Direct Digital Holdings Inc (DRCT) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Karen, and I will be your conference operator today. At this time, I would like to welcome everyone to the Direct Digital Holdings second quarter 2025 earnings call. All lines have been placed on mute to prevent any background noise. After today's presentation, there will be an opportunity to ask questions. (Operator Instructions)

感謝您的支持。我叫凱倫 (Karen)，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Direct Digital Holdings 2025 年第二季財報電話會議。所有線路均已靜音，以防止任何背景噪音。今天的演講結束後，將有機會提問。（操作員指示）

I will now turn the call over to John Lisbeth from Investor Relations. Please go ahead.

現在我將把電話轉給投資者關係部的 John Lisbeth。請繼續。

Good afternoon, everyone and welcome to Direct Digital Holdings second 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 年第二季財報電話會議。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 8K and the 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 website. Today's call is also being webcast and the replay will be posted on Direct Digital's investor relations website.

今天討論的資訊完全符合 8K 表格和隨附的收益報告的要求，該表格已由 Direct Digital Holdings 於今天提交，可在美國證券交易委員會網站和該公司網站上查閱。今天的電話會議也將進行網路直播，重播將發佈在 Direct Digital 的投資者關係網站上。

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 Direct Digital'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.

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 Direct Digital 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 Direct Digital's actual results to differ from its historical results and forecasts, including those risks set forth in Direct Digital's filings with the Securities Exchange Commission, and you should refer to those for more information. This cautionary statement applies to all forward-looking statements made during the call.

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

During this call, Direct Digital will be referring to non-GAAP financial measures. These non-GAAP measures are 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 at Direct Digital filed in its form 8K today. I will now hand over the conference call to Mark Walker, Chief Executive Officer. Please go ahead, Mark.

在本次電話會議中，Direct Digital 將參考非 GAAP 財務指標。這些非公認會計準則指標是根據公認會計原則編製的。今天，Direct Digital 以 8K 表格形式提交的收益報告中提供了非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳表。我現在將電話會議交給執行長馬克沃克。請繼續，馬克。

Thanks, John. And thank you to everyone joining our call this evening. I'll start by reviewing some of the highlights of our operations and financial results during the second 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，約翰。感謝今晚參加我們電話會議的所有人。我將首先回顧第二季度我們的一些營運和財務業績亮點，然後將電話轉給我們的財務長戴安娜·迪亞茲 (Diana Diaz)，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。

Our focus in the first half of 2025 has been on rebuilding and growing our business back to historical revenue levels and profitability. To that end, we saw encouraging progress in the quarter underscored by sequential revenue growth to 24% and enhanced adjusted EBITDA when compared with the first quarter of 2025.

2025 年上半年，我們的重點是重建業務並使其恢復到歷史收入水平和盈利能力。為此，我們在本季度取得了令人鼓舞的進展，與 2025 年第一季相比，營收連續成長 24%，調整後的 EBITDA 也有所提高。

Our buy side segment demonstrates a modest growth year over year, which contributed to improved gross profit margins of 35% in the quarter. And on the sell side, we continue to build back from the pause in several key sell side relationships back in May of 2024. These partners have since resumed their relationships, but it will take some time for us to restore sell side revenue to previous levels. With the disruption now behind us, we've set our sights firmly on what's ahead for our business. As I mentioned, buyside revenue increased slightly in the quarter. Our buyside segment has a lower cost of revenue than the sell side, which is reflecting our improved gross margins of the first half of this year. We're intent on driving enhanced growth in this segment going forward as we execute on our revenue diversification strategy.

我們的買方部門較去年呈現溫和成長，推動本季毛利率提高 35%。在賣方方面，我們繼續從 2024 年 5 月暫停的幾個關鍵賣方關係中恢復過來。這些合作夥伴已經恢復了關係，但我們需要一些時間才能將賣方收入恢復到以前的水平。現在，混亂已經過去，我們已將目光牢牢鎖定在業務的未來上。正如我所提到的，本季買方收入略有增加。我們的買方部門的收入成本低於賣方部門，這反映了我們今年上半年毛利率的增加。我們致力於在實施收入多元化策略的同時推動該領域未來進一步成長。

Our sell side business is showing encouraging progress as we work diligently to rebuild this part of our business. Historically, our sell side business was the key driver of our revenues and profitability. The sell side drove the double to triple digit annual consolidate revenue growth we achieved from 2018 through 2023.

隨著我們努力重建這部分業務，我們的賣方業務正在取得令人鼓舞的進展。從歷史上看，我們的賣方業務是我們收入和獲利的主要驅動力。賣方推動了我們在 2018 年至 2023 年期間實現的兩位數至三位數的年度合併收入成長。

Looking ahead, direct connections are a key priority for our sell side segment and the main driver of our return to historical revenue levels. Colossus Connections, which we launched in the third quarter of 2024 to accelerate integration efforts with leading demand side platforms, is performing well, and we've added several mid and top tier DSP partners who are near completion with integration.

展望未來，直接聯繫是我們賣方部門的首要任務，也是我們收入恢復到歷史水準的主要驅動力。我們在 2024 年第三季推出的 Colossus Connections 旨在加速與領先需求方平台的整合工作，目前表現良好，並且我們增加了幾個中高端 DSP 合作夥伴，這些合作夥伴的整合工作已接近完成。

As we stated last quarter, we expect to see the full impact on our revenues once integration is completed in the second half of 2025. While last year's disruption impacted our trajectory, we're confident that we've placed the foundational pieces to put our business back on the path to enhanced growth, value, and profitability.

正如我們上個季度所說，我們預計在 2025 年下半年整合完成後，我們的收入將受到全面影響。雖然去年的混亂影響了我們的發展軌跡，但我們相信，我們已經打下了基礎，使我們的業務重新走上提高成長、價值和獲利能力的道路。

So, the back half of the year should be strong, driven by enhanced buy side activity through Orange 142 and the ongoing recovery of the company's sell side business as it rebuilds to historical levels. We had previously laid out a revenue target range of $90 million to $110 million for 2025. We will grow likely substantially in the back half of the year, but it now looks unrealistic that we will meet that target. For the time being, we're going to abstain from providing specific revenue guidance given some uncertainties in the macro environment and the specific timing around integrating DSP partners via Colossus Connections. We will revisit providing revenue guidance as we get better visibility on the growth of the sell side of the business.

因此，受 Orange 142 買方活動增強以及公司賣方業務持續復甦（重建至歷史水平）的推動，今年下半年業績應該會表現強勁。我們先前所訂定的 2025 年收入目標範圍是 9,000 萬美元至 1.1 億美元。我們很可能在今年下半年實現大幅成長，但現在看來，實現這一目標還不現實。目前，鑑於宏觀環境以及透過 Colossus Connections 整合 DSP 合作夥伴的具體時間存在一些不確定性，我們將不會提供具體的收入指引。當我們對業務賣方的成長有了更好的了解後，我們將重新考慮提供收入指導。

Our cost savings initiatives remain a priority as reflected in a 25% reduction in total operating expenses in the second quarter compared to the prior year. We continue to strategically evaluate our cost structure and expenses to maximize efficiencies and support the long-term growth of our business. An unexpected benefit to our belt tightening has been increased innovation, including the use of artificial intelligence or AI to supplement our reduced staffing levels during the time of rebuilding. I will now hand the call over to Diana Diaz, our Chief Financial Officer, who will walk through some of the financial highlights in further detail.

我們的成本節約措施仍然是我們的首要任務，這反映在第二季度的總營運費用與去年同期相比減少了 25%。我們將繼續從策略上評估我們的成本結構和費用，以最大限度地提高效率並支持我們業務的長期成長。我們勒緊褲腰帶的一個意想不到的好處是創新的增加，包括在重建期間使用人工智慧來補充我們減少的員工水平。現在，我將把電話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'll now provide a review of our second quarter results. Consolidated revenue in the second quarter of 2025 was $10.1 million, a decrease of $11.7 million, compared with revenue of $21.9 million in the second quarter of last year.

謝謝你，馬克，大家晚上好。我現在將回顧我們的第二季業績。2025 年第二季綜合營收為 1,010 萬美元，較去年第二季的 2,190 萬美元減少 1,170 萬美元。

Sell side revenue was $2.5 million in the second quarter compared with $14.3 million in the second quarter of 2024. The decrease in sell side advertising revenue was primarily related to a decrease in impression inventory when compared to the second quarter of 2024, which we attribute to the unexpected business disruption amongst our partners, advertisers, and clients in May 2024, caused by a market discredited blog post against our supply side platform Colossus SSP.

第二季賣方收入為 250 萬美元，而 2024 年第二季為 1,430 萬美元。賣方廣告收入的下降主要與 2024 年第二季度相比展示量庫存的減少有關，我們將其歸因於 2024 年 5 月我們的合作夥伴、廣告商和客戶之間意外的業務中斷，這是由於市場對針對我們的供應方平台 Colossus SSP 的一篇負面博客文章造成的。

Buy side revenue of $7.7 million increased slightly from $7.6 million in the second quarter of 2024. While consolidated revenue was down year-over-year, revenue increased sequentially by 24% over the first quarter of 2025, demonstrating our progress and our efforts to rebuild our business back to historical revenue levels.

買方收入為 770 萬美元，較 2024 年第二季的 760 萬美元略有增加。雖然綜合收入年減，但 2025 年第一季營收季增 24%，證明了我們取得的進展以及我們為重建業務恢復到歷史收入水平所做的努力。

Gross margin for the second quarter of 2025 increased to 35% compared with 27% in the second quarter of 2024. This increase in gross margin was primarily attributable to our revenue mix as our buy side, which has a lower cost of revenue, comprised the majority of our consolidated revenue in the quarter.

2025 年第二季的毛利率從 2024 年第二季的 27% 上升至 35%。毛利率的成長主要歸因於我們的收入結構，因為我們的買方收入成本較低，佔了本季合併收入的大部分。

Operating expenses in the second quarter of 2025 were $6 million a decrease of 25%, or just over $2 million compared with $8 million in the same period of last year, primarily related to a staff reduction and internal reorganization program that we made effective on July 1st of 2024.

2025 年第二季的營運費用為 600 萬美元，與去年同期的 800 萬美元相比減少了 25%，即略高於 200 萬美元，這主要與我們於 2024 年 7 月 1 日生效的裁員和內部重組計畫有關。

As Mark said, expense reduction remains a key priority for our business, and we continue to strategically evaluate ways that we can efficiently minimize our cost structure while continuing to drive growth. Further, scarcity of personnel resources has contributed to increased innovation throughout our organization as we continue to rebuild. We believe this will make us stronger in the long run.

正如馬克所說，削減開支仍然是我們業務的首要任務，我們將繼續從策略上評估如何有效降低成本結構，同時繼續推動成長。此外，隨著我們不斷重建，人力資源的稀缺也促進了整個組織的創新。我們相信從長遠來看這將使我們變得更加強大。

Total operating loss for the second quarter was $2.4 million compared to a loss of $2.1 million in the same period of last year. Sequentially, operating loss decreased by 38% from $3.9 million in the first quarter of 2025. Net loss in the second quarter was $4.2 million or $0.23 per share compared to a net loss of $3.1 million or a loss of $0.16 per share in the second quarter of last year.

第二季總營運虧損為 240 萬美元，而去年同期的虧損為 210 萬美元。與上一季相比，營業虧損較 2025 年第一季的 390 萬美元下降了 38%。第二季淨虧損為 420 萬美元，即每股虧損 0.23 美元，去年第二季淨虧損為 310 萬美元，即每股虧損 0.16 美元。

Adjusted EBITDA for the second quarter was a loss of $1.5 million compared to an adjusted EBITDA loss of $1.3 million in the second quarter of last year. Importantly, our second quarter, 2025, adjusted EBITDA loss improved significantly on a sequential basis compared with $3 million in the first quarter of 2025. As we continue to make strides towards rebuilding our business, we expect adjusted EBITDA to improve in tandem.

第二季調整後 EBITDA 虧損 150 萬美元，而去年第二季調整後 EBITDA 虧損 130 萬美元。重要的是，我們 2025 年第二季的調整後 EBITDA 虧損與 2025 年第一季的 300 萬美元相比，季比大幅改善。隨著我們繼續大力重建業務，我們預計調整後的 EBITDA 將隨之改善。

And turning to the balance sheet, we ended the quarter with cash and cash equivalents of $1.6 million compared to $1.4 million as of December 31, 2024. Total cash plus our accounts receivable balance as of June 30, 2025, was $5.5 million compared to $6.4 million at year end 2024. From a liquidity standpoint, we continue to actively advance funding and equity financing pathways with the goal of strengthening the company's financial position and supporting key growth initiatives as we rebuild our business.

從資產負債表來看，本季末我們的現金和現金等價物為 160 萬美元，而 2024 年 12 月 31 日為 140 萬美元。截至 2025 年 6 月 30 日，現金總額加上應收帳款餘額為 550 萬美元，而 2024 年底為 640 萬美元。從流動性的角度來看，我們繼續積極推動融資和股權融資途徑，目標是在重建業務的同時加強公司的財務狀況並支持關鍵的成長舉措。

We're working towards a strong back half of the year driven by enhanced buy side activity through Orange 142 and the ongoing recovery of the company's sell side business as it rebuilds to historical revenue levels. We are encouraged by the revitalization of our sell side business driven by Colossus Connections, and we've added several mid and top tier DSP partners who are near completion with their integration. We expect to see the full impact of our revenues once integration is completed and partnership levels are fully resumed in the second half of 2025. Also, it's important to remind everyone that there is seasonality to our business, which typically sees strength, particularly in the fourth quarter.

我們正致力於下半年的強勁成長，這得益於 Orange 142 增強的買方活動以及公司賣方業務的持續復甦，公司正在重建至歷史收入水平。我們對 Colossus Connections 推動的賣方業務的振興感到鼓舞，並且我們增加了幾個中頂級 DSP 合作夥伴，他們的整合工作即將完成。我們預計，一旦整合完成並且合作夥伴關係水準在 2025 年下半年全面恢復，我們的收入將獲得全面影響。此外，需要提醒大家的是，我們的業務具有季節性，通常會表現強勁，尤其是在第四季。

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

現在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. We appreciate your interest in Direct Digital Holdings and would like to now open the call for questions. Operator, please open the line.

謝謝你，戴安娜，也謝謝大家的參與。感謝您對 Direct Digital Holdings 的關注，現在我們開始回答您的提問。接線員，請接通線路。

(Operator Instructions)

（操作員指示）

We will pause for just a moment to compile the Q&A roster.

我們將暫停一會兒來整理問答名單。

Dan Kurnos, The Benchmark Company

Dan Kurnos，基準公司

Great thanks! Good afternoon, guys. Mark, I guess obviously a couple of things, just in terms of the revenue outlook, is it taking longer to integrate DSP partners? Is it macro? Is it just certain timing issues? And when they ramp, can you just give us a sense of kind of what's changed from the last time you talked and I know obviously there's a lot of sell side, lack of visibility out there right now, but just any thoughts on sort of what's changed in terms of the guidance outlook?

非常感謝！大家下午好。馬克，我想顯然有幾件事，僅就收入前景而言，整合 DSP 合作夥伴是否需要更長時間？是宏嗎？這只是某些時間問題嗎？當他們加大產量時，您能否讓我們了解一下自上次談話以來發生了什麼變化？我知道現在有很多賣方缺乏可見性，但就指導前景而言，您認為發生了什麼變化？

Yeah, I would say it's a combination of both. I mean, the macroeconomic issues and uncertainty in the marketplace definitely brought us to the decision to look at our guidance for the forward half of the year. Historically over the last 5 years, I could say that we were in a strong position to get a better insight into the visibility of how Q3 and Q4 were going to play out. With a lot of the macroeconomic issues that are affecting many companies today, we thought it would be prudent for us to look at our guidance for the outcast of the year and make adjustments accordingly against that.

是的，我想說這是兩者的結合。我的意思是，宏觀經濟問題和市場不確定性無疑促使我們決定檢視今年下半年的績效指引。從過去 5 年的歷史來看，我可以說我們處於有利地位，可以更好地了解第三季和第四季將如何發展。由於當今許多宏觀經濟問題正在影響許多公司，我們認為明智的做法是審視我們對今年業績的指導，並據此做出調整。

The second piece I would also say is the integrations. Of course, I'm working with multiple partners upstream and downstream from us. It definitely takes time for us to be able to predict when we will be live and through testing and through all those different phases that you go through for integration and since that pause, we had to reconstitute many of those connections and do them direct. So looking at the timing, looking at the macroeconomic issues, we thought it'd be prudent for us to pull guidance at this time.

我還要說的第二點是整合。當然，我正在與我們上下游的多個合作夥伴合作。我們肯定需要時間來預測何時上線，並通過測試以及整合過程中經歷的所有不同階段，並且自從那次暫停以來，我們必須重建許多連接並直接進行。因此，從時機和宏觀經濟問題來看，我們認為此時發布指導意見是明智之舉。

And just in terms of the timing of those integrations, are you seeing some slide into 26 you have any line of sight on any of the big ones that you talked about, and I guess just in terms of maybe it's a longer ramp, but do you think there's any delta or difference in what you saw before in terms of the revenue opportunity between what you know you're seeing now?

就這些整合的時間而言，您是否看到有些下滑到 26 ？您是否對您談到的任何重大整合有任何預見？我想就可能是一個更長的斜坡而言，但您認為在收入機會方面，您之前看到的與您現在看到的相比，是否存在任何增量或差異？

Yeah, no, the way that we look at it, we think, it's just probably a little bit longer ramp than what we originally anticipated. We do see positive movement as it relates to the quantity of advertisers that are coming in. We're also seeing positive movement on the level of publications that we have access to and that we're actually representing a Colossus SSP. We're looking for the ramp up of the spend from the individual to start ramping up in the algorithms to work in our favor, and that ramp up is taking a little bit more time than normal. So that's what we're working through right now, and then we'll get that sorted out, and we believe it's more of a function of time, of when more so than if.

是的，不，從我們的角度來看，我們認為，這可能只是比我們最初預期的要長一點。我們確實看到了與進入的廣告商數量有關的積極變化。我們還看到，我們可以訪問的出版物水平正在發生積極變化，而且我們實際上代表一個 Colossus SSP。我們希望個人支出的增加能夠開始在演算法中發揮作用，從而為我們帶來好處，而這種增加需要比平常更多的時間。這就是我們現在正在努力解決的問題，然後我們會解決這個問題，我們相信這更多的是一個時間函數，是一個何時發生而不是是否發生的函數。

Got it. And just in terms of any other incremental initiatives you're working on, I know you and I have talked about some things you kind of have in the pipe, but just is there anything else you'd care to share in terms of incremental opportunities, adjacencies, ways to go to market strategies that might be helpful as people think about sort of the exit run rate when we finally get through '25?

知道了。就您正在進行的其他增量計劃而言，我知道您和我已經討論過您正在進行的一些事情，但是您是否還想分享一些關於增量機會、鄰接關係、進入市場策略的方式，當人們思考我們最終度過 25 年時的退出運行率時，這些可能會有所幫助？

Yeah, we think that there's a couple of different opportunities we have, we think that in regards to the buy side of the business, we've opened up in multiple segments which we believe will help us with growth and we've already seen positive impact from multiple clients. In the energy sector that has been a benefit to us. We also think that with the push inside of the industry for SPO, we think that there's SPO opportunities, supply path optimization opportunities that we'll be able to dovetail into with some of the assets that we have inside the organization that we think. Late 2025 to 2026, will bear fruit for us. So, some of those are in incubation, but we're, seeing positive movement in that direction and so we're looking forward to those actually contributing to the top line and our profitability in the future.

是的，我們認為我們有幾個不同的機會，我們認為就業務的買方而言，我們已經開放了多個領域，我們相信這將有助於我們的成長，並且我們已經看到了來自多個客戶的積極影響。在能源領域，這對我們來說是有益的。我們也認為，隨著產業內部對 SPO 的推動，我們認為存在 SPO 機會、供應路徑優化機會，我們將能夠將這些機會與我們組織內部擁有的一些資產結合。2025年末至2026年，將會為我們帶來成果。其中一些還處於孵化階段，但我們看到朝著這個方向的積極進展，因此我們期待它們能夠真正為未來的收入和盈利能力做出貢獻。

Great, thanks Mark, I appreciate it.

太好了，謝謝馬克，我很感激。

Yeah, thank you.

是的，謝謝。

Pat McCann, Noble Capital Markets

麥肯（Pat McCann），Noble Capital Markets

Hey, thanks for taking my questions. This is Pat McCann on for Mike Kupinski. First question had to do with, I believe it's one particular key, client on the sell side, where you lost some business there, and I was wondering if, rebuilding volumes with that particular key client had a large part to do with your guidance? Your previous guidance, were there any impacts there that affected your reasons for pulling guidance? Could you give any update with regard to that key client?

嘿，謝謝你回答我的問題。這是 Pat McCann 取代 Mike Kupinski 演繹的。第一個問題與此有關，我相信這是一個特定的關鍵客戶，是賣方，您在那裡失去了一些業務，我想知道，與該特定關鍵客戶的重建交易量是否與您的指導有很大關係？您之前的指導是否產生了任何影響，從而影響了您撤回指導的原因？您能否提供有關該關鍵客戶的任何最新消息？

Yeah, no, we had started back in 2024 looking for direct connections versus leveraging indirect partners. So, we had been for the last year building those direct relationships and looking at sending the majority of our revenue through those direct relationships as well as multiple indirect partnerships that we also have in place. So that specific relationship was not one that had an impact. For us to actually revise our guidance for 2025.

是的，不，我們從 2024 年就開始尋找直接聯繫，而不是利用間接合作夥伴。因此，我們在過去一年中一直在建立這些直接關係，並考慮透過這些直接關係以及我們現有的多個間接合作夥伴關係來轉移我們的大部分收入。因此，這種特定的關係不會產生影響。我們實際上要修改 2025 年的指導方針。

Got it, okay. And then, I was also just wondering, maybe kind of a little bit of an overview question with regard to with direct connections. Could you do anything to quantify? Did you say anything to quantify, when an ad impression is sold through a direct connection, versus, on a traditional exchange? What is the approximate revenue uplift? Is there a way that you kind of look at how much the efficiency from direct connection on a kind of an apple-to-apples basis improves your revenue per impression or per client relationship compared with the previous, the way you previously did it?

知道了，好的。然後，我只是想知道，也許是關於直接連接的概述性問題。你能做些什麼來量化嗎？您是否說過任何量化指標，說明廣告展示是透過直接連接出售的，還是透過傳統交易所出售的？收入大約會增加多少？您是否可以透過某種方式來比較直接連接的效率，相對於以前的方式，在多大程度上提高了您的每次展示收入或每次客戶關係收入？

Yeah, typically when you leverage a direct connection, you're introducing about 5% to 10%, just giving ballpark numbers of savings through the value chain that typically gets extracted out. And right now, with the large push in the industry, for SPO supply path optimization, we believe having those direct relationships is actually beneficial for us. So, that's why starting in 2024, we knew that for, and we had planned on for a while to work on direct connections as being and Colossus Connections as being our primary push, so we've just accelerated that initiative and we're started seeing favorable returns out of it from our partners.

是的，通常當您利用直接連接時，您會引入大約 5% 到 10% 的成本，這只是透過通常會被提取的價值鏈給出大致的節省數字。目前，隨著產業的大力推動，對於 SPO 供應路徑優化，我們相信擁有這些直接關係實際上對我們有益。所以，這就是為什麼從 2024 年開始，我們就知道，並且我們已經計劃了一段時間，將直接連接作為我們的主要推動力，並將 Colossus Connections 作為我們的主要推動力，所以我們剛剛加快了這一計劃，並且我們開始從我們的合作夥伴那裡看到有利的回報。

Got you and then final question, also with regard to direct connection, could you talk about what extent that initiative is sort of you keeping current versus giving you a leg up on competitors, could you kind of frame that initiative in the broader landscape of your peers?

我明白了，最後一個問題，同樣關於直接聯繫，您能否談談這項舉措在多大程度上幫助您保持領先而不是讓您在競爭中佔據優勢，您能否在更廣泛的同行環境中構建這項舉措？

Yeah, I would say that when we see the agency partners and brand partners, they're looking for the most efficient path to purchasing media. And so, by us having Colossus Connections, and removing as much I would say transaction costs in the exchange of media. It actually proves to be a benefit, and it has helped us win and partner with some of the large holdco agencies. So, I would say it's definitely a Colossus Connections has been a net add and a net positive for us in building out some of the large holdco agency partnerships and help us get those reconstituted.

是的，我想說，當我們看到代理商合作夥伴和品牌合作夥伴時，他們正在尋找購買媒體的最有效途徑。因此，透過我們擁有 Colossus Connections，我可以說可以消除媒體交換中的交易成本。事實證明這是有好處的，它幫助我們贏得了一些大型控股公司機構的青睞並與他們合作。因此，我想說，Colossus Connections 絕對為我們帶來了淨增值和淨利好，幫助我們建立了一些大型控股代理合作夥伴關係並重建了這些合作夥伴關係。

Excellent thank you so much.

非常好，非常感謝。

Thank you.

謝謝。

And that concludes our Q&A session. I will now turn the call over to management for closing remarks.

我們的問答環節到此結束。現在我將把電話轉給管理階層，請他們作結束語。

Well, thank you very much for participating on our Q2 2025 call and we look forward to speaking to you next quarter. Thank you.

非常感謝您參加我們的 2025 年第二季電話會議，我們期待下個季度與您交談。謝謝。

Ladies and gentlemen, that concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining and you may now disconnect.

感謝大家的加入，現在可以斷開連線了。