Criteo SA (Pre-Reincorporation) (CRTO) 2026 Q2 法說會逐字稿

Good morning and welcome to Criteo's second-quarter 2026 earnings call. (Operator Instructions) Please note that this event is being recorded.

早安，歡迎參加 Criteo 2026 年第二季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

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

現在我想將會議交給投資人關係與企業傳播資深副總裁 Melanie Dambre。請開始。

Good morning, everyone, and welcome to Criteo's second quarter 2026 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.

各位早安，歡迎參加 Criteo 2026 年第二季財報電話會議。今天與會的有執行長 Michael Komasinski，以及財務長 Sarah Glickman，他們將分享一些事先準備的發言。在問答環節中，產品長 Todd Parsons 也將以其職務身分參與。

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

如同往常，您現在可在我們的投資人關係網站上找到投資人簡報，並且在會後取得我們的事先準備發言與逐字稿。在開始之前，我想提醒各位，我們的發言將包含前瞻性陳述，僅反映 Criteo 截至今日的判斷、假設與分析。

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.

由於多項影響 Criteo 業務的因素，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，我們不承擔更新今日所討論任何前瞻性陳述的義務。更多資訊請參閱我們的財報新聞稿中所討論的風險因素，以及我們最近向美國證券交易委員會（SEC）提交的 10-K 與 10-Q 表格。

We'll 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 GAAP 的績效衡量指標。其定義以及與最直接可比 GAAP 指標的調節表，已包含在我們今日發布的財報新聞稿中。最後，除非另有說明，本次電話會議中所有成長比較皆以去年同期為基準。

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

接下來，我把時間交給 Michael。

Thanks, Melanie. Good morning, everyone. Before we begin, I'd like to share an important leadership update. After six years as Chief Financial Officer, Sarah Glickman will be stepping down from her role on August 10 and will remain with Criteo as an advisor through the end of September.

謝謝你，Melanie。各位早安。在開始之前，我想分享一項重要的領導團隊更新。在擔任財務長六年後，Sarah Glickman 將於 8 月 10 日卸任，並將以顧問身分留任 Criteo 至 9 月底。

On behalf of our Board and everyone at Criteo, I want to thank Sarah for her exceptional leadership and many contributions to Criteo. She's been instrumental in strengthening our financial foundation and driving greater operational discipline during a period of significant transformation for the Company, and we are grateful that she will continue to support the business and ensure a seamless transition.

我代表董事會以及 Criteo 全體同仁，感謝 Sarah 卓越的領導力與對 Criteo 的諸多貢獻。在公司經歷重大轉型期間，她在強化我們的財務基礎並推動更高的營運紀律方面發揮了關鍵作用；我們也很感謝她將持續支持業務並確保順利交接。

I am also pleased to announce that Connor McGogney has been appointed Chief Financial Officer effective August 10. Currently serving as Chief Strategy Officer, Connor brings a unique combination of finance, strategy and capital markets experience together with deep knowledge of our business and our financial operations.

我也很高興宣布，Connor McGogney 已獲任命為財務長，並將於 8 月 10 日生效。Connor 目前擔任策略長，具備財務、策略與資本市場經驗的獨特組合，同時對我們的業務與財務營運有深厚了解。

Having served in senior finance and strategy leadership roles across the company, he has been a key partner in shaping our long-term strategy, capital allocation priorities and transformation. His broad perspective across the business and strong relationships throughout the organization make him exceptionally well positioned to lead our finance organization as we execute against our strategy. Connor looks forward to meeting many of you in the weeks and months ahead.

他曾在公司內擔任多項資深財務與策略領導職務，是塑造我們長期策略、資本配置優先事項與轉型的關鍵夥伴。他對業務的廣泛視角以及在組織內建立的強大關係，使他在我們推進策略執行之際，具備領導財務組織的絕佳條件。Connor 也期待在未來數週與數月內與各位中的許多人見面。

With that, let me turn to our quarterly results. The second quarter was a challenging one for Criteo. We did not meet the expectations we set for ourselves, and we will be transparent about the factors behind our revised outlook and the actions we are taking.

接下來我談談本季業績。第二季對 Criteo 而言充滿挑戰。我們未達成自己所設定的預期；我們將就修正後展望背後的因素，以及我們正在採取的行動，保持透明。

Primary drivers were the client-specific Performance Media dynamics that we discussed last quarter, which became more pronounced during the quarter. Several large enterprise clients further reduced spending, primarily driven by client-specific decisions and softer demand in specific verticals.

主要驅動因素是我們上季討論過、特定客戶層面的 Performance Media（成效媒體）動態，而這些情況在本季變得更為明顯。數家大型企業客戶進一步縮減支出，主要由客戶自身決策以及特定垂直領域需求轉弱所致。

While the vast majority of our client base remained resilient, these spending decisions more than offset the progress we made across the broader business. As a result, while we are confident in the actions underway to improve the performance of the business, we have taken a more conservative approach to our outlook.

雖然我們絕大多數客戶群仍具韌性，但這些支出決策已足以抵消我們在更廣泛業務面所取得的進展。因此，儘管我們對正在推動以改善業務表現的行動充滿信心，我們仍對展望採取更為保守的做法。

Our guidance reflects what we see in the business today and assumes no improvement in spending from those large enterprise clients through the balance of the year. We believe this provides a prudent and achievable baseline for the remainder of 2026.

我們的指引反映了我們目前在業務中所見的情況，並假設這些大型企業客戶在今年剩餘期間的支出不會改善。我們相信，這為 2026 年剩餘期間提供了一個審慎且可達成的基準。

Our focus is on consistently delivering against the commitments we make. While we are not providing any outlook beyond this year, in Performance Media, we are focused on commercial execution while continuing to advance our full funnel, cross-channel and self-service strategy.

我們的重點是持續兌現我們所做出的承諾。雖然我們不提供今年以後的展望，但在 Performance Media 方面，我們專注於商業執行，同時持續推進我們的全漏斗、跨渠道與自助式策略。

We believe these initiatives will improve the trajectory of our business over time, although our current outlook does not assume any meaningful benefit from them this year. In Retail Media, the previously communicated client scope reductions are largely behind us after Q3 providing a more supportive backdrop for the business as we move beyond those headwinds.

我們相信，這些計畫將隨時間改善我們業務的走勢，儘管我們目前的展望並未假設今年能從中獲得任何顯著效益。在 Retail Media（零售媒體）方面，先前已溝通的客戶範圍縮減在第三季後大致已告一段落，為我們在跨越這些逆風後的業務提供更有利的背景。

Even as we faced these top-line headwinds in the second quarter, we delivered strong adjusted EBITDA through disciplined cost management and productivity gains without reducing investment in our strategic priorities. Importantly, while our near-term assumptions have changed, our long-term strategy has not.

即便第二季面臨營收端逆風，我們仍透過嚴謹的成本管理與生產力提升，交出強勁的調整後 EBITDA，同時未削減對策略優先事項的投資。重要的是，雖然我們的短期假設已改變，但我們的長期策略並未改變。

In fact, the progress we are seeing across our strategic priorities reinforces our conviction that we are investing in the right opportunities. We remain committed to disciplined execution while continuing to evaluate every opportunity to maximize shareholder value.

事實上，我們在各項策略優先事項上看到的進展，更加強化了我們的信念：我們正投資於正確的機會。我們仍致力於嚴謹執行，同時持續評估每一個能夠最大化股東價值的機會。

At the core of that strategy is commerce intelligence, combining large-scale commerce data with AI decisioning to predict shopper intent and optimize outcomes across increasingly fragmented shopper journeys. We believe AI is creating a new commerce paradigm and Criteo is uniquely positioned to help brands and retailers navigate that transition.

該策略的核心是商務智慧（commerce intelligence）：將大規模商務數據與 AI 決策結合，用以預測消費者意圖，並在日益碎片化的消費者旅程中最佳化成果。我們相信 AI 正在創造新的商務典範，而 Criteo 具備獨特優勢，能協助品牌與零售商因應這一轉變。

The rapid evolution of AI is creating entirely new opportunities for Criteo and our partnership with OpenAI is a great example. Only a few months ago, we became OpenAI's first advertising technology partner. Today, that partnership continues to exceed our expectations, attracting new advertisers and expanding our addressable market.

AI 的快速演進正為 Criteo 帶來全新的機會，而我們與 OpenAI 的合作就是很好的例子。就在幾個月前，我們成為 OpenAI 的首家廣告科技合作夥伴。如今，該合作持續超出我們的預期，吸引新廣告主並擴大我們的可服務市場。

The number of brands running campaigns through OpenAI has now surpassed 2,000, more than double the 1,000 brands we announced at the end of April. We continue to attract incremental budgets from both existing advertisers and new clients, making OpenAI both our fastest growing partnership and our fastest growing channel.

透過 OpenAI 投放活動的品牌數量現已超過 2,000 個，較我們在 4 月底宣布的 1,000 個品牌增加逾一倍。我們持續從既有廣告主與新客戶吸引增量預算，使 OpenAI 成為我們成長最快的合作夥伴，同時也是我們成長最快的渠道。

Advertisers benefit from dedicated support for campaign setup, prompt strategy and ongoing optimization. We are quickly expanding internationally, and our demand integration is now available across seven countries with additional country launches planned, including Mexico and Brazil. This follows our recent launches in Japan and South Korea.

廣告主可受益於針對活動設定、提示（prompt）策略與持續最佳化的專屬支援。我們正快速拓展國際市場，目前需求端整合已在七個國家上線，並規劃在更多國家推出，包括墨西哥與巴西。這是在我們近期於日本與南韓上線之後的延伸。

We've also integrated OpenAI directly into Criteo GO, enabling advertisers to activate ChatGPT alongside display, social and other channels through our self-service platform. The early performance validates the opportunity.

我們也已將 OpenAI 直接整合至 Criteo GO，使廣告主能透過我們的自助式平台，在展示型廣告、社群及其他渠道之外，同步啟用 ChatGPT。初期成效驗證了這項機會。

Traffic from ChatGPT converts at approximately 1.5 to 2 times the rate of traditional referral traffic, while roughly 80% of paid traffic is new to the brand. This demonstrates that AI is creating an entirely new discovery channel that complements existing media rather than replacing it, expanding advertisers' reach and unlocking incremental budgets.

來自 ChatGPT 的流量轉換率約為傳統導流流量的 1.5 至 2 倍，同時約 80% 的付費流量對品牌而言是新客。這顯示 AI 正在創造一個全新的探索渠道，與既有媒體相輔相成而非取而代之，進而擴大廣告主觸及並釋放增量預算。

We are also pioneering a new category of Retail Media. With Metro Canada, we became the first to bring AI-enriched retailer product catalogs into ChatGPT. We believe this opens an entirely new source of demand for brands and a new monetization opportunity for retailers.

我們也正在開創一個全新的零售媒體類別。我們與 Metro Canada 合作，成為首家將 AI 強化的零售商商品型錄導入 ChatGPT 的公司。我們相信，這將為品牌開啟一個全新的需求來源，並為零售商帶來新的變現機會。

We are particularly excited about OpenAI's new Custom Audiences capability because it reinforces one of Criteo's core differentiators. We bring rich commerce audiences built on years of investment in commerce data and identity, enabling advertisers to activate AI campaigns with a level of relevance and scale that is difficult to replicate. We believe this combination represents a durable competitive advantage as AI advertising continues to scale.

我們對 OpenAI 全新的 Custom Audiences（自訂受眾）能力尤其感到振奮，因為它強化了 Criteo 的核心差異化優勢之一。我們憑藉多年在商務數據與身分識別上的投入，建立了豐富的商務受眾，讓廣告主能以難以複製的相關性與規模啟動 AI 行銷活動。我們相信，隨著 AI 廣告持續擴張，這樣的組合將形成持久的競爭優勢。

Beyond our OpenAI partnership, we are embedding agentic capabilities across our platform. Our AI-powered conversational ad format transforms advertising across the open web into guided shopping experiences, helping brands engage consumers earlier in the discovery journey, while generating richer intent signals that improve relevance over time.

除了與 OpenAI 的合作之外，我們也正在將代理式（agentic）能力嵌入整個平台。我們的 AI 驅動對話式廣告格式，將開放網路上的廣告轉化為引導式購物體驗，協助品牌在消費者探索旅程更早期就進行互動，同時產生更豐富的意圖訊號，隨時間推移提升相關性。

We're also unlocking a new Retail Media monetization opportunity through sponsored recommendations in retailer AI assistants. Albertsons became the first retailer to launch this capability with us, and we expect additional retailers to follow as conversational shopping is gaining traction.

我們也透過在零售商 AI 助理中的贊助推薦，解鎖零售媒體新的變現機會。Albertsons 成為首家與我們共同推出此能力的零售商；隨著對話式購物逐漸受到青睞，我們預期將有更多零售商跟進。

Together, these innovations show how agentic AI is reshaping commerce and helping brands engage consumers earlier in their shopping journey while enabling retailers to participate in the next generation of AI-powered shopping experiences.

綜合而言，這些創新展示了代理式 AI 如何重塑商務，協助品牌在消費者購物旅程更早期就進行互動，同時讓零售商得以參與下一代 AI 驅動的購物體驗。

We are also seeing encouraging adoption of our MCP capabilities across agencies. Major agency holding companies have now integrated our MCP server into their workflows, enabling planners to build and activate campaigns using natural language. This is making campaign execution faster and more efficient while embedding Criteo more deeply into our clients' day-to-day workflows.

我們也看到各大代理商對我們 MCP 能力的採用令人鼓舞。主要的代理商控股公司如今已將我們的 MCP 伺服器整合進其工作流程，使規劃人員能以自然語言建立並啟動行銷活動。這讓活動執行更快速、更有效率，同時也讓 Criteo 更深度融入客戶的日常工作流程。

Turning to Performance Media. Our near-term challenges do not change the actions we are taking to restore growth. We remain focused on expanding self-service, increasing cross-channel activation and extending performance further up the funnel. We are also taking targeted actions to enhance our measurement capabilities, further strengthening our platform and the value we deliver to clients.

接著談效能媒體（Performance Media）。我們短期面臨的挑戰不會改變我們為恢復成長所採取的行動。我們仍聚焦於擴大自助式服務、提升跨渠道啟用，並將效能延伸至漏斗更上層。我們也正採取有針對性的行動來強化衡量能力，進一步強化平台與我們為客戶提供的價值。

Starting with our self-service offering, GO is making encouraging progress and strengthening our ability to serve the large and under penetrated SMB market. Adoption among our existing clients is progressing faster than we anticipated. Today, more than half of our small clients globally have adopted GO, driving accelerated productivity gains while lowering our cost to serve.

從自助式產品開始，GO 正取得令人鼓舞的進展，並強化我們服務龐大且滲透率仍偏低的中小企業（SMB）市場的能力。現有客戶的採用速度比我們預期更快。目前，全球超過一半的小型客戶已採用 GO，推動生產力加速提升，同時降低我們的服務成本。

While it remains early for new client acquisition, we are beginning to see encouraging leading indicators. Account creation in June was approximately 3 times higher than during the initial months following launch, giving us confidence that awareness and adoption continue to build.

雖然新客戶獲取仍處於早期階段，但我們開始看到令人鼓舞的領先指標。6 月的帳戶建立數約為上線後最初幾個月的 3 倍，讓我們對市場認知與採用持續提升更具信心。

Client feedback has also been positive. Advertisers consistently tell us they value the platform's ease of use, enterprise-grade targeting capabilities and AI-powered creative automation, which enable them to launch and optimize campaigns with minimal manual effort.

客戶回饋也相當正面。廣告主一再表示，他們重視平台的易用性、企業級的定向能力，以及 AI 驅動的創意自動化，讓他們能以最少的人工操作啟動並優化行銷活動。

Just as importantly, advertisers are embracing the platform's cross-channel capabilities. Close to 80% of our revenue from GO in the U.S. is already cross-channel, demonstrating that advertisers increasingly value managing display, social, video and AI platforms through a single interface rather than separate point solutions.

同樣重要的是，廣告主正在擁抱平台的跨渠道能力。我們在美國來自 GO 的營收中，接近 80% 已是跨渠道，顯示廣告主愈來愈重視透過單一介面管理展示型、社群、影音與 AI 平台，而非使用各自獨立的點狀解決方案。

GO is more than a self-service platform. It is becoming an increasingly important part of our full funnel strategy. During the quarter, we introduced Discovery Audiences, enabling advertisers to engage consumers earlier in the shopping journey while optimizing performance from discovery through conversion.

GO 不僅是一個自助式平台。它正成為我們全漏斗策略中愈來愈重要的一環。本季我們推出 Discovery Audiences（探索受眾），讓廣告主能在購物旅程更早期與消費者互動，同時從探索到轉換全程優化效能。

We are already seeing encouraging client results. For example, Agape Diamonds used Criteo GO to expand beyond traditional retargeting, combining AI-powered customer acquisition with performance campaigns across the open web and social channels. This approach increased return on ad spend and conversion rate by 20% while increasing average cart value by 13%.

我們已看到令人鼓舞的客戶成果。例如，Agape Diamonds 使用 Criteo GO 擴展至傳統再行銷以外，將 AI 驅動的客戶獲取與開放網路及社群渠道的效能活動結合。此作法使廣告投資報酬率（ROAS）與轉換率提升 20%，同時平均購物車金額提升 13%。

This is what commerce intelligence looks like in practice. It enables advertisers to engage consumers wherever they are while measuring and optimizing outcomes across the funnel. Momentum across both social and OpenAI continues to build with these channels nearly doubling their share of commerce growth campaigns compared with the first quarter.

這就是商務智慧在實務中的樣貌。它讓廣告主能在消費者所在之處與其互動，同時在整個漏斗中衡量並優化成果。社群與 OpenAI 兩個渠道的動能持續增強，與第一季相比，這些渠道在商務成長型活動中的占比幾乎翻倍。

Every new channel expands the value we deliver to advertisers and creates new opportunities for Criteo to grow. Alongside product innovation, we have also been sharpening our commercial execution. The leadership changes we made have strengthened sales discipline, pipeline management and client engagement across the organization.

每新增一個渠道，都會擴大我們為廣告主提供的價值，並為 Criteo 創造新的成長機會。除了產品創新之外，我們也在強化商業執行力。我們所做的領導層調整，已在全組織範圍內強化銷售紀律、管線管理與客戶互動。

While these efforts take time to translate into revenue, we are encouraged by the early leading indicators we are seeing. Compared with a year ago, our qualified pipeline has grown by approximately 30%, reflecting a broader mix of clients and verticals.

雖然這些努力需要時間才能轉化為營收，但我們對目前看到的早期領先指標感到鼓舞。與一年前相比，我們的合格銷售管線約成長 30%，反映出更廣泛的客戶與產業組合。

In the US, we delivered 24% year-over-year growth in new business revenue during the second quarter, while our opportunity mix continued to diversify beyond our largest clients. We also continued to expand our agency business with agencies now representing approximately 55% of our pipeline, up from about 35% a year ago.

在美國，我們第二季新業務營收年增 24%，同時我們的機會組合也持續多元化，不再僅集中於最大客戶。我們也持續擴大代理商業務，目前代理商約占我們管線的 55%，高於一年前約 35%。

While the challenges affecting several large enterprise clients remain a near-term headwind, these leading indicators reinforce our confidence that the actions we have taken to strengthen our commercial engine are positioning us to deliver more durable growth overtime.

雖然影響數家大型企業客戶的挑戰在短期內仍是逆風，但這些領先指標強化了我們的信心：我們為強化商業引擎所採取的行動，正使我們具備隨時間推進而實現更具韌性成長的定位。

Turning to Retail Media, our execution remains strong. Excluding the two previously announced retailer scope reductions, our underlying Retail Media business grew 20% during the quarter, and we remain confident in our strategy and our outlook for the year.

接著談零售媒體（Retail Media），我們的執行仍然強勁。若排除先前已公告的兩項零售商範疇縮減，我們零售媒體業務的基本面在本季成長 20%，我們對策略與全年展望仍具信心。

Our momentum is driven by progress across demand, supply, and product innovation, Starting with demand, we are expanding relationships with both brands and agencies. During the quarter, Retail Media spend growth outpaced the market, while the number of brands on our platform continued to grow.

我們的動能來自需求端、供給端與產品創新三方面的進展。先從需求端來看，我們正擴大與品牌及代理商的合作關係。本季零售媒體支出成長超越市場，同時平台上的品牌數量也持續增加。

Commerce Max now extends beyond Criteo-managed campaigns to include retailer-sold campaigns, giving brands a single platform to activate, optimize and measure campaigns across retail environments. Adoption is off to a strong start.

Commerce Max 現在已從 Criteo 代管的行銷活動延伸至零售商自售的行銷活動，讓品牌能透過單一平台在各零售環境中啟用、優化並衡量行銷活動。採用情況開局強勁。

Several leading grocery retailers are already participating, making it easier for advertisers to consolidate budgets and scale their Retail Media investments. We are also seeing strong adoption of Conquesting, which helps brands reach shoppers considering competing products and is already driving incremental budgets across multiple retailers.

多家領先的雜貨零售商已參與其中，使廣告主更容易整合預算並擴大其零售媒體投資規模。我們也看到 Conquesting（競品攔截）的採用強勁；它協助品牌觸及正在考慮競品的購物者，且已在多家零售商中帶動增量預算。

On the supply side, we added new retailer partners across every region, including Loblaw Advance in Canada; Monoprix and Druni in EMEA; and Olive Young and Golf Digest Online in Asia Pacific, while continuing to grow with our existing partners.

在供給端，我們於各地區新增零售商合作夥伴，包括加拿大的 Loblaw Advance；EMEA 的 Monoprix 與 Druni；以及亞太地區的 Olive Young 與 Golf Digest Online，同時也持續與既有合作夥伴共同成長。

One example is DoorDash. Momentum with DoorDash is building with growing advertiser participation, media spend and a strong second-half pipeline across multiple categories, including beauty, personal care and food and beverage.

DoorDash 就是一個例子。DoorDash 的動能正在增強，廣告主參與度與媒體支出持續成長，且在多個品類（包括美妝、個人護理以及食品飲料）上，已建立強勁的下半年銷售管線。

Innovation is also driving stronger monetization across our network. Auction-based display remains our fastest-growing advertising format and is now live with more than 85 retailers globally, up from 60 retailers last quarter. Retailers are increasingly adopting auction-based buying because it improves monetization and attracts more advertiser demand.

創新也正推動我們網路中更強的變現能力。以競價為基礎的展示型廣告仍是我們成長最快的廣告格式，目前已在全球超過 85 家零售商上線，高於上季的 60 家。零售商愈來愈採用競價式購買，因為它能提升變現效率並吸引更多廣告主需求。

We are also excited about Page Intelligence, our AI-driven orchestration layer that optimizes merchandising, monetization and shopper experience together rather than independently. This helps retailers maximize shopper monetization while maintaining full control over the shopping experience.

我們也對 Page Intelligence 感到振奮，這是我們以 AI 驅動的協同編排層，能將商品陳列（merchandising）、變現（monetization）與購物者體驗一併最佳化，而非各自獨立最佳化。這有助於零售商在維持對購物體驗的完全掌控之下，最大化購物者變現。

During the quarter, we secured our first retailer launch with one of our largest retail partners, an important milestone as we bring this next-generation capability to market. As I mentioned earlier, AI-powered shopping assistants represent another compelling long-term opportunity, and we believe Criteo is well positioned to help retailers monetize these emerging shopping experiences.

本季度期間，我們與我們最大型的零售合作夥伴之一完成了首個零售商上線，這是我們將此下一代能力推向市場的重要里程碑。如我先前所提到，AI 驅動的購物助理代表另一項具吸引力的長期機會，我們相信 Criteo 具備良好定位，可協助零售商在這些新興購物體驗中實現變現。

These initiatives reinforce our confidence in the long-term potential of our Retail Media business and position us well as we move beyond the previously announced retailer scope reductions. As we execute through this period of transformation, disciplined capital allocation remains a core priority for Criteo and a key driver of long-term shareholder value.

這些舉措強化了我們對零售媒體（Retail Media）業務長期潛力的信心，並使我們在走出先前已宣布的零售商範圍縮減之際，仍能保持良好態勢。在我們執行這段轉型期間，嚴謹的資本配置仍是 Criteo 的核心優先事項，也是推動長期股東價值的關鍵驅動因素。

Despite our revised outlook for the year, we continue to generate attractive profitability and strong cash flow while maintaining a robust balance sheet. Last week, we successfully completed our redomiciliation to Luxembourg and direct listing of ordinary shares, an important milestone in simplifying our corporate structure.

儘管我們調整了今年的展望，我們仍持續創造具吸引力的獲利能力與強勁的現金流，同時維持穩健的資產負債表。上週，我們成功完成將公司註冊地遷至盧森堡（redomiciliation）以及普通股的直接上市，這是簡化公司架構的重要里程碑。

Looking ahead, we intend to pursue a subsequent redomiciliation to the United States as early as January of next year, subject to the necessary approvals. This would complete the simplification of our corporate structure, position Criteo for US index inclusion, and broaden access to US investors.

展望未來，在取得必要核准的前提下，我們計畫最早於明年一月進一步將公司註冊地遷至美國。這將完成公司架構的簡化，使 Criteo 具備納入美國指數的條件，並擴大美國投資人對我們的投資可及性。

In closing, our top-line performance this quarter was disappointing, and we have responded with a more conservative outlook. We are confident in our plan to improve commercial execution while maintaining disciplined profitability and investing in our strategic priorities that we believe will shape Criteo's next phase of growth.

最後，本季度我們的營收表現令人失望，因此我們已採取更保守的展望。我們對改善商業執行的計畫充滿信心，同時維持嚴謹的獲利紀律，並投資於我們的策略優先事項；我們相信這些將塑造 Criteo 下一階段的成長。

The progress we are making across agentic AI, Criteo GO, Retail Media and our commercial organization reinforces our confidence that we are building a broader, more resilient company with multiple drivers of sustainable long-term growth.

我們在 agentic AI、Criteo GO、零售媒體以及商業組織等方面所取得的進展，進一步強化了我們的信心：我們正在打造一家更廣泛、更具韌性的公司，並擁有多個可持續的長期成長驅動因素。

With that, I'll turn the call over to Sarah, who will provide more details on our second-quarter financial performance and our outlook for the remainder of the year.

接下來，我將把電話會議交給 Sarah，她將提供更多關於我們第二季財務表現以及今年剩餘期間展望的細節。

Thank you, Michael, and good morning, everyone. Our second quarter results reflect the continued headwind from several large Performance Media clients that Michael discussed earlier, partially offset by disciplined execution across the rest of the business.

謝謝你，Michael，各位早安。我們第二季的結果反映了 Michael 先前提到的數家大型成效媒體（Performance Media）客戶所帶來的持續逆風，但也部分被我們在其餘業務上的嚴謹執行所抵銷。

Our second quarter media spend grew 9% to $1.1 billion. Revenue was $428 million and contribution ex-TAC was $255 million, including a $1 million year-over-year foreign exchange headwind. Overall, client retention remains high at close to 90%.

我們第二季媒體支出（media spend）成長 9%，達到 11 億美元。營收為 4.28 億美元，扣除 TAC 的貢獻（contribution ex-TAC）為 2.55 億美元，其中包含 100 萬美元的年對年匯率逆風。整體而言，客戶留存率仍維持在接近 90% 的高水準。

At constant currency, Q2 contribution ex-TAC was down minus 12%, including a $21 million impact related to previously communicated scope changes with two Retail Media clients. The approximately $7 million shortfall relative to the midpoint of our contribution ex-TAC guidance was primarily driven by the Performance Media dynamics we discussed earlier.

以固定匯率計，第二季扣除 TAC 的貢獻年對年下降 12%，其中包含先前已溝通的兩家零售媒體客戶範圍變更所帶來的 2,100 萬美元影響。相較於我們扣除 TAC 的貢獻指引中位數約 700 萬美元的短缺，主要是由我們先前討論的成效媒體動態所致。

We experienced lower budgets than anticipated from several large enterprise clients, while our broader Performance Media client base remained resilient. Performance Media revenue was $380 million and contribution ex-TAC was $208 million, down 10% at constant currency. This reflects soft performance in commerce growth, partially offset by improved year-over-year trends in AdTech services.

我們觀察到數家大型企業客戶的預算低於預期，而我們更廣泛的成效媒體客戶基礎仍展現韌性。成效媒體營收為 3.80 億美元，扣除 TAC 的貢獻為 2.08 億美元，以固定匯率計下降 10%。這反映了商務成長（commerce growth）表現疲弱，但部分被 AdTech 服務年對年趨勢改善所抵銷。

Within commerce growth, the decline in media spend was driven primarily by client-specific spending decisions among several large enterprise clients. Media spend declined across all regions, with EMEA proving more resilient than the US and Asia Pac, although travel moderated after several years of exceptional performance.

在商務成長方面，媒體支出的下滑主要由數家大型企業客戶的特定支出決策所驅動。各地區媒體支出皆下滑，其中 EMEA 的韌性優於美國與亞太地區；不過，在經歷數年卓越表現後，旅遊類別有所降溫。

Retail remained softer overall, particularly in discretionary categories such as fashion, which was down 21%. In Retail Media, revenue was $48 million and contribution ex-TAC was $47 million, reflecting the previously communicated $21 million headwind in the quarter. Excluding this impact, trends remained strong with contribution ex-TAC growing 20% across the underlying client base.

零售整體仍較疲弱，尤其是時尚等非必需消費類別，下滑 21%。在零售媒體方面，營收為 4,800 萬美元，扣除 TAC 的貢獻為 4,700 萬美元，反映本季度先前已溝通的 2,100 萬美元逆風。若排除此影響，趨勢仍然強勁，基礎客戶群的扣除 TAC 貢獻成長 20%。

We continue to add new innovative capabilities and benefited from the strong adoption of our auction-based display offering, our fastest-growing Retail Media format, our growth was supported by both strong expansion across our existing client base and new retailer additions. Same retailer contribution ex-TAC retention was 84%, or 113% excluding our largest retailer, demonstrating the strength of our multi-year, often exclusive retailer partnerships.

我們持續新增創新能力，並受惠於我們以競價為基礎的展示型廣告（display）產品的強勁採用；這是我們成長最快的零售媒體格式。我們的成長同時受到既有客戶群的強勁擴張與新增零售商的支持。同店零售商扣除 TAC 的貢獻留存率為 84%；若排除我們最大零售商則為 113%，展現我們多年期、且往往具排他性的零售商合作夥伴關係之強勁。

Media spend in Q2 grew 31% year over year, sustaining the strong momentum we saw last quarter as over 4,500 global brands continue to prioritize Retail Media as a key channel for their investments to reach relevant audiences and grow sales. We delivered adjusted EBITDA of $73 million in Q2 2026, reflecting lower top-line performance and planned growth investments, partially offset by lower-than-expected employee costs and bad debt expense due to strong cash collections.

第二季媒體支出年對年成長 31%，延續我們上季所見的強勁動能；超過 4,500 個全球品牌持續將零售媒體視為其投資的關鍵渠道，以觸及相關受眾並帶動銷售成長。我們在 2026 年第二季交出調整後 EBITDA 7,300 萬美元，反映較低的營收表現與既定的成長投資，但部分被低於預期的人員成本與呆帳費用所抵銷，這得益於強勁的現金回收。

Non-GAAP operating expenses decreased 10% year over year as productivity improvements more than offset planned growth investments. Continued deployment of AI and increased adoption of self-service capabilities improved efficiency, streamlined execution and enabled better resource allocation.

非 GAAP 營運費用年對年下降 10%，因生產力提升超過了既定的成長投資。持續部署 AI 與自助式能力採用率提升，改善了效率、精簡了執行流程，並使資源配置更到位。

Moving down the P&L, depreciation and amortization expense declined to $32 million, while share-based compensation expense declined to $17 million. Our income from operations was $15 million and our net income was $12 million in Q2 2026.

在損益表往下看，折舊與攤銷費用下降至 3,200 萬美元，而股份基礎給付費用下降至 1,700 萬美元。我們 2026 年第二季的營業利益為 1,500 萬美元，淨利為 1,200 萬美元。

Our weighted average diluted share count was 50.5 million, which resulted in diluted earnings per share of $0.22 compared to $0.39 last year. Our adjusted diluted EPS was $0.80 in Q2 2026, compared to $0.92 last year.

加權平均稀釋後股數為 5,050 萬股，因此稀釋後每股盈餘為 0.22 美元，去年同期為 0.39 美元。2026 年第二季調整後稀釋 EPS 為 0.80 美元，去年同期為 0.92 美元。

Operating cash flow was $20 million, and as expected, free cash flow was minus $38 million in Q2, reflecting seasonality and payment of 2025 income taxes. Our trailing 12-month free cash flow was $180 million. We anticipate positive free cash flow generation in the second half of the year.

營運現金流為 2,000 萬美元；如預期，第二季自由現金流為負 3,800 萬美元，反映季節性因素以及支付 2025 年所得稅。過去 12 個月的自由現金流為 1.80 億美元。我們預期下半年將產生正向自由現金流。

Criteo is a resilient, cash-generative business with the financial strength to invest for growth and return capital to shareholders. We have a strong balance sheet with no long-term debt and significant liquidity. 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.

Criteo 是一家具韌性、能產生現金的企業，具備投資成長並回饋股東資本的財務實力。我們擁有強健的資產負債表，沒有長期負債，且具備充足流動性。我們的優先事項是投資於高投資報酬率（ROI）的有機投資與能提升價值的併購，並透過庫藏股回購計畫將資本回饋給股東。

We are committed to driving shareholder value and deployed $30 million to repurchase 1.7 million shares this quarter. There was $160 million remaining under the current authorized share repurchase program as of the end of June. In July, we canceled a total of 4.5 million treasury shares in conjunction with our redomiciliation to Luxembourg.

我們致力於推動股東價值，本季度投入 3,000 萬美元回購 170 萬股。截至 6 月底，現行已核准的股份回購計畫尚餘 1.60 億美元額度。7 月，我們配合將公司註冊地遷至盧森堡，註銷合計 450 萬股庫藏股。

Turning to our financial outlook, which reflects our expectations as of today, August 5, 2026. Our revised outlook incorporates year-to-date performance and reflects a more conservative approach by extrapolating current Performance Media spending trends through the balance of the year with no recovery assumed from the large enterprise clients that affected our second quarter results.

接著談我們的財務展望，反映我們截至今日（2026 年 8 月 5 日）的預期。我們修訂後的展望納入年初至今的表現，並採取更保守的作法：將目前成效媒體支出趨勢外推至今年剩餘期間，且不假設對影響第二季結果的大型企業客戶會出現任何復甦。

We have maintained prudent macroeconomic assumptions. Our Retail Media outlook is unchanged. We now expect contribution ex-TAC to decline by minus 10% to minus 12% at constant currency in 2026.

我們維持審慎的總體經濟假設。我們對零售媒體（Retail Media）的展望維持不變。我們目前預期，2026 年以固定匯率計算的 contribution ex-TAC 將下滑 10% 至 12%。

Our 2026 outlook does not assume meaningful contributions from OpenAI or our broader Agentic AI initiatives. We anticipate these capabilities to become a meaningful growth driver beginning in 2027. We estimate foreign exchange will provide a year-over-year modest benefit to contribution ex-TAC for the full year.

我們對 2026 年的展望並未假設 OpenAI 或我們更廣泛的代理式 AI（Agentic AI）計畫會帶來顯著貢獻。我們預期這些能力將自 2027 年起成為具意義的成長驅動因素。我們估計外匯將在全年為 contribution ex-TAC 帶來溫和的年增助益。

Turning to our outlook by segment. Our Retail Media guidance remains unchanged. We expect media spend growth ahead of the market with contribution ex-TAC declining in the mid- to high-teens year over year at constant currency due to the $75 million client scope reduction impact. Excluding those two clients, the underlying Retail Media contribution ex-TAC growth for 2026 is expected to be in the high teens to 20% range we previously provided.

接著談各事業部門的展望。我們的零售媒體指引維持不變。我們預期媒體投放成長將領先市場，但由於 7,500 萬美元的客戶範疇縮減影響，以固定匯率計算的 contribution ex-TAC 將年減約中十位數至高十位數百分比。若排除這兩家客戶，2026 年零售媒體的基礎 contribution ex-TAC 成長預期將落在我們先前提供的高十位數至 20% 區間。

In Performance Media, we now expect contribution ex-TAC to decline in the high single-digits at constant currency in 2026. This assumes that current spending levels from certain large clients continue through the second half of the year, more than offsetting the ramp-up of GO.

在成效型媒體（Performance Media）方面，我們目前預期 2026 年以固定匯率計算的 contribution ex-TAC 將下滑高個位數百分比。此假設某些大型客戶目前的支出水準將延續至下半年，並且足以抵銷 GO 的放量成長。

We expect lower travel growth in Europe as well as continued softness in discretionary retail driven by inflation and weaker consumer sentiment. These dynamics remain largely concentrated in our international markets, EMEA and Asia Pac, which together represent approximately two-thirds of our commerce growth media spend.

我們預期歐洲旅遊成長將放緩，同時在通膨與較弱的消費者信心影響下，可選擇性零售仍將持續疲弱。這些動態仍主要集中在我們的國際市場——歐非中東（EMEA）與亞太（Asia Pac），兩者合計約占我們商務成長媒體投放的三分之二。

We now anticipate an adjusted EBITDA margin of approximately 30% for 2026, given our lower top-line expectations. This is partially offset by continued disciplined cost management and productivity gains while investing in agentic AI and other growth initiatives.

鑑於我們對營收端（top-line）的預期較低，我們目前預期 2026 年調整後 EBITDA 利潤率約為 30%。在持續嚴謹的成本管理與生產力提升、同時投資代理式 AI 與其他成長計畫的情況下，部分影響將被抵銷。

We have a resilient business model that allows us to continue to fund our highest priority growth investments while maintaining rigorous cost discipline. We do not view 30% as the normalized profitability level for the business, and we continue to believe our model has meaningful operationing leverage as top-line growth improves over time.

我們擁有具韌性的商業模式，使我們能在維持嚴格成本紀律的同時，持續投入最優先的成長投資。我們不認為 30% 是公司常態化的獲利水準，且我們仍相信，隨著營收成長隨時間改善，我們的模式具備顯著的營運槓桿。

We believe these investments position Criteo to return to sustainable top-line growth while continuing to generate strong cash flow. We expect a normalized tax rate of 27% to 32% under current rules, driven by our evolving revenue mix and certain one-time items related to our redomiciliation.

我們相信這些投資將使 Criteo 回到可持續的營收成長，同時持續產生強勁的現金流。在現行規則下，我們預期常態化稅率為 27% 至 32%，主要受我們持續演變的營收組合，以及與公司遷冊（redomiciliation）相關的若干一次性項目所驅動。

As a reminder, we anticipate higher CapEx in 2026, primarily related to the renewal of certain data centers with total CapEx expected to be approximately $190 million. We expect operating cash flow conversion from adjusted EBITDA to improve to approximately 85% in 2026, up from 76% in 2025, driven by continued improvements in working capital.

提醒一下，我們預期 2026 年資本支出（CapEx）將較高，主要與部分資料中心更新相關，全年 CapEx 預計約為 1.90 億美元。受營運資金持續改善帶動，我們預期 2026 年調整後 EBITDA 轉換為營運現金流的轉換率將提升至約 85%，高於 2025 年的 76%。

We also expect free cash flow conversion of about 35% of adjusted EBITDA before any non-recurring items. For Q3 2026, we expect contribution ex-TAC of $237 million to $241 million, down 14% to 15% at constant currency. Our outlook reflects the current spending levels of certain large Performance Media clients, which have remained consistent with the trends we saw in June and assumes no improvement throughout the quarter.

我們也預期，在未計入任何非經常性項目前，自由現金流轉換率約為調整後 EBITDA 的 35%。對於 2026 年第三季，我們預期 contribution ex-TAC 為 2.37 億至 2.41 億美元，以固定匯率計算下滑 14% 至 15%。我們的展望反映部分大型成效型媒體客戶目前的支出水準，該水準與我們在 6 月看到的趨勢一致，並假設整個季度不會改善。

We have also maintained prudent macroeconomic assumptions. In Retail Media, this reflects the previously communicated client scope reductions, as well as tougher year-over-year comparisons for the underlying business in the second half.

我們也維持審慎的總體經濟假設。在零售媒體方面，這反映先前已溝通的客戶範疇縮減，以及下半年基礎業務更嚴峻的年對年比較基期。

We estimate foreign exchange to be a larger headwind in Q3, reflecting more unfavorable rates compared to three months ago. We expect a $6 million to $8 million negative year-over-year impact on contribution ex-TAC in Q3, about $4 million worse than under the rates assumed in our prior guidance.

我們估計外匯在第三季將成為更大的逆風，反映相較三個月前更不利的匯率水準。我們預期第三季外匯將對 contribution ex-TAC 造成 600 萬至 800 萬美元的年對年負面影響，約比我們先前指引所假設的匯率情境再差 400 萬美元。

We expect adjusted EBITDA between $54 million and $58 million, reflecting lower topline, continued investments in high ROI, agentic AI, and other growth initiatives, partially offset by disciplined cost management and productivity gains.

我們預期調整後 EBITDA 為 5,400 萬至 5,800 萬美元，反映較低的營收端表現、持續投資於高投資報酬（ROI）的代理式 AI 與其他成長計畫，並由嚴謹的成本管理與生產力提升部分抵銷。

In closing, our updated outlook reflects a prudent view of the business as we see it today. At the same time, I remain confident in Criteo's financial strength and its ability to execute against its strategic priorities.

最後，我們更新後的展望反映了我們對當前所見業務狀況的審慎看法。同時，我仍對 Criteo 的財務實力以及其執行策略優先事項的能力充滿信心。

Before we open the call for questions, I would like to say what a privilege it has been to serve as Criteo's CFO. I am incredibly proud of what we have accomplished together over the past six years and I'm grateful to have worked alongside such a talented team.

在我們開放提問之前，我想說，能擔任 Criteo 的財務長（CFO）是一項榮幸。我對過去六年我們共同完成的成果感到無比自豪，也很感謝能與如此優秀的團隊並肩合作。

I would also like to thank our investors and analysts for their partnership and support over the years. I look forward to continuing to support Connor and the team during the transition.

我也要感謝我們的投資人與分析師多年來的合作與支持。我期待在交接期間持續支持 Connor 與團隊。

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

那麼，我們現在開放提問。

(Operator Instructions) Ygal Arounian, Wedbush.

（接線員指示）Ygal Arounian，Wedbush。

Good morning, everyone. And Sarah, it's been great to work with you. Good luck on the next phase.

各位早安。Sarah，能與你共事很愉快。祝你下一階段一切順利。

So on the lower budgets than anticipated from the larger enterprise clients, I guess a couple of things. Just first, if you can give a little bit more color exactly what's happening here from these clients, why they're pulling back and what changed from last quarter that they got worse?

關於大型企業客戶的預算低於預期，我想有幾點。首先，能否請你更具體說明這些客戶到底發生了什麼事、他們為何縮手，以及相較上季有哪些變化導致情況變得更差？

And then I guess more broadly, we've sort of been facing this type of environment where it's been -- we've got to talk about the core underlying business is strong and there's been one or two clients or whatever it is that are sort of getting in the way of that. How do we get to the point where we're kind of delivering and the strength of the core businesses is overriding client-specific issues?

再更廣泛一點，我們似乎一直面對這種環境——我們總是得談核心基礎業務其實很強，但有一兩個客戶或某些因素在阻礙。我們要如何走到一個狀態：能夠真正交付成果，讓核心業務的強勁表現足以壓過個別客戶的問題？

Because it's been it's been a little bit a while we've been dealing with this and -- just what's the visibility and kind of fixing all this? And then I have a follow-up.

因為我們處理這件事已經有一段時間了——想請問可見度如何，以及要怎麼把這些問題修正好？另外我還有一個追問。

I'm happy to take it. So let me take the point on the XL clients first, and then we can talk about the broader business. So on the handful of enterprise clients, as we said, the trend that we saw earlier in the year continue to accelerate a little bit, and unfortunately, there isn't one common thread across that set of clients.

我很樂意回答。我先談超大型（XL）客戶的部分，接著我們再談更廣泛的業務。就少數幾家企業客戶而言，如同我們所說，我們在年初看到的趨勢持續並略有加速；不幸的是，這些客戶之間並沒有單一共同原因。

For example, there would be a client that's been impacted in the travel vertical by the conflict in the Middle East. It could be a client that's been impacted by tariff changes and de minimis import rules, or in some cases, a client where they have changed investment tactics and we were unsuccessful in retaining that budget as they shifted to other tactics in the funnel.

例如，有客戶在旅遊垂直領域受到中東衝突影響。也可能是客戶受到關稅變動與小額免稅（de minimis）進口規則影響；或在某些情況下，客戶改變了投資策略，當他們轉向漏斗中其他策略時，我們未能成功留住那筆預算。

Now, that one in particular, I think, points to the upgrades that we've made in our commercial organization because we need to be able to capture that share shift when that happens. And that's an execution issue that we're getting on top of.

其中那一項，我認為特別凸顯了我們對商務組織所做的升級，因為當這種份額轉移發生時，我們需要有能力把它承接下來。這是執行面的問題，而我們正在把它掌握住並加以改善。

We have products available now given the evolution of our product portfolio to move up and down the funnel. We need to be at the table with those clients as they make those decisions and make sure that we continue to keep that investment in the Criteo platform and that's something that we're focused on over the course of the year. So a couple of those root causes are a little bit harder to deal with and then a couple of those are execution.

隨著我們產品組合的演進，我們現在已有可用產品，能在漏斗中向上或向下延伸。當客戶做出這些決策時，我們需要坐上談判桌，確保他們持續把投資留在 Criteo 平台上；這也是我們今年持續聚焦的重點。因此，有幾個根本原因較難處理，而另一些則屬於執行問題。

I think the other point I'd add, which starts to get to the second part of your question. We need to have our new business engine and our new products performing at a level that overcomes those ups and downs that we will see periodically with enterprise clients. These fluctuations in budgets are not unheard of.

我想我還會補充另一點，這也開始回應你問題的第二部分。我們需要讓我們新的業務引擎與新產品的表現，達到足以克服我們在企業客戶身上會週期性看到的那些起伏的水準。這類預算波動並不罕見。

And so we need our new business machine and our new product initiatives to be scaling at a rate that can overcome the down cycles in that client segment. And unfortunately, we're just in this period right now where we're ramping up several really exciting products that's just not scaled enough yet to make up the difference, right?

因此，我們需要我們新的業務機器與新產品計畫，以能夠克服該客戶族群下行週期的速度來擴張。但不幸的是，我們現在正處於一個期間：我們正在加速推出幾個非常令人振奮的產品，但它們的規模還不夠大，尚不足以彌補差距，對吧？

There's some encouraging signs on the new business front. In Q2, new business performance in the US was up 24% year on year. And clearly, product initiatives like the partnership with OpenAI or Criteo GO are exciting and we expect those to be meaningful contributors next year, which gives us a more diversified growth stack as we go into '27.

在新業務方面有一些令人鼓舞的跡象。第二季，美國的新業務表現年增24%。而且很明顯，像是與OpenAI的合作夥伴關係或Criteo GO等產品計畫都很令人興奮，我們預期它們明年會成為重要的貢獻來源，讓我們在邁向'27年時擁有更分散的成長組合。

So hopefully, I've sort of given you the perspective on the XL clients and then how we think about the durability of growth as we go into next year, but happy to talk more about it.

所以希望我已經大致提供了你想了解的：關於XL客戶的觀點，以及我們如何看待進入明年後成長的持久性；不過也很樂意再多談。

Yeah, thanks. That's helpful. So then just second on maybe (technical difficulty) on a more positive note -- sorry, I was getting some feedback. On a more positive note, just on agentic commerce and the OpenAI partnership, understood, with Sarah's comments, it's going to be more of an impact next year. And can you bridge us from where we are today to that bigger impact?

好的，謝謝。這很有幫助。那第二點，可能是（技術問題）從更正面的角度來看——抱歉，我剛剛有些回音。從更正面的角度來看，關於代理式商務（agentic commerce）以及與OpenAI的合作，我理解，依照Sarah的評論，影響會更多落在明年。你能不能把我們從今天的狀況，連結到那個更大的影響？

And I guess, one of the themes that seems to be -- as we go through earnings, is the traffic coming to a lot of -- in travel, for example, continues to be minimal, and e-commerce players -- agentic commerce has been a strong top of funnel product that you talked about. Just how is the ecosystem and the landscape shaping up here as we're not seeing that kind of actual transactional element being layered in, but it's becoming a stronger top of funnel product discovery product? Thanks.

我想，隨著我們在財報季一路聽下來，有個主題似乎是——例如在旅遊業，流量持續偏少，而電商玩家方面——你們提到代理式商務一直是很強的漏斗頂端（top of funnel）產品。在我們還沒有看到那種實際的交易環節被疊加進來的情況下，這個生態系與競爭版圖目前是如何成形的？但它卻正在成為更強的漏斗頂端、產品探索（discovery）的產品？謝謝。

Yeah, so I think what you've expressed there is what a lot of our clients are working through as they test the platform, right? So they see highly qualified traffic coming from paid referral off the platform, right? The conversion rates we've talked about 1.5 to 2 times higher, the statistic about 80% of that traffic being new to brand, right? That creates really kind of a new discovery tactic.

是的，我想你所描述的，正是許多客戶在測試這個平台時正在消化的事情，對吧？他們看到透過平台的付費導流（paid referral）帶來高度合格的流量，對吧？我們談過的轉換率是高出1.5到2倍，還有那個統計：其中80%的流量是品牌新客（new to brand），對吧？這確實創造了一種全新的探索策略。

And we find that a lot of clients are then trying to figure out how does that fit into their overall mix and where would they take budget from to fund larger budgets as they go into next year. So I think really, you think of clients in the testing phase right now trying to figure out how this powerful discovery vector fits into the rest of their mix.

我們發現，很多客戶接著會試著釐清：這在他們整體投放組合中應該如何定位，以及他們要從哪裡挪出預算，來支應明年更大的預算規模。所以我認為，現在的確是客戶處於測試階段，試著弄清楚這個強大的探索入口（discovery vector）如何融入他們其餘的組合。

And of course, there's also the parts that I think people forget about. We're still only live in seven countries, got two more that will launch here in the near term. And then most of Western Europe still yet to come at some point in the near future. So there's a lot of ramp up geographically yet to do.

當然，還有一些我覺得大家容易忽略的部分。我們目前仍只在七個國家上線，近期還會再推出兩個。接著，西歐大部分地區在不久的將來某個時間點也都還會陸續上線。所以在地理覆蓋上，還有很多擴張爬坡要做。

And then some of the really powerful product features that drive performance spending like custom audiences, like CAPI and improved measurements, those things really only came online in the last couple of weeks. And so we really do have to give this platform a chance to scale to move in at an incredible pace, and we're proud to be one of their leading partners.

另外，一些真正強而有力、能驅動績效型支出（performance spending）的產品功能，例如自訂受眾（custom audiences）、CAPI以及更好的衡量（measurement）能力，這些其實都只是最近幾週才剛上線。因此，我們確實需要給這個平台一個擴張的機會，讓它以驚人的速度推進；而我們也很自豪能成為他們的領先合作夥伴之一。

And that's why we're confident it's going to be a meaningful contributor next year. But what we see right now is clients working through operational issues to get set up, take advantage of the new features as they roll. And then figure out how that fits in the rest of their mix. And again, even in saying that, talking about clients in the seven countries that are live currently, let alone the ones that are yet to come. So lots of work to do, but certainly an exciting platform.

這也是為什麼我們有信心它明年會成為重要的貢獻來源。但我們目前看到的是，客戶正在處理一些營運層面的問題，以完成設定，並在新功能陸續推出時加以利用。然後再去釐清它如何融入其餘的投放組合。而且即便這樣說，我們談的也只是目前已上線的七個國家的客戶，更不用說那些尚未上線的國家。所以還有很多工作要做，但這確實是一個令人振奮的平台。

Ron Josey, Citigroup.

Ron Josey，花旗集團。

This is Jamesmichael Sherman-Lewis on for Ron. On the Performance Media headwinds, I wonder if you could add more color to the monthly cadence of spending patterns through the quarter, especially given the outlook is extrapolating June trends? Any update on those patterns into July?

我是代替Ron的Jamesmichael Sherman-Lewis。關於績效媒體（Performance Media）的逆風，我想請你能否更具體說明本季各月份的支出節奏，尤其是因為你們的展望是以6月趨勢外推？7月的這些模式有沒有任何更新？

And then with that question, if you could provide a little bit more color on your more conservative outlook philosophy? And any conviction that the revised outlook has more upside here?

另外，延續這個問題，你能否再多談一點你們較保守的展望制定哲學？以及你們是否有任何信心認為修正後的展望在這裡有更多上行空間？

Yeah, I mean, specific to the clients, it really does relate to, I would say -- and I think we covered it, specific dynamics, especially in Asia Pac, it was really the e-payment that we saw having lower spend. In Europe, we have significant travel as a vertical -- is a significant travel -- was a significant growth factor for us last year that has been impacted by, I would say, macroeconomic as well as other drivers in the quarter. So we are seeing that continued, I would say, drag over the next couple of quarters.

好的，我是說，針對客戶的具體情況，確實與——我會說——而且我想我們也談過了——一些特定動態有關，尤其在亞太地區，我們看到支出較低的是電子支付（e-payment）。在歐洲，旅遊是我們重要的垂直領域——旅遊在去年是我們顯著的成長因素，但本季受到我會說是總體經濟以及其他驅動因素的影響。因此，我們預期在接下來幾季仍會看到這種拖累持續存在。

We are assuming that the current levels that we're seeing will not evolve to significant growth this year. And in Americas, we've been very clear on the commercial execution focus that we have and that is front and center the focus that we are ensuring that we can turn this around.

我們的假設是，我們目前看到的水準今年不會演變成顯著成長。而在美洲地區，我們已非常清楚地說明我們對商業執行（commercial execution）的聚焦，這是我們確保能夠扭轉局面的核心重點。

I mean, in terms of the C growth clients or XLs, it's about 19% of our revenue relates to our largest clients, that includes the Retail Media, our largest client as well. So it is quite a base, a significant base for us with, I would say, some areas where we have new products that are in those clients, but with a lower growth rate than we had anticipated for the year.

我的意思是，就C成長客戶或XL客戶而言，我們約19%的營收來自最大型客戶，其中也包含零售媒體（Retail Media）——我們最大的客戶也在其中。所以這對我們來說是相當大的基礎、相當重要的基礎；同時我會說，在某些領域我們在這些客戶中有新產品，但其成長率低於我們原先對今年的預期。

Appreciate it. And then a quick follow-up, if I may. The early performance data that we're seeing from the AI conversational ad format in the timeline here for moving those highlights (technical difficulty) to scale commercial deployments?

了解，謝謝。如果可以的話，我再追問一個。我們目前看到的AI對話式廣告格式（conversational ad format）的早期成效數據，以及在時間軸上，將這些亮點（技術問題）推進到可規模化的商業部署（scaled commercial deployments）的進度如何？

Sorry, it broke up a little bit. I think the question was about like AI sponsored -- like in retail, AI shopping assistance?

抱歉，剛剛有點斷訊。我想問題是關於像AI贊助——例如在零售端的AI購物協助？

Yeah, the conversational ad format and moving into scaled commercial deployment. Thank you.

對，對話式廣告格式，以及推進到規模化商業部署。謝謝。

So yeah, so it's kind of similar to some of the commentary on the agentic programs. We don't assume much of a build in the guidance for this year, but we do think that those will be meaningful contributors next year. I think you could lump the conversational ad format together with the sponsored products in retailer shopping assistance.

是的，所以這其實和我們對代理式（agentic）計畫的一些評論很類似。我們在今年的指引中並沒有假設太多增量，但我們確實認為它們明年會成為重要的貢獻來源。我想你可以把對話式廣告格式，與零售商購物協助中的贊助商品（sponsored products）一起歸類來看。

And -- went live with Albertsons on their shopping assistant. We've got other retailers in the pipeline behind that. We've gone live with one travel client in Europe on the conversational ad format and more behind that one.

並且——我們已與 Albertsons 的購物助理正式上線。在此之後，還有其他零售商正在管線中推進。我們也已在歐洲與一家旅遊客戶就對話式廣告格式上線，後面還有更多客戶跟進。

So nice proof points in the market on two really interesting ad units. We'd like to see more traction on those over the course of year as that pipeline converts. And then again, believe that that can be a meaningful contributor for next year, both of those types of formats.

因此，市場上對兩個非常有意思的廣告單元已有不錯的驗證案例。隨著管線逐步轉換，我們希望在今年內看到它們獲得更多動能。同樣地，我們相信這兩種格式在明年都能成為有意義的貢獻來源。

Justin Patterson, KeyBanc

Justin Patterson，KeyBanc

Could you talk about how the competitive markets shifted in the past couple of quarters? Are more people competing for (technical difficulty) Retail Media budgets? So I'd love more about just how -- who you're seeing with that -- sorry, my AirPods keep disconnecting. Who you're seeing within bake-offs in the past and whether you've observed any meaningful changes? Thank you.

你能談談過去幾個季度競爭市場如何變化嗎？是否有更多人正在競逐（技術問題）零售媒體預算？所以我很想更了解——你看到的情況是——抱歉，我的 AirPods 一直斷線。你在過去的比稿中看到哪些對手，以及你是否觀察到任何有意義的變化？謝謝。

Yeah. So hey, Justin. Thanks for the question. In Retail Media, not seeing a material change in the competitive dynamics. We continue to gain share. Our Retail Media spend grew 31% in the quarter, which outpaced the market. We had that growing at 26% in Q2 according to the Skai figures that have been published.

好的。嗨，Justin。謝謝你的問題。在零售媒體方面，我們沒有看到競爭態勢出現實質性的變化。我們持續提升市占。本季我們的零售媒體支出成長 31%，高於市場增速。根據已發布的 Skai 數據，Q2 市場成長為 26%。

And there are a set of smaller competitors, but our win rate remains high, and we continue to secure major multi-year retailer renewals as well as a couple of the new ones that we highlighted in the script. And we continue to roll out new products to help them monetize and grow their business, whether that's conquesting, auction-based display, page intelligence, which opens up new stakeholders inside the retail C-suite as we get merchandising, and the retail network folks on the same page to optimize shopping experience.

市場上確實有一些較小的競爭者，但我們的勝率仍然很高，並且持續拿下大型零售商的多年期續約，還有幾個我們在講稿中提到的新合作。我們也持續推出新產品，協助他們變現並擴大業務，例如搶奪型投放（conquesting）、競價式展示廣告、頁面洞察（page intelligence）；這些也讓我們能觸及零售企業高層內部新的利害關係人，讓商品部門與零售媒體網路團隊能在同一頁上協同，來優化購物體驗。

So there's a handful of smaller competitors out there that might be doing more bespoke or custom-type work on a smaller scale. But we definitely continue to enjoy a leadership position in that segment and confident in the outlook for that.

因此，外面有少數較小的競爭者，可能在較小規模上提供更客製化或專案式的服務。但我們在該細分市場仍明顯維持領導地位，並對其前景有信心。

Tim Nollen, SSR.

Tim Nollen，SSR。

I've got two or three, actually. I'll try to consolidate best I can. Michael, you said that the ad budgets for commerce spending with OpenAI seem to be incremental. And I'm just curious, where are they really coming from then if they're not shifting from, for example, search into a chatbot spending budget, whatever that looks like? I'm just curious where the money is coming from.

我其實有兩三個問題。我會盡量整合。Michael，你提到與 OpenAI 相關的商務投放廣告預算似乎是增量的。我很好奇，如果它們不是從例如搜尋預算轉移到聊天機器人投放預算（不管那會長什麼樣）而來，那它們到底是從哪裡來的？我只是想知道這筆錢的來源。

I think relatedly, maybe tying in the enterprise client slowdown. I just wonder, you're doing a lot of really interesting things with chatbot spending. And I just wonder, with some of the money that's slipping away elsewhere, are you maybe too far ahead of the game? Like are clients ready to put money into these efforts? Is something maybe slipping because all the great stuff that you're doing is not quite market-ready yet?

我想這也可能與企業客戶放緩有關。我只是想，你們在聊天機器人投放方面做了很多非常有趣的事情。我在想，當其他地方有些預算在流失時，你們是否可能走得太前面了？客戶是否已準備好把錢投入這些工作？會不會有些東西在流失，是因為你們做的這些很棒的事情還沒有完全達到市場可用的成熟度？

And then I just wanted to also ask, you had a take private offer during the quarter. I don't know if there's anything you could possibly inform us about in terms of views on that at this point.

另外我也想問，你們在本季收到一個私有化收購要約。我不知道你是否能在目前這個時間點，向我們提供任何你們對此的看法。

Got it. Yes, I'm happy to take those. The budget for OpenAI really is an interesting one. So what I'll say is that today, that is largely test budgets. So most clients reserve a certain amount of budget in their overall media plan for testing new formats and products, and that is the majority of what we see going into OpenAI work today.

了解。是的，我很樂意回答。OpenAI 的預算確實很有意思。所以我想說的是，目前那主要是測試預算。多數客戶會在整體媒體計畫中保留一定比例的預算，用於測試新格式與新產品，而我們今天看到投入 OpenAI 相關工作的，大多就是這一部分。

That said, I think you raised an interesting question about as those budgets scale, where does it come from? And I believe that it won't come from any one particular platform or channel, right? As a new discovery surface, it probably will draw some spend from traditional search, think like brand keywords or product listing ads, things of that nature.

不過，我認為你提出了一個很有意思的問題：當這些預算擴大時，來源會是哪裡？我相信它不會只來自某一個特定平台或渠道，對吧？作為一個新的探索／發現介面（discovery surface），它可能會從傳統搜尋中吸走一些支出，例如品牌關鍵字或商品列表廣告（PLA）之類的投放。

But it also could take things on the edge from general online video or other places where brands try to be discoverable. And then I do think that there is a case for incrementality, right? And there have been some studies published recently by a couple of the leading analyst firms showing how ad spend has continued to outpace GDP broadly just due to the advances in advertising effectiveness and budgets going into OpenAI certainly could benefit from that continued divergence.

但它也可能會從一般線上影音或其他品牌用來提升可被發現性的地方，挪走一些邊際預算。同時我也認為，確實存在增量的可能性。近期有幾家領先的分析機構發布研究，顯示廣告支出整體持續跑贏 GDP，主要是因為廣告成效提升；而投入 OpenAI 的預算也可能受益於這種持續擴大的差距。

So I do think it's a little bit TBD, but no question, it's a powerful discovery platform. And the budgets are going to have to come from other areas with some potential incrementality as it continues to drive outcomes and, again, that divergence from GDP versus spending.

所以我認為目前仍有一些有待觀察（TBD），但毫無疑問，這是一個強大的探索平台。隨著它持續帶動成效，預算勢必需要從其他領域挪移而來，同時也可能帶來部分增量；同樣地，也會延續剛才提到的 GDP 與廣告支出之間的背離。

The second question on enterprise clients is an interesting one. I don't know that we're ahead of the market exactly, but I think what we're focused on when it comes to enterprise clients is commercial execution. We need to be more of a trusted advisor, have a closer seat at the table, and we have more products to sell than we had in the past.

第二個關於企業客戶的問題也很有意思。我不確定我們是否真的走在市場前面，但我認為我們在企業客戶方面的重點是商務執行。我們需要成為更值得信賴的顧問，在決策桌上更貼近客戶；而且我們現在可銷售的產品也比過去更多。

So if you go back a couple of years, the products that -- on the Performance Media segment, was a little more limited, mostly lower funnel kind of remarketing tactics. And now, it's more of a full funnel multi-channel sell. And that means that we've got to be more advisory and be able to work with clients as they want to shift tactics, as they think about how to think about incrementality versus different channels.

如果回到兩三年前，績效媒體（Performance Media）這個分部的產品相對有限，主要是偏下漏斗的再行銷策略。而現在，它更像是一個全漏斗、多渠道的整體銷售。這意味著我們必須更具顧問式能力，能在客戶想要調整策略時與其合作，也能在他們思考增量效益與不同渠道取捨時提供協助。

And so that is the challenge that we are rising to with the investments that we've made in that commercial organization. There are a number of training and certification programs. There's a lot of go-to-market work that's happening. And then Ed's just done a great job like reinforcing the talent across the team.

因此，這就是我們透過對商務組織的投資所要迎接的挑戰。我們有多項訓練與認證計畫。也有大量的上市推廣（go-to-market）工作正在進行。此外，Ed 也做得非常好，持續強化整個團隊的人才配置。

And so we believe that those actions are going to pay off over time. And we've got plenty to sell right now that is in the market, let alone the things that are maybe a little further ahead of the market. And I appreciate that question.

因此，我們相信這些行動會隨時間帶來回報。而且我們目前在市場上就已經有很多東西可以賣，更不用說那些可能稍微走在市場前面的產品。也謝謝你這個問題。

And then on the last one, as you know, we don't comment on market speculation. But the Board continues to be focused on looking at every opportunity to maximize shareholder value, and that's our position.

至於最後一題，如你所知，我們不評論市場傳聞。但董事會仍專注於審視一切能夠最大化股東價值的機會，這就是我們的立場。

Alec Brondolo, Wells Fargo.

Alec Brondolo，Wells Fargo。

Maybe two for me. On the Performance Media side, I think a lot of conversation and perhaps about what the underlying issue is, I would love to get your thoughts about how your advertisers are thinking about supply. Clearly, I think there's been a degradation in terms of traffic to open web publishers. Perhaps that's causing some of the customers to want to look elsewhere in terms of where they deploy media dollars.

我這邊可能有兩個問題。在績效媒體方面，我想外界有很多討論，或許也在探究根本問題是什麼；我很想聽聽你對於廣告主如何看待供給面的想法。很明顯，我認為開放網路（open web）出版商的流量有所下滑。也許這正導致部分客戶想在媒體預算投放去向上另尋他處。

How much of the solution here -- how much of the potential solution is perhaps shifting kind of the aperture of what media you buy against and that acting as maybe a vector to improve advertiser sentiment on your products? That's the first question.

這裡的解方有多少——潛在解方有多少可能是把你們投放所依據的媒體範疇（aperture）做一些調整，並把這作為一個向量，來改善廣告主對你們產品的情緒？這是第一個問題。

I think the second question on Criteo, the GO self-service campaigns, encouraging data point on the advertiser acquisition. I think you said it was up 3 times last month versus the initial month. What are you seeing from a spend per advertiser from the advertisers you've acquired thus far? Help us understand the size of the customers you're acquiring. Thanks.

我想第二個問題是關於 Criteo 的 GO 自助式（self-service）活動，在廣告主獲取方面是一個令人鼓舞的數據點。我想你說上個月相較於最初那個月成長了 3 倍。就目前你們已獲取的廣告主而言，你們看到每位廣告主的花費（spend per advertiser）表現如何？請幫助我們理解你們正在獲取的客戶規模。謝謝。

Yeah, sure. Happy to take those. Thanks, Alex. So on the open web question, in the open web, you certainly see some pressure on lower intent traffic and long-tail publishers. But engagement from high-intent users remains strong. And we have access to broad, diversified, high-quality supply.

好的，當然。很樂意回答這些問題。謝謝你，Alex。關於開放網路（open web）這個問題，在開放網路上，你確實會看到較低意圖（lower intent）的流量以及長尾出版商（long-tail publishers）承受一些壓力。但高意圖使用者的互動仍然強勁。而且我們能取得廣泛、多元且高品質的供給（supply）。

And most importantly, we see no shortage of opportunities to engage with users to drive performance in those tactics. And more broadly, what drives performance is the quality of user intent and the outcomes that we deliver, and those fundamentals remain stable.

更重要的是，我們看到在這些策略中，並不缺乏與使用者互動、以推動成效的機會。更廣泛來說，驅動成效的是使用者意圖的品質以及我們交付的成果，而這些基本面仍然穩定。

Now in spite of that, right, we are on a diversification panel and 85% of our total media spend is already outside of desktop display. And we see clients moving to this cross-channel setup and they spend up to 3 times more on average than single-channel clients. So it really starts to reduce our reliance on any single environment.

儘管如此，對吧，我們正在一個多元化的座談上，而我們總媒體支出的 85% 已經在桌面展示（desktop display）之外。我們也看到客戶正轉向這種跨渠道（cross-channel）的配置，而他們的支出平均可達單一渠道客戶的 3 倍。因此，這確實開始降低我們對任何單一環境的依賴。

And so, Todd, if you wanted to add anything?

所以，Todd，你想補充什麼嗎？

Not really. Clients are very focused on getting better consumer reach, new to brands, new to products, and we're incredibly good at finding high-intent traffic on the open web and getting very good at doing that in combination with emerging channels like OpenAI and also social as we've talked about before, the net of which is, our clients want to get to new traffic that's more likely and highly qualified to buy a product, and we're doing that across channels.

沒有特別要補充的。客戶非常專注於取得更好的消費者觸及、觸及新客群（new to brands）、新產品，而我們非常擅長在開放網路上找到高意圖流量；同時也越來越擅長把這件事與新興渠道結合，例如 OpenAI，以及我們之前談過的社群渠道。總結來說，我們的客戶希望觸及新的流量——更可能、且更高品質地購買產品的流量——而我們正在跨渠道做到這一點。

I think on the GO question, I can just switch to that very quickly. It's still early days for that product. You heard Michael talk about the very positive trends in user acquisition after our first three months in business. What we're seeing is adoption across the small- to medium-sized business spectrum, and that's very encouraging to us.

我想關於 GO 的問題，我可以很快切換過去。這個產品仍處於早期階段。你們聽到 Michael 談到我們在營運的前三個月之後，使用者獲取（user acquisition）出現非常正面的趨勢。我們看到從小型到中型企業（SMB）範圍的採用（adoption），這讓我們非常振奮。

We don't disclose the spend for advertiser, but you can imagine how that maps between a medium client and/or a small client on a daily and a monthly basis. And those trends are pulling through to the users of the GO platform so far. But it's early days. We keep a very close eye on this.

我們不揭露每位廣告主的花費（spend per advertiser），但你可以想像這在每日與每月層面，會如何對應到中型客戶和／或小型客戶。而這些趨勢目前也反映在 GO 平台的使用者上。但仍是早期階段。我們會非常密切地關注這點。

Richard Kramer, Arete Research.

Richard Kramer，Arete Research。

Michael, or maybe for Todd, can you discuss whether Criteo has opened its user graph to third-party advertisers via SSPs, maybe even enabling buys by rival DSPs? And how might your user graph and retail engagement be impacted by the sorts of new privacy and consent laws we see entering the market like the one that just got enacted in New Jersey?

Michael，或也許問 Todd：你們能否談談 Criteo 是否已透過 SSP 向第三方廣告主開放你們的使用者圖譜（user graph），甚至可能讓競爭對手的 DSP 也能進行採買？另外，像是剛在新澤西州（New Jersey）通過的那種新隱私與同意（consent）法規進入市場時，你們的使用者圖譜與零售互動（retail engagement）可能會受到什麼影響？

And then one quickly for Sarah since it didn't really get addressed in the call. You mentioned positive cash flow in the second half, but obviously, you've got rising CapEx and some further costs. Are you expecting to sustain the share buybacks through the end of the $160 million remaining authorization? And any further comments on the sort of capital structure that you would see when you're heading out the door?

然後再快速問 Sarah 一題，因為在電話會議中似乎沒有真正被回應。你提到下半年會有正向現金流（positive cash flow），但顯然你們的資本支出（CapEx）在上升，且還有一些額外成本。你們是否預期會持續進行庫藏股回購（share buybacks），直到剩餘的 1.6 億美元授權額度用完為止？以及當你即將離任時，對你所預期的資本結構（capital structure）還有任何補充評論嗎？

Hey, Richard, good to hear from you. I can hit the graph question. The answer is yes, exposing the graph to third-party demand has always been part of our strategy. Whether that brand comes directly through a curated deal or whether that comes through an SSD is sort of just a variation of that strategy.

嗨，Richard，很高興聽到你的聲音。我可以回答圖譜的問題。答案是肯定的，將圖譜對第三方需求（third-party demand）開放一直是我們策略的一部分。不論該品牌是透過精選交易（curated deal）直接進來，或是透過 SSD 進來，本質上只是該策略的不同變體。

We do expect that while we maintain a strong position in data and ownership over the graph, that opening it up to SSP traffic is just going to increase demand paths into the business. So we're excited about that.

我們確實預期，在我們維持強勢的數據地位並保有對圖譜的所有權之際，將其對 SSP 流量開放只會增加進入我們業務的需求路徑（demand paths）。所以我們對此感到興奮。

On the privacy discussion, obviously, because as you well know, it was warned from GDPR. We look at every emerging state regulation, and we hope for more of an assertive approach, federally here, in the United States to make sure that everything we're doing with privacy and data security is compliant. New Jersey is just another item on that list, but we have a group that watches that very, very closely to make sure that we're not outside the lines of compliance.

關於隱私的討論，顯然如你所知，這一路從 GDPR 就已經被提醒。我們會檢視每一項新出現的州級法規，也希望美國在聯邦層級能採取更明確、積極的作法，以確保我們在隱私與資料安全方面所做的一切都符合法規。新澤西州只是清單上的另一項，但我們有一個團隊非常、非常密切地關注，確保我們不會超出合規的界線。

Thanks, Richard, for the question. So first of all, we did cancel 4.5 million shares, which was in addition to the 1.9 million shares that we canceled in April. The Board is very supportive of our share buyback program, and that was renewed as part of the redomicile to Luxembourg. And we, as you know, always evaluate all opportunities to maximize shareholder value.

謝謝你，Richard，提出這個問題。首先，我們註銷（cancel）了 450 萬股，這是在我們於 4 月註銷 190 萬股之外的額外註銷。董事會非常支持我們的庫藏股回購計畫，而該計畫也在公司遷冊（redomicile）至盧森堡的過程中獲得續期。而且如你所知，我們一向會評估所有能使股東價值最大化的機會。

In terms of the CapEx for this year and the cash flow, this is a higher year of CapEx with two new data centers, and that will normalize back to normal levels going forward in 2027. But very happy with our cash position, our operational cash flows, the highest it's ever been, 85% of adjusted EBITDA, and we continue to drive strong cash. We have strong liquidity, and we will always be looking for ways to maximize shareholder value.

就今年的資本支出與現金流而言，今年的 CapEx 較高，因為有兩座新的資料中心，而在 2027 年之後將回歸正常水準。但我們對現金部位與營運現金流非常滿意——這是我們歷來最高，達到調整後 EBITDA 的 85%——而且我們持續創造強勁現金。我們的流動性很強，也會一如既往尋找使股東價值最大化的方法。

That concludes our call for today. Thank you, everyone, for joining us. If you have any follow-up questions, the Investor Relations team is available to assist. Have a nice day.

今天的電話會議到此結束。感謝各位的參與。若你有任何後續問題，投資人關係（Investor Relations）團隊可提供協助。祝各位有美好的一天。

Conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現在結束。感謝各位出席今天的簡報。你現在可以中斷連線。