Viant Technology Inc (DSP) 2026 Q1 法說會逐字稿

Hello, everyone, and welcome to Viant Technology first-quarter 2026 earnings conference call. My name is David, and I will be your moderator today. Before I hand the call over to the Viant leadership team, I'd like to go over a few housekeeping notes for the program. As a reminder, this call is being recorded. (Operator Instructions)

各位好，歡迎參加 Viant Technology 2026 年第一季財報電話會議。我叫 David，今天將擔任主持人。在我把電話交給 Viant 管理團隊之前，我想先說明幾點會議注意事項。提醒各位，本次通話將被錄音。（接線員指示）

Thank you for your attendance today. I am now pleased to turn the call over to Nick Zangler, SVP of Investor Relations for Viant.

感謝各位今天的出席。現在我很高興把電話交給 Viant 投資人關係資深副總裁 Nick Zangler。

Thank you. Good afternoon, and welcome to Viant Technology's first quarter 2026 earnings conference call. On the call today are Tim Vanderhook, Co-Founder and Chief Executive Officer; Chris Vanderhook, Co-Founder and Chief Operating Officer; and Larry Madden, Chief Financial Officer.

謝謝。各位下午好，歡迎參加 Viant Technology 2026 年第一季財報電話會議。今天出席的有共同創辦人兼執行長 Tim Vanderhook；共同創辦人兼營運長 Chris Vanderhook；以及財務長 Larry Madden。

I'd like to remind you that we will make forward-looking statements on our call today, including, but not limited to, statements regarding our guidance for Q2 2026 and other future financial results, our strategy, our platform development initiatives, including ViantAI, expected benefits of our acquisition of TVision, our pipeline and potential partnership opportunities, our share repurchase program and industry trends that are based on assumptions and subject to future events, risks and uncertainties that could cause actual results to differ materially from those projected.

提醒各位，我們今天的電話會議中將作出前瞻性陳述，包括但不限於：我們對 2026 年第二季的財測指引及其他未來財務結果、我們的策略、平台開發計畫（包括 ViantAI）、收購 TVision 的預期效益、我們的銷售管線與潛在合作機會、庫藏股回購計畫，以及基於假設並受未來事件、風險與不確定性影響的產業趨勢；這些因素可能導致實際結果與預期有重大差異。

These forward-looking statements speak only as of today, and we undertake no obligation to update or revise these statements, except as required by law. For more information about factors that may cause actual results to differ materially from forward-looking statements and our entire Safe Harbor statement, please refer to the news release issued today as well as the risks and uncertainties described in our quarterly report on Form 10-Q for the quarter ended March 31, 2026, under the heading Risk Factors and in our other filings with the SEC.

這些前瞻性陳述僅代表截至今日的觀點；除法律要求外，我們不承擔更新或修訂此等陳述的義務。關於可能導致實際結果與前瞻性陳述存在重大差異的因素，以及我們完整的「安全港」聲明，請參閱我們今日發布的新聞稿，以及我們截至 2026 年 3 月 31 日季度的 Form 10-Q 季報中「風險因素」項下所述的風險與不確定性，並參考我們向 SEC 提交的其他文件。

During today's call, we will also present both GAAP and non-GAAP financial measures. Additional disclosures regarding these non-GAAP measures, including a reconciliation of non-GAAP financial measures to the mostly directly comparable GAAP measures are included in the news release issued today and, in our presentation, which have been posted on the Investor Relations page of the company's website and in our filings with the SEC.

在今天的電話會議中，我們也將呈現 GAAP 與非 GAAP 財務衡量指標。關於這些非 GAAP 指標的額外揭露（包括非 GAAP 財務指標與最直接可比 GAAP 指標之間的調節表），已載於今日發布的新聞稿以及我們的簡報中；上述資料已張貼於公司網站的投資人關係頁面，並包含於我們向 SEC 提交的文件中。

I would now like to turn the call over to Tim Vanderhook, Chief Executive Officer of Viant. Tim?

現在我想把電話交給 Viant 執行長 Tim Vanderhook。Tim？

Thanks, Nick, and thank you all for joining us today. We delivered strong first quarter performance, achieving new company Q1 records across all key metrics. Revenue increased 25% year-over-year, well above the high end of our quarterly guidance range and contribution ex-TAC increased 18% year-over-year, above the midpoint of our quarterly guidance range.

謝謝 Nick，也感謝各位今天加入。我們第一季表現強勁，在所有關鍵指標上都創下公司第一季新紀錄。營收年增 25%，大幅高於我們季度財測區間的上緣；扣除 TAC 的貢獻（contribution ex-TAC）年增 18%，高於我們季度財測區間的中位數。

Growth was broad-based across verticals, driven by strong CTV demand, increased utilization of our proprietary data and expanded use of the ViantAI product suite. Adjusted EBITDA increased 81% year-over-year to $9.8 million for the quarter and exceeded the high end of our guidance range.

成長動能遍及各垂直產業，主要由強勁的 CTV 需求、我們自有數據使用率提升，以及 ViantAI 產品套件使用擴大所帶動。調整後 EBITDA 年增 81% 至本季 980 萬美元，並超越我們指引區間的上緣。

We are off to a strong start in 2026 and Viant's market position and opportunity for growth have continued to strengthen. We expect accelerating top line performance throughout the year, driven by a combination of new and existing catalysts. First, the ad environment remains healthy as evidenced by strengthening customer demand trends observed throughout the first quarter.

我們在 2026 年開局強勁，Viant 的市場地位與成長機會也持續增強。我們預期全年營收表現將逐步加速，動能來自新舊催化因素的組合。首先，廣告環境仍然健康，第一季期間我們觀察到客戶需求趨勢轉強，即為明證。

March performance was particularly robust, signaling strong business confidence to kick off the year, and we continue to see healthy demand trends midway through the second quarter. Our new flagship customers, Molson Coors and WHOOP, among other major US advertisers went live in the first quarter and are now scaling spend across our platform.

3 月的表現尤其強勁，顯示年初企業信心十足；而在第二季進行到一半時，我們仍持續看到健康的需求趨勢。我們的新旗艦客戶 Molson Coors 與 WHOOP，以及其他多家美國大型廣告主已於第一季上線，並正擴大在我們平台上的投放規模。

On a related note, we are currently actively engaged with our largest sales pipeline in company history. Perhaps more than ever, we believe major US advertisers and their agency partners are seeking a new buy-side partner, one that is independent and objective, free of conflicts of interest and can transparently deliver maximum return on ad spend.

同時，我們目前正積極推進公司史上最大的銷售管線。比以往任何時候都更明顯的是，我們相信美國大型廣告主及其代理商夥伴正在尋找新的買方端合作夥伴：必須獨立且客觀、沒有利益衝突，並能以透明方式提供最高的廣告投資報酬（ROAS）。

Viant is meeting this demand with a differentiated offering, equipped with proprietary data and evolving AI capabilities. Propelled by current market dynamics, we expect to win incremental ad spend from current customers and secure additional major advertiser wins throughout the year. Tentpole viewership events are also expected to drive ad spend to the CTV channel this year.

Viant 以差異化方案滿足此一需求，具備自有數據與持續演進的 AI 能力。在當前市場動態推動下，我們預期將從既有客戶贏得更多增量廣告預算，並在全年取得更多大型廣告主的新增合作。大型收視焦點事件也預期將在今年推動廣告預算流向 CTV 頻道。

The 2026 World Cup is hosted by providers within our direct access premium publisher program, and we anticipate strong contribution from political advertisers in the second half of the year, fueled by midterm elections and the ongoing shift of political budgets from linear TV to CTV.

2026 年世界盃由我們「直接存取優質出版商計畫」中的供應商承辦；此外，我們預期下半年政治廣告主將帶來強勁貢獻，受期中選舉以及政治預算持續由傳統線性電視轉向 CTV 的趨勢所帶動。

We expect to benefit from ramping adoption and increased utilization of IRIS ID, our industry-leading content identifier, which recently reached nearly 50% penetration across all biddable CTV inventory. with additional major streaming services set to become IRIS-enabled later this year.

我們預期將受惠於 IRIS ID（我們業界領先的內容識別器）採用率提升與使用率增加；IRIS ID 近期在所有可競價的 CTV 庫存中滲透率已接近 50%，且今年稍晚還將有更多大型串流服務啟用 IRIS。

Following our go-to-market launch in January, we are encouraged by early adoption of Outcomes, Viant's fully autonomous AI-powered solution. Within our existing client base, we are beginning to capture performance budgets previously allocated to search and social channels. Advertisers are redirecting search and social spend toward the highly effective CTV channel, where spend doesn't merely take credit for sales that would have happened regardless of a last second ad exposure.

自 1 月正式上市（go-to-market launch）以來，我們對 Outcomes（Viant 全自動、AI 驅動的解決方案）的早期採用情況感到鼓舞。在既有客戶群中，我們開始承接過去分配給搜尋與社群渠道的成效型預算。廣告主正把搜尋與社群支出轉向高效的 CTV 頻道；在 CTV 上，支出不只是把原本無論如何都會發生的銷售，歸功於最後一秒的廣告曝光。

CTV actually drives net new customers. While early, we believe Outcomes is fully capable of servicing the 10 million advertisers electing to allocate spend across search and social channels. We expect outcomes to be a meaningful growth accelerator for Viant in the years to come.

CTV 實際上能帶來淨新增客戶。雖然仍在早期階段，我們相信 Outcomes 完全有能力服務那 1,000 萬名選擇在搜尋與社群渠道配置預算的廣告主。未來幾年，我們預期 Outcomes 將成為 Viant 重要的成長加速器。

And finally, on May 1, we closed on our acquisition of TVision, a leading television measurement provider, uniquely capable of quantifying the true value of linear TV, connected TV and walled garden inventory through viewer attention-based insights. Together and for the first time, we will activate TVision's attention data within the bid stream on a prebid basis, enabling advertisers to optimize budgeting and bidding decisions to inventory designed to capture genuine human engagement.

最後，在 5 月 1 日，我們完成對 TVision 的收購。TVision 是領先的電視衡量供應商，能以「觀眾注意力」為基礎的洞察，獨特地量化線性電視、連網電視以及封閉式生態（walled garden）庫存的真實價值。我們將首次在 prebid 的基礎上，把 TVision 的注意力數據在競價流（bid stream）中啟用，讓廣告主能將預算與出價決策最佳化，投向能捕捉真實人類互動的庫存。

In a moment, Chris will elaborate on the state of the market with specific reference to the growing number of opportunities available to Viant attributable to our commitment to innovate on behalf of advertisers. Our commitment to remain an independent and objective partner as well as favorable market dynamics well documented amongst trade publications.

稍後 Chris 將進一步說明市場現況，並特別談到：由於我們致力於代表廣告主持續創新，Viant 正面臨日益增加的機會。我們堅持成為獨立且客觀的合作夥伴，以及有利的市場動態，也已在各大產業媒體中有充分記載。

But first, I will provide an update on our recent performance and progress across our three key strategic priorities: CTV, Viant's proprietary data and ViantAI. Within the CTV ecosystem, two major industry tailwinds are currently underway and remain in the very early stages. The continual migration of linear TV advertising dollars to CTV and the diversion of search and social performance budgets to CTV, as the most sophisticated buying platform in the marketplace for CTV ad spend deployment, Viant is exceptionally well positioned to capitalize on these tailwinds, both in the near term and for many years to come.

不過首先，我將就我們近期表現，以及三大關鍵策略優先事項的進展提供更新：CTV、Viant 自有數據，以及 ViantAI。在 CTV 生態系中，目前有兩股主要產業順風正在發生，且仍處於非常早期的階段：線性電視廣告預算持續移轉至 CTV；以及搜尋與社群的成效型預算轉向 CTV。作為市場上最成熟的 CTV 廣告投放採買平台，Viant 在把握這些順風上具備極佳的有利位置，無論短期或未來多年皆然。

Reflecting these dynamics, total CTV spend on our platform reached a new all-time high for a first quarter, accounting for over 50% of total ad spend. Contribution ex-TAC increased well over 40%, and this performance in Q1 2026 marks the third consecutive year that CTV contribution ex-TAC has increased over 40% on a year-over-year basis, a rate that is 3x that of the industry growth rate.

反映上述動態，我們平台上的 CTV 總投放金額在第一季創下歷史新高，占總廣告投放金額超過 50%。扣除 TAC 的貢獻（contribution ex-TAC）成長超過 40%；而 2026 年第一季的表現，標誌著 CTV 的 contribution ex-TAC 已連續第三年年增超過 40%，其增速為產業成長率的 3 倍。

This outsized adoption reflects Viant's strategic investments in critical CTV infrastructure, publisher relationships and addressability solutions, which collectively establish Viant as the platform of choice for CTV campaign deployment across the open Internet. Contributing to our outsized CTV growth is the continued expansion of our direct access premium publisher program, with new integration announcements coming in the next few weeks.

這種超額採用反映了 Viant 在關鍵 CTV 基礎設施、出版商關係與可定址（addressability）解決方案上的策略性投資；這些投資共同奠定 Viant 成為開放網際網路上部署 CTV 活動的首選平台。推動我們 CTV 超額成長的因素之一，是我們「直接存取優質出版商計畫」持續擴張；未來幾週將公布新的整合合作消息。

Direct Access offers advertisers an efficient, targetable and measurable path to purchase CTV ad inventory. By facilitating transactions directly with publishers, we bypass midstream resellers, which reduces CPMs for advertisers and drives better return on ad spend for our clients.

Direct Access 為廣告主提供一條高效率、可定向且可衡量的途徑，以購買 CTV 廣告庫存。透過直接與出版商促成交易，我們繞過中游轉售商，從而降低廣告主的 CPM，並為客戶帶來更佳的廣告投資報酬（ROAS）。

In the quarter, over 50% of CTV ad spend on our platform was transacted through direct access, which includes leading CTV streaming services, including Disney, Paramount, Peacock and many, many more. Viant's exclusive data has expanded and now consists of three primary pillars of exclusive proprietary insight into content, identity and now attention.

本季，我們平台上超過 50% 的 CTV 廣告投放金額是透過 direct access 完成交易；其中包含多家領先的 CTV 串流服務，包括 Disney、Paramount、Peacock 等等。Viant 的獨家數據版圖也已擴大，現由三大支柱構成：對內容、身分識別，以及如今對注意力的獨家自有洞察。

Through our acquisition of IRIS TV, our proprietary content signal continues to proliferate amongst publishers, enabling advertisers to deploy show level and contextual campaigns at greater scale. In just over a year since its acquisition, the presence of our content identifier, IRIS ID, within the CTV ecosystem has grown fivefold, reaching nearly 50% of incoming CTV bid requests in the first quarter.

透過我們收購 IRIS TV，我們的自有內容訊號持續在出版商之間擴散，使廣告主能以更大規模部署節目層級與情境式（contextual）投放活動。自收購以來僅一年多，我們的內容識別器 IRIS ID 在 CTV 生態系中的覆蓋已成長五倍，於第一季達到近 50% 的 CTV 競價請求（bid requests）滲透率。

Viant's content identifier empowers advertisers to target CTV ad inventory at the show level, providing a substantially more detailed and granular targeting capability relative to our competitors who are limited to app-level targeting only. IRIS uniquely enables advertisers to align their message with specific shows, contextual categories, emotional sentiments, tones and brand-suitable content, representing a degree of micro targeting that enhances return on ad spend and drives outcomes.

Viant 的內容識別碼使廣告主能以「節目」層級鎖定 CTV 廣告庫存，相較於僅能進行 App 層級定向的競爭對手，提供更為細緻且更具顆粒度的定向能力。IRIS 可獨特地讓廣告主將訊息與特定節目、情境類別、情緒感受、語氣以及符合品牌安全的內容對齊，代表一種可提升廣告投放報酬率（ROAS）並帶動成效的微型定向程度。

This is made possible through direct integrations with publishers' own content management systems, providing Viant with a meaningfully higher resolution of content intelligence. With new major streaming services slated to become enabled later this year, Viant's content identifier penetration is expected to soon reach over 75% of biddable inventory.

這得以透過與出版商自有內容管理系統的直接整合來實現，為 Viant 提供顯著更高解析度的內容情報。隨著今年稍晚將啟用新的大型串流服務，預期 Viant 的內容識別碼滲透率很快將超過可競價庫存的 75%。

Viant's Household ID, our patented identity solution for audience targeting, saw utilization meaningfully accelerate in the quarter, fueled by a growing number of advertisers electing to deploy sophisticated campaign strategies. Household ID delivers superior addressability for advertisers looking to activate their first-party data to reach specific audiences and measure campaign performance. It is embedded in approximately 80% of all programmatic bid requests and now 96% of all CTV requests.

Viant 的 Household ID（我們用於受眾定向的專利身分解決方案）在本季的使用率顯著加速成長，主要受越來越多廣告主選擇部署更精密的行銷活動策略所帶動。Household ID 為希望啟用其第一方資料以觸及特定受眾並衡量活動成效的廣告主，提供更優異的可定址性（addressability）。它已嵌入約 80% 的所有程式化競價請求，且目前已涵蓋 96% 的所有 CTV 請求。

And with 95% of all household addresses mapped to Viant's ID graph, we can connect advertisers to addressable audiences at a massive scale, offering over 4x the coverage of other competing identity offerings. On May 1, we closed on our acquisition of TVision, a preeminent television measurement provider uniquely capable of quantifying consumers' eyes on screen attention while watching linear TV, connected TV, YouTube and Prime video content on and ad inventory.

此外，隨著 95% 的所有家庭地址已映射至 Viant 的 ID 圖譜（ID graph），我們能以極大規模將廣告主連結至可定址受眾，覆蓋率為其他競爭身分方案的 4 倍以上。5 月 1 日，我們完成對 TVision 的收購；TVision 是頂尖的電視衡量供應商，具備獨特能力可量化消費者在觀看線性電視、連網電視、YouTube 與 Prime Video 內容及其廣告庫存時的「注視螢幕」注意力。

TVision gathers this proprietary data point through their nationally representative panel of US households, each equipped with TVision's computer vision and automatic content recognition technology. TVision's attention data provides advertisers with four unique signals: in-room presence, co-viewership, viewer demographics and eyes on screen attention, with each signal offering critical insights exclusively available to Viant's advertiser clients.

TVision 透過其具全國代表性的美國家庭樣本面板蒐集此一專有資料點；每個家庭皆配備 TVision 的電腦視覺與自動內容辨識（ACR）技術。TVision 的注意力資料為廣告主提供四項獨特訊號：室內在場（in-room presence）、共同觀看（co-viewership）、觀眾人口統計（viewer demographics）以及注視螢幕注意力（eyes on screen attention）；每項訊號都提供僅 Viant 廣告主客戶可取得的關鍵洞察。

In-room presence lets our customers know if their ad was delivered to an audience or an empty room. Co-viewership measures the total number of viewers in the room, allowing advertisers to optimize decisioning to target larger audiences. TVision enables the most accurate targeting and reporting of demographics across linear TV, CTV and walled garden content.

室內在場可讓客戶知道其廣告是投放給受眾，還是投放到空房間。共同觀看可衡量房間內的總觀眾人數，使廣告主能最佳化決策以鎖定更大的受眾。TVision 也能在橫跨線性電視、CTV 與圍牆花園（walled garden）內容時，提供最精準的人口統計定向與報告。

Within a typical Household, one logged-in user registers across various streaming services, but a typical household includes multiple individuals, each with their own viewership preferences. As an example, in my household, Amazon believes my wife is watching the NBA playoff game on Prime Video because she holds the Amazon account for our household.

在典型家庭中，一位登入使用者會在多個串流服務上註冊，但一般家庭包含多位個人，每位都有各自的收視偏好。舉例來說，在我家，Amazon 會以為我太太正在 Prime Video 上觀看 NBA 季後賽，因為她持有我們家庭的 Amazon 帳戶。

TVision's technology identifies the actual viewers within that household that are sitting in front of the TV when the content plays. Eyes-on-screen attentive viewership tracks whether the audience is actively watching the TV screen during content and ad airings or if they are distracted or disengaged.

TVision 的技術可辨識該家庭在內容播放時實際坐在電視前的觀眾。注視螢幕的專注收視（eyes-on-screen attentive viewership）會追蹤受眾在內容與廣告播出期間是否正主動觀看電視螢幕，或是分心、未投入。

Together, these insights provide Viant with an exclusive lens of the CTV market and enable our bidding algorithms to price all CTV inventory on a first-of-its-kind attention-adjusted CPM. Viant receives these attention signals in real time ahead of the ad break enabling our AI-powered buying platform to assign definitive attention scores and corresponding attention-adjusted CPMs to all CTV ad inventory and direct purchase decisions toward inventory where attention and price are aligned to maximize return on ad spend efficiency and deliver optimal outcomes.

綜合這些洞察，Viant 得以擁有 CTV 市場的獨家視角，並讓我們的出價演算法以業界首創的「注意力調整後 CPM」為所有 CTV 庫存定價。Viant 會在廣告插播前即時接收這些注意力訊號，使我們的 AI 驅動採買平台能為所有 CTV 廣告庫存指派明確的注意力分數及相對應的注意力調整後 CPM，並將採購決策導向注意力與價格相匹配的庫存，以最大化廣告投放報酬率（ROAS）效率並交付最佳成果。

To be clear, Viant's proprietary data, comprising exclusive content, identity and attention signals is unique to Viant and cannot be replicated by competitors such as Google, Amazon, OpenAI or Anthropic. This is attributable to the strategic acquisitions of IRIS and TVision as we are the only company currently capable of activating attention as a prebid signal for advertisers, providing an exclusive and differentiated performance advantage for our clients. This takes me to ViantAI.

需要明確指出的是，Viant 的專有資料由獨家內容、身分與注意力訊號所構成，為 Viant 所獨有，且無法被 Google、Amazon、OpenAI 或 Anthropic 等競爭對手複製。這歸因於我們對 IRIS 與 TVision 的策略性收購；目前我們是唯一能將注意力作為競價前（prebid）訊號供廣告主啟用的公司，為客戶提供獨家且差異化的成效優勢。接下來我將談到 ViantAI。

Leveraging proprietary data spanning content, identity and attention, our fully autonomous AI-powered ad platform is actively building and executing campaigns without any human intervention and is delivering return on ad spend performance that human traders cannot beat. In early January, we launched Outcomes, a fully autonomous ad product designed to serve performance ad budgets.

憑藉橫跨內容、身分與注意力的專有資料，我們完全自主的 AI 驅動廣告平台正主動在無需任何人工介入下建置並執行行銷活動，並交付人類交易員無法超越的廣告投放報酬率（ROAS）表現。今年 1 月初，我們推出 Outcomes——一款為承接成效型廣告預算而設計的全自主廣告產品。

Outcomes is the do-it-for-me solution for the open Internet, ingesting just four basic inputs: the advertiser, the budget, the flight dates and the goal. Based on these inputs, ViantAI constructs the most optimal media plan, leveraging our exclusive data.

Outcomes 是面向開放網際網路的「交給我處理」解決方案，只需匯入四項基本輸入：廣告主、預算、投放期間（flight dates）與目標。基於這些輸入，ViantAI 會運用我們的獨家資料建構最優化的媒體計畫。

After the advertiser provides ViantAI with their goals and budgets, ViantAI automatically constructs the ad campaign and transparently shows the advertiser where their ad will be placed, to which audiences it will be shown, the times of day it will run and before deployment, ask the advertiser for approval.

在廣告主向 ViantAI 提供其目標與預算後，ViantAI 會自動建置廣告活動，並以透明方式向廣告主展示其廣告將投放於何處、將展示給哪些受眾、將於一天中的哪些時段投放，並在部署前請廣告主核准。

Once approved, ViantAI implements, executes, optimizes and reports on the results without any human intervention, making decisions in milliseconds. Together, our exclusive data and ViantAI's Lattice brain decisioning engine is producing better results than any form of manual optimization could ever achieve.

一經核准，ViantAI 便會在無需任何人工介入下進行導入、執行、最佳化並回報成果，以毫秒級速度做出決策。我們的獨家資料與 ViantAI 的 Lattice brain 決策引擎相結合，正產出任何形式的人工最佳化都無法達成的更佳結果。

And coming soon, ViantAI and our Outcomes product will lever TVision's attention data to optimize bidding decisions toward inventory that commands high attentive scores and features attractive attention-adjusted CPMs, driving yet another enhancement to return on ad spend efficiency that no other platform can offer.

此外，在不久的將來，ViantAI 與我們的 Outcomes 產品將運用 TVision 的注意力資料，將出價決策最佳化至具高專注分數且具吸引力之注意力調整後 CPM 的庫存，進一步提升廣告投放報酬率（ROAS）效率，而這是其他平台無法提供的。

A growing number of advertiser clients are utilizing ViantAI and our Outcomes product to deploy ad spend, and we continue to deliver impressive results. We will continue to expand the adoption of ViantAI's full capabilities amongst our current customers while continuously enhancing the solution based on learnings from every impression we deliver and every exclusive data point ViantAI receives.

越來越多廣告主客戶正使用 ViantAI 與我們的 Outcomes 產品來部署廣告支出，我們也持續交付令人印象深刻的成果。我們將持續在現有客戶中擴大 ViantAI 完整能力的採用，同時根據我們投放的每一次曝光（impression）以及 ViantAI 接收的每一個獨家資料點所獲得的學習，不斷強化此解決方案。

In summary, Viant is transforming from a media execution platform into an advertising intelligence company. The competitive landscape is increasingly split between traditional DSPs focused on media execution and closed ecosystems built around owned data, owned inventory and self-contained measurement.

總結而言，Viant 正從媒體執行平台轉型為廣告智慧公司。競爭格局正日益分化為兩類：一是專注媒體執行的傳統 DSP；二是圍繞自有資料、自有庫存與封閉式衡量所建立的封閉生態系。

Viant is building a different model, one built around the advertiser. We are combining proprietary data, independent measurement and real-time activation into one self-reinforcing platform. Our identity, content intelligence, attention data and cross-channel measurement help advertisers understand what media is worth, which impressions deserve investment and how to activate against those signals in real time.

Viant 正在打造不同的模式——以廣告主為核心的模式。我們將專有資料、獨立衡量與即時啟用整合為一個自我強化的平台。我們的身分、內容情報、注意力資料與跨渠道衡量，協助廣告主理解媒體的價值、哪些曝光值得投資，以及如何依據這些訊號即時啟用投放。

That combination strengthens our moat and separates Viant from platforms built primarily around execution alone as well as closed ecosystems where the same company sells the media and measures their own results. That is the model we are building, and it is the foundation for the next phase of Viant's growth. With that, I'll turn it over to Chris to walk through the current market dynamics.

這樣的組合強化了我們的護城河，並使 Viant 有別於主要僅圍繞執行所建立的平台，以及那些由同一家公司同時販售媒體並衡量自身成果的封閉生態系。這就是我們正在打造的模式，也是 Viant 下一階段成長的基礎。接下來我把時間交給 Chris，請他說明目前的市場動態。

Thanks, Tim. I would like to share our findings from recent interactions with agencies and advertisers across the marketplace, and I'll preface these remarks by noting that this is an extraordinarily exciting time for Viant as we are addressing the largest RFP pipeline in company history.

謝謝你，Tim。我想分享我們近期與市場上各家代理商與廣告主互動所得的觀察；在開始之前先說明，對 Viant 而言這是一個極其令人振奮的時刻，因為我們正面對公司史上最大的 RFP（提案邀請）管線。

From our perspective, we believe there are three primary reasons why agencies and advertisers are increasingly engaging with Viant. Number one, our commitment to relentlessly innovate on behalf of advertisers and their agencies by creating unparalleled efficiencies and exclusive data signals that are in high demand, but only available in Viant's platform; number two, our commitment to remain a transparent, independent and objective partner; and number three, favorable market dynamics.

從我們的角度來看，我們認為代理商與廣告主之所以日益與 Viant 互動，主要有三個原因。第一，我們承諾代表廣告主及其代理商持續不懈地創新，打造前所未有的效率與市場高度需求、但僅在 Viant 平台可取得的獨家資料訊號；第二，我們承諾維持透明、獨立且客觀的合作夥伴角色；第三，有利的市場動態。

We believe advertisers and agencies have finally drawn a line in the sand with regards to the self-attributing tactics of walled gardens and the general lack of transparency provided by our competitors. To elaborate, begin with our commitment to relentlessly innovate on behalf of advertisers.

我們相信，廣告主與代理商終於就圍牆花園的自我歸因（self-attributing）手法，以及競爭對手普遍缺乏透明度的問題，劃下了明確界線。為了進一步說明，先從我們代表廣告主持續不懈創新的承諾談起。

The market clearly recognizes Viant as a platform provider in a perpetual state of innovation, as demonstrated by our recent strategic investments and a string of new product launches, all of which are designed to further establish Viant as the leading platform for CTV.

市場清楚認知 Viant 是一個持續創新的平台供應商，這可由我們近期的策略性投資與一連串新產品發布所證明；這些舉措皆旨在進一步確立 Viant 作為 CTV 領先平台的地位。

Our solutions are industry-leading and exclusive to Viant. Household ID is the industry's leading audience identifier, boasting over 4x the availability of alternative solutions. Direct Access provides the cleanest, most efficient path to purchase premium CTV ad inventory in the market. Leveraging our content identifier, IRIS ID, Viant was the first and remains the only buying platform that enables contextual targeting for CTV.

我們的解決方案為業界領先，且為 Viant 獨有。Household ID 是業界領先的受眾識別碼，其可用性為替代方案的 4 倍以上。Direct Access 提供市場上最乾淨、最高效率的途徑以購買優質 CTV 廣告庫存。憑藉我們的內容識別碼 IRIS ID，Viant 是第一個且至今仍是唯一能為 CTV 提供情境定向（contextual targeting）的採買平台。

In two years, we rolled out four phases of ViantAI solutions, culminating in a fully autonomous AI-powered buying platform, producing results human traders and media planners cannot replicate. We acquired TVision, a leading attention measurement provider of TV, and we plan to strategically merge TVision's attentive insights with IRIS ID to create an attention optimized targeting and measurement solution for TV buying that does not exist elsewhere.

在兩年內，我們推出了四個階段的 ViantAI 解決方案，最終形成一個完全自主的 AI 驅動採買平台，產出人類交易員與媒體規劃人員無法複製的成果。我們收購了 TV 注意力衡量領導者 TVision，並計畫策略性地將 TVision 的專注洞察與 IRIS ID 融合，打造一套其他地方不存在、用於電視採買的注意力最佳化定向與衡量解決方案。

And there is more to come. We will continue to invent new solutions unique to our platform that are designed to maximize return on ad spend efficiency and drive outcomes, helping our advertiser clients win in market and gain market share against their competitors.

而且還有更多即將到來。我們將持續發明專屬於我們平台的新解決方案，旨在最大化廣告支出回報（ROAS）效率並推動成效，協助我們的廣告主客戶在市場中勝出，並相較競爭對手取得市占率。

Last quarter, we announced a multiyear strategic partnership with WHOOP, the human performance company behind world-class wearable technology. Viant is now the DSP of record for WHOOP, responsible for powering their ambitious growth expectations. WHOOP's fitness and health-focused wearable device competes with big tech competitors like Apple and their Apple Watch.

上季，我們宣布與 WHOOP（打造世界級穿戴式科技的人體表現公司）建立多年期策略合作夥伴關係。Viant 現已成為 WHOOP 的指定 DSP（DSP of record），負責支援其雄心勃勃的成長目標。WHOOP 以健身與健康為核心的穿戴式裝置，與 Apple 及其 Apple Watch 等大型科技競爭對手競爭。

But in partnership with WHOOP, we have developed a marketing plan that utilizes Viant's full arsenal of advertising solutions and aims to compete and win versus Apple among other competitors in market. Together, we expect to drive meaningful share gains for WHOOP's wearable devices and help fuel their growth. Moving to the second reason advertisers are increasingly engaging with Viant.

而透過與 WHOOP 的合作，我們已制定一套行銷計畫，運用 Viant 全套廣告解決方案，目標是在市場上與 Apple 等競爭對手競爭並勝出。我們預期將為 WHOOP 的穿戴式裝置帶來具意義的市占提升，並協助推動其成長。接著談第二個原因：廣告主為何愈來愈多與 Viant 互動。

Viant has remained steadfast in our commitment to provide advertisers and agencies with a transparent solution that fully aligns their best interest with ours. And in doing so, we have established an unwavering degree of trust that ensures agencies and advertisers remain partners with Viant for the long term.

Viant 一直堅定致力於為廣告主與代理商提供透明的解決方案，使其最佳利益與我們的利益完全一致。也因此，我們建立了牢不可破的信任程度，確保代理商與廣告主長期與 Viant 維持夥伴關係。

Viant is an independent and objective platform. We do not own any publisher content, and therefore, we have no motivation to direct ad spend towards any specific channel or publisher. We work on behalf of our advertiser clients to deliver optimal outcomes and return on ad spend efficiency regardless of channel or publisher distribution. Competing platforms lack this level of integrity.

Viant 是一個獨立且客觀的平台。我們不擁有任何出版商內容，因此沒有動機將廣告支出導向任何特定渠道或出版商。我們代表廣告主客戶運作，無論渠道或出版商分布如何，都以交付最佳成效與提升廣告支出回報（ROAS）效率為目標。競爭平台缺乏這種程度的誠信。

And quite frankly, the worst offender is undoubtedly Amazon. The Amazon DSP is effectively a margin trap, strategically designed to drain all profit from the marketer. We hear these horror stories firsthand from advertisers leaving their platform. Amazon will first attempt to steer the vast majority of advertiser spend towards its owned and operated inventory, including Amazon Prime Video, where, of course, Amazon captures full margin.

坦白說，最嚴重的違規者無疑是 Amazon。Amazon DSP 本質上是一個「毛利陷阱」，在策略上被設計用來榨乾行銷人員的所有利潤。我們直接從離開其平台的廣告主那裡聽到這些駭人聽聞的案例。Amazon 會先嘗試將絕大多數廣告主支出導向其自有與自營（owned and operated）的庫存，包括 Amazon Prime Video；當然，在那裡 Amazon 可取得全部毛利。

It then uses self-attribution measurement tactics to make the claim that all sales originated from its own inventory, compelling the advertiser to further increase spend with Amazon. What's more, Amazon directs consumer audiences to purchase the advertiser's product on the Amazon website, leading to the advertiser's growing dependence on Amazon as a primary sales channel.

接著，它會使用自我歸因（self-attribution）的衡量手法，宣稱所有銷售都源自其自有庫存，迫使廣告主進一步提高在 Amazon 的支出。更甚者，Amazon 會引導消費者受眾到 Amazon 網站購買廣告主的產品，導致廣告主對 Amazon 作為主要銷售渠道的依賴日益加深。

This dependency enables Amazon to trap more and more and more ad spend from the advertiser if they want to maintain their positioning in the Amazon store. As Amazon becomes an advertiser's leading distribution channel, it effectively crushes the advertisers' product margins because Amazon takes the largest cut of the sale amongst all retail distribution channels.

這種依賴使 Amazon 能夠從廣告主那裡「困住」越來越多的廣告支出，因為若廣告主想維持在 Amazon 商店中的能見度與定位，就不得不持續投入。當 Amazon 成為廣告主的主要分銷渠道時，它實際上會壓縮廣告主的產品毛利，因為在所有零售分銷渠道中，Amazon 從每筆銷售中抽取的比例最大。

And finally, Amazon leverages this sales data against the advertiser to benefit competing advertisers in the same product category and more egregiously to develop its own competing white label products. How on earth does this model represent a viable option for advertisers? Where is the partnership?

最後，Amazon 會利用這些銷售數據對廣告主不利：一方面讓同品類的競爭廣告主受益，更惡劣的是用來開發其自有的競品白牌（white label）產品。這種模式到底怎麼可能是廣告主可行的選項？夥伴關係在哪裡？

There is no partnering with Amazon, and the advertisers that have been spurned by this model are looking elsewhere. And what they are finding is that true independence and objectivity is hard to come by these days. Google's DV360 deploys the same self-attribution tactics as Amazon, claiming YouTube and Google Search are the only channels capable of driving sales on behalf of the advertiser.

與 Amazon 根本談不上合作，而被這種模式傷害過的廣告主正在另尋出路。他們發現，如今真正的獨立性與客觀性非常難得。Google 的 DV360 也採用與 Amazon 相同的自我歸因手法，宣稱 YouTube 與 Google Search 是唯一能代表廣告主帶動銷售的渠道。

Yahoo DSP is no different, claiming the same self-attribution across their publisher properties. Well, advertisers are finally waking up. They have learned you cannot trust the buying platform that also serves as a seller of ads because selling their own content will always take priority at the expense of the advertiser.

Yahoo DSP 也沒有不同，對其出版商資產同樣主張自我歸因。廣告主終於開始覺醒。他們已經明白：你無法信任同時是買方平台、又是廣告賣方的平台，因為銷售自家內容永遠會優先於廣告主利益。

We believe this leaves Viant and The Trade Desk as the two remaining independent and objective enterprise-level buying platforms in market, which, of course, in light of recent press coverage, brings me to transparency. Viant's go-to-market strategy is fundamentally centered on providing advertisers and agencies with transparency, control and the option to utilize our platform in a way that best suits their needs.

我們認為，這使得 Viant 與 The Trade Desk 成為市場上僅存的兩個獨立且客觀的企業級採買平台；當然，鑑於近期媒體報導，這也帶到「透明度」這個議題。Viant 的市場進入（go-to-market）策略，核心在於為廣告主與代理商提供透明度、控制權，以及以最符合其需求的方式使用我們平台的選擇。

We believe we are widely recognized as one of the most transparent buying platforms in the industry, consistently receiving client praise for the high degree of visibility we provide regarding platform fees. Viant's commitment to transparency is rooted in the proven effectiveness of our solutions.

我們相信，我們被廣泛認可為業界最透明的採買平台之一，客戶也持續稱讚我們在平台費用方面提供高度可視性。Viant 對透明度的承諾，根植於我們解決方案已被證實的有效性。

Essentially, our products pay for themselves. When advertisers opt to use Household ID or IRIS ID for audience and contextual targeting, they are rewarded with a significantly enhanced return on ad spend, an investment that pays for itself. The same goes for when advertisers opt into AI bidding, which enables our algorithms to purchase inventory on their behalf.

本質上，我們的產品能自我回本。當廣告主選擇使用 Household ID 或 IRIS ID 進行受眾與情境（contextual）定向時，會獲得顯著提升的廣告支出回報（ROAS），這是一項能自我回本的投資。同樣地，當廣告主選擇啟用 AI 出價（AI bidding），讓我們的演算法代表其採買庫存時，也能獲得相同效果。

We generate savings that overwhelmingly accrue to the advertiser. We believe our go-to-market approach supports a mutually aligned business model that drives a win-win scenario for both Viant and our agencies and advertisers. This commitment is further demonstrated by Viant's direct access solution for which Viant charges no fee, passing the value of our direct-to-publisher integrations to our clients, allowing for more working media dollars and better campaign performance.

我們創造的節省成本，絕大多數都回饋給廣告主。我們相信，我們的市場進入方式支持一個彼此利益一致的商業模式，為 Viant 與我們的代理商及廣告主帶來雙贏。這項承諾也進一步體現在 Viant 的 Direct Access（直接存取）解決方案上：Viant 不收取任何費用，將我們直連出版商（direct-to-publisher）整合的價值回饋給客戶，讓更多預算可用於有效媒體投放（working media dollars），並帶來更佳的活動成效。

In fact, Direct Access is specifically engineered to completely eliminate all unnecessary fees charged by bidstream middlemen by creating what we believe is the most efficient programmatic route to premium inventory for our clients. Our business model is predicated on the success of our advertiser clients. We work on their behalf as a true partner, and therefore, when they win, we win.

事實上，Direct Access 是專門設計用來透過打造我們認為對客戶而言最有效率、通往優質庫存（premium inventory）的程式化路徑，徹底消除由競價流（bidstream）中間商收取的一切不必要費用。我們的商業模式以廣告主客戶的成功為前提。我們代表他們、以真正夥伴的角色運作，因此他們贏，我們就贏。

And finally, touching on market dynamics, which have been well documented amongst trade publications. From our perspective, it is abundantly clear that agencies and advertisers are finally ready to take action and explore alternative demand-side partnerships. Notably, Viant maintains strong, long-lasting relationships with all of the major agency holding companies, which collectively account for approximately one third of our ad spend mix.

最後談到市場動態，這在各大產業媒體上已有充分報導。從我們的角度來看，非常明顯的是：代理商與廣告主終於準備採取行動，探索替代性的需求方合作夥伴。值得注意的是，Viant 與所有主要代理商控股公司維持強健且長期的關係，這些公司合計約占我們廣告支出組合的三分之一。

As a trusted partner, continuously innovating on behalf of advertisers, we welcome the opportunity to service incremental spend from these existing agency partners. Additionally, our team is actively engaged with a growing number of major US advertisers. These are household names across CPG, retail, QSR and health care verticals, representing ad spend opportunities that either match or eclipse ad spend levels associated with our recent major wins, notably Molson Coors and WHOOP.

作為值得信賴的夥伴，我們持續代表廣告主創新，也歡迎有機會承接這些既有代理商夥伴的增量支出。此外，我們團隊正積極與越來越多美國大型廣告主接洽。這些都是在 CPG（民生消費品）、零售、QSR（快速服務餐飲）與醫療保健等垂直領域的知名品牌，所代表的廣告支出機會，與我們近期重大勝利（尤其是 Molson Coors 與 WHOOP）相關的支出水準相當，甚至更高。

Through a superior offering continuously enhanced by innovation, exclusive data signals, a model built on transparency and favorable market dynamics, we believe we have an unprecedented opportunity to secure incremental spend from existing agency partners and win amongst major US advertisers, and we intend to capitalize. With that, I'll turn it over to Larry to provide more detail on our financial performance. Larry?

憑藉持續以創新強化的優越產品、獨家數據訊號、以透明度為基礎的模式，以及有利的市場動態，我們相信我們擁有前所未有的機會，從既有代理商夥伴取得增量支出，並在美國大型廣告主中勝出；我們也打算把握這個機會。接下來，我把時間交給 Larry，請他更詳細說明我們的財務表現。Larry？

Thanks, Chris. Before I begin, I would like to remind everyone that we have posted a presentation on our Investor Relations website that includes supplemental financial information to accompany today's call. In terms of our results for the first quarter, revenue for the quarter was $88.5 million, representing a 25% increase year-over-year and exceeding the high end of our guidance range by 3%.

謝謝，Chris。在我開始之前，我想提醒各位，我們已在投資人關係網站上發布一份簡報，其中包含補充財務資訊，以配合今天的電話會議。就第一季的業績而言，本季營收為 8,850 萬美元，年增 25%，並較我們指引區間上緣高出 3%。

Contribution ex-TAC totaled $50.3 million in Q1, up 18% compared to the prior year period and above the midpoint of our guidance range. We delivered strong performance across most customer verticals in Q1 with financial services, health care, consumer goods and industrials leading the way.

第一季的 Contribution ex-TAC 為 5,030 萬美元，較去年同期成長 18%，並高於我們指引區間的中點。我們在第一季於多數客戶垂直領域表現強勁，其中以金融服務、醫療保健、消費品與工業類別領先。

CTV remained a core growth driver in Q1, accounting for over 50% of total platform spend, our highest CTV mix on record. In addition, CTV spend reached an all-time high for our first quarter, reflecting continued momentum as advertisers increasingly prioritize premium addressable video to drive performance.

CTV 在第一季仍是核心成長動能，占總平台支出超過 50%，創下我們歷史最高的 CTV 組合占比。此外，第一季 CTV 支出也達到歷史新高，反映出隨著廣告主愈來愈優先採用優質可定址（addressable）影音以推動成效，動能持續增強。

Advertisers industry-wide continue to shift their media mix towards emerging digital channels, including CTV, streaming audio and digital out-of-home. Reflecting the secular trend, customer-directed purchasing on our platform across these channels collectively represented over 60% of total platform spend in the quarter, up from 54% for the full year 2025.

全產業的廣告主持續將媒體組合轉向新興數位渠道，包括 CTV、串流音訊與數位戶外（digital out-of-home）。反映此一長期趨勢，本季在我們平台上、由客戶主導採買的上述渠道合計占總平台支出超過 60%，高於 2025 全年 54% 的水準。

Viant remains well positioned as a leading partner for advertisers moving beyond search and social spending to capitalize on next-generation media formats. Video, inclusive of CTV set a new record, representing over 65% of total platform spend in the quarter, further reflecting the continued shift towards high-impact measurable formats.

隨著廣告主從搜尋與社群支出進一步延伸，以掌握下一代媒體格式的機會，Viant 仍具備成為領先合作夥伴的良好定位。包含 CTV 在內的影音支出創下新紀錄，本季占總平台支出超過 65%，進一步反映市場持續轉向高影響力且可衡量的格式。

Building on strong customer momentum, new flagship clients, including Molson Coors and WHOOP, among others, began deploying ad spend in the first quarter and are expected to aggressively ramp spend throughout the year. At the same time, we are actively engaged with our largest RFP cohort in company history, reflecting our commitment to innovate on behalf of advertisers, our stance to remain an independent objective partner and market dynamics favorable to Viant.

在強勁的客戶動能基礎上，包括 Molson Coors 與 WHOOP 等新的旗艦客戶已於第一季開始投放廣告支出，並預期在全年將積極加速擴大支出。同時，我們正積極參與公司史上最大規模的 RFP（提案邀請）客群，反映我們代表廣告主持續創新的承諾、我們維持獨立客觀夥伴的立場，以及對 Viant 有利的市場動態。

Working further down the income statement, non-GAAP operating expenses totaled $40.5 million for the quarter, reflecting a 9% year-over-year increase and a 2% increase sequentially. Importantly, we remain focused on scaling efficiently. Even as we continue to invest in innovation across ViantAI and our broader technology stack, we have been delivering measurable gains in productivity, increasing trailing 12-month contribution ex-TAC per employee by over 9% year-over-year, marking 11 straight quarterly increases, a clear signal of improved operational efficiency.

再往下看損益表，本季非 GAAP 營業費用合計 4,050 萬美元，年增 9%，季增 2%。重要的是，我們仍專注於高效率擴張。即使我們持續在 ViantAI 與更廣泛的技術堆疊上投入創新，我們也持續帶來可衡量的生產力提升：過去 12 個月每位員工的 contribution ex-TAC 年增超過 9%，連續 11 個季度提升，清楚顯示營運效率改善。

Adjusted EBITDA for Q1 was $9.8 million, exceeding the high end of our guidance by 3% and increasing 81% year-over-year. Adjusted EBITDA as a percentage of contribution ex-TAC was 19% for the quarter, expanding by nearly 700 basis points compared to the prior year. Non-GAAP net income, which excludes stock-based compensation and other adjustments, totaled $5.6 million for the quarter, up almost 100% from $2.8 million in the prior year.

第一季調整後 EBITDA 為 980 萬美元，較我們指引上緣高出 3%，並年增 81%。本季調整後 EBITDA 佔 contribution ex-TAC 的比率為 19%，較去年同期擴大近 700 個基點。非 GAAP 淨利（排除以股份為基礎之薪酬及其他調整）本季合計 560 萬美元，較去年同期的 280 萬美元成長近 100%。

Non-GAAP basic earnings per Class A share outstanding increased 125% to $0.09 in the first quarter compared to $0.04 in the prior year period. In terms of share count, we ended the quarter with 63.8 million total shares outstanding, consisting of approximately 18.3 million Class A shares and approximately 45.6 million Class B shares.

第一季非 GAAP 每股 A 類普通股基本盈餘年增 125% 至 0.09 美元，去年同期為 0.04 美元。就股數而言，我們於季末共有 6,380 萬股流通在外，其中約 1,830 萬股為 A 類股，約 4,560 萬股為 B 類股。

We ended the quarter with $185.7 million in cash and cash equivalents and $220.1 million in positive working capital with no debt and access to a $75 million undrawn credit facility. Our solid performance is enabling meaningful positive cash flow generation. For the trailing 12 months ended March 31, 2026, cash flow from operating activities totaled $60 million, representing a year-over-year increase of $16.5 million or 38%.

本季結束時，我們持有現金及約當現金 1.857 億美元，正向營運資金 2.201 億美元，無負債，並可動用 7,500 萬美元未提用的信用額度。我們穩健的表現正帶動具意義的正向現金流產生。截至 2026 年 3 月 31 日止的過去 12 個月，營業活動現金流合計 6,000 萬美元，年增 1,650 萬美元或 38%。

Free cash flow totaled $41.5 million, representing a year-over-year increase of $15.4 million or 59%. For the current quarter, cash flows from operating activities increased $7.4 million year-over-year, representing a 166% increase and free cash flow increased $7.2 million year-over-year, representing an 88% increase.

自由現金流合計 4,150 萬美元，年增 1,540 萬美元或 59%。就本季而言，營業活動現金流年增 740 萬美元，增幅 166%；自由現金流年增 720 萬美元，增幅 88%。

Additionally, in the current quarter, we used $1 million for share repurchases under our existing share repurchase program and $3.1 million for share repurchases related to tax withholdings on vested equity awards. Since launching the share repurchase program in May 2024, we have returned $60.6 million to shareholders.

此外，本季我們依既有庫藏股回購計畫用於回購股份 100 萬美元，並因已歸屬股權獎酬的稅款扣繳相關回購股份 310 萬美元。自 2024 年 5 月啟動庫藏股回購計畫以來，我們已向股東返還 6,060 萬美元。

As of May 8, $39.4 million remains available under the current plan authorization. We expect to strategically deploy share buybacks to return capital to our shareholders, particularly when our stock is undervalued. We believe our strong financial foundation, combined with consistent execution and a balanced capital allocation strategy positions us well to capture growth opportunities and drive shareholder value in the quarters ahead.

截至 5 月 8 日，現行計畫核准額度下仍可用金額為 3,940 萬美元。我們預期將策略性運用庫藏股回購以回饋股東，特別是在我們股價被低估時。我們相信，強健的財務基礎，加上持續一致的執行力與均衡的資本配置策略，使我們在未來幾季能把握成長機會並提升股東價值。

Turning now to our Q2 outlook. Our Q2 guidance includes a partial quarter contribution from TVision, beginning with the close date of the acquisition, which occurred on May 1, 2026. For the second quarter of 2026, we expect revenue of $98.5 million to $101.5 million, up 28% over the prior year period at the midpoint. Contribution ex-TAC of $58.5 million to $60.5 million, reflecting 23% year-over-year growth at the midpoint. Non-GAAP operating expenses of $45.5 million to $46.5 million, up 24% year-over-year at the midpoint.

接著談我們對第二季的展望。我們的第二季指引包含 TVision 的部分季度貢獻，自收購完成日起算；該收購於 2026 年 5 月 1 日完成。對於 2026 年第二季，我們預期營收為 9,850 萬至 1.015 億美元，以中位數計較去年同期成長 28%。contribution ex-TAC 為 5,850 萬至 6,050 萬美元，以中位數計年增 23%。非 GAAP 營業費用為 4,550 萬至 4,650 萬美元，以中位數計年增 24%。

Adjusted EBITDA of $13 million to $14 million, representing a 20% year-over-year increase at the midpoint, inclusive of the impact of the TVision acquisition. And finally, we expect an adjusted EBITDA margin as a percentage of contribution ex-TAC of 23% at the midpoint. The midpoint of our guide assumes record Q2 performance across revenue, contribution ex-TAC and adjusted EBITDA.

調整後 EBITDA 為 1,300 萬至 1,400 萬美元，以中位數計年增 20%，並已包含 TVision 收購的影響。最後，我們預期調整後 EBITDA 利潤率（佔 contribution ex-TAC 的百分比）以中位數計為 23%。我們指引的中位數假設第二季在營收、contribution ex-TAC 與調整後 EBITDA 皆創下歷史新高。

I would also like to make a couple of general observations about our outlook for 2026. In 2026, we expect contribution ex-TAC growth to continue outpacing the broader US programmatic market, which is projected to grow approximately 13%, driving further market share gains.

我也想對我們 2026 年的展望提出幾點一般性觀察。2026 年，我們預期 contribution ex-TAC 的成長將持續超越更廣泛的美國程式化市場（預估約成長 13%），進一步帶動市占提升。

We expect year-over-year growth rates of contribution ex-TAC to accelerate sequentially as we move through 2026, primarily driven by new clients onboarding, ramping organic growth, political contribution in the back half of the year and the incorporation of TVision into our financials.

我們預期隨著 2026 年推進，contribution ex-TAC 的年增率將逐季加速，主要受新客戶導入、自然成長加速、下半年政治廣告貢獻，以及 TVision 併入財務報表所帶動。

We also expect revenue and contribution ex-TAC to continue growing faster than non-GAAP operating expenses on an annual basis, leading to modest adjusted EBITDA margin expansion for the full year 2026. More broadly, we continue to operate the business with the goal of delivering consistent 20% or more annual top line growth and adjusted EBITDA margin expansion with an opportunity to reach adjusted EBITDA margins of 40% or higher over the next several years.

我們也預期在年度基礎上，營收與 contribution ex-TAC 將持續快於非 GAAP 營業費用的成長，帶動 2026 全年調整後 EBITDA 利潤率小幅擴張。更廣泛而言，我們持續以達成每年 20% 或以上的營收成長與調整後 EBITDA 利潤率擴張為目標經營業務，並在未來數年有機會將調整後 EBITDA 利潤率提升至 40% 或更高。

In closing, we delivered another record quarter, executing against our strategic priorities and advancing innovation across our platform. We believe we are well positioned for sustainable long-term growth given our strategic alignment with secular growth trends, including CTV, proprietary data and ViantAI. And with that, I'll turn the call back over to the operator for questions. Operator?

總結來說，我們再度交出創紀錄的一季，落實我們的策略優先事項，並推進平台各項創新。我們相信，鑑於我們與 CTV、專有數據與 ViantAI 等長期結構性成長趨勢的策略一致性，我們已為可持續的長期成長做好布局。接下來我把電話交回給接線員進行問答。接線員？

(Operator Instructions)

（接線員指示）

Jason Kreyer, Craig-Hallum.

Jason Kreyer，Craig-Hallum。

Great job. Thank you, guys, for taking my questions. So, talked a lot about the record pipeline. You certainly gave a lot of color on why that pipeline is building. Just wondering if you could talk about how the opportunities are progressing through the funnel and what that growth -- the accelerating growth story can look like in the coming quarters.

表現很棒。謝謝各位回答我的問題。你們談了很多關於創紀錄的銷售管線，也提供了不少管線持續累積的原因。想請教你們能否談談這些機會在漏斗中的推進情況，以及未來幾季加速成長的故事可能會是什麼樣子。

Yes. Thanks, Jason. As we said, it's a growing and very large pipeline right now. Part of that has to do with just the steady cadence of innovation that we've been going after for the last two years, but also the market dynamics.

是的，謝謝你，Jason。如我們所說，目前管線正在成長且規模非常大。部分原因在於過去兩年我們持續推進的穩定創新節奏，另外也與市場動態有關。

We've definitely seen -- I would put it in stages. We've been winning large customers. We'll be getting test budgets from other large customers. And then we're also in the process of the RFP process that will largely be 2027 opportunities. But in all 3 stages, we just -- we see really good traction.

我們確實看到——我會把它分成幾個階段。我們一直在贏得大型客戶；也會從其他大型客戶取得測試預算；同時我們也正在進行 RFP 流程，這些多半會是 2027 年的機會。但在這三個階段中，我們都看到非常好的進展。

Great. Appreciate that. Maybe just ask on TVision, the early feedback you've heard from partners. And then you're adding the attention metrics to outcomes. Curious what the time frame is for that and what kind of investment is required?

很好，感謝說明。也許再問一下 TVision：你們從合作夥伴那裡聽到的早期回饋如何？另外你們要把注意力指標加入到成效（outcomes）中。想了解大概的時間表，以及需要投入什麼樣的投資？

Yes. The feedback on TVision has been outstanding. We just had an industry event in Miami that's called POSSIBLE, met with many agencies and brands. They understand our -- really part of our strategy is around building these exclusive data sets as signals to help marketers understand and value their investments.

是的。對 TVision 的回饋非常出色。我們剛在邁阿密參加一個名為 POSSIBLE 的產業活動，與許多代理商與品牌會面。他們理解我們——我們策略的核心之一，是建立這些獨家資料集作為訊號，幫助行銷人員理解並衡量其投資價值。

The attention data from TVision is so unique. It's a one-on-one asset. The fact that they have unified independent measurement across everything in linear television, CTV and walled gardens like YouTube and Prime Video, it really is a leg up for our customers to be able to evaluate how much attention is being paid across all of the programming that they're buying and helping them understand, right now, we're in the middle, upfronts are kicking off.

TVision 的注意力數據非常獨特，是一項一對一的資產。他們能在傳統線性電視、CTV，以及像 YouTube 與 Prime Video 這類封閉式生態（walled gardens）上，提供一致且獨立的整合衡量，這確實讓我們的客戶更具優勢，能評估他們購買的所有節目內容中，觀眾投入了多少注意力，並協助他們理解——目前我們正處於前期採購（upfront）啟動的階段。

Marketers want this data at their fingertips when they're negotiating in the upfront. And not only that, they don't want to just measure it after the fact. They want to do something about it in real time when they're bidding and buying in the DSP. And that's exactly what we're going to do, bring the attention signal in real time in the DSP. It's going to be an unprecedented buying platform for marketers. They're going to have an incredible advantage by using Viant.

行銷人員希望在 upfront 談判時能隨手取得這些數據。不僅如此，他們也不想只在事後衡量；他們希望在 DSP 競價與採買時，能即時採取行動。而這正是我們要做的：把注意力訊號即時帶入 DSP。這將會是行銷人員前所未有的採買平台。他們透過使用 Viant 將獲得極大的優勢。

Barton Crockett, Rosenblatt.

Barton Crockett，Rosenblatt。

I'm sorry about that. Can you hear me now?

抱歉。你們現在聽得到我嗎？

Yes.

聽得到。

Okay. Great. So I was wondering if you could detail the contribution of the acquisition TV Scientific to the second quarter guide. How much of the acceleration is that versus just more organic fulsome strength? That's one question.

好的，很好。我想請問你們能否詳細說明收購 TV Scientific 對第二季指引的貢獻？加速成長中有多少是來自它，多少則是更偏向有機、全面性的強勁表現？這是第一個問題。

And then the second question is, I was just noticing that you were talking a lot more where in the past, you've kind of spoken about Amazon is not really present in your competitive set. And I was just wondering if that suggests that you're seeing them more even if you should be if you're actually seeing them out there more.

第二個問題是，我注意到你們提到的內容比過去多很多；過去你們有點像是在說 Amazon 並不太在你們的競爭集合中。我想請問這是否表示你們現在更常看到他們——即使你們原本就應該——你們是否真的在市場上更常遇到他們？

Barton, we got your first question around the contribution of TVision, but you were broken up on the second question. Could you reask it?

Barton，我們收到你第一個問題是關於 TVision 的貢獻，但你第二個問題的聲音斷斷續續。你可以再問一次嗎？

Yes, sure. I'm sorry about that. You mentioned Amazon. You spoke a lot about Amazon. And in the past, you've said Amazon is not really particularly present in your competitive set.

好的，當然。很抱歉。你提到了 Amazon。你談了很多關於 Amazon 的事。而且過去你曾說 Amazon 並沒有特別出現在你們的競爭組合裡。

You just haven't seen them in the bids. But you're talking about them now. So I'm just wondering if that means you're seeing them more even if you think you should be?

你只是沒有在投標案中看到他們。但你現在在談他們。所以我想知道，這是否代表你們更常看到他們了，即使你認為你們本來就應該會看到？

Yes. I'll take the first one. In terms of TVision, we're not breaking out the revenue, so I can't comment on what the second quarter contribution would be. But we do see long-term advantages in the flywheel of our business with the TVision asset now consolidated under Viant.

是的。我先回答第一個。就 TVision 而言，我們不會單獨揭露營收，所以我無法評論第二季的貢獻會是多少。但我們確實看到，隨著 TVision 資產現在整合並併入 Viant，我們業務飛輪在長期上會有優勢。

One thing we do expect is it should increase the take rate of all ad spend flowing through as customers choose that measurement or using the data for bidding and buying. So it's the same flywheel. We're not going to break it out because it's fully integrated, but we do expect a lift in take rates on a go-forward basis.

我們確實預期的一點是：當客戶選擇該衡量方式，或使用該數據來進行出價與採買時，所有流經平台的廣告支出，其 take rate 應該會提高。所以這是同一個飛輪。我們不會拆分揭露，因為它已完全整合，但我們確實預期未來 take rate 會有所提升。

Yes. And with respect to Amazon, we don't see them in the finals of these selections. So that remains consistent. I think that -- to also remain consistent, we do pay attention to them. It is Amazon. They are intent on competing in the space. We think that it's no different than what we've already seen with Google DV360.

是的。至於 Amazon，我們沒有在這些遴選的最後決選名單中看到他們，所以這點仍然一致。我想——同樣地，我們也確實會關注他們。畢竟是 Amazon。他們有意在這個領域競爭。我們認為這與我們先前看到 Google DV360 的情況並無不同。

And really, what we're doing is drawing the distinction of what we're hearing from marketers that they want independence. There's a huge -- I think over the last 10 years, marketers have seen what happens when you use a buying platform that you believe it can be independent, but they also are selling their own content and owned and operated inventory to you.

而我們真正要做的是，釐清我們從行銷人員那裡聽到的差異：他們想要獨立性。過去 10 年裡，行銷人員已經看到，當你使用一個你以為是獨立的採買平台，但它同時也在向你販售自家內容以及自營（owned and operated）的庫存時，會發生什麼事。

It is a business model, and we want to make sure marketers and investors understand what that true business model actually is and how that differs from the opportunity that Viant offers in that we're not going to have any incentives on the sell side to direct to any particular channel or any particular publisher. We're going to help marketers make the correct decision regardless of where that goes.

那是一種商業模式，而我們希望確保行銷人員與投資人理解那個真正的商業模式到底是什麼，以及它與 Viant 所提供的機會有何不同：我們在賣方不會有任何誘因去導向特定渠道或特定出版商。我們會協助行銷人員做出正確決策，不論最後投向哪裡。

Yes. And I would just add to that. 90% of the commentary comes from investors. That's why we decided to talk about it today and the differences of us versus the Amazon DSP. I would say 10% or less are coming from advertisers. And to echo Chris' comments, it's all about objectivity. Are you actually doing the right thing for my business? Or are you doing the right thing for your business, which is Amazon and Google's positioning in the market?

是的。我再補充一下。90% 的評論其實來自投資人。這也是我們今天決定談這件事，以及我們與 Amazon DSP 差異的原因。我會說來自廣告主的不到 10% 或更少。呼應 Chris 的評論，重點在於客觀性：你到底是在為我的業務做正確的事？還是在為你自己的業務做正確的事——也就是 Amazon 與 Google 在市場上的定位？

Laura Martin, Needham.

Needham 的 Laura Martin。

Sure. So your numbers are excellent, especially compared to The Trade Desk. So they did 12%. You guys just did 18%. Their guidance is lower by 400 basis points for Q2. Yours is higher by 500 basis points. In theory, you're the same kind of company, independent DSP.

好的。你們的數字非常出色，尤其是相較於 The Trade Desk。他們是 12%，你們剛做出 18%。他們對第二季的指引低了 400 個基點；你們的則高了 500 個基點。理論上，你們是同一類型的公司，都是獨立 DSP。

So could you sort of size for us or rank order why you think there's this dispersion in growth rates, like one, two, three, what do you think the three biggest reasons are? And then secondly, I think Wall Street agrees with you, the proprietary data does have pricing power.

所以你能否幫我們量化或排序一下，為什麼你認為成長率會有這樣的分歧？例如一、二、三，你覺得最大的三個原因是什麼？第二點，我認為華爾街同意你們的看法：專有數據確實具有定價能力。

You now have these three assets that you have built this proprietary data. The other thing Wall Street really believes is the proprietary supply, like unique content or unique types of ad units also have pricing power. Do you guys have any plans to go into that aspect of sort of the programmatic stack that is -- has a moat around it?

你們現在有這三項資產，建立了這些專有數據。華爾街另外非常相信的是：專有供給（例如獨家內容或獨特類型的廣告版位）也具有定價能力。你們是否有任何計畫要進入程式化技術棧中那一塊——也就是具備護城河的那一部分？

Yes. One of the things I would say about your first question, Laura, thanks for that is really just our positioning in CTV. We want to have proprietary data around content, identity and attention. And that's kind of played out now with the TVision acquisition announcement. But I think we've just stayed very focused in CTV.

是的。關於你的第一個問題，Laura，謝謝你。我會說其中一點就是我們在 CTV 的定位。我們希望在內容、身分識別與注意力方面擁有專有數據。而這點現在也隨著 TVision 收購公告而逐步體現。但我認為我們一直非常專注在 CTV。

It's a massive growing market. It's a huge opportunity. And then when you couple our unique data assets that we have along with direct access that eliminates so many fees for marketers, it's just -- it's an unbelievable offering when you compare us to other platforms. And I think that's a big part of what's driving the faster growth.

這是一個高速成長的巨大市場，是非常大的機會。再加上我們擁有的獨特數據資產，以及能夠直接存取、為行銷人員省去許多費用——當你把我們與其他平台相比，這就是一個非常強的方案。我認為這是推動更快成長的重要原因之一。

On the second question around do we have any plans for exclusive content or being on the content side, the answer to that is plainly no. We view our partner as the advertiser. And in my prepared remarks, I said we're building a business model around the advertiser.

至於第二個問題：我們是否有任何獨家內容或站在內容端的計畫？答案很明確：沒有。我們把合作夥伴視為廣告主。而在我事先準備的發言中，我也說過我們正在圍繞廣告主建立商業模式。

And at no point do we ever want to have a conflict of interest of our interest being aligned with the advertiser's interest. And when you get into that side of the business, there's no doubt Prime Video has great content. YouTube has tons of content, lower quality, but tons of content, and they deserve to be on the buy because of the reach that they bring to marketers.

我們任何時候都不希望出現利益衝突，讓我們的利益無法與廣告主的利益一致。當你進入那一側的業務時，毫無疑問 Prime Video 有很棒的內容；YouTube 也有大量內容，品質較低，但量非常大；而且因為它們能為行銷人員帶來觸及，所以它們理應被納入採買範圍。

But they consistently, for lack of a better term, rig the reporting so they get the highest share of wallet, and it's at the detriment of the advertiser. Our goal and objective is to be on the advertiser side independently staying objective and saying, what is the proper allocation of budget to Prime Video, what is the proper allocation of budget to YouTube? And then, of course, bidding and buying across the open Internet for everything else.

但它們一貫地——缺乏更好的說法——操弄報表，讓自己拿到最高的錢包份額（share of wallet），而這是以犧牲廣告主利益為代價。我們的目標與宗旨，是站在廣告主這一側，獨立且保持客觀，去說：對 Prime Video 的預算應該如何正確配置？對 YouTube 的預算應該如何正確配置？然後，當然也要在開放網際網路上，對其他所有供給進行出價與採買。

Andrew Marok, Raymond James.

Raymond James 的 Andrew Marok。

I wanted again to touch on that RFP pipeline that you guys were talking about. Are you seeing any particular areas of strength or verticals within that, that are powering kind of some outsized wins? And maybe in connection with that, are you starting to see a snowball effect among large advertisers as some of your emerging large advertiser cohorts start to spend, you maybe get some case study data. Is that making it easier to go out and sell to subsequent large advertisers?

我想再回到你們提到的 RFP 管線。你們是否看到其中有特別強勢的領域或垂直產業，正在推動一些超預期的勝出？另外也延伸問一下：當你們一些新興的大型廣告主群開始投入支出，你們可能取得一些案例研究數據，這是否讓你們更容易去向後續的大型廣告主銷售？

Yes. Thanks for that, Andrew. I broadly put the early test that we've got as well as the RFP process, if I had to bucket them, I'd say it's in CPG, retail, health care and QSR. Broadly, I put them in there. Yes, you want to take the second question?

是的。謝謝你，Andrew。就我們目前的早期測試以及 RFP 流程，如果要我分類，我會說主要在 CPG、零售、醫療保健以及 QSR。大致上我會歸在這些類別。是的，你要回答第二個問題嗎？

Andrew, can you repeat that second question.

Andrew，你可以重複一下第二個問題嗎？

Yes. Just wondering if you're seeing kind of a snowball effect among large customers. So as your initial crop of large customers starts to spend, obviously, in early stages right now and you start to get maybe some case study data off of them, is it easier then to go out and sell to subsequent large advertisers?

好的。我只是想知道你們是否在大型客戶之間看到某種雪球效應。也就是說，當你們第一批大型客戶開始投入支出——當然目前仍在早期階段——你們開始從他們那裡取得一些案例研究數據後，是否就更容易再去向後續的大型廣告主銷售？

I would say definitely, the network effects of winning, let's call it, the Fortune 500 or companies that spend quite a bit amount of ad spend certainly derisks Viant from being selected by the next major large advertisers. So if we were aligned three to five years ago, we weren't being included in RFPs.

我會說絕對是。贏得——姑且稱之為——《財富》500 強或廣告支出相當可觀的公司所帶來的網路效應，確實會降低 Viant 被下一個主要大型廣告主選中的風險。因為如果回到三到五年前，我們還沒有被納入 RFP。

I would say we're being included in every single RFP now just in the awareness of the company and the differentiation of the product offering and the objectivity that we bring. And I think the big issue that advertisers face with, am I going to partner with the platform that owns the content where they have a conflict of interest? Or am I not going to do that and go with an objective platform?

我會說現在我們被納入每一個 RFP，因為市場對公司的認知度提升、產品方案的差異化，以及我們帶來的客觀性。我認為廣告主面臨的核心問題是：我要與擁有內容、因此存在利益衝突的平台合作嗎？還是不要那樣做，而選擇一個客觀的平台？

When you go with the objectivity route, you really only have two choices. There's Viant and what I broadly speak, the other guys, but I'm not going to say their name on this call. But -- so I do think there's been a huge lack of transparency, which ultimately has led to broken trust with our buy-side competitor, and that's what's leading to more windfall wins to Viant.

當你走客觀性這條路時，你其實只有兩個選擇：Viant，以及我泛稱的另一家，但我不會在這通電話上說出他們的名字。不過——所以我確實認為市場長期缺乏透明度，最終導致與我們買方競爭對手之間的信任破裂，而這正促使 Viant 贏得更多意外之財式的勝利（windfall wins）。

And I would just say the other piece, too, is as CTV continues -- the shift from linear into CTV and the dollars are getting so significant, marketers are starting to ask the questions around, okay, well, CTV was supposed to be addressable versus linear and they start looking at these addressability solutions in market that really aren't very scaled. And then they come across Household ID that has over 90% addressability in CTV.

我還想補充另一點：隨著 CTV 持續——從線性電視轉向 CTV 的趨勢，以及資金規模變得非常可觀——行銷人員開始問：好吧，CTV 原本應該相較於線性電視更可定址（addressable），於是他們開始檢視市面上這些可定址解決方案，但其實很多都沒有真正的規模。接著他們會看到 Household ID，在 CTV 上有超過 90% 的可定址率。

That's a huge win. So that's a big feather in the cap for Viant. When you get to the content, hey, wait a second, why am I only buying at the app level through these other platforms and buying Paramount+, but I don't know what the content is. And our IRIS ID with the proliferation of that north of 50% of all CTV ad inventory has the IRIS ID on it and accelerating.

那是一個巨大的勝利。所以這對 Viant 來說是很大的加分。當你談到內容時，會有人說：等等，為什麼我在其他平台只能以 App 層級購買、買了 Paramount+，但我不知道實際內容是什麼。而我們的 IRIS ID，隨著其普及率提升——目前超過 50% 的 CTV 廣告庫存都帶有 IRIS ID，而且還在加速成長。

Now they actually get these shows that they want to buy. Do you want to buy the NFL or do you want to buy the Kardashians? That's a big difference if you're, say, Molson Coors. So I think just our leadership position there, we've made our bets and they're starting to play out. So that's putting us in these RFP processes as well.

現在他們實際上拿到了他們想買的這些節目。你想買 NFL，還是想買《卡戴珊家族》？如果你是例如 Molson Coors，這差別就很大。所以我認為我們在那裡的領導地位，我們已經下了注，而且開始看到成效。因此這也讓我們能夠進入這些 RFP 流程。

Naved Khan, B. Riley.

Naved Khan，B. Riley。

Great. A couple of questions from me. So on the Outcomes adoption, maybe just talk about if you see any change in the growth curve for the spend once advertiser shifts over to outcomes versus the prior setup? And then just on the elections and just in terms of the spend on your platform, what have you seen historically? And how should we be thinking about the contribution in Q2, Q3, Q4 from elections?

很好。我這邊有幾個問題。關於 Outcomes 的採用情況，能否談談當廣告主從先前的設定切換到 outcomes 之後，你們是否看到其投放支出的成長曲線有任何變化？另外關於選舉，就你們平台上的投放支出而言，歷史上你們看到了什麼？我們應該如何看待選舉在 Q2、Q3、Q4 的貢獻？

Yes. On the outcomes adoption, what I'd say is although it's early, we're seeing just incredible performance results for marketers. And then just to go back to our previous quarter when we talked about it, it's really because it is an autonomous product.

是的。關於 outcomes 的採用，我想說的是，雖然還在早期階段，但我們正看到對行銷人員而言極為出色的成效表現。再回到我們上一季談到的內容，這主要是因為它是一個自主化產品。

It's not -- we're taking away the latency that typically is experienced with humans making changes to campaigns and optimizing and it's doing it at the speed of milliseconds. So we just see tremendous performance improvements. Clients that are in the Outcomes product are loving it. I will say it is still early.

它不是——我們正在消除通常由人為調整活動與最佳化所帶來的延遲，而是以毫秒等級的速度在運作。所以我們看到非常顯著的成效提升。使用 Outcomes 產品的客戶非常喜歡。我也要說，這仍然是早期。

We're seeing tremendous growth, but it is off of a small base. And really, this was about -- this wasn't about going and diverting spend from our existing customers. It was going after an entirely new market of performance marketing, which we believe is north of 60% of total ad budgets in the market.

我們看到非常強勁的成長，但基期仍小。而且這其實是關於——這不是去把既有客戶的預算挪過來，而是去開拓一個全新的成效型行銷市場；我們相信這個市場占整體廣告預算的比例超過 60%。

So we think that although early, we're seeing great growth signs, we have a very exciting product road map that we're continuing to enhance the outcomes offering, I think that we'll hear about in the coming quarters.

所以我們認為，雖然還早，但我們看到很好的成長訊號；我們也有非常令人振奮的產品路線圖，持續強化 outcomes 的產品供給，我想在接下來幾季大家會聽到更多。

In terms of political advertising, Q2 is usually a light quarter for political. It really kicks in, in Q3 and Q4, almost equally split towards the back half of Q3, the front end of Q4 or up to midway through. So that cycle really hasn't hit. Larry, do you remember political last cycle?

就政治廣告而言，Q2 通常是政治廣告較淡的一季。真正會在 Q3 和 Q4 開始發力，兩季幾乎各占一半，主要集中在 Q3 後半段、Q4 前段或到 Q4 中段為止。所以這個週期其實還沒到。Larry，你還記得上一個週期的政治廣告嗎？

Yes. The presidential cycle in '24, we probably added about 500 basis points of growth in Q3 and Q4, not -- as Tim said, not very much in Q2 though and very little in Q1. So this is nonpresidential, midterms, we think it might be lower than that number, but still looks like it's going to be meaningful.

是的。2024 年的總統選舉週期，我們在 Q3 和 Q4 的成長大概額外增加了約 500 個基點——如 Tim 所說，Q2 並不多，Q1 更少。這次是非總統選舉的期中選舉，我們認為可能會低於那個數字，但看起來仍會相當有意義。

Stephen Ju, UBS.

Stephen Ju，UBS。

Great. So can we talk about the timeline of when you win an RFP and when budgets would start to actually roll in? I get that everybody is different, but is it six months? Is it a year? Is it nine months?

很好。我們能談談你們贏得一個 RFP 到預算實際開始進來的時間表嗎？我知道每家都不同，但大概是六個月？一年？九個月？

And secondarily, I think the feedback that we're getting advertisers as more and more of the budget shift to online is that there's greater, I guess, volatility. It's easier to spool up campaigns and it's easier to kill campaigns when things are online. So -- versus back in the day when it was TV only. So I'm just wondering what kind of behavior you're seeing from advertisers as the geopolitical backdrop and everything else remains very fluid.

其次，我們從廣告主那邊得到的回饋是，隨著越來越多預算轉到線上，波動性似乎更大。線上更容易快速啟動活動，也更容易在需要時把活動停掉——相較於以前只有電視的年代。所以我想了解，在地緣政治背景以及其他因素仍非常多變的情況下，你們看到廣告主有哪些行為變化？

Yes. On the first one, the RFPs are largely about 2027. These are -- these DSP selections, they are heavy lift on the advertisers. So it's a pretty lengthy evaluation process when you're going through that. Some of them elect to do tests with some of the platforms that they're RFPing.

是的。第一點，這些 RFP 主要是針對 2027 年。這些——DSP 的遴選對廣告主而言是很重的工程，所以評估流程相當冗長。有些廣告主會選擇在 RFP 過程中，對部分平台進行測試。

As I mentioned, we're underway on a lot of those. But they're going to be 2027. I would say that most of them, you expect that will hit in January, but they all have -- depending on the categories, they have different budget cycles throughout the year, but we would expect a lot of these to really begin in the first quarter of '27.

如我提到的，我們已經在很多案子上進行中。但它們會落在 2027 年。我會說多數情況下，你會預期在 1 月開始生效，但它們也會——依不同品類而有不同的年度預算週期；不過我們預期其中很多會在 2027 年第一季真正開始。

In terms of the volatility of CTV versus linear TV, it certainly is more volatile than an upfront committed television ad spend because one of the greatest parts of the demand-side platform is the flexibility that we actually bring advertisers the ability to hit pause. So certainly, that risk is there from our business perspective. But I will say the moment you hit pause because it's such a large percentage of ad spend now, all you're doing is hurting consumer demand in the future for your product or service.

就 CTV 相較於傳統線性電視的波動性而言，它確實比事先承諾的 upfront 電視廣告支出更具波動，因為需求方平台最大的優點之一，就是我們帶給廣告主的彈性——能夠按下暫停。所以從我們的業務角度來看，這個風險當然存在。但我想說的是，一旦你按下暫停，因為現在廣告支出占比已經很大，你所做的其實只是傷害未來對你產品或服務的消費者需求。

So to give you an idea, like during the COVID time period, a large chunk, the majority of advertisers paused their ad spend, and that lasted for between 10 and 14 days before they turned it back on and ad spends were even greater. So I think in the long term, what you have is, yes, the ability to pause, it's great flexibility for advertisers if something is massively disruptive.

舉例來說，在 COVID 期間，有很大一部分、甚至多數廣告主都暫停了廣告支出，而那大概只持續了 10 到 14 天，之後他們又重新開啟，而且投放支出甚至更高。所以我認為長期來看，確實——有暫停的能力，對廣告主而言在遇到重大干擾時是很好的彈性。

But ultimately, they need to stimulate consumer demand for their product or service and digital is where they activate and most of the budgets are going to go there. So I think we're in the right tailwind. We haven't noticed any increased volatility or anything different. Conversely, we're winning bigger customers, which usually are planning out their budgets on an annual basis versus quarterly or monthly the way we built the business. So I think for us, we should be fine. We don't see anything from a macro perspective where that volatility would kick in.

但最終他們仍需要刺激對其產品或服務的消費者需求，而數位是他們啟動投放的地方，大部分預算也會流向那裡。所以我認為我們正處在有利的順風。我們沒有注意到任何波動性增加或不同的情況。相反地，我們正在贏得更大型的客戶；這些客戶通常是以年度為基礎來規劃預算，而不是像我們過去建立業務時那樣按季或按月。因此我認為對我們而言應該沒問題。我們沒有從總體環境看到會引發那種波動性的跡象。

Wyatt Swanson, D.A. Davidson.

Wyatt Swanson，D.A. Davidson。

Appreciate the question on for Tom White. There's been a lot of reports in recent weeks and months about potential disruptions to the status quo in terms of the relationships between large brand advertisers and their agencies and their legacy DSP relationship.

我想把這個問題給 Tom White。最近幾週到幾個月有很多報導提到，關於大型品牌廣告主與其代理商之間的關係，以及他們與傳統 DSP 的既有合作關係，可能會出現對現狀的干擾。

Can you talk about whether that's been a tailwind to your business in recent weeks? And maybe how meaningful an incremental spend opportunity could these developments be for Viant over the next couple of years?

你能談談這在最近幾週是否成為你們業務的順風嗎？以及在未來幾年，這些發展對 Viant 而言，可能帶來多大幅度的增量投放機會？

Yes. Thanks for the question, Wyatt. We don't see any disruption between advertisers and their agencies per se. I think it's the latter around DSPs. And I think -- as we talked about in our prepared remarks, certainly very public about that. We're definitely seeing that there is I would say the sentiment.

是的，謝謝你的問題，Wyatt。我們並沒有看到廣告主與其代理商之間本身有任何干擾。我認為更多是在 DSP 這一端。而且我想——如同我們在事先準備的講稿中提到的，這件事相當公開。我們確實看到，我會說市場情緒是這樣的。

There have been a lot of sentiment already in the market around lack of transparency and really whether or not they were going to actually go through with RFPing their platform looking for alternatives, and that's well, well underway. We're already seeing the tests because of those things.

市場上早就有很多情緒，圍繞在透明度不足，以及他們是否真的會透過 RFP 重新評選其平台、尋找替代方案；而這件事已經在非常、非常積極地推進。我們已經因為這些因素看到測試在進行。

We do expect that we'll get an increased amount of spend throughout the rest of the year because of some of that. But what I would say, though, is we're not getting that spend because of the issues that are happening that are showing up in the press. We're getting that because we built a superior offering and marketers are now realizing it, and they're ready to make the jump.

我們確實預期，因為其中一些因素，我們在今年剩餘時間會獲得更多投放支出。但我想說的是，我們拿到這些支出並不是因為媒體上出現的那些問題；我們拿到是因為我們打造了更優越的產品，而行銷人員現在意識到了這點，並且準備好做出轉換。

Okay. At this time, we have no more questions.

好的。目前我們沒有更多問題。

Thank you, everyone. We'll see you next quarter.

謝謝各位。我們下個季度見。