Direct Digital Holdings Inc (DRCT) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Abby, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Direct Digital Holdings fourth quarter and full year 2025 conference call. (Operator Instructions)

各位女士、先生，感謝您稍候等候。我是 Abby，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 Direct Digital Holdings 2025 年第四季及全年財報電話會議。(接線員指示)

And I would now like to turn the conference over to Walter Frank of IMS Investor Relations. You may begin.

接下來我想將電話會議交給 IMS Investor Relations 的 Walter Frank。您可以開始了。

Good afternoon, everyone, and welcome to the Direct Digital Holdings fourth quarter and full year 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. Information discussed today is qualified in its entirety with the Form 8-K and accompanying earnings release, which was filed on Wednesday, April 1, by Direct Digital Holdings and may be accessed at the SEC's website and the company's website. Today's call is also being webcast, and replay will be posted to Direct Digital Holdings Investor Relations website. Immediately following the speaker's presentation, there will be a question-and-answer session.

各位下午好，歡迎參加 Direct Digital Holdings 2025 年第四季及全年財報電話會議。今天與會者包括 Direct Digital Holdings 董事長兼執行長 Mark Walker，以及財務長 Diana Diaz。今日討論之資訊須以 Direct Digital Holdings 於 4 月 1 日（週三）提交的 Form 8-K 及隨附之財報新聞稿為準，相關文件可於美國證券交易委員會（SEC）網站及公司網站查閱。本次電話會議亦同步網路直播，重播將發布於 Direct Digital Holdings 投資人關係網站。在講者簡報結束後，將立即進行問答環節。

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 that they are made, and we do not undertake any obligation to update these statements. Forward-looking statements are subject to risks, which could also cause direct actual results to differ from its historical results and forecasts, including those risks set forth in Direct Digital's filings with the SEC, and you should refer to those for more information. This cautionary statement applies to all forward-looking statements made during this call.

請注意，本次電話會議中所作之陳述，包括財務預測或其他非歷史性陳述，可能構成前瞻性陳述。這些陳述係基於 Direct Digital 於陳述當時對未來事件及業務表現的觀點與假設所作出，我們不承擔更新此等陳述之任何義務。前瞻性陳述存在風險，亦可能導致實際結果與其歷史結果及預測有所差異，包括 Direct Digital 向 SEC 提交文件中所載之風險；請參閱該等文件以取得更多資訊。本項警示聲明適用於本次電話會議中所作之所有前瞻性陳述。

During this call, Direct Digital will be referring to non-GAAP financial measures. These non-GAAP measures are 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 that Direct Digital filed in its Form 8-K last week.

在本次電話會議中，Direct Digital 將引用非 GAAP 財務衡量指標。這些非 GAAP 指標並非依一般公認會計原則編製。非 GAAP 財務衡量指標與最直接可比之 GAAP 指標之調節表，已載於 Direct Digital 上週於其 Form 8-K 中提交的財報新聞稿。

I will now hand the call over to Mark Walker, Chief Executive Officer. Please go ahead, Mark.

現在我將把電話交給執行長 Mark Walker。Mark，請開始。

Thanks, Walter, 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 fourth quarter and full year 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.

謝謝你，Walter，也感謝今晚加入我們電話會議的各位。我將先回顧第四季及全年營運與財務結果的一些重點，接著把電話交給我們的財務長 Diana Diaz，請她更詳細說明財務表現。最後我們將開放簡短的問答。

For the full year, we reported $34.7 million in sales. While we saw a decrease in our sell-side revenue during the year, we grew full year buy-side revenue, maintained strong gross margins for the year, and importantly, drove considerable efficiency and cost reduction in the business.

就全年而言，我們的銷售額為 3,470 萬美元。雖然今年我們的賣方（sell-side）營收有所下降，但我們的買方（buy-side）全年營收成長，全年毛利率維持強勁；更重要的是，我們在業務中推動了顯著的效率提升與成本降低。

Finally, we made significant strides in improving our balance sheet. We still have a lot of work to do, but I'm encouraged that many of our strategic initiatives position us very well as we move into 2026. We're a focused, more nimble organization with a realigned structure and a clear strategy to drive returns for shareholders. Over the past 1.5 years, we've noticed a shift to the overall digital advertising market that prioritizes buy-side transactions as well as increasing demand from our customers for more accessible buy-side media.

最後，我們在改善資產負債表方面取得了重大進展。我們仍有許多工作要做，但我很受鼓舞，因為我們多項策略性計畫在邁入 2026 年之際，讓我們處於非常有利的位置。我們是一個更聚焦、更靈活的組織，具備重新調整後的架構與清晰的策略，以為股東創造回報。在過去一年半，我們注意到整體數位廣告市場出現轉變，更加重視買方交易，同時客戶對更易取得的買方媒體之需求也在增加。

During 2025, we began to lean into this demand, resulting in increased buy-side revenue, which offered some early confirmation from what we're seeing in the market.

在 2025 年，我們開始順應這股需求，帶動買方營收增加，這也初步印證了我們在市場上所觀察到的趨勢。

Fast forwarding to where we are today, buy-side revenue grew 28% in the fourth quarter of 2025 compared to the fourth quarter of 2024, and has increased 10% year over year, supported by a combination of new and existing customers and the demand we're seeing across our verticals, including travel and tourism, higher education, and energy to provide a few examples.

快轉到今天的現況，2025 年第四季的買方營收較 2024 年第四季成長 28%，全年年增 10%；成長動能來自新舊客戶的組合，以及我們在各垂直領域所看到的需求，例如旅遊與觀光、高等教育與能源等。

As we move through 2026, we'll continue to increase our focus on driving more digital marketing spend among our buy-side and new enterprise customers.

隨著我們進入 2026 年，我們將持續加大重點，推動買方與新的企業級客戶投入更多數位行銷預算。

To this end, in March of 2026 we launched Ignition+, our AI-enabled programmatic media solution, which provides enhanced accessibility for large enterprise clients in the buy-side network. We'll also prioritize the transparency, efficiency, and cost reduction through AI-driven optimization and side securation. We believe the launch of Ignition+ and our focus on driving digital marketing spend among buy-side and new enterprise customers will allow us to more nimbly address changing market dynamics and capitalize on the many emerging opportunities that we're seeing.

為此，我們於 2026 年 3 月推出 Ignition+，這是一套 AI 賦能的程式化媒體解決方案，為買方網路中的大型企業客戶提供更強的可及性。我們也將透過 AI 驅動的最佳化與 side securation，優先提升透明度、效率並降低成本。我們相信 Ignition+ 的推出，以及我們聚焦於推動買方與新企業客戶的數位行銷支出，將使我們能更靈活地因應市場動態變化，並把握我們所看到的眾多新興機會。

Specifically, Ignition+ takes the sell-side intelligence data and expertise that we've collected and built over many years within our Colossus business to inform supply side access and combines it with Orange 142's end-to-end programmatic media technology stack.

具體而言，Ignition+ 將我們在 Colossus 業務中多年累積與建立的賣方智慧數據與專業能力，用於指引供應端的存取，並與 Orange 142 的端到端程式化媒體技術堆疊相結合。

The result is centralized buying that enables brands to buy media instead of markup, significantly increasing the value of their marketing budget. Ignition+ is supported by a team of on-demand programmatic experts and designed to focus on solutions for mid-market enterprise brands who have traditionally been forced to choose between transparency and scale when selecting an ad tech solution. This has streamlined operating structure that enables us to more efficiently go to market and drive value creation for our shareholders.

其成果是集中式採購，使品牌能以媒體成本而非加價購買媒體，顯著提升其行銷預算的價值。Ignition+ 由一支可隨需支援的程式化專家團隊提供支援，並聚焦於為中型市場的企業品牌提供解決方案；這些品牌在選擇廣告科技解決方案時，過去往往被迫在透明度與規模之間做取捨。這種精簡的營運架構，使我們能更有效率地推向市場，並為股東創造價值。

As a result of these changes, we are consolidating our operations into a single reporting segment beginning in 2026. We believe the streamlined structure, combined with the growth strategies we have put in place our restructured balance sheet, targeted operational improvements, and ongoing cost discipline, positions us to return to positive platform growth and achieve breakeven or better quarterly performance by the second half of this year.

基於這些變革，我們將自 2026 年起把營運整合為單一報導部門。我們相信，精簡的架構，加上我們已部署的成長策略、重整後的資產負債表、聚焦的營運改善，以及持續的成本紀律，將使我們有條件恢復平台的正向成長，並在今年下半年達成單季損益兩平或更佳的表現。

Thanks to all the hard work, dedication, and support from our team, we entered 2026 on full stride with the refresh and revitalized strategy that allows us to expand our market share and meet the growing demands of both current and new customers. As always, we sincerely appreciate your support of Direct Digital Holdings. We're encouraged by the many exciting opportunities ahead of us in 2026.

感謝團隊的辛勤努力、投入與支持，我們以全面加速之姿進入 2026 年，並以更新且振興的策略，讓我們得以擴大市占並滿足現有與新客戶日益成長的需求。一如既往，我們由衷感謝各位對 Direct Digital Holdings 的支持。對於 2026 年在前方的眾多令人振奮的機會，我們深受鼓舞。

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.

現在我將把電話交給我們的財務長 Diana Diaz，她將更進一步詳細說明部分財務重點。

Thank you, Mark, and good evening, everyone. I'll now provide a review of our fourth quarter results with some context on full year trends were relevant. Consolidated revenue in the fourth quarter of 2025 was $8.4 million compared to revenue of $9.1 million in the fourth quarter of last year. Buy-side revenue increased approximately 28% to $8.2 million compared to buy-side revenue of $6.4 million in the fourth quarter of last year. Sell-side revenue was $200,000 in the fourth quarter compared to $2.7 million in the fourth quarter of last year. The decrease in sell-side advertising revenue was primarily related to a decrease in impression inventory when compared to the fourth quarter of last year.

謝謝你，Mark，各位晚安。接下來我將回顧我們第四季的業績，並在適當之處補充全年趨勢的相關背景。2025 年第四季合併營收為 840 萬美元，去年同期為 910 萬美元。買方營收約成長 28% 至 820 萬美元，去年第四季買方營收為 640 萬美元。第四季賣方營收為 20 萬美元，去年第四季為 270 萬美元。賣方廣告營收的下降，主要與曝光（impression）庫存量相較去年第四季減少有關。

Gross margin for the fourth quarter of 2025 was 27%, compared with 32% in the fourth quarter of last year. Operating expenses in the fourth quarter of 2025 and were $6.7 million, a decrease of 12% compared with $7.7 million in the same period of last year.

2025 年第四季毛利率為 27%，相較於去年第四季的 32%。2025 年第四季的營運費用為 670 萬美元，較去年同期的 770 萬美元下降 12%。

On an annual basis, operating expenses decreased 18% to $25.2 million for the full year of 2025, a decrease of $5.4 million compared with operating expenses of $30.6 million in the full year of 2024. Expense reduction remains a key strategic priority and we're pleased with the progress achieved in 2025.

以全年來看，2025 年全年營運費用下降 18% 至 2,520 萬美元，較 2024 年全年的 3,060 萬美元減少 540 萬美元。降低費用仍是關鍵策略優先事項，我們對 2025 年所取得的進展感到滿意。

Total operating loss for the fourth quarter was $4.5 million, consistent with the fourth quarter of 2024. Net loss for the fourth quarter was $12.6 million compared to a net loss of $6.6 million in the fourth quarter of last year. This year's quarterly net loss included nonoperational financing-related costs of $7.4 million.

第四季營運總虧損為 450 萬美元，與 2024 年第四季一致。第四季淨虧損為 1,260 萬美元，較去年第四季的淨虧損 660 萬美元增加。本年度的季度淨虧損包含 740 萬美元的非營運融資相關成本。

Adjusted EBITDA for the fourth quarter of this year was a loss of $3.6 million, compared with adjusted EBITDA loss of $3.4 million in the fourth quarter of last year.

本年度第四季調整後 EBITDA 為虧損 360 萬美元，去年第四季調整後 EBITDA 虧損為 340 萬美元。

Turning to the balance sheet. We ended the quarter with cash and cash equivalents of $700,000 compared to $1.4 million at the end of last year. Total cash plus our accounts receivable balance as of December 31, 2025, was $3.9 million compared to $6.4 million at the end of last year.

接著談資產負債表。本季末現金及約當現金為 70 萬美元，較去年年底的 140 萬美元下降。截至 2025 年 12 月 31 日，現金總額加上應收帳款餘額為 390 萬美元，較去年年底的 640 萬美元下降。

Throughout the quarter and the year, we've taken several steps to enhance our balance sheet. Adjusted EBITDA for the fourth quarter was a loss of $3.6 million, compared with adjusted EBITDA loss of $3.4 million in the fourth quarter of last year.

在本季及全年期間，我們採取了數項措施以強化資產負債表。第四季調整後 EBITDA 為虧損 360 萬美元，去年第四季調整後 EBITDA 虧損為 340 萬美元。

Turning to the balance sheet. We ended the quarter with cash and cash equivalents of $700,000, compared to $1.4 million as of the end of last year. Total cash plus our accounts receivable balance at the end of December 31, 2025, was $3.9 million, compared to $6.4 million at the end of last year.

接著談資產負債表。本季末現金及約當現金為 70 萬美元，較去年年底的 140 萬美元下降。截至 2025 年 12 月 31 日年底，現金總額加上應收帳款餘額為 390 萬美元，較去年年底的 640 萬美元下降。

Throughout the quarter and the year, we've taken several steps to enhance our balance sheet, our capital structure and our access to capital. In the third quarter of 2025, we announced the issuance of $25 million of a new series of convertible preferred stock through the conversion of a portion of existing debt into the new class of perpetual convertible preferred stock.

在本季及全年期間，我們採取了數項措施以強化資產負債表、資本結構以及取得資本的能力。在 2025 年第三季，我們宣布發行 2,500 萬美元的新系列可轉換特別股，係透過將部分既有債務轉換為新類別的永久性可轉換特別股而完成。

In the fourth quarter, we issued an additional $10 million of Series A preferred stock and expanded our equity reserve facility by 50 million shares or $100 million. We raised a total of $7.3 million through the equity reserve facility in 2025. And on December 30, 2025, our Board of Directors and shareholders approved a 55:1 reverse stock split of all classes of our common stock which was implemented on January 8, 2026.

在第四季，我們額外發行 1,000 萬美元的 A 系列特別股，並將我們的股權儲備融資額度擴增 5,000 萬股或 1 億美元。我們於 2025 年透過股權儲備融資額度共募得 730 萬美元。此外，於 2025 年 12 月 30 日，我們董事會與股東核准將所有類別普通股進行 55 比 1 的反向股票分割，並已於 2026 年 1 月 8 日實施。

With that said, earlier today, we filed an 8-K to disclose a receipt of a listing deficiency notice from Nasdaq regarding our stockholders' equity as of December 31, 2025, as reported in our Form 10-K, which we filed last week. We're working closely with our team and advisers on next steps intended to bring us back into compliance, and we will provide material updates as they become available to us.

話雖如此，今天稍早我們已提交 8-K，以揭露我們收到納斯達克就 2025 年 12 月 31 日之股東權益所發出的上市合規缺失通知；該數據載於我們上週提交的 Form 10-K 中。我們正與團隊及顧問密切合作研擬後續步驟，以期恢復合規；一旦有重大更新，我們將適時提供。

As we said before, our Nasdaq listing is a key asset that provides heightened visibility among institutional investors, which is foundational to our go-forward strategy to build and maintain a strengthened investor base. We will continue to prioritize our listing on Nasdaq and evaluate and take the necessary steps to preserve our status.

如同先前所述，我們在納斯達克的上市地位是一項關鍵資產，可提升在機構投資人間的能見度，這是我們未來策略的基礎，用以建立並維持更強健的投資人基礎。我們將持續把納斯達克上市列為優先事項，並評估及採取必要措施以維持我們的上市資格。

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

接下來我想把時間交給 Mark，請他做一些結語。

Thank you, Diana, and thank you to everyone for joining. We appreciate your interest in Direct Digital Holdings.

謝謝你，Diana，也謝謝各位的參與。我們感謝各位對 Direct Digital Holdings 的關注。

I would like to now open the call for questions. Operator, please open the line.

我現在想開放提問。接線員，請開放線路。

(Operator Instructions)

(接線員指示)

Dan Kurnos, Benchmark, a StoneX company.

Dan Kurnos，Benchmark（StoneX 旗下公司）。

I guess, I'll keep it quick here and just ask how should we think about the sell-side at this point, wind down, deemphasized, utilize your data?

我想我就簡短問一下：就目前而言，我們應該如何看待 sell-side（供給端）業務？是要逐步收尾、降低比重，還是利用你們的數據？

And then subsequently, on the buy-side, as you guys pivot, just curious, as you think about channel expansion, COGS was up. You mentioned kind of your key priority categories was the specific categories, travel, the primary driver? Were there some ancillary categories that added? And just how do we think about your ability to scale up from the current base level based on the Q4 results.

接著在 buy-side（需求端）方面，隨著你們轉型，我想了解你們如何看待通路擴張；COGS 上升了。你提到你們的關鍵優先類別是特定類別，旅遊是主要驅動因素嗎？是否有一些附屬類別也帶來增量？以及根據第四季的結果，我們該如何看待你們從目前基礎水準向上擴張的能力？

Yes. Good question. Yes, twofold. One, the way we think of the sell-side business is really is a margin capture opportunity. As we've talked about before, we have moved more towards a unified structure where we leverage as much and try to run as much as we can of the buy-side demand dollars into our sell-side platform to the benefit of our customers.

是的。好問題。是的，分兩個面向。第一，我們看待 sell-side 業務，主要是一個毛利捕捉（margin capture）的機會。如同我們之前談過的，我們已更朝向統一化架構發展，盡可能運用槓桿，並嘗試將 buy-side 的需求投放金額盡可能導入我們的 sell-side 平台，以讓客戶受益。

So I would view it as more of a margin capture strategy, which helps us capture an extra 20% to our bottom line with more -- that flows through there.

因此我會把它視為一項毛利捕捉策略，隨著更多量能在該平台流轉，可讓我們的最終獲利額外增加約 20%。

As it relates to how should we think about expansion and growth and growth accelerants, the expansion into new verticals is important to us. So as you know, Dan, since you've been following us for a while, the DMO/travel tourism space or regional and local travel tourism space is important to us, definitely a strong segment that we're continuing to see growth and opportunity there. In addition to that, the education space has been strong for us with some of the educational clients that we've brought into the fold.

至於我們應如何看待擴張與成長，以及成長加速因素，拓展到新的垂直領域對我們很重要。所以如你所知，Dan，你追蹤我們一段時間了，DMO／旅遊觀光領域，或區域與在地旅遊觀光領域，對我們很重要；這確實是一個強勁的區隔，我們持續看到成長與機會。除此之外，教育領域對我們也很強勁，我們已將一些教育客戶納入體系。

The third that we have had a heavy focus in is the energy sector, which is a new category that's helped us grow. We believe with the headwinds of the macroeconomic view that, that mix is a stable mix for our company and is one that we're going to continue to expand and lean into on a go forward.

第三個我們高度聚焦的是能源產業，這是一個協助我們成長的新類別。我們認為，在總體經濟逆風的背景下，這樣的組合對公司而言是穩定的組合，我們未來也會持續擴張並加大投入。

In addition, for growth strategy, we're also exploring inorganic opportunities on the demand side of the business where we feel like we have a real opportunity to add on new verticals.

此外，就成長策略而言，我們也在業務需求端探索非有機（inorganic）的機會；我們認為這能讓我們有很好的機會新增更多垂直領域。

And just, I guess, as we think about new sources of revenue, obviously, right now, the space is super focused on the buy-side anyway on getting away from sort of the legacy DB Plus focused on CTV. You've got a bunch of DSPs focused on trying to drive dollars away from social and SMB is a huge talking point. You clearly have a lot of regional and smaller buyers. I understand you're not a DSP yourself, but I mean that seems to be where the buy-side is focused. I wonder if you guys can kind of tap into the trends that are going on in the space right now?

另外，我想，當我們思考新的營收來源時，顯然目前市場非常聚焦在 buy-side，無論如何都在從某種傳統的 DB Plus 轉向、並聚焦於 CTV。你看到許多 DSP 都在努力把投放金額從社群平台導走，而 SMB 也是一個很大的討論重點。你們顯然有很多區域型與較小型的買方。我理解你們本身不是 DSP，但我的意思是，buy-side 似乎正聚焦在這裡。我想知道你們是否能夠切入目前這個領域正在發生的趨勢？

No. I think we've been ahead of the trend in the mid-market space. I think you're starting to see more and more players. As you know, some of the larger guys starting to move down into the mid-market space where we have a strong foothold, specifically in those Tier 2, Tier 3 media markets. So we're going to continue to expand there.

不。我認為我們在中型市場領域一直走在趨勢前面。我認為你開始看到越來越多的參與者。如你所知，一些較大的業者開始往下延伸到中型市場領域，而我們在那裡有很強的立足點，特別是在那些第二級、第三級媒體市場。因此我們將持續在那裡擴張。

We think that the opportunity we have, which allows us some flexibility as the opportunity to do that organically, which we've historically have proven that we can do. And I think we also are looking at inorganic opportunities that add different regions into our mix as well. We do believe that similar to what other people are saying, yes, we think that the fact that we're able to service social as well as programmatic is important to us, and we're going to continue to focus in on both of those.

我們認為我們所擁有的機會，讓我們具備一定的彈性，也就是可以選擇以有機方式來做，而我們過去也已經證明我們能做到。同時，我們也在尋找能把不同區域納入我們版圖的非有機機會。我們確實相信，類似其他人所說的，是的，我們能同時服務社群與程式化投放這一點對我們很重要，我們也會持續聚焦在這兩者上。

Michael Kupinski, NOBLE Capital Markets.

Michael Kupinski，NOBLE Capital Markets。

First of all, congratulations on seeing the acceleration in the buy-side revenue. That's very encouraging. I was just wondering if you can just break down the sustainability of that 28% buy-side growth in Q4? You mentioned that it was driven by new customers and expansion with existing accounts. I was just wondering if you can just share with us how much was driven by the new customers versus the existing accounts?

首先，恭喜你們看到買方收入加速成長。這非常令人鼓舞。我想請教的是，你們能否拆解一下第四季買方成長28%的可持續性？你提到這是由新客戶以及既有客戶的擴張所帶動。我想請你們分享一下，其中有多少是由新客戶帶動、又有多少是由既有客戶帶動？

Yes. In regards to new customers, I don't have that number off the top of my head on the specific percentage. But I can say that what we are seeing is with the new mix of customers that we have brought in, specifically in the energy sector, it is helping to change our typical curve that we have seen where we used to have the tail off between 3 and 4. Now we're seeing where it's starting to maintain within quarters 3 and 4. And so we anticipate that we're going to see that same type of curve within 2026.

是的。關於新客戶，我手邊沒有那個特定比例的即時數字。但我可以說，我們看到的是，隨著我們引入的新客戶組合，特別是在能源產業，正在幫助改變我們以往看到的典型曲線——過去我們在第三季到第四季之間會出現下滑。現在我們看到的是，第三季與第四季開始維持在相對穩定的水準。因此我們預期在2026年也會看到同樣類型的曲線。

And that's really driven mostly from new customers that we brought into the fold for us.

而這主要是由我們新納入的客戶所驅動。

And just to clarify, Michael, the fourth quarter included $1.7 million from customers in new verticals. And for the year, we had -- hold on to that number. But that was the fourth quarter was $1.7 million. It was about $7 million for new customers for the year.

再澄清一下，Michael，第四季包含來自新垂直領域客戶的170萬美元。至於全年，我們——先讓我確認一下那個數字。但第四季是170萬美元。全年新客戶約為700萬美元。

For this year. That's terrific. And then how scalable is the current buy-side platform? And is there -- are there any bottlenecks to see some acceleration in the growth there? If I know you've main seeing some pretty decent margins there.

就今年而言。太棒了。那目前的買方平台可擴展性如何？以及在那裡要看到成長加速，是否存在任何瓶頸？因為我知道你們那邊的利潤率看起來相當不錯。

I'm just wondering how sustainable those are?

我想請教這些利潤率有多可持續？

Yes. So we're -- as we said before, we have actually more cost saving measures that are going to come into fold that we should see the benefit in Q2, which we're looking forward to, to help expand our margins some. We do believe that the buy-side still has more upside growth potential for us in regards to the expansion on current customers and the growth that we're seeing from them and then also new customers that we're bringing into the fold. So do we think we can maintain a trend? Yes, we think Q1 is going to be positive growth as well.

是的。所以我們——如先前所說，我們其實還有更多節省成本的措施將會到位，我們預期在第二季看到效益，這點我們很期待，將有助於進一步擴大我們的利潤率。我們確實相信，買方業務對我們而言仍有更大的上行成長潛力，包含既有客戶的擴張與我們從他們身上看到的成長，以及我們新納入的客戶。所以我們認為能維持這個趨勢嗎？是的，我們也認為第一季將會是正成長。

And we still hold to on an annualize basis of 10% growth over year over year is what we're focused in on.

而且我們仍然以年化基礎、年對年10%的成長作為我們聚焦的目標。

Got you. And then in terms of the traction or KPIs, can you kind of give us share us your thoughts about ignitions in the AI platform since its launch? If you can just give us some sense of what KPIs are you looking at there?

了解。那在動能或KPI方面，你能否分享一下AI平台自上線以來的啟動（ignitions）情況？能否讓我們大概了解一下，你們在那裡主要看哪些KPI？

Yes. We're looking for large enterprise customers that we could bring in specifically under that program. We view it as more sizable, larger than our current average revenue per customer that we bring in on that, and we run test pilots within 2025 that we're hoping to come in fruition as full blown customers within 2026. The KPIs that we look for there are going to be larger spend ratios that come from them at a more shared margin opportunity for them due to the transparency.

是的。我們在尋找能在該方案下導入的大型企業客戶。我們把它視為規模更大、也高於我們目前該方案下每位客戶平均收入的機會；我們在2025年進行測試試點，並希望在2026年能落地成為正式客戶。我們在那裡關注的KPI，會是他們帶來更高的支出比率，以及因透明度而帶來、對他們而言更具共享性的利潤率機會。

Got you. And then you were speaking about inorganic growth going back to the buy-side, what kind of verticals are you looking at that would be interesting to you to add beyond the current scope of what you currently have in your verticals?

了解。另外你提到回到買方的非有機成長，你們在現有垂直領域範圍之外，還在看哪些你們覺得有趣、值得納入的垂直領域？

Health care is one that we're definitely have a keen eye on as well as some CPG to move us more in the retail space on those verticals as well. And then financial services, banking services is the other one.

醫療保健是我們一定會密切關注的一個領域，另外還有部分民生消費品（CPG），以便讓我們在這些垂直領域更往零售領域延伸。再來就是金融服務、銀行服務。

Got you. And then you said that you're taking additional steps to reduce costs. Can you kind of just talk us through about what those additional steps might be? And if there's a dollar amount you might be able to put around that?

了解。另外你提到你們正在採取額外措施來降低成本。你能否帶我們梳理一下這些額外措施可能是什麼？以及是否能提供一個大概的金額？

Yes. Diana, would you like to take that one?

是的。Diana，你想回答這題嗎？

Sure. So some of the cost reductions that we're looking at had been historically on the sell-side, and we have some contracts that are winding down in that business that we think we can live without. And so that's the bulk of it, it's probably starting in the second quarter about $0.5 million a quarter reduction.

當然。我們正在評估的一些成本削減，過去主要是在賣方業務端；我們在那項業務中有一些合約即將到期，我們認為沒有那些合約我們也能運作。因此這是主要部分，預計從第二季開始，每季大約可減少50萬美元。

And that concludes our question-and-answer session. I would like to now turn the conference back over to Mr. Mark Walker for closing remarks.

以上為我們的問答環節。現在我想把電話會議交回給Mark Walker先生作結語。

Thank you. That concludes our conference call for today. Thank you for participating. You may now disconnect.

謝謝。我們今天的電話會議到此結束。感謝各位參與。您現在可以掛線。

Ladies and gentlemen, once again, this concludes today's call. We thank you for your participation, and you may now disconnect.

各位女士先生，再次提醒，今天的電話會議到此結束。感謝各位的參與，您現在可以掛線。