Innovid Corp (CTV) 2023 Q4 法說會逐字稿

Greetings, and welcome to the NOVA Q4 2023 earnings call.

您好，歡迎參加 NOVA 2023 年第四季財報電話會議。

At this time, all participants are in a listen only mode.

此時，所有參與者都處於只聽模式。

A brief question and answer session will follow the formal presentation.

正式演講後將舉行簡短的問答環節。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

It is now my pleasure to introduce your host, Brinlea Johnson, Investor Relations.

現在我很高興向您介紹主持人，投資者關係部布林利·約翰遜 (Brinlea Johnson)。

Thank you, Mr. Johnson, you may begin.

謝謝你，約翰遜先生，你可以開始了。

Thank you, operator.

謝謝你，接線生。

Before we begin, I'll remind you that today's call may contain forward looking statements and the forward-looking statement disclaimer included in today's earnings release available on our Investor Relations page also pertains to this call.

在我們開始之前，我要提醒您，今天的電話會議可能包含前瞻性聲明，而我們投資者關係頁面上今天發布的收益報告中包含的前瞻性聲明免責聲明也適用於本次電話會議。

These forward-looking statements may include, without limitation, predictions, expectations, targets or estimates regarding our anticipated financial performance, business plans and objectives, future events and developments, changes in our business, competitive landscape, technological or regulatory environment and other factors could cause actual results to differ materially from those expressed by the forward-looking statements made today.

這些前瞻性陳述可能包括但不限於有關我們預期財務績效、業務計劃和目標、未來事件和發展、我們業務變化、競爭格局、技術或監管環境以及其他因素的預測、期望、目標或估計。導致實際結果與今天的前瞻性陳述所表達的結果有重大差異。

Our historical results are not necessarily indicative of future performance and as such, we can give no assurance as to the accuracy of our forward-looking statements and assume no obligation to update them except as required by law.

我們的歷史結果不一定代表未來的業績，因此，我們無法保證前瞻性陳述的準確性，並且不承擔更新前瞻性陳述的義務，除非法律要求。

In addition, today's call will include non-GAAP financial measures, including adjusted EBITDA, adjusted EBITDA margins and free cash flow.

此外，今天的電話會議將包括非公認會計原則財務指標，包括調整後的 EBITDA、調整後的 EBITDA 利潤率和自由現金流。

We use these non-GAAP measures in managing the business and believe they provide useful information to our investors These measures should be considered in addition to and not as a substitute for our GAAP results.

我們使用這些非公認會計準則衡量標準來管理業務，並相信它們為我們的投資者提供了有用的信息。這些衡量標準應作為我們公認會計準則結果的補充而不是替代。

Reconciliations of the non-GAAP measures to their corresponding GAAP measures where appropriate can be found in our earnings release available on our website and our filings with the SEC.

非 GAAP 衡量標準與其相應 GAAP 衡量標準的調整（如適用）可以在我們網站上發布的收益報告以及我們向 SEC 提交的文件中找到。

Hosting today's call are Zvika Netter, Innovid's Co-founder and CEO as well as Anthony Callini, Innovid's CFO.

主持今天電話會議的是 Innovid 聯合創始人兼首席執行官 Zvika Netter 以及 Innovid 財務長 Anthony Callini。

Both of them will participate in our Q&A session.

他們兩人都將參加我們的問答環節。

And now I'll turn the call over to Zvika to begin.

現在我將把電話轉給茲維卡開始。

Zvika, please go ahead.

茲維卡，請繼續。

Thanks, Brinlea, and thank you all for joining the call today, I'm excited to share the progress it has made in the past year, we provided critical technology infrastructure for many of the world's largest brands, agencies and publishers we empower them to create, deliver and measure ad-supported TV experiences that people love across connected TV, linear TV and other digital channels.

謝謝布林利，感謝大家今天加入電話會議，我很高興分享過去一年所取得的進展，我們為許多世界上最大的品牌、代理商和出版商提供了關鍵的技術基礎設施，我們授權他們通過網路電視、線性電視和其他數位頻道創建、交付和衡量人們喜愛的廣告支援的電視體驗。

And we continue to push the boundaries of what's possible in the fast-growing CTV industry through constant innovation on our enterprise software platform.

我們透過企業軟體平台的不斷創新，持續突破快速發展的 CTV 產業的可能性界限。

We're very proud to close up a transformational year with a strong fourth quarter, beating our guidance for both revenue and adjusted EBITDA, evidence of what we expect to achieve in 2024 and beyond.

我們非常自豪能夠以強勁的第四季度結束這一變革性的一年，收入和調整後 EBITDA 都超出了我們的指導，這證明了我們預計在 2024 年及以後實現的目標。

Today, I'll review our fourth quarter results and full year highlights provide some recent business updates and share some thoughts on the year ahead.

今天，我將回顧我們第四季度的業績和全年亮點，提供一些最新的業務更新，並分享對未來一年的一些想法。

I'll then turn it over to our Chief Financial Officer, Tony Callini, who will provide further details on our Q4 and full year financials.

然後我會將其交給我們的財務長托尼·卡里尼（Tony Callini），他將提供有關我們第四季度和全年財務狀況的更多詳細資訊。

In addition to our 2024 guidance, followed by a Q&A.

除了我們的 2024 年指導之外，還有問答。

I'm pleased to report fourth-quarter revenue of approximately $39 million, reflecting 15% of annual growth and adjusted EBITDA of $8.3 million, which more than doubled year over year, resulting in a 21% adjusted EBITDA margin.

我很高興地報告第四季營收約為 3,900 萬美元，相當於年增長率的 15%，調整後 EBITDA 為 830 萬美元，同比增長一倍多，調整後 EBITDA 利潤率為 21%。

Our operation profitability continues to increase as we generated $2.2 million in positive free cash flow this quarter.

我們的營運獲利能力持續成長，本季我們產生了 220 萬美元的正自由現金流。

For the full year, we reported revenue of $140 million, reflecting as reported 10% growth and adjusted EBITDA of $19.4 million, a 14% adjusted EBITDA margin.

全年營收為 1.4 億美元，成長 10%，調整後 EBITDA 為 1,940 萬美元，調整後 EBITDA 利潤率為 14%。

We also generated $1.4 million in positive, increased free cash flow over the full year, a $23 million improvement from 2022.

我們全年也創造了 140 萬美元的正自由現金流，比 2022 年增加了 2,300 萬美元。

We are proud of our financial performance in 2023 with improved revenue and adjusted EBITDA, which exceeded guidance each quarter throughout the year.

我們對 2023 年的財務業績感到自豪，收入和調整後 EBITDA 均有所改善，全年每個季度都超出了預期。

2023 was an important year, not only from a financial standpoint, but also from an organizational perspective, given our strong conviction in the business, we strengthened the executive team with the best possible talent to drive and accelerate our growth and market position.

2023 年是重要的一年，不僅從財務角度來看，而且從組織角度來看，鑑於我們對業務的堅定信念，我們用最優秀的人才加強了執行團隊，以推動和加速我們的成長和市場地位。

We hired Dave Helmreich as Chief Commercial Officer, and Tony Callini as Chief Financial Officer.

我們聘請 Dave Helmreich 擔任首席商務官，並聘請 Tony Callini 擔任財務長。

We also promoted Yuval Pemper, Chief Technology Officer, and Ken Markus, Chief Operating Officer.

我們也晉升了技術長 Yuval Pemper 和營運長 Ken Markus。

Most recently, we welcomed Dani Cushion to the team as Chief Marketing Officer.

最近，我們歡迎 Dani Cushion 加入團隊，擔任行銷長。

Dani brings a wealth of experience in leading marketing organizations in both public and private technology growth companies.

丹尼在領導公共和私人技術成長型公司的行銷組織方面擁有豐富的經驗。

We are really excited about the new additions to our team who are already making an impact.

我們對我們團隊的新成員感到非常興奮，他們已經產生了影響。

Additionally, we reorganized the sales organization to drive accelerated growth in 2024.

此外，我們重組了銷售組織，以推動 2024 年的加速成長。

The commercial team has been focused on increasing wallet share from existing clients, adding new logos and deepening our relationship with our most strategic clients.

商業團隊一直致力於增加現有客戶的錢包份額、添加新徽標並加深我們與最具戰略意義的客戶的關係。

In the fourth quarter, we won new customers such as Philips for dynamic creative optimization and ad-serving ran the growth agency for ad serving across their client portfolio and Nexstar Media for measurement.

在第四季度，我們贏得了新客戶，例如飛利浦的動態創意優化和廣告服務，營運成長機構在其客戶組合中提供廣告服務，以及 Nexstar Media 進行衡量。

We also expanded existing customer relationships this quarter.

本季我們也擴大了現有的客戶關係。

For example, PetSmart and ad-serving client added our measurement solution in Q4.

例如，PetSmart 和廣告服務客戶在第四季度添加了我們的測量解決方案。

In addition to these recent fourth quarter, wins.

除了最近的這些第四節的勝利之外。

We had a number of top global brands join us as clients throughout 2023, including multi US, Microsoft, Redline and Verizon to name a few.

2023 年，我們有許多頂級全球品牌作為客戶加入我們，其中包括 multi US、微軟、Redline 和 Verizon 等。

As a result of our focused execution.

由於我們專注執行。

We reported accelerating revenue growth and improved operational profitability in 2023 compared to last year.

我們報告稱，與去年相比，2023 年收入成長加速，營運獲利能力提高。

More specifically, innovate CTV revenue from ad serving and personalization in the fourth quarter grew 14% year-over-year.

更具體地說，第四季度來自廣告服務和個人化的創新 CTV 收入年增 14%。

Inhibited XP, our measurement offering grew 14% in the fourth quarter and represented 22% of revenue.

抑制 XP，我們的測量產品在第四季度成長了 14%，佔營收的 22%。

We are pleased with the ramp-up in measurement as we continued to extend usage and we are optimistic about our growth prospects as we go to market with measurement as a critical piece of our comprehensive ad technology product I am very proud of all the team accomplished this year.

隨著我們繼續擴大使用範圍，我們對測量的成長感到高興，並且我們對我們的成長前景感到樂觀，因為我們將測量作為我們綜合廣告技術產品的關鍵部分進入市場，我為所有團隊所取得的成就今年感到非常自豪。

Despite the macro and geopolitical challenges, we made significant operational, strategic and financial improvements to our business.

儘管面臨宏觀和地緣政治挑戰，我們仍對業務進行了重大的營運、策略和財務改進。

Looking ahead to 2024, we see two key trends, which are meaningful accelerators for CTV adoption and ad spend migration.

展望 2024 年，我們看到了兩個關鍵趨勢，它們對於 CTV 採用和廣告支出遷移來說是有意義的加速器。

First, more and more streaming platforms are implementing ad-supported offerings.

首先，越來越多的串流平台正在實施廣告支援的產品。

Subscription only models have proven unsustainable.

事實證明，僅訂閱模式是不可持續的。

Just this past month, Amazon Prime Video introduced ads following other stream giants such as Netflix, HBO and Disney plus second, live sports are also increasingly part of CTV programming the recent news by ESPN Fox and Warner Brothers to launch a sport streaming platform in the fall is another step forward on the journey to 100% digital TV and it's a huge step because sports is one of the last linear TV mainstays.

就在上個月，亞馬遜Prime Video 繼Netflix、HBO 和迪士尼等其他串流媒體巨頭之後推出了廣告，此外，體育直播也越來越多地成為CTV 節目的一部分，ESPN Fox 和華納兄弟最近有消息稱將在美國推出體育串流平台。秋季是 100% 數位電視之旅又向前邁出了一大步，這是一個巨大的進步，因為體育是最後的線性電視支柱之一。

While ad spending has been suppressed in the past few quarters, we believe that ad spend reacceleration on CTV is inevitable.

儘管廣告支出在過去幾季受到抑制，但我們認為連網電視廣告支出的重新加速是不可避免的。

As viewership continues to shift to CTV, ad dollars will follow to reach and engage consumers where they are.

隨著收視率繼續轉向央視，廣告收入也將隨之而來，以接觸並吸引消費者。

And if the TV market becomes more digital and more fragmented.

如果電視市場變得更加數位化、更加分散。

We believe the need for our technology also expand these market dynamics, technology capabilities and unique partnerships will continue to drive growth in 2024 and beyond.

我們相信，對我們技術的需求也會擴大這些市場動態，技術能力和獨特的合作夥伴關係將繼續推動 2024 年及以後的成長。

Next, I'm happy to share updates related to the Innovate platform and our focus on innovation from the early days.

接下來，我很高興分享與創新平台相關的最新動態以及我們早期對創新的關注。

When we founded innovate, we've used our technology to push the boundaries of what's possible we've always been focused on setting the bar for what the future of TV should look like.

當我們創立創新公司時，我們利用我們的技術來突破可能的界限，我們始終專注於為電視的未來設定標準。

And we continue to work closely with our clients to understand the issues they face both big and small inside informs where we focus and we're actively solving for some of the biggest challenges facing CTV today, executing on our multiyear plan.

我們將繼續與客戶密切合作，了解他們所面臨的大大小小的問題，從而了解我們的關注重點，並且我們正在積極解決 CTV 今天面臨的一些最大挑戰，執行我們的多年計劃。

We have continued to integrate our solutions on one powerful platforms with creative delivery and measurement capabilities, working together to provide exceptional client value.

我們繼續將我們的解決方案整合到一個具有創意交付和衡量能力的強大平台上，共同努力提供卓越的客戶價值。

And as a data rich business with a unique CTV first class platform dataset, we have the opportunity to provide even further value through the use of AI with a focus on optimization across our full suite of products and solutions.

作為一家擁有獨特的 CTV 一流平台資料集的資料豐富企業，我們有機會透過使用人工智慧提供進一步的價值，重點是優化我們的全套產品和解決方案。

An exciting point of how we're helping clients optimize was on display at Disney's global tech and data showcase event at CES last month, powered by innovation technology, Disney advertising introduced the dashboard for real-time creative optimization.

上個月在 CES 上的迪士尼全球技術和數據展示活動上展示了我們如何幫助客戶優化的一個令人興奮的點，在創新技術的支持下，迪士尼廣告推出了用於即時創意優化的儀表板。

The dashboard helps business advertisers use real-time consumer insights such as web or app conversion data to find which of the creative are most effective.

此儀表板可協助商業廣告主使用即時消費者洞察（例如網路或應用程式轉換資料）來找出哪些創意最有效。

This allows them to automatically shift more investment to the winning creatives, improving performance in real time.

這使他們能夠自動將更多投資轉移到獲勝的創意上，從而即時提高績效。

While this is just one example, in 2024, we'll continue to invest in and release exciting new optimization capabilities which we believe will solve challenges in the city, the ecosystem.

雖然這只是一個例子，但到 2024 年，我們將繼續投資並發布令人興奮的新優化功能，我們相信這將解決城市和生態系統中的挑戰。

We are currently engaging closely with several major brands, agencies and publishers to test these new solutions and believe that what we offer will vastly improve efficiency, enhance transparency and control and maximize ROI for our customers and partners from day one.

我們目前正在與幾個主要品牌、代理商和出版商密切合作，測試這些新解決方案，並相信我們提供的解決方案將從第一天起就將極大地提高效率，增強透明度和控制力，並最大限度地提高我們的客戶和合作夥伴的投資報酬率。

And we have focused on innovation, and we will continue to invest to bring new solutions to the market that provide meaningful value to brands, publishers, TV viewers and the ecosystem as a whole.

我們專注於創新，並將繼續投資，為市場帶來新的解決方案，為品牌、發行商、電視觀眾和整個生態系統提供有意義的價值。

In summary, we remain committed to expanding our margins and positioning ourselves for accelerated growth as I reflect on where we were when we entered 2023.

總之，當我回顧進入 2023 年時的情況時，我們仍然致力於擴大利潤率並為加速成長做好準備。

Our team's hard work and dedication in navigating this uncertain macro environment is commendable.

我們的團隊在應對這一不確定的宏觀環境中的辛勤工作和奉獻精神值得讚揚。

We have made a consistent progress each quarter in strengthening operational execution and improving financial performance, operational profitability and cash flow.

我們每季在加強營運執行和改善財務業績、營運獲利能力和現金流方面都取得了持續進展。

I'm excited about our ability to make a meaningful difference in this industry and to generate value for our shareholders.

我對我們能夠在這個行業中做出有意義的改變並為股東創造價值感到興奮。

With that, I'll ask Tony to take us through the numbers and provide some insights into 2024 expectations.

接下來，我將請托尼向我們介紹這些數字，並提供一些關於 2024 年預期的見解。

Tony.

托尼.

Thank you, Zvika, and good morning, everyone.

謝謝你，茲維卡，大家早安。

As you just heard, our focus on driving profitable growth is evident in both the fourth quarter and full year results.

正如您剛才所聽到的，我們對推動獲利成長的關注在第四季度和全年業績中都顯而易見。

We're pleased to report record revenues in both Q4 and 2023.

我們很高興地報告第四季和 2023 年的營收均創歷史新高。

Double digit growth our third straight quarter of adjusted EBITDA margin expansion and positive free cash flow for both the second consecutive quarter and full year.

調整後 EBITDA 利潤率連續第三個季度實現兩位數成長，自由現金流連續第二季和全年為正。

It's been a year of hard work and transformation, and it's exciting to exit 2023 and enter 2024 with the kind of momentum that we demonstrated over the last few quarters.

這是努力工作和轉型的一年，我們以過去幾季所展現的勢頭結束 2023 年並進入 2024 年，這令人興奮。

Now let me dig a little more into the numbers.

現在讓我更深入地研究一下這些數字。

Q4 revenue grew 15% year over year to $38.6 million.

第四季營收年增 15% 至 3,860 萬美元。

If we break that down further, ad-serving and personalization revenues were up 15% year over year, while Measurement revenue grew 14%.

如果我們進一步細分，廣告服務和個人化收入較去年同期成長 15%，而測量收入成長 14%。

As a percentage of revenue in Q4, ad serving and personalization made up 78%, while measurement accounted for 22%.

從第四季營收的比例來看，廣告服務和個人化佔 78%，而測量佔 22%。

The growth in ad serving and personalization reflects the emerging stabilization of advertising spend and continued shift to CTV.

廣告服務和個人化的成長反映了廣告支出的逐漸穩定以及向 CTV 的持續轉向。

In fact, CTV revenue from ad serving and personalization grew 14% over last Q4.

事實上，CTV 來自廣告服務和個人化的收入比上個季度增長了 14%。

While it's too early to tell if we are completely back to sustained traditional spend levels, we certainly experienced a meaningful year-over-year improvement.

雖然現在判斷我們是否完全恢復到持續的傳統支出水平還為時過早，但我們確實經歷了有意義的同比改善。

As a reminder, innovation, ad-serving and personalization revenue closely correlates with ad impression volume served through our platform within this category, CTV impression volume increased 16% as more impressions continue to transition to connected television and represented 52% of all video impressions.

需要提醒的是，創新、廣告服務和個人化收入與透過我們的平台在此類類別中提供的廣告印象量密切相關，隨著越來越多的印象繼續轉向連網電視，CTV 印象量增加了16% ，佔所有影片印象的52%。

Mobile video volume grew by 21% and represented 36% of all video impressions, while desktop volume increased by 5% and reflected 12% of all video impressions.

行動影片量成長了 21%，佔所有影片展示次數的 36%，而桌上型影片量增加了 5%，佔所有影片展示次數的 12%。

Both mobile and desktop have been inconsistent in the first three quarters of 2023.

2023 年前三個季度，行動端和桌面端的表現並不一致。

And we were pleased to see healthy growth within mobile and returned to more modest growth in desktop.

我們很高興看到行動領域的健康成長，並在桌面領域恢復了較為溫和的成長。

All three of these devices represent consumers watching streaming applications.

所有這三個設備都代表觀看串流媒體應用程式的消費者。

So it's also helpful to look at the total video impressions, which grew 16% overall in the fourth quarter.

因此，查看總影片展示次數也很有幫助，第四季影片總展示次數整體成長了 16%。

Growth & Measurement revenue reflects the continued enhancement of our measurement capabilities to take full advantage of the valuable dataset generated from the ad serving side of the business and the continued strength of the Innovate XP. platform in the market.

成長和衡量收入反映了我們衡量能力的持續增強，以充分利用業務廣告服務方面產生的有價值的數據集以及 Innovate XP 的持續優勢。市場上的平台。

As Zvika mentioned, we expect our unique ability to combine creative delivery and measurement solutions to provide differentiated client value and be a catalyst for continued revenue growth.

正如 Zvika 所提到的，我們期望我們能夠將創意交付和衡量解決方案相結合的獨特能力，以提供差異化的客戶價值，並成為持續收入成長的催化劑。

Now moving on to costs and expenses.

現在轉向成本和費用。

Revenue less cost of revenue calculated out to 78% of revenue, improving from 75% in Q4 last year.

扣除收入成本後的收入佔收入的 78%，較去年第四季的 75% 有所提高。

These margins continue to improve as the business scales, reflecting the operating leverage embedded in our business model.

隨著業務規模的擴大，這些利潤率不斷提高，反映了我們業務模式中嵌入的營運槓桿。

Q4 total operating expenses, excluding depreciation, amortization and impairment, totaled $37 million, an increase of 3% from $35.8 million last year, but supporting 15% more revenue than in 2022.

第四季總營運支出（不包括折舊、攤提和減損）總計 3,700 萬美元，比去年的 3,580 萬美元增加 3%，但支持的收入比 2022 年增加 15%。

Employee count at the end of December was [466], which was 12% lower than where we finished 2022.

截至 12 月底的員工人數為 [466] 人，比 2022 年底減少 12%。

We remain committed to managing our cost base while protecting investments in high-growth areas to drive improved profitability and long-term value creation for our shareholders.

我們仍然致力於管理我們的成本基礎，同時保護高成長領域的投資，以提高獲利能力並為股東創造長期價值。

Q4 net loss was $1.7 million or a per-share loss of $0.01. The outstanding common share count at the end of the year was $141.2 million shares.

第四季淨虧損為 170 萬美元，每股虧損 0.01 美元。截至年底，已發行普通股數量為 1.412 億美元。

Adjusted EBITDA in the fourth quarter was $8.3 million, representing a 21% adjusted EBITDA margin as compared to just 9% in Q4 last year and 18% in Q3.

第四季調整後 EBITDA 為 830 萬美元，調整後 EBITDA 利潤率為 21%，而去年第四季僅為 9%，第三季為 18%。

In fact, each quarter in 2023 was an improvement over its equivalent quarter in 2022, and adjusted EBITDA margin grew sequentially throughout 2023.

事實上，2023 年每季都比 2022 年同期有所改善，調整後 EBITDA 利潤率在 2023 年連續成長。

These improvements reflect the impact of sustained revenue growth, lower cost of revenues as a percentage of revenue and operating costs that grew nominally over the period, demonstrating the leverage inherent in the operating model.

這些改進反映了收入持續增長、收入成本佔收入百分比的降低以及在此期間名義上增長的運營成本的影響，展示了運營模式固有的槓桿作用。

For the full year 2023, we reported revenue of $140 million, a 10% increase over 2022 on an as-reported basis and a 6.5% increase on a pro forma basis, including the results of TV squared for all of '22.

對於 2023 年全年，我們報告收入為 1.4 億美元，按報告計算比 2022 年增長 10%，預計將增長 6.5%，其中包括 22 年全年電視業務的平方結果。

Because our target clients are the largest global brands, ad agencies and publisher platforms.

因為我們的目標客戶是全球最大的品牌、廣告代理商和發布商平台。

One of the metrics we talk about on an annual basis is core clients, which we define as an advertiser or publisher that generates at least $100,000 of revenue over the course of the year.

我們每年談論的指標之一是核心客戶，我們將其定義為在一年中產生至少 100,000 美元收入的廣告商或發布商。

As you can imagine, there can be active clients who may be over or under that $100,000 line in any given year.

正如您可以想像的那樣，在任何一年中都可能存在超過或低於 100,000 美元線的活躍客戶。

So we feel it's important to look at each year's group as its own cohort during 2023, 177 clients met this definition as compared with 174 during 2022 with a macro pullback in ad spend during 2023, we experienced a number of core clients who dropped just below the $100,000 line, but remain active and valuable clients on a revenue basis.

因此，我們認為在2023 年將每一年的客戶群視為自己的同類非常重要，與2022 年的174 家客戶相比，177 家客戶符合這一定義，並且2023 年廣告支出出現宏觀回落，我們經歷了一些核心客戶的下降，略低於2022 年的水平。100,000 美元 線，但在收入基礎上仍然是活躍且有價值的客戶。

Net revenue retention in 2023 from that 2022 cohort was 101% and client retention improved to 91% this year.

與 2022 年同期相比，2023 年的淨收入保留率為 101%，今年的客戶保留率提高至 91%。

Full year revenue less cost of revenue calculated out to 76% of revenue consistent with 2022.

全年收入減去收入成本，計算為收入的 76%，與 2022 年一致。

Total operating expenses, excluding depreciation, amortization and impairment, totaled $145.3 million, a decrease of 4% from $150.7 million last year.

總營運費用（不包括折舊、攤提和減損）總計 1.453 億美元，比去年的 1.507 億美元下降 4%。

This reduction is a result of efficiency efforts throughout 2023 and the completion of the TV squared integration 2023 net loss was $31.9 million or a per-share loss of $0.23. Approximately half of this loss was related to a noncash intangible asset impairment recorded in Q2.

這項減少是 2023 年全年效率努力的結果，完成 TV Squared 整合後，2023 年淨虧損為 3,190 萬美元，即每股虧損 0.23 美元。大約一半的損失與第二季記錄的非現金無形資產減損有關。

If we look at the two halves of 2023, we recorded a net loss of $27.5 million in the first half of the year as compared to $4.4 million in the second half of the year.

如果我們看看 2023 年的下半年，我們上半年的淨虧損為 2,750 萬美元，而下半年則為 440 萬美元。

Adjusted EBITDA for the full year 2023 was $19.4 million, representing an improvement of $18.2 million as compared to the $1.2 million of adjusted EBITDA we reported in 2022.

2023 年全年調整後 EBITDA 為 1,940 萬美元，比我們在 2022 年報告的 120 萬美元調整後 EBITDA 增加了 1,820 萬美元。

As a percentage of revenue, adjusted EBITDA margin was 14% this year as compared to just 1% in 2022 and 6% in 2021.

以佔營收的百分比計算，今年調整後的 EBITDA 利潤率為 14%，而 2022 年和 2021 年分別僅為 1% 和 6%。

While we acknowledge that there is still work to do, we are proud to have delivered both double digit adjusted EBITDA growth and double digit adjusted EBITDA margin in 2023.

雖然我們承認仍有工作要做，但我們很自豪能夠在 2023 年實現兩位數的調整後 EBITDA 成長和兩位數的調整後 EBITDA 利潤率。

Turning to the balance sheet and cash flow.

轉向資產負債表和現金流量。

We ended the year in a strong financial position with $50 million in cash and cash equivalents and $20 million drawn on our revolving debt facility with an additional $30 million available on that line.

年底，我們的財務狀況強勁，擁有 5,000 萬美元的現金和現金等價物，以及 2,000 萬美元的循環債務融資，另外還有 3,000 萬美元可用。

During the quarter pperating cash flow was $4.3 million and free cash flow was $2.2 million, an improvement of $6.9 million over the $4.7 million of free cash flow used in Q4 2022.

本季營運現金流為 430 萬美元，自由現金流為 220 萬美元，比 2022 年第四季使用的 470 萬美元自由現金流增加了 690 萬美元。

For the full year, operating cash flow was $12.4 million and free cash flow was $1.4 million as compared to a use of cash of $22 million of free cash flow in 2022, an improvement of $23.4 million.

全年營運現金流為 1,240 萬美元，自由現金流為 140 萬美元，與 2022 年使用的現金 2,200 萬美元自由現金流相比，增加了 2,340 萬美元。

Finally, let me touch on our outlook for the first quarter and first, look at the full year 2024.

最後，讓我談談我們對第一季的展望，首先來看看 2024 年全年。

We are encouraged by the strong finish to 2023 and remain committed to our long-term financial target of 20% plus annual revenue growth and 30% plus adjusted EBITDA margin.

我們對 2023 年的強勁業績感到鼓舞，並繼續致力於實現年收入增長 20% 以上和調整後 EBITDA 利潤率 30% 以上的長期財務目標。

We are confident in the underlying strength of our business opportunities for disruption in the market and our ability to grow revenue in a profitable way and see 2024 as a meaningful step towards those longer-term targets in the first quarter of 2024, we expect total revenue in a range of $34 million to $36 million, representing 11% to 18% year over year growth.

我們對顛覆市場的商機的潛在實力以及以盈利方式增加收入的能力充滿信心，並將 2024 年視為實現 2024 年第一季這些長期目標的有意義的一步，我們預計總收入範圍在3400 萬美元至3,600 萬美元之間，年增11% 至18%。

We expect Q1 adjusted EBITDA in a range of $3 million to $4 million as compared to $0.1 million in the first quarter last year.

我們預計第一季調整後 EBITDA 範圍為 300 萬至 400 萬美元，而去年第一季為 10 萬美元。

For the full year, we expect revenue of $154 million to $162 million, reflecting 10% to 16% annual growth and adjusted EBITDA between $22 million and $28 million.

我們預計全年營收為 1.54 億至 1.62 億美元，年增率為 10% 至 16%，調整後 EBITDA 為 2,200 萬至 2,800 萬美元。

We are proud of our accomplishments this year and exit 2023 with strategic operational and financial momentum.

我們對今年的成就感到自豪，並以策略營運和財務動能結束 2023 年。

The team is focused on the significant opportunity in front of us to accelerate growth and continue to further expand our profitability margins in 2024, we believe we are well positioned to become the essential technology infrastructure for the future of TV advertising and to experience outsized growth as ad spend returns to more historic levels.

團隊專注於我們面前的重大機遇，以加速成長並繼續在 2024 年進一步擴大我們的利潤率，我們相信我們已做好充分準備，成為未來電視廣告的重要技術基礎設施，並經歷超額增長：廣告支出恢復到歷史水準。

We remain committed to innovation and value creation for our customers and our shareholders.

我們仍然致力於為客戶和股東創新和創造價值。

This concludes our prepared remarks, Zig and I are now happy to take some questions.

我們準備好的演講到此結束，Zig 和我現在很樂意回答一些問題。

Operator, please begin the Q&A session.

接線生，請開始問答環節。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Shweta Khajuria, Evercore ISI.

Shweta Khajuria，Evercore ISI。

Thank you for taking my questions.

感謝您回答我的問題。

Tony, could you please comment on your full year guidance that puts and takes what's driving your guidance in terms of your visibility right now, contributions from potentially upsell cross-sell that is baked into guidance and what you see in terms of the ad environment that's giving you the confidence with the 10% to 16% growth and what would drive upside to this guidance?

托尼，您能否評論一下您的全年指導，其中包括目前在可見度方面推動您指導的因素、納入指導的潛在追加銷售交叉銷售的貢獻以及您在廣告環境方面所看到的內容讓您對10 % 至16% 的成長充滿信心，什麼會推動這項指導的上行？

That's question one.

這是問題一。

And then the second question is if Zvika or Tony could talk about the new optimization solutions that Zvika was referencing, you're testing some new solutions, but any additional color you could provide on what they are and how that could impact your P&L, that would be great.

然後第二個問題是，Zvika 或 Tony 是否可以談論 Zvika 引用的新優化解決方案，您正在測試一些新的解決方案，但是您可以提供任何其他顏色來說明它們是什麼以及它們如何影響您的損益，會很好。

Thanks a lot.

多謝。

Yes.

是的。

Thank you, Shweta.

謝謝你，施維塔。

And I'll take the first one and Zvik can certainly add some color on the optimization.

我會選擇第一個，Zvik 當然可以在優化上添加一些色彩。

So yes, as we think about 2024, I think there's a number of factors that kind of play into our guidance and we finished the year, but we feel pretty strong with double digit growth and 15% growth in Q4.

所以，是的，當我們考慮2024 年時，我認為有很多因素會影響我們的指導，我們已經完成了這一年，但我們對這兩位數的增長和第四季度15% 的增長感到相當強勁。

And I think as you look at the Q1 guidance and you're seeing that carryover from 2023 into 2024.

我認為，當您查看第一季的指導時，您會看到從 2023 年延續到 2024 年的情況。

So we are seeing a lift and maybe a return to some stabilization and the ad spend.

因此，我們看到廣告支出增加，甚至可能恢復到一定程度的穩定。

Certainly that's not consistent across all verticals.

當然，這在所有垂直領域並不一致。

And I don't know if we were ready to say everything is completely back to normal yet, but we're certainly seeing a strengthening from the prior year.

我不知道我們是否準備好說一切都完全恢復正常了，但我們肯定會看到比前一年有所加強。

So you have that just general lift from for more spend.

因此，您只需增加支出即可獲得一般提升。

And then you have the continued transition to connected television.

然後你就可以繼續過渡到連網電視。

And if you look at the things that that really drove revenue performance this year, there's there's three pieces of it was it was CTV volume.

如果你看看今年真正推動營收表現的因素，你會發現其中有三個部分是 CTV 的播放量。

It was measurement, which measurement grew nicely double digits in the fourth quarter.

這是衡量標準，第四季度的衡量標準實現了兩位數的成長。

And then we are a little bit surprised with mobile was it was a pleasant surprise for us.

然後我們對行動裝置感到有點驚訝，因為它對我們來說是一個驚喜。

I'll be kind of a softer comp in Q4 for mobile, but those are the things that we're seeing carryover.

在第四季度，我將在行動領域扮演更溫和的角色，但這些都是我們看到的遺留問題。

We've talked a lot about the investments that we've made in the sales team and a lot of that was done in the second half of last year.

我們已經談論了很多關於我們在銷售團隊中所做的投資，其中很多是在去年下半年完成的。

So you are certainly baking some of that into into the guidance going forward for this year, although as it pertains to new logo acquisitions, sometimes those are longer sales cycles.

因此，您肯定會將其中的一些內容納入今年的指導中，儘管由於它涉及新徽標的收購，有時這些銷售週期會更長。

So we see that building throughout the year beyond macro macro conditions like live sports.

因此，我們看到全年的發展超越了現場體育賽事等宏觀條件。

I think the transition to live sports and more of that on streaming is certainly a great tailwind for us, more ad-supported video-on-demand, if these are all the tailwinds I think where we're looking to take advantage of it.

我認為向體育直播以及更多串流媒體的過渡對我們來說無疑是一個巨大的順風，更多廣告支持的視訊點播，如果這些都是我認為我們希望利用的順風。

And then as kind of we look at potentially some some things to be mindful of that creates some amount of uncertainty with the election in the second half of the year that that is something that can have an impact on brand spend over that period.

然後，我們會考慮一些可能需要注意的事情，這些事情會在下半年的選舉中產生一定程度的不確定性，這可能會影響該時期的品牌支出。

So we're mindful of that.

所以我們注意到這一點。

So there's certainly a number of puts and takes.

所以肯定有很多的投入和獲取。

I would say if you break it down into you thinking about the specific things of spend, cross-sell, upsell, placing all of those play a part, we've certainly seen that the low to mid digit uplift from pricing that we'd expect for the year.

我想說，如果你將其分解為考慮支出、交叉銷售、追加銷售等具體事項，讓所有這些都發揮作用，我們當然已經看到我們的定價中低至中位數的提升預計今年。

The cross-sell is an opportunity that I think will build throughout the year I would say, the strongest feature that's built into our guidance.

我認為交叉銷售是一個機會，我想說，這是我們指導中內建的最強大的功能。

This is just the general uplift in spending and some of the stronger macro macro tailwinds.

這只是支出的普遍成長和一些更強勁的宏觀宏觀推動因素。

(multiple speaker) That was helpful.

（多位發言者）這很有幫助。

Thank you.

謝謝。

Thanks, Tony and hi, Shweta.

謝謝，托尼，嗨，Shweta。

Good morning.

早安.

Thanks for joining on the optimization.

感謝您參與優化。

Thanks for asking.

謝謝你的詢問。

It's definitely something we're extremely excited about.

這絕對是我們非常興奮的事情。

So beyond accelerated growth, free cash flow and profitability from a product and company strategy, 2024 is absolutely going to be the year of optimization, data-driven algorithmic optimization across the board.

因此，除了產品和公司策略的加速成長、自由現金流和獲利能力之外，2024 年絕對將是全面優化、數據驅動的演算法優化的一年。

As we shared in our Investor Day, it is something we already started investing in 2023, and we the market you definitely expect releases throughout the year with optimization related features.

正如我們在投資者日分享的那樣，我們已經在 2023 年開始投資，而且我們市場您肯定希望全年發布具有優化相關功能的版本。

There's one that we believe the end of last year and actually Disney shared that on stage at CES.

我們相信去年年底就有這樣一個消息，實際上迪士尼在 CES 的舞台上分享了這個消息。

This is real-time optimization of their creative for specific these new campaigns.

這是針對特定的新廣告活動對其創意進行的即時優化。

This is business selling this technology and enabling in their dashboard to the media bias because this is also a customer as a brand this is this is a publisher as a seller.

這是一家銷售這項技術並在其儀表板中向媒體偏見啟用的企業，因為這也是作為品牌的客戶，這是作為賣家的出版商。

It's something that is available and our dashboards that a advertisers that run their creative can upload multiple creatives into the business platform and optimize based on real-time data that is connected to outcomes and what's very unique on this.

這是可用的，在我們的儀表板上，運行創意的廣告商可以將多個創意上傳到業務平台，並根據與結果相關的即時數據以及其中的獨特之處進行優化。

And this is we're very excited about the partnership because business very excited about it in terms of sharing this with their customers is that it can use our publisher data first-party data.

我們對這種合作關係感到非常興奮，因為企業對與客戶分享這一點感到非常興奮，因為它可以使用我們的發布商資料第一方資料。

So this is data that the seller doesn't want to go outside of their platform but they can trust a partner that they like innovate because there's no friction or competition because we're not in the media business to optimize against those data points to get at the end customer to get the advertiser better performance and to prove the performance on the Disney platform.

因此，這些數據是賣家不想超出其平台的數據，但他們可以信任他們喜歡創新的合作夥伴，因為不存在摩擦或競爭，因為我們不是在媒體業務中針對這些數據點進行優化以獲得在最終客戶處，讓廣告主獲得更好的效果，並證明在迪士尼平台上的表現。

So that's something that's already launched in live in January revenue.

這就是一月收入中已經推出的內容。

And those are already in the guidance in the plans for like those type of on creative optimization, they keep getting smarter and smarter.

這些已經在計劃的指導中，例如那些類型的創意優化，它們變得越來越聰明。

It still falls under the creative.

它仍然屬於創意。

We believe that there's still a lot of opportunities in terms of frequency reach on workflow, supply, path optimization.

我們相信，在工作流程、供應、路徑優化的頻率範圍方面仍然存在許多機會。

There's plenty of opportunity to deploy this type of it's data-driven optimization in other areas of the industry so based on our customers' pain points.

根據客戶的痛點，有許多機會在產業的其他領域部署這種數據驅動的最佳化。

So we definitely are committed to release those in the year.

因此，我們絕對致力於在今年發布這些內容。

So from an investment perspective, it's already in the P&L from an upside perspective, it's not something that we're counting on this year because these will be initial launches and some of them, some of them will be in alpha and beta.

因此，從投資的角度來看，從上行的角度來看，它已經在損益表中了，這不是我們今年所指望的，因為這些將是初次發布，其中一些將處於阿爾法和貝塔階段。

So we don't want to rely on them for for the revenue, but we're absolutely committed to have to release them into the market.

因此，我們不想依賴它們來獲得收入，但我們絕對致力於將它們投放市場。

So we should definitely see.

所以我們絕對應該看看。

I would definitely want to see significant revenue from these products next year.

我肯定希望明年能從這些產品中看到可觀的收入。

Thank you, Zvika and Tony.

謝謝茲維卡和東尼。

Shyam Patil, Susquehanna.

夏姆·帕蒂爾，薩斯奎哈納。

This is Aaron on for Shyam.

這是亞倫 (Aaron) 替補席亞姆 (Shyam)。

Congratulations on the strong results, and thanks for taking our questions.

恭喜我們取得了優異的成績，並感謝您提出我們的問題。

Maybe for starters, is there any additional color you can share on how January and February have looked from an advertiser demand environment may be compared to the fourth quarter.

也許對於初學者來說，您是否可以分享一下從廣告客戶需求環境與第四季度相比一月和二月的情況來看，還有什麼其他的顏色可以分享嗎？

Any color additional color on quarter-to-date trends?

季度至今的趨勢還有其他顏色嗎？

And then we've got a follow-up.

然後我們有後續行動。

Yes, I can take that one.

是的，我可以接受那個。

So I think what we're seeing is certainly a continuation of some of the improved activity that we saw in Q4 carrying over into Q1.

因此，我認為我們所看到的肯定是我們在第四季度看到的一些改進活動的延續，並將其延續到第一季。

And I think that's reflected in the guidance that we gave for the first first quarter from a growth perspective, I think that first quarter growth was say 11% to 18% and year over year.

我認為這反映在我們從成長的角度為第一季給出的指導中，我認為第一季的成長率為 11% 至 18%，年成長率為 11% 至 18%。

So mid point issue, our 15% growth, which was which is why we ended up growing in the fourth quarter.

所以中間的問題是，我們成長了 15%，這就是我們最終在第四季成長的原因。

So I think you know that the I would say that the benefit of the timing of this call or the year-end call being a little later in the quarter as you have more data points, right?

所以我想你知道，我想說，這次電話會議或年終電話會議的時間安排在本季晚一點的好處是，因為你有更多的數據點，對嗎？

When when we meet with you all and when we share guidance.

當我們與大家見面並分享指導時。

So I think we're seeing things stabilize.

所以我認為我們正在看到事情趨於穩定。

As I mentioned before, as you look at the verticals, it's still it's still there's still some unevenness, right?

正如我之前提到的，當你觀察垂直方向時，仍然存在一些不均勻，對嗎？

And if you look at things like that, like CPG pharma, though, those are performing well, we really haven't seen a bounce back in finance, tech insurance, those sorts of things.

如果你看看類似的公司，例如 CPG 製藥公司，它們表現良好，但我們確實沒有看到金融、科技保險等領域的反彈。

I mean, just think about the broader economic market and how those companies are performing.

我的意思是，想想更廣泛的經濟市場以及這些公司的表現如何。

And we're seeing the same thing there.

我們在那裡看到了同樣的事情。

So I think there's continued it may be optimism or not, certainly not certainty, but we feel better about it, but I still think there's some room for the market to bounce back altogether, and we're just trying to to balance all those conditions as we as we think about our guidance.

因此，我認為，無論樂觀與否，當然都不確定，但我們對此感覺更好，但我仍然認為市場還有一定的反彈空間，我們只是試圖平衡所有這些條件當我們思考我們的指導時。

Got it.

知道了。

Thank you, Tony.

謝謝你，托尼。

And then just a follow up here on.

然後就在這裡進行後續跟進。

Obviously, one of the big focuses for the year in digital ads is Google Chrome cookie deprecation, how are you thinking about any potential impact on its business from cookie is being replicated and maybe signal loss sort of more broadly in the digital ad ecosystem?

顯然，今年數位廣告領域的一大焦點是 Google Chrome cookie 棄用，您如何看待正在複製的 cookie 對其業務的任何潛在影響，以及數位廣告生態系統中更廣泛的訊號遺失？

Sure.

當然。

The nice thing about CTV.

CTV 的好處。

And now we know connected TV is more than 50% of our activity and revenue and all of it is video all of these TV.

現在我們知道連網電視占我們活動和收入的 50% 以上，而且所有這些電視都是影片。

But on CTV cookies never existed.

但在 CTV 上，cookie 從未存在過。

What's nice about it.

這有什麼好。

And it's good for innovation because it increases the need for a platform new platform like Innovene.

這有利於創新，因為它增加了對像 Innovene 這樣的新平台的需求。

It is the fact that it's a very fragmented in a way.

事實上，它在某種程度上是非常分散的。

There's no standard there's nothing the industry didn't come together to say, let's drop a cookie and it's almost a collection.

沒有任何標準，沒有什麼是行業沒有聯合起來說的，讓我們放一塊餅乾，它幾乎是一個集合。

You could think a bit of a collection of walled gardens where Roku have their own operating system and hardware and Samsung have theirs and some apps like Hulu and Netflix and Disney, they all have their own technologies and they're not looking to share and as something like cookies that will go across devices and cross sell.

你可以認為這是一個圍牆花園的集合，其中Roku 有自己的作業系統和硬件，三星有自己的作業系統和硬件，還有一些應用程序，如Hulu、Netflix 和迪士尼，他們都有自己的技術，並且不希望共享，因為像 cookie 這樣的東西可以跨裝置並交叉銷售。

There's a fragmented environment with close to no standard and the collection of walled gardens.

這裡的環境支離破碎，幾乎沒有標準，還有圍牆花園的集合。

So it cannot be just, you know, Google owning a lot of stuff like they do and where they can have value wildly not picking up the cookies to retract value maybe to other players that does not exist in CTV.

所以，你知道，Google不能像他們一樣擁有很多東西，而且他們可以瘋狂地擁有價值，而不是拿起cookie來收回可能對CTV中不存在的其他玩家的價值。

So basically on so nothing is going away and we've been at this for many, many years.

所以基本上一切都不會消失，我們已經在這方面做了很多很多年了。

So the fact of where the ad server and we actually physically stream the ads.

事實上，廣告伺服器和我們實際上在哪裡傳輸廣告。

So the creative of the, let's say, GM as a customer.

比如說，作為客戶的通用汽車的創意。

So when you see a GM at in the US on a CTD., we're physically streaming into your Samsung TV, Roku device inside the Hulu app.

因此，當您在美國透過 CTD 看到 GM 時，我們會透過 Hulu 應用程式將內容實際傳輸到您的三星電視、Roku 裝置中。

So we have a direct connection to your household in terms of in terms of we have a front seat, let's put it this whatever data is available to have access to this data and start to build our own household graph, which is called Innovene.

因此，我們與您的家庭有直接的聯繫，因為我們有一個前座，讓我們把任何可用的數據都可以存取這些數據，並開始建立我們自己的家庭圖表，稱為 Innovene。

So we have our own identity solution.

所以我們有自己的身份解決方案。

We partner with other identity providers, but there's nothing that's going away from the CTV ecosystem that's going to change anything dramatically during this.

我們與其他身分提供者合作，但 CTV 生態系統中沒有任何東西會在此期間發生巨大變化。

So that's not an exposure for us.

所以這對我們來說不是一次曝光。

And I would say it was actually an advantage that innovate have in the CTV market.

我想說這其實是創新在 CTV 市場上的優勢。

Very helpful.

很有幫助。

Thank you, Zvika.

謝謝你，茲維卡。

Laura Martin, Needham & Company.

勞拉馬丁，李約瑟公司。

Good morning, guys.

早上好傢伙。

On move more onto who perspective for you.

多關注誰對你的看法。

I'd like to drill down into competition.

我想深入研究競爭。

So I know your primary competitor, Google, and I'm wondering if with all of their focus on Gen-i right now, the pressure they're under sort of catch up with CAT.

所以我知道你的主要競爭對手 Google，我想知道他們現在全神貫注於 Gen-i，他們是否面臨著趕上 CAT 的壓力。

If you keep an open eye.

如果你睜大眼睛。

I am wondering if that helps you Coke or client or if the rise of G&A, I would you would you guys are integrating one YAI into your product.

我想知道這是否對您可口可樂或客戶有幫助，或者如果 G&A 的興起，我希望你們將一個 YAI 整合到您的產品中。

So the competitive landscape over the next three years back towards them because they are in the press every day with some mishap in AI., which means everyone knows other clients know that there's sort of an AI. leader, so you cut, can you talk about the competitive landscape, basically your primary competitor, Google?

因此，未來三年的競爭格局將向他們傾斜，因為他們每天都會在媒體上報導人工智慧方面的一些事故，這意味著每個人都知道其他客戶知道存在某種人工智慧。領導者，那麼您能談談競爭格局嗎？基本上是您的主要競爭對手，Google？

And then Tony, for you, I wanted to better understand and you sort of talked twice on this business staying with creative at CES on this.

然後托尼，對於你來說，我想更好地理解，你在 CES 上就這個問題談了兩次創意。

And so my question is, how do you get paid for that.

所以我的問題是，你要如何獲得報酬。

Is that an upsell to your ad insertion or is it three with your ad insertion or is it added onto the linear measurement?

這是對您的廣告插入的追加銷售，還是對您的廣告插入的追加銷售，還是添加到線性測量中？

Like how do you get paid that extra creative piece?

例如你如何獲得額外創意作品的報酬？

Or is it just something that you give free and it's not like a marketing cost?

或者這只是您免費提供的東西，而不是行銷費用？

Is that for somebody to pay?

這是要別人付錢嗎？

Yes, $0.3 per ad-serving per thousand.

是的，每千人每次廣告投放 0.3 美元。

Thanks, Laura, and thank you for the question.

謝謝勞拉，也謝謝你提出這個問題。

Always an exciting topic.

永遠是一個令人興奮的話題。

I wanted to visit a I and the entire script.

我想參觀一個我和整個劇本。

I'm not sure because we're very being pretty careful not to overuse that because these days, everything is AI., but clearly you're talking about big tech.

我不確定，因為我們非常小心，不要過度使用它，因為現在一切都是人工智慧。但顯然你正在談論大型科技。

So anywhere between Amazon and Google, E&O and of course, Microsoft and Facebook, you know there are that there is almost like an arms race and for having the most advanced AI, which I have to say as a citizen of the world is rather rather scary on those levels, right?

因此，在亞馬遜和谷歌、E&O，當然還有微軟和Facebook 之間，你知道，這幾乎就像一場軍備競賽，為了擁有最先進的人工智慧，我不得不說，作為一個世界公民，這幾乎是一場軍備競賽。在這些層面上很可怕，對吧？

Because they're they're pushing the frontiers of AI. not to do better at serving or better trafficking or even optimization, right?

因為他們正在推動人工智慧的前沿。不是為了更好的服務或更好的流量甚至優化，對吧？

It's to a much, much much higher levels.

這是一個非常非常高的水平。

So in our modest world, the fact that a lot of energy is going towards that.

因此，在我們這個樸實的世界裡，事實上，大量的精力都朝著這個方向發展。

And I can only repeat, you know, it's public information that in terms of some of these organizations and the go ahead had layoffs, another wave of layoffs.

我只能重複一遍，你知道，公開資訊表明，其中一些組織和未來進行了裁員，又一波裁員。

And you could see where they're investing in the word you're investing less.

你可以透過你投資較少的字詞來了解他們在哪裡投資。

So am actually in terms of sales and marketing efforts around some of their tech infrastructure.

事實上，圍繞著一些技術基礎設施的銷售和行銷工作也是如此。

I think they had some of the investment.

我認為他們有一些投資。

It's what they invest less and that is absolutely great for us.

這就是他們投資較少的原因，這對我們來說絕對是好事。

I feel it's kind of a symbol of the fact that the market is kind of saturated from a Google perspective.

我覺得從Google的角度來看，這象徵著市場已經飽和。

And in terms of the ROIND. are absolutely losing shares and different fronts where on the other part, they have DSP front, they have several front.

就 ROIND 而言。絕對是在失去份額，而且不同的戰線在另一方面，他們有 DSP 戰線，他們有幾個戰線。

So from us from our perspective, it's good news and the fact that though I would say we're not day-to-day head to head with them.

因此，從我們的角度來看，這是個好消息，事實上，儘管我想說，我們並不是每天都與他們正面交鋒。

Yes, we're taking customers of that platform.

是的，我們正在吸引該平台的客戶。

The decision to move to innovate is beyond sales and relationship and marketing it's a very strategic decision in terms of where you want your data to be, what the normal, how do you want to align yourself with a partner on in an interesting way, it's connected to a eye because data is the fuel to it.

轉向創新的決定超出了銷售、關係和行銷的範圍，這是一個非常具有戰略意義的決策，涉及到您希望數據在哪裡、什麼是正常情況、您希望如何以有趣的方式與合作夥伴保持一致，這是連接到眼睛，因為數據是它的燃料。

So let's say you are the largest auto manufacturer last largest CPG manufacturer, have a lot of data or big publisher.

假設您是最大的汽車製造商最後最大的 CPG 製造商，擁有大量數據或大發布商。

You really want that you want to own this data.

您確實希望擁有這些數據。

How comfortable you are that all your data, these are all your advertising and marketing data will be in the hands of one of the big tech that in oh, God forbid might be used for other things.

當你的所有數據，這些是你所有的廣告和行銷數據都將掌握在一家大型科技公司手中時，你會感到多麼舒服，哦，上帝保佑，這些數據可能會被用於其他事情。

So that concept is we've been driving our increase in market share in the last eight years.

所以這個概念是我們在過去八年裡一直在推動市場佔有率的成長。

So I think that will accelerate the antitrust.

所以我認為這將加速反壟斷。

That seems to be something behind us.

這似乎是我們身後的事。

It's not and the focus on the neutrality and the need to do not separate platform and acting and manipulating the platform is still a huge deal for advertisers.

事實並非如此，對中立性的關注以及不分離平台的需要以及對平台的行動和操縱對於廣告商來說仍然是一件大事。

So we're very optimistic on that front.

所以我們對此非常樂觀。

And we see no reason for this to reverse and it does have on our usage in our back to fresh lettuce question in terms I'll call it optimization and some of it is driven with a I we already shared some exciting things on Investor Day and kind of Alpha demo.

我們認為沒有理由扭轉這種情況，它確實對我們在新鮮生菜問題中的使用產生了影響，我稱之為優化，其中一些是由我驅動的，我們已經在投資者日分享了一些令人興奮的事情，一種阿爾法演示。

And some of these things are now in beta in market live.

其中一些東西現在正在市場上進行測試。

And I cannot wait to share with you and the rest of the audience.

我迫不及待地想與您和其他觀眾分享。

Some of those ones still go into general availability to show where we're actually moving the needle for our customers and helping them reduce waste, reduce carbon footprint and achieve better outcomes with less a minimum with a smaller investment.

其中一些產品仍將全面上市，以展示我們實際上為客戶帶來了什麼，幫助他們減少浪費、減少碳足跡，並以更少的投資以更少的最低限度實現更好的結果。

So I think I believe the market would be excited about this and looking forward to share it throughout the year.

因此，我認為市場會對此感到興奮，並期待全年分享它。

And Tony, I think you had the other question about this.

東尼，我想你對此還有其他問題。

Yeah, can I instantly take that on the OpEx?

是的，我可以立即將其納入 OpEx 嗎？

Thanks Laura for this.

謝謝勞拉。

It's pretty exciting for us.

這對我們來說非常令人興奮。

And this concept of real-time measurement we think can can really make a difference.

我們認為這種即時測量的概念確實可以發揮作用。

And so the way those arrangements works, it is a measurement arrangement.

因此，這些安排的運作方式是一種衡量安排。

As we've talked about before, there's a component of measurement.

正如我們之前討論過的，有一個測量的組成部分。

That's like a SaaS model where it's fixed.

這就像一個固定的 SaaS 模型。

And there's also a provision for upside based on usage.

而且也根據使用情況提供了上升空間。

So where we where we see that making a difference for us is this functionality we think will drive more usage just because of its utility and its value for our customers.

因此，我們認為該功能對我們產生了影響，我們認為它會推動更多的使用，因為它的實用性和對我們客戶的價值。

So that's kind of how the economics work around.

這就是經濟學的運作方式。

Again, if there's a fixed piece, which is like a SaaS model and then some some usage usage based around the or around the actual measurement.

同樣，如果有一個固定的部分，就像 SaaS 模型，然後是一些基於或圍繞實際測量的使用情況。

And there is some real-time creative in there as well.

那裡也有一些即時創意。

So it kind of checks all that, the main boxes of what we're doing from the ad serving the measurement and then the DCO are creative.

因此，它會檢查所有這些內容，我們從提供測量的廣告中所做的主要工作，然後 DCO 是否具有創意。

Thanks very much, sir.

非常感謝，先生。

Thank you.

謝謝。

[Matt Congdon, JMP Securities].

[馬特康登，JMP 證券]。

Thanks for taking my question.

感謝您提出我的問題。

I had two, if I could.

如果可以的話，我有兩個。

Maybe just on the measurement side, revenue accelerated nicely in the quarter.

也許只是在衡量方面，本季的營收成長良好。

Can you talk about the drivers there and what we can expect heading into 2024?

您能談談那裡的驅動因素以及我們對 2024 年的預期嗎？

And then also, last week, you announced the launch of a self-service feature within your CTV Composer.

另外，上週，您宣佈在 CTV Composer 中推出自助服務功能。

Just stepping back, can you talk about what needs to happen in order for more SMB budgets?The

退一步，您能談談需要做什麼才能獲得更多的中小企業預算嗎？

shift will shift over time, TV?

轉變會隨著時間的推移而轉變，電視？

Yes, sure.

是的，當然。

I can I can take the first part of that and our measurement on, yes, we had a nice quarter for measurement in Q4.

我可以，我可以採取第一部分和我們的測量，是的，我們在第四季度有一個很好的測量季度。

And as I just mentioned, to lower mean that that model is there's a blend of SaaS or a used a license fee, if you will, or software usage fees.

正如我剛才提到的，降低意味著模型混合了 SaaS 或使用許可費（如果您願意的話）或軟體使用費。

And that's that's fixed it and then some upside on top of that.

就這樣解決了它，然後還有一些好處。

So I think what we're seeing is kind of both of those increasing where as our base grows on the SaaS model typically builds on itself over time as you add more customers and you get that concept of of recurring revenue and then you have to effectively the kicker on top of that, which is the usage base.

因此，我認為我們所看到的是，隨著我們的基礎在SaaS 模型上成長，隨著時間的推移，隨著您添加更多客戶，您將獲得經常性收入的概念，然後您必須有效地建立自己的基礎，這兩種情況都會增加。最重要的是，這是使用基礎。

So I think for us, measurement has been have been a big area of focus.

所以我認為對我們來說，衡量一直是重點關注領域。

And even with the changes we made in the go-to-market organization, I think we're having successful conversations with our customers around more of a holistic approach for them, including an ad serving and measurement.

即使我們在進入市場組織中做出了改變，我認為我們仍在與客戶進行成功的對話，並圍繞他們更全面的方法進行對話，包括廣告服務和衡量。

So we'd expect that base to continue to grow and things like, again with the conversation we just had about the real-time measurement, the more that we can connect these capabilities together, we see that we see the usage going up.

因此，我們預計該基礎將繼續增長，就像我們剛剛進行的有關即時測量的對話一樣，我們將這些功能連接在一起的次數越多，我們就會看到使用率正在上升。

I would expect kind of both of those parts of it to continue to increase over the course of the year.

我預計這兩個部分在這一年都會繼續增長。

It's going to be out of that.

一切都會過去的。

Zvik, the second half of the question over to you.

Zvik，問題的後半部交給你了。

Yes, absolutely and I was on mute.

是的，絕對是，而且我處於靜音狀態。

So I was midway already and the So thanks for the question.

所以我已經中途了，所以謝謝你的問題。

So we are specifically on CTV Composer.

所以我們專門研究 CTV Composer。

It transmits a critical.

它傳輸一個臨界值。

It's a critical.

這是一個批評。

It's a very unique part of piece of technology.

這是一項非常獨特的技術部分。

And if it happens, it's definitely critical to the future.

如果它發生了，那對未來來說絕對至關重要。

You ask about the documents then be I would say I still feel on where the early days of really advanced CTV advertising.

如果你問起這些文件，我會說我仍然對早期真正先進的 CTV 廣告有感覺。

We released this the core offering several years ago.

我們幾年前發布了這個核心產品。

And I would say to this day, I believe we're the only company in the world that offers you a tool that you can create interactive CTV ads actually engage with everyone that everything at scale that can run across to self-service that could run across multiple devices and platforms.

我想說，直到今天，我相信我們是世界上唯一一家為您提供一種工具的公司，您可以使用該工具創建互動式CTV 廣告，真正與每個人互動，一切都可以大規模運行，可以運行自助服務跨多個裝置和平台。

What is standard these days in HTML, you can take any document or design tool and save as HTML. and publishers on the web and CTV, there is no such thing as HTML on purpose, as I said earlier to one of the questions on cookies and CTV is still on kind of a multi-wall guard and everybody wants to get a bigger share.

如今 HTML 已成為標準，您可以將任何文件或設計工具儲存為 HTML。以及網路和CTV 上的發布商，故意不存在HTML 之類的東西，正如我之前在關於cookie 的一個問題中所說的那樣，CTV 仍然處於一種多牆防護狀態，每個人都希望獲得更大的份額。

So they're building walls around their technology, their audience, depending what they are selling, if you're selling a device like Roku or Samsung or video or you sell content like Disney or Netflix audiences, et cetera.

因此，他們圍繞自己的技術和受眾築起了圍牆，具體取決於他們銷售的產品，如果你銷售的是 Roku 或三星等設備或視頻，或者你銷售的是迪士尼或 Netflix 受眾等內容，等等。

So everybody's trying to so there's no standard.

所以每個人都在努力，所以沒有標準。

So we have the only tool that can actually create an interactive ad that will work on Amazon Fire and Apple TV or Roku with a different remotes, et cetera.

因此，我們擁有唯一可以實際創建互動式廣告的工具，該廣告可以在具有不同遙控器的 Amazon Fire 和 Apple TV 或 Roku 等裝置上運行。

So it's very, very advanced technology.

所以這是非常非常先進的技術。

It has an SDK that sits actually on the device and the app, then an offering to.

它有一個實際位於設備和應用程式上的 SDK，然後提供。

So in general, regardless of the the advertiser is huge CPG or DSMB., it's a very unique piece of technology.

所以總的來說，無論廣告商是大型 CPG 還是 DSMB，這都是一項非常獨特的技術。

So I believe and by the way was used, we don't see it later on maybe in the press release, but this technology was used in the largest sports event in the US that was recently aired, if I can be within the the boundaries of what we can say with some of the large advertisers that render.

所以我相信，順便說一句，我們可能在以後的新聞稿中看不到它，但這項技術被用在最近播出的美國最大的體育賽事中，如果我能在範圍內的話我們可以對一些大型廣告商說些什麼。

So this is live in production at massive scale.

所以這是大規模的現場生產。

I still feel it's early days even for the large advertisers to use like click to buy, move to card.

我仍然覺得，即使對於大型廣告商來說，使用「點擊購買」、「轉向卡片」等方式還為時過早。

When I watch more send me a coupon there's plenty of things you could do on using this tool.

當我觀看更多時，請向我發送優惠券，使用此工具您可以做很多事情。

I still think we're at a very small percentage of users.

我仍然認為我們的用戶比例非常小。

So there's a huge upside there, even with the largest advertisers as it goes to SMBs, I feel the platforms like YouTube, the DSPs are the ones who will gain, you know, early adoption with the SMBs because you don't need massive scale, you can go to a single platform where inevitably shines is when you need to run across multiple walled gardens, let's call it this way.

因此，即使有最大的廣告商面向中小型企業，我也認為像 YouTube、DSP 這樣的平台將獲得中小型企業的早期採用，因為您不需要大規模，你可以去一個單一的平台，當你需要穿過多個圍牆花園時，這個平台不可避免地會發光，讓我們這樣稱呼它。

And in that case, that's where our unique proposition.

在這種情況下，這就是我們獨特的主張。

I absolutely see a world where we'll have those smaller advertisers use these type of technologies.

我絕對相信那些較小的廣告商會使用這些類型的技術。

But just to give you a sense, you take the top 200 TV advertisers in the US, they represent about 75% to 80% of the spend.

但為了給你一個感覺，你拿美國前 200 名電視廣告商來說，他們佔了大約 75% 到 80% 的支出。

So the actual amount of dollars that SMBs even medium is really marginal.

因此，即使是中等規模的中小企業，其實際投入的美元數量也非常微不足道。

The real big needle movers are the guys who are sorry, the brands who spent billions of dollars on television, and that will be large CPGs, large auto pharma, telco and half of those top 200 are already innovate customers.

真正的大推動者是那些道歉的人，那些在電視上花費了數十億美元的品牌，這將是大型消費品公司、大型汽車製藥公司、電信公司，而前200 強中有一半已經是創新客戶。

Our focuses first and foremost, is to get the other half because then we'll if we can get to a point that we have more than 50% market share, and we'll be actually bigger than Google, which is hard to believe, but we're actually on a journey to achieve that.

我們首先關注的重點是獲得另一半，因為如果我們能夠達到超過 50% 的市場份額，我們實際上就會比谷歌更大，這很難相信，但我們實際上正在努力實現這一目標。

And that's where we laser focus not on the mid and long term.

這就是我們重點關注的地方，而不是中長期。

Very helpful.

很有幫助。

Thank you.

謝謝。

Thank you.

謝謝。

This concludes our question and answer session.

我們的問答環節到此結束。

I would like to turn the floor back over to Zvika for closing comments.

我想將發言權轉回茲維卡以徵求結束意見。

Thank you, operator, and thank you, everybody, for joining.

謝謝運營商，也謝謝大家的加入。

As you heard done.

正如你所聽到的。

Thanks for those who congratulated us on the quarter and the year.

感謝那些在本季度和本年度祝賀我們的人。

Definitely 2023 was started as a challenging year.

毫無疑問，2023 年一開始就是充滿挑戰的一年。

I'm extremely proud of the team and we are in a we we only added more than half of our executive team or executives had that joined us this year.

我為這個團隊感到非常自豪，我們今年只增加了一半以上的執行團隊或高階主管。

They got onboarded some of them three months ago.

他們中的一些人三個月前就加入了。

I mean it was like 26 months ago and some of them like the chief commercial officer a year ago, the beauty of it in 2023, 2024, everybody's onboard, everybody fully aligned.

我的意思是，就像 26 個月前一樣，其中一些就像一年前的首席商務官一樣，2023 年、2024 年的美好時光，每個人都在船上，每個人都完全一致。

The goal of everybody joining us was not and to deliver Q4.

每個加入我們的人的目標不是交付第四季的業績。

The goal was to deliver 2024, 2025 really accelerated growth, double digit growth, pushing the company towards Rule of 40 and above positive free cash flow.

我們的目標是在 2024 年、2025 年實現真正的加速成長，兩位數的成長，推動公司實現 40 規則及以上的正自由現金流。

And the same time as we just spoke about, continue our commitment to innovation, keep releasing products that the market needs that will basically create a better ecosystem for the advertisers.

正如我們剛才談到的，繼續我們對創新的承諾，不斷發布市場所需的產品，這基本上將為廣告商創造一個更好的生態系統。

The of course, the agencies, the brands the publishers.

當然，還有代理商、品牌和出版商。

And if you ask them myself because are their time is dedicated to making and industry so successful.

如果你問他們自己，他們的時間是否致力於讓產業如此成功。

So very proud, very excited about what's to come thank you for being here and listening and following the company, which you all a beautiful 2024 and a great day.

對於即將發生的事情，我感到非常自豪和興奮，感謝你們來到這裡聆聽並關注公司，祝你們 2024 年是美好的，也是美好的一天。

Thank you very much.

非常感謝。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。