顯然是有益的。它能為我們帶來頂尖的優勢，並優化自動化流程。我想說，我們在內部也使用了相同的功能。因此，即使它更像是一個受管理的行銷活動，特別是對於我們的企業客戶而言，我們正在開始並繼續使用更多功能來優化所有這些行銷活動的設定。

So that's all good for margin. In terms of -- you referenced bid switch, I mean, that is margin generating. So just to be clear on that. And while it's not as high margin as other partners growth, it does continue to contribute to our margin overall. But yes, we're seeing really strong traction of self-service. We continue to see optimization and what we need is to unlock on media spend, and we have many avenues that we're highly focused on to make sure we can scale that.

所以這對利潤率來說都是好事。就你提到的競價轉換而言，我的意思是，那是產生保證金的。所以，為了明確這一點。雖然其利潤率不如其他合作夥伴的成長那麼高，但它確實繼續為我們的整體利潤率做出貢獻。沒錯，我們看到自助服務確實獲得了非常強勁的成長動能。我們持續專注於優化，我們需要釋放媒體支出潛力，我們有很多途徑正在重點關注，以確保我們能夠擴大規模。

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

謝謝你們，麥可、莎拉、陶德。今天的通話就到這裡。再次感謝大家的參與。如有任何後續事宜，投資者關係團隊隨時為您提供協助。祝你有美好的一天。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。