Direct Digital Holdings Inc (DRCT) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Direct Digital Holdings first quarter 2025 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. (Operator Instructions)

感謝您的支持。我叫蒂娜，今天我將擔任您的會議接線生。現在，我歡迎大家參加 Direct Digital Holdings 2025 年第一季財報電話會議。所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。（操作員指示）

Thank you. I would now like to turn the call over to Jennifer Belodeau, IMS Investor Relations. Please go ahead.

謝謝。現在我想將電話轉給 IMS 投資者關係部的 Jennifer Belodeau。請繼續。

Good afternoon, everyone, and welcome to Direct Digital Holdings first quarter 2025 earnings conference call. On today's call are Direct Digital Holdings Chairman and Chief Executive Officer Mark Walker and Chief Financial Officer Diana Diaz.

大家下午好，歡迎參加 Direct Digital Holdings 2025 年第一季財報電話會議。參加今天電話會議的有 Direct Digital Holdings 董事長兼執行長 Mark Walker 和財務長 Diana Diaz。

Information discussed today is qualified in its entirety with the Form 8-K and accompanying earnings release, which has been filed today by Direct Digital Holdings, which may be accessed at the SEC's website and the company's websites.

今天討論的資訊完全符合 Direct Digital Holdings 今天提交的 8-K 表格和隨附的收益報告的要求，可在美國證券交易委員會網站和該公司網站上查閱。

Today's call is also being webcast, and a replay will be posted to DRCT's investor relations website. Immediately following the speaker's presentation, there will be a question and answer session. Please note that the statements made during the call, including financial projections or other statements that are not historical in nature, may constitute forward-looking statements. These statements are made on the basis of DRCT's views and assumptions regarding future events and business performance at the time they are made, and we do not undertake any obligation to update these statements.

今天的電話會議也將進行網路直播，重播將發佈到 DRCT 的投資者關係網站上。演講者演講結束後，將立即進行問答環節。請注意，電話會議中所做的陳述，包括財務預測或其他非歷史性質的陳述，可能構成前瞻性陳述。這些聲明是基於 DRCT 對未來事件和業務表現的看法和假設而做出的，我們不承擔更新這些聲明的任何義務。

Forward-looking statements are subject to risks, which could cause DRCT's actual results to differ from its historical results and forecasts, including those risks set forth in DRCT's filings at the SEC, and you should refer to those for more information. This cautionary statement applies to all forward-looking statements made during this call. During this call, DRCT will be referring to non-GAAP financial measures.

前瞻性陳述受風險影響，可能導致 DRCT 的實際結果與其歷史結果和預測不同，包括 DRCT 向美國證券交易委員會提交的文件中列出的風險，您應參考這些風險以獲取更多資訊。此警告聲明適用於本次電話會議期間所做的所有前瞻性陳述。在本次電話會議中，DRCT 將參考非 GAAP 財務指標。

These non-GAAP measures are not prepared in accordance with generally accepted accounting principles. Reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is available in the earnings release the DRCT filed in its Form 8-K today. Now I'll hand over the conference call to Mark Walker, Chief Executive Officer. Please go ahead, Mark.

這些非公認會計準則指標並非依照公認會計原則編製。非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳表可在 DRCT 今天提交的 8-K 表格收益報告中查閱。現在我將電話會議交給執行長馬克沃克。請繼續，馬克。

Thanks, Jen, and thank you to everyone joining our call this evening. I'll start by reviewing some of the highlights of our operations of financial results during the first quarter before turning the call over to our Chief Financial Officer, Diana Diaz, for a more detailed look at our financial results. We'll conclude by opening the call for a brief Q&A.

謝謝，Jen，也謝謝今晚參加我們電話會議的所有人。我將首先回顧第一季度財務業績的一些亮點，然後將電話轉給我們的財務長戴安娜·迪亞茲，讓她更詳細地了解我們的財務表現。最後，我們將開始簡短的問答環節。

As we began to move through 2025, our focus is on scaling our buy-side solution and rebuilding our sell-side business to drive consolidated revenue growth throughout the fiscal year.

隨著我們開始邁入 2025 年，我們的重點是擴大買方解決方案並重建賣方業務，以推動整個財政年度的綜合收入成長。

In the first quarter, we recognized consolidated revenue of $8.2 million including $6.1 million in revenue from our buy-side segment, a 6% increase compared to buy-side revenue in the first quarter of 2024. The increase included growth from customers and new verticals of $1.2 million.

第一季度，我們確認的綜合收入為 820 萬美元，其中包括來自買方部門的 610 萬美元收入，與 2024 年第一季的買方收入相比增長了 6%。成長包括來自客戶和新垂直領域的 120 萬美元的成長。

Sequentially, our first quarter sell-side revenue of $2 million was relatively consistent with fourth quarter sell-side revenue of $2.7 million, demonstrating an encouraging trend given that our fourth quarter is typically the strongest driven by increased activity around the holidays, and our fourth quarter 2024 included $700,000 of political spent.

連續而言，我們第一季的賣方收入為 200 萬美元，與第四季度的賣方收入 270 萬美元基本上一致，這表明一個令人鼓舞的趨勢，因為我們的第四季度通常是受假期期間活動增加推動最強勁的，而且我們 2024 年第四季度包括 70 萬美元的政治支出。

So we are pleased with the performance of our sell-side segment in Q1 and continue to focus our efforts on scaling this segment to drive consolidated revenue growth.

因此，我們對第一季賣方部門的表現感到滿意，並將繼續致力於擴大該部門的規模，以推動綜合收入成長。

In the first quarter of 2025, we continue to see the impact of the disruption of our cell side business during the previous year resulting from multiple short attacks. As many of you are already aware, a market discredited blog posts against our supply side platform, Colossus SSP, in mid May of 2024 caused an unexpected business disruption amongst our partners, advertisers, and clients.

2025 年第一季度，我們繼續看到上一年因多次短線攻擊而導致的蜂窩端業務中斷的影響。你們中的許多人已經知道，2024 年 5 月中旬，市場發布了針對我們的供應方平台 Colossus SSP 的負面部落格文章，這導致我們的合作夥伴、廣告商和客戶的業務意外中斷。

As we continue to repair the business and reconstitute our relationships, volumes have not yet returned to pre-pause levels, and this caused a meaningful reduction in our 2024 revenues and also impacted the first quarter of 2025.

隨著我們繼續修復業務並重建關係，業務量尚未恢復到暫停前的水平，這導致我們 2024 年的收入大幅減少，也影響了 2025 年第一季。

We've been working diligently with our multinational HOCO agency partners, our Fortune 500 brand partners, and demand-side partners to resume or increase activity once direct connections are fully integrated in the second half of 2025. And we're pleased by their ongoing commitment to Direct Digital as we build our business back to previous levels.

我們一直在與跨國 HOCO 代理商合作夥伴、財富 500 強品牌合作夥伴以及需求方合作夥伴密切合作，以便在 2025 年下半年直接連接完全整合後恢復或增加活動。我們很高興看到他們對 Direct Digital 的持續承諾，讓我們的業務恢復到了以前的水平。

Our focus in 2025 is on driving growth and value for our shareholders. We've launched several initiatives to drive our progress, including revenue optimization efforts to diversify our revenue base and cost saving initiatives to drive reductions in operating expenses and enhance operational efficiencies.

2025 年，我們的重點是推動股東的成長和價值。我們已推出多項措施來推動我們的進步，包括努力優化收入以多元化我們的收入基礎，以及採取節省成本的措施來降低營運費用並提高營運效率。

In the first quarter of 2025, we reduced operating expenses by nearly $1.5 million, or approximately 19% when compared to the first quarter of 2024. We continue to evaluate the optimal personnel and cost structure for our business.

2025 年第一季度，與 2024 年第一季相比，我們的營運費用減少了近 150 萬美元，約佔 19%。我們將繼續評估適合我們業務的最佳人員和成本結構。

At the business unit level, the unification of our two buy side platforms into Orange 142 has allowed us to better service small to mid-sized clients who represent a significant growth opportunity for our business. Small and mid-sized clients are increasingly shifting their advertising dollars to focus more on digital advertising.

在業務部門層面，將我們的兩個買方平台統一為 Orange 142 使我們能夠更好地服務中小型客戶，這對我們的業務來說是一個重大的成長機會。中小型客戶越來越多地將廣告費用轉向數位廣告。

By intentionally focusing on this segment of the market, Direct Digital can provide the support these clients need to help navigate the complexities of digital advertising and optimize the return on ad spend and emerging technologies and high growth channels including AI, connected TV, retail media, and more.

透過有意關注這個細分市場，Direct Digital 可以為這些客戶提供所需的支持，幫助他們應對數位廣告的複雜性，優化廣告支出回報率以及新興技術和高成長管道，包括人工智慧、連網電視、零售媒體等。

As we mentioned last quarter, we brought on several clients across some of these new verticals which are expected to generate additional incremental revenue in the range of $5 million to $10 million in 2025. We expect to see the impact of these new clients continuing into the second quarter of 2025 revenues.

正如我們上個季度提到的，我們在一些新的垂直領域引入了幾個客戶，預計這些客戶將在 2025 年產生 500 萬至 1000 萬美元的額外增量收入。我們預計這些新客戶的影響將持續到 2025 年第二季的營收。

On the sell side, we launched Colossus Connection in the third quarter of 2024 to accelerate direct integration efforts with leading demand-side platforms. We established this offering to optimize supply path efficiency for our advertising clients through direct connections with top demand-side platforms, which ultimately provides advertisers with improved access to demand and cost savings, and we're seeing some encouraging early results.

在賣方方面，我們在 2024 年第三季推出了 Colossus Connection，以加速與領先需求方平台的直接整合工作。我們建立這項服務是為了透過與頂級需求方平台的直接連接來優化我們廣告客戶的供應路徑效率，最終為廣告商提供更好的需求管道並節省成本，而且我們看到了一些令人鼓舞的早期成果。

As we've stated previously, we've already signed up two of the leading marketplace partners in this segment. We have also recently added several mid-tier DSP partners who are near completion with integrations.

正如我們之前所說，我們已經與該領域的兩家領先的市場合作夥伴簽約。我們最近還增加了幾個中型 DSP 合作夥伴，他們的整合工作即將完成。

We're also pursuing alternative intermediaries and pathways to send buyer spend to our publishers. We expect to see the impact of these new partners on our revenues once integration has been completed in the second half of 2025.

我們也正在尋求替代中介機構和途徑，以便將買家的支出發送給我們的出版商。我們預計，一旦 2025 年下半年整合完成，這些新合作夥伴將對我們的收入產生影響。

In addition to our revenue diversification strategy, we've implemented cost saving initiatives across our business with the goal of reducing some of our ongoing expenses and enhancing operational efficiencies. In the first quarter of 2025, we reduced total operating expenses by 19% compared to the prior year period.

除了收入多元化策略外，我們還在整個業務範圍內實施了成本節約舉措，目的是減少一些持續開支並提高營運效率。2025 年第一季度，我們的總營運費用與去年同期相比減少了 19%。

Diana will elaborate on this in her prepared remarks, but at a high level, we've taken a close look at our cost structure and expenses. And we're strategically reallocating capital to invest in the long-term growth of our business. From a liquidity perspective, we continue to selectively pursue strategic financing. We're optimistic about our prospects for securing the necessary capital to support the growth of our business.

戴安娜將在她準備好的演講中詳細闡述這一點，但從高層來看，我們已經仔細審查了我們的成本結構和費用。我們正在策略性地重新分配資本，以投資於業務的長期成長。從流動性角度來看，我們繼續有選擇地尋求策略融資。我們對獲得支持業務成長所需資本的前景感到樂觀。

We're encouraged by our progress in the quarter and excited about what's ahead for Direct Digital in 2025. We face significant challenges in 2024, and there is still a great deal of work to be done as we continue to recalibrate and rebuild our business. That being said, we believe that we are well positioned with the revitalized model, prudent cost management strategies, and strong demand for our products and services.

我們對本季的進展感到鼓舞，並對 Direct Digital 在 2025 年的發展前景感到興奮。2024 年，我們面臨重大挑戰，在繼續調整和重建業務的過程中，我們仍有大量工作要做。話雖如此，我們相信，憑藉振興的模式、審慎的成本管理策略以及對我們產品和服務的強勁需求，我們處於有利地位。

With our visibility today, we maintain our revenue guidance of $90 million to 110 million for full year 2025, supported by growth in both our buy-side and sell-side segments. And we look forward to driving enhanced value for our shareholders as we move through the balance of 2025.

鑑於我們目前的狀況，我們維持 2025 年全年 9,000 萬至 1.1 億美元的收入預期，這得益於買方和賣方部門的成長。我們期待在 2025 年餘下的時間為股東創造更高的價值。

As we mentioned in our 2024 year end earnings call, in particular, we expect the second half of 2025 to deliver strong gains as we experience the full effect of new direct-side partners coming online. I will now hand things over to Diana Diaz, our Chief Financial Officer, who will walk through some of the financial highlights in further detail.

正如我們在 2024 年年終收益電話會議上特別提到的那樣，我們預計 2025 年下半年將實現強勁增長，因為我們將充分感受到新直接合作夥伴上線帶來的積極影響。現在，我將把事情交給我們的財務長戴安娜·迪亞茲 (Diana Diaz)，她將進一步詳細介紹一些財務亮點。

Thank you, Mark, and good evening, everyone. I will now provide a review of our first quarter 2025 results. Consolidated revenue in the first quarter of 2025 was $8.2 million a decrease of $14.1 million compared with revenue of $22.3 million in the first quarter of 2024.

謝謝你，馬克，大家晚上好。我現在將回顧我們 2025 年第一季的業績。2025 年第一季綜合營收為 820 萬美元，與 2024 年第一季的 2,230 萬美元相比減少了 1,410 萬美元。

Sell-side revenue was $2 million in the first quarter compared with $16.5 million in the first quarter of 2024. The decrease in sell-side advertising revenue was primarily related to a decrease in impression inventory when compared to the first quarter of 2024.

第一季賣方收入為 200 萬美元，而 2024 年第一季為 1,650 萬美元。與 2024 年第一季相比，賣方廣告收入的下降主要與印象庫存的減少有關。

As Mark said, a market discredited blog post against our supply-side platform Colossus SSP in mid-May 2024 caused an unexpected business disruption amongst our partners, advertisers, and clients. As we continue to repair the business and reconstitute our relationships, volumes have not yet returned to pre-pause levels, and this caused a meaningful reduction in our fiscal year 2024 revenues and also impacted the first quarter of 2025.

正如馬克所說，2024 年 5 月中旬，一篇針對我們的供應方平台 Colossus SSP 的市場負面部落格文章導致我們的合作夥伴、廣告商和客戶的業務意外中斷。隨著我們繼續修復業務並重建關係，業務量尚未恢復到暫停前的水平，這導致我們 2024 財年的收入大幅減少，也影響了 2025 年第一季。

Buy-side revenue of $6.1 million increased approximately 6% compared with the first quarter of 2024, primarily driven by a $1.2 million dollar increase in spending from customers in new verticals. Gross profit dollars decreased to $2.4 billion in the first quarter compared with $5 million in the prior year period. Due to the shift in revenue mix that includes a larger portion of higher margin by side revenue, gross margin for the first quarter of 2025 increased to 29% compared with 22% in the first quarter of 2024.

買方收入為 610 萬美元，與 2024 年第一季相比增長了約 6%，這主要得益於新垂直領域客戶支出增加 120 萬美元。第一季毛利從去年同期的 500 萬美元下降至 24 億美元。由於收入結構的變化，包括利潤率較高的附加收入比例較大，2025 年第一季的毛利率從 2024 年第一季的 22% 上升至 29%。

Moving now to operating expenses, our first quarter 2025 operating expenses were $6.3 million a decrease of 19% or $1.5 million compared with $7.8 million in the same period of 2024. This reduction in operating expenses was primarily related to lower payroll costs and staff reductions made effective July 1, 2024, as part of our internal reorganization strategy and cost saving measures to reduce certain ongoing costs.

現在轉到營運費用，我們 2025 年第一季的營運費用為 630 萬美元，與 2024 年同期的 780 萬美元相比減少了 19% 或 150 萬美元。營運費用的減少主要與工資成本降低和員工裁員有關，這些措施自 2024 年 7 月 1 日起生效，這是我們內部重組策略和成本節約措施的一部分，旨在降低某些持續成本。

Total operating loss for the first quarter was $3.9 million compared to a loss of $2.8 million in the same period of last year. Net loss in the first quarter was $5.9 million or a loss per share of $0.35 compared to a net loss of $3.8 million or a loss of $0.22 per share in the first quarter of 2024.

第一季總營運虧損為 390 萬美元，而去年同期的虧損為 280 萬美元。第一季淨虧損為 590 萬美元，即每股虧損 0.35 美元，而 2024 年第一季淨虧損為 380 萬美元，即每股虧損 0.22 美元。

Adjusted EBITDA for the first quarter was a loss of $3 million compared to an adjusted EBITDA loss of $1.7 million in the same period of 2024. Turning to the balance sheet, we ended the year with cash and cash equivalents of $1.8 million compared to $1.4 million as of December 31, 2024.

第一季調整後 EBITDA 虧損 300 萬美元，而 2024 年同期調整後 EBITDA 虧損 170 萬美元。從資產負債表來看，截至今年底，我們的現金和現金等價物為 180 萬美元，而截至 2024 年 12 月 31 日為 140 萬美元。

Total cash plus our accounts receivable balance as of the quarter end was $6.2 million compared to $6.4 million at year end 2024.

截至季末，現金總額加上應收帳款餘額為 620 萬美元，而 2024 年底為 640 萬美元。

We are actively advancing multiple funding and equity financing pathways with the goal that these efforts will restore Nasdaq compliance, strengthen the company's financial position, and support key growth initiatives.

我們正在積極推動多種融資和股權融資途徑，目標是這些努力將恢復納斯達克合規性，加強公司的財務狀況，並支持關鍵的成長計畫。

Based on our current visibility, we are maintaining our full year revenue guidance of $90 million to $110 million based on the expectations of consolidated revenue growth driven by enhanced buy-side activity and the ongoing recovery of our sell-side segment. And as Mark said, we expect the second half of the year to deliver strong gains as we experience the full effect of new direct sell side partners coming online.

根據我們目前的狀況，我們維持全年收入 9,000 萬至 1.1 億美元的預期，這基於買方活動增強和賣方部門持續復甦推動綜合收入成長的預期。正如馬克所說，隨著我們充分感受到新直銷合作夥伴上線帶來的正面影響，我們預計下半年將實現強勁成長。

Our guidance assumes that the US economy does not have any major economic conditions to deteriorate or otherwise significantly reduce advertiser demand. We plan to offer annual guidance and update it throughout the year.

我們的指導假設美國經濟不會出現任何重大的經濟狀況惡化或以其他方式顯著減少廣告商的需求。我們計劃提供年度指導並全年更新。

I'd like to turn it back over to Mark for some closing comments.

我想把發言權交還給馬克，請他發表一些結束語。

Thank you, Diana, and thank you to everyone for joining. As always, we appreciate your interest in direct digital holdings and are looking forward to answering your questions. Operator, please open the line.

謝謝你，戴安娜，也謝謝大家的參與。像往常一樣，我們感謝您對直接數位資產的關注，並期待回答您的問題。接線員，請接通線路。

(Operator Instructions)

（操作員指示）

Michael Opinski, Noble Capital Markets. Please go ahead.

邁克爾·奧賓斯基 (Michael Opinski)，Noble Capital Markets。請繼續。

Thank you and thanks for taking my questions. I was wondering in terms of the sell-side customer that you -- that cut back last year, I was just wondering if you can give us a sense of maybe in talking to that customer what they might build back in terms of the business and maybe as a percent of 2024 spending levels? If you have any insight there.

謝謝您，也謝謝您回答我的問題。我想知道，就您去年削減支出的賣方客戶而言，在與該客戶交談時，您是否可以讓我們了解一下，在業務方面他們可能會恢復多少，以及 2024 年支出水平的百分比是多少？如果您有任何見解的話。

And then if based on the revenue guide that you're giving for the full year, can you kind of give us a sense of what percent of revenues will be derived from the buy side versus the sell side?

然後，如果根據您提供的全年收入指南，您能否告訴我們來自買方和賣方的收入百分比是多少？

Yeah, no, I appreciate the question, Michael. In regards to the customer from last year, what we are focusing on is all direct -- is to really go for a strategy of direct connection. So what we believe in the most cost efficient way for us to continue to grow the sell-side of our business is through direct relationships with different DSP partners that actually have in the marketplace. And so what we've been working diligently on is making those direct connections with those partners.

是的，不，我很感謝你的提問，麥可。對於去年的客戶，我們關注的都是直接的──真正採取直接聯繫的策略。因此，我們相信，繼續發展我們業務賣方的最具成本效益的方式是透過與市場上實際存在的不同 DSP 合作夥伴建立直接關係。因此，我們一直在努力與這些合作夥伴建立直接聯繫。

What we believe the overall impact of that direct connection will be and the strategy we have with Colossus Connections is really focused in on driving additional top line revenue dollars; increasing our margin profile as it relates to the SSP business because it's direct instead of working through multiple intermediaries; and then we also think that our clients and customers we could see an increase in demand in the future state as it relates to the second half of the year.

我們相信這種直接連接的整體影響以及我們與 Colossus Connections 合作的策略真正專注於推動額外的營業收入；提高與 SSP 業務相關的利潤率，因為它是直接的，而不是透過多個中介機構；然後我們也認為，我們的客戶和客戶可以看到未來與今年下半年相關的需求會增加。

So that's why we maintain a bullish outlook for Q3 and Q4, as we believe some of those relationships will be coming online.

因此，我們對第三季和第四季保持樂觀態度，因為我們相信其中一些關係將會出現。

And then as it relates to your second question that you asked as it relates to the split between buy side, sell side. As we've been working diligently on growing the buy side of our business, we anticipate on what we have projected out for that to be at the $40 million dollar range and then for the sell side of the business to be north of that number, in order to close out the $90 million to $110 million range.

然後，這與您所問的第二個問題有關，即買方和賣方之間的分歧。由於我們一直在努力擴大業務的買方，我們預計業務的銷售額將達到 4,000 萬美元左右，而業務的賣方銷售額將超過這個數字，最終達到 9,000 萬美元至 1.1 億美元的範圍。

Thank you for that color, And just as a quick follow up, in terms of your cost cutting initiatives you mentioned about the payroll cost, and I would assume that most of that would be variable. Do you anticipate that -- kind of give us a sense of maybe the extra efforts that I think you're continuing to look at cost efficiencies and so forth.

感謝您提供的顏色，作為一個快速的跟進，就您提到的有關工資成本的削減舉措而言，我認為其中大部分都是可變的。您是否預料到——請讓我們了解一下，也許您會繼續付出額外的努力來提高成本效率等等。

Is there a dollar amount that you plan to save this year and are those mostly coming from variable cost reductions or I -- can you just kind of give us some color on those efficiencies and when do you expect that you will continue to see those realized?

您計劃今年省下多少錢？這些錢主要來自於降低變動成本嗎？或者您可否向我們詳細介紹一下這些效率？您預計什麼時候能夠繼續實現這些效率？

Yeah, I'm going to turn that over to Diane and answer that question.

是的，我會把這個問題交給黛安來回答。

Sure, Michael. We actually saw those cost reductions in the current order. Our operating expenses were down 19%. And those costs are fixed costs, there are our staff that's on hand working every day and we did cut our staff 20% back on July 1. We saw savings in the second half of last year and we continue to see those in the first quarter and those will be ongoing, so not variable.

當然，邁克爾。我們實際上在當前訂單中看到了這些成本的降低。我們的營運費用下降了19%。這些成本都是固定成本，其中包括我們每天在現場工作的員工，我們確實在 7 月 1 日裁掉了 20% 的員工。我們在去年下半年看到了節省，並且我們在第一季繼續看到這種節省，而且這種節省將持續下去，因此不會發生變化。

Gotcha. I appreciate that. That's all I have. Thank you very much and good luck to you guys.

明白了。我很感激。這就是我所擁有的一切。非常感謝，祝你們好運。

Thank you.

謝謝。

Thank you, Michael.

謝謝你，麥可。

(Operator Instructions) Daniel Kurnos, Benchmark. Please go ahead.

（操作員指示） Daniel Kurnos，基準。請繼續。

Yeah, great, thanks. Just real quick, Mark, just how quickly are these integrations going to ramp with DSPs and do you have any thoughts on sort of the broader marketplace given kind of the carnage in the Google space? Thanks.

是的，太好了，謝謝。馬克，請問您一下，這些與 DSP 的整合將以多快的速度發展？考慮到 Google 領域的慘淡經營，您對更廣泛的市場有何看法？謝謝。

Okay. Yeah, absolutely. Yeah, I think, with the cookie deprecation on again, off again relationship, I think for the foreseeable future, I don't think cookies are going to go anywhere. I do think alternative IDs are still going to have an impact in the marketplace. And I think we're already seeing other partners actually leveraging some of those third party cookies that are actually out there.

好的。是的，絕對是如此。是的，我認為，隨著 Cookie 棄用和取消的關係不斷變化，我認為在可預見的未來，Cookie 不會消失。我確實認為替代身分證仍會對市場產生影響。我認為我們已經看到其他合作夥伴實際上正在利用一些現有的第三方 cookie。

So I think those are going to be a permanent part of the overall infrastructure. With regards to the breaking up of Google, if you will, between their ad tech business and all the rest of their businesses, I think it's so -- we're in a wait and see mode on that.

所以我認為它們將成為整體基礎設施的永久組成部分。關於谷歌的拆分，如果你願意的話，將其廣告技術業務與所有其他業務拆分開來，我認為——我們對此持觀望態度。

I think there's a lot of moving pieces as it relates to the judicial process that they're going through. So for us, we are treating it as business as usual, and we will wait until we see definitive action from the judicial on how we're going to respond and deal with that accordingly.

我認為有很多事情與他們正在經歷的司法程序有關。因此，對我們來說，我們將其視為正常業務，我們將等待司法部門採取明確的行動，以確定我們將如何應對和處理此事。

In regards to the ramp up of the integrations, each integration partner is different. Some move faster than others, some have a little bit of legacy code that they're working through. So those are going to be variable in time and so what we're anticipating is we'll see the impact of that come Q3 and Q4 of this year.

關於整合的提升，每個整合合作夥伴都是不同的。有些行動比其他的更快，有些則有一些他們正在處理的遺留程式碼。所以這些都會隨著時間而變化，我們預計我們會在今年第三季和第四季看到其影響。

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

目前沒有其他問題。現在我將把電話轉回給管理階層，請他們作最後發言。

Yeah, with that stated, we thank you for your continued support of Director Digital Holdings and that concludes our Q1 2025 call. So thank you very much and we'll look forward to see you next quarter.

是的，話雖如此，我們感謝您對 Director Digital Holdings 的持續支持，我們的 2025 年第一季電話會議到此結束。非常感謝您，我們期待下個季度與您見面。

Ladies and gentlemen, that concludes today's call. Thank you all for joining and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入，現在可以斷開連線了。