Viant Technology Inc (DSP) 2026 Q2 法說會逐字稿

Hello, everyone, and welcome to Viant Technologies' second quarter 2026 earnings conference call. My name is David, and I will be your operator 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) Thank you for your attendance today.

各位好，歡迎參加 Viant Technologies 2026 年第二季財報電話會議。我叫 David，今天將擔任會議主持人。在我把電話交給 Viant 管理團隊之前，我想先說明幾項會議注意事項。提醒各位，本次通話將被錄音。(主持人指示) 感謝各位今天的出席。

I would now like to turn the call over to Nick Zangler, SVP of Investor Relations for Viant.

接下來我想把電話交給 Viant 投資人關係資深副總裁 Nick Zangler。

Thank you. Good afternoon, and welcome to Viant Technologies' second 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。各位午安，歡迎參加 Viant Technologies 2026 年第二季財報電話會議。今天與會者包括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 Q3 2026 and other future financial results, our strategy, our growth opportunities, performance and benefits of our products, our platform development initiatives, including Viant AI, expected benefits of our acquisition of TVision, our pipeline and potential partnership opportunities, our share repurchase program, potential tailwinds 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將包含前瞻性陳述，包括但不限於：我們對 2026 年第三季的財測指引及其他未來財務結果、我們的策略、成長機會、產品的表現與效益、平台開發計畫（包括 Viant AI）、收購 TVision 的預期效益、我們的商機管線與潛在合作夥伴機會、庫藏股回購計畫、以及基於假設且受未來事件、風險與不確定性影響的潛在利多與產業趨勢；上述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 June 30, 2026, under the heading Risk Factors and in our other filings with the SEC.

這些前瞻性陳述僅反映截至今日的情況，除法律要求外，我們不承擔更新或修訂這些陳述的義務。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 6 月 30 日季度的 Form 10-Q 季報中「風險因素」章節所述之風險與不確定性，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 most directly comparable GAAP financial measures are included in the news release issued today and in our earnings 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，我們也將同時呈現 GAAP 與非 GAAP 財務衡量指標。關於這些非 GAAP 指標的補充揭露（包括非 GAAP 與最直接可比 GAAP 指標之調節表），已收錄於今日發布的新聞稿與我們的財報簡報中；上述資料已張貼於公司網站的投資人關係頁面，並包含在我們向 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?

接下來我想把電話交給 Viant 執行長 Tim Vanderhook。Tim？

Thanks, Nick, and thanks to everyone for joining us today. We delivered strong second quarter performance achieving new company second quarter records across all key metrics. Revenue increased 34% year-over-year, well above the high end of our quarterly guidance range and contribution ex-TAC increased 24% year-over-year.

謝謝你，Nick，也感謝各位今天加入我們。我們第二季表現強勁，在所有關鍵指標上都創下公司第二季的新紀錄。營收年增 34%，明顯高於我們季度財測區間的上緣；扣除 TAC 的貢獻（contribution ex-TAC）年增 24%。

Growth was broad-based across most verticals, driven by strong CTV demand, increased utilization of our proprietary intelligence and expanded use of Viant AI. Most notably, customer CTV spend surged by nearly 50% in the quarter, attributable to the unique performance advantages we deliver for advertisers within this secular growth channel. And finally, adjusted EBITDA increased 26% year-over-year to $14.2 million for the quarter, exceeding the high end of our guidance range.

成長動能廣泛分布於多數垂直產業，主要由強勁的 CTV 需求、我們自有智慧的使用率提升，以及 Viant AI 的擴大採用所帶動。尤其值得一提的是，本季客戶的 CTV 支出激增近 50%，這歸因於我們在此一長期結構性成長通路中，為廣告主帶來的獨特效能優勢。最後，調整後 EBITDA 年增 26% 至本季 1,420 萬美元，超出我們指引區間的上緣。

As our second quarter results clearly indicate, Viant has entered into a new phase of accelerated growth propelled by the continued adoption of our platform by major US advertisers. Ramping spend from these clients contributed to one of our strongest top line quarters ever as a public company. Our momentum is accelerating and is supported by the largest pipeline of new business opportunities in our company's history.

從第二季結果可清楚看出，隨著美國大型廣告主持續採用我們的平台，Viant 已進入加速成長的新階段。這些客戶支出的加速提升，推動我們繳出作為上市公司以來最強勁的營收季度之一。我們的動能正在加速，並且受到公司史上最大的新業務機會管線所支撐。

Our differentiated value proposition further enhanced by the integration of TVision's attention insights is resonating with advertisers and agencies more so than ever before. Viant has evolved from a demand side platform into an advertising intelligence company, uniquely capable of empowering advertisers with proprietary data, independent measurement and cutting-edge AI solutions, which collectively work in concert to optimize media execution.

我們差異化的價值主張，並在整合 TVision 的注意力洞察後進一步強化，正以前所未有的程度獲得廣告主與代理商的共鳴。Viant 已從需求方平台（DSP）演進為一家廣告智慧公司，能以自有數據、獨立衡量與尖端 AI 解決方案賦能廣告主；這些能力相互協同，共同優化媒體投放執行。

Viant is in market with an industry-leading arsenal of technological solutions, specifically engineered to drive superior ad campaign performance. Our intelligence layer synthesizes proprietary viewership signals, spanning audience identity, content selection and viewer attention into real-time actionable insights that best inform campaign targeting strategies.

Viant 以業界領先的一整套技術解決方案投入市場，並專為推動更優異的廣告活動成效而設計。我們的智慧層將自有收視訊號（涵蓋受眾身分、內容選擇與觀眾注意力）整合為即時、可執行的洞察，以最佳方式指引投放的受眾鎖定策略。

Lattice Brain, our AI-powered decisioning architecture, operationalizes these insights, dynamically refining every campaign to ensure that performance is continuously optimized. And our Direct Access supply path connects brands directly to premium publishers, lowering costs and eliminating bidstream inefficiencies to maximize working media spend. These solutions exclusive to Viant are attracting new advertisers to our platform while simultaneously fueling organic growth through deeper value-driven relationships with existing clients.

Lattice Brain 是我們以 AI 驅動的決策架構，將這些洞察落地運用，並動態精煉每一個廣告活動，確保成效持續最佳化。而我們的 Direct Access 供應路徑，讓品牌可直接連結優質出版商，降低成本並消除競價資料流（bidstream）的低效率，以最大化可用於媒體投放的支出。這些 Viant 獨有的解決方案，正吸引新廣告主加入平台，同時也透過與既有客戶建立更深、更以價值為導向的關係，推動有機成長。

Our commitment to innovation is solidifying Viant as an essential must-have partner for today's outcome-oriented advertisers. In a moment, Chris will provide some perspective on today's market environment and detail how Viant is strategically positioned to capitalize on emerging market opportunities, to deliver sustainable long-term growth into 2027 and beyond. But first, I will provide an update on our recent performance and progress across our three key strategic priorities - Viant's proprietary intelligence layer, Viant AI and CTV.

我們對創新的承諾，正鞏固 Viant 成為當今以成果為導向的廣告主不可或缺、必備的合作夥伴。稍後 Chris 將就目前的市場環境提供觀點，並說明 Viant 如何在策略上定位，以掌握新興市場機會，推動 2027 年及其後的可持續長期成長。但在此之前，我將先更新我們近期的表現，以及在三項關鍵策略優先事項上的進展——Viant 的自有智慧層、Viant AI 與 CTV。

Beginning with our intelligence layer, Viant empowers advertisers to deploy sophisticated campaign strategies through three core pillars of proprietary intelligence, spanning identity, content and attention. These proprietary data signals allow our advertisers to parse through the 15 million bid requests made available to them every second and identify the specific impressions that will drive performance.

首先談智慧層，Viant 透過三大核心支柱的自有智慧（涵蓋身分、內容與注意力）賦能廣告主部署更精密的投放策略。這些自有數據訊號，讓廣告主能在每秒提供的 1,500 萬筆競價請求中進行篩選，辨識出能驅動成效的特定曝光（impressions）。

Leveraging our proprietary intelligence, advertisers can precisely target their desired audiences within contextually relevant high attention environments and capture value by acquiring inventory where the intrinsic value exceeds the market price. Walking through our intelligence layer, Viant's identity intelligence is powered by our Household ID, a patented solution for audience targeting. Household ID delivers superior addressability for advertisers looking to activate their first-party data to reach specific audiences and measure campaign performance.

運用我們的自有智慧，廣告主可在具情境相關性且高注意力的環境中，精準鎖定目標受眾，並透過購買內在價值高於市場價格的庫存來捕捉價值。進一步說明我們的智慧層：Viant 的身分智慧由 Household ID 驅動，這是一項用於受眾鎖定的專利解決方案。Household ID 為希望啟用第一方數據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）。

Household ID is widely available across the digital landscape, embedded in 80% of all programmatic bid requests and 96% of all CTV requests. Offering 4 times the coverage of competing identity solutions, it is mapped to 95% of US household addresses through our identity graph, enabling advertisers to activate first-party data at massive scale. A large grocery store chain has been utilizing Household ID for several years.

Household ID 在整個數位生態中廣泛可用，嵌入於 80% 的程式化競價請求以及 96% 的 CTV 請求中。其覆蓋率為競品身分解決方案的 4 倍，並透過我們的身分圖譜（identity graph）對應至 95% 的美國家庭地址，使廣告主能以極大規模啟用第一方數據。某大型連鎖雜貨零售商已使用 Household ID 多年。

By leveraging the pervasive reach of Household ID, they are able to deploy sophisticated audience-targeting campaigns at a scale that is simply unmatched in the market. We link their first-party data directly to our identity graph to establish a precise one-to-one match. Because Household ID is so ubiquitous, we can scale their strategy across the entire programmatic ecosystem, more broadly than any competitor, while providing simple, clean, closed-loop measurement back to their own internal IDs.

藉由 Household ID 的廣泛觸及，他們得以以市場上無可匹敵的規模部署精密的受眾鎖定活動。我們將其第一方數據直接連結至我們的身分圖譜，以建立精準的一對一匹配。由於 Household ID 的普及性極高，我們能在整個程式化生態系中擴大其策略規模，覆蓋範圍比任何競爭對手更廣，同時提供簡單、乾淨的閉環衡量（closed-loop measurement），並回傳至其自身的內部 ID。

Household ID utilization reached new heights this quarter, fueled by a growing number of advertisers deploying sophisticated targeting strategies. This adoption drove robust performance, with contribution ex-TAC attributable to Household ID achieving its strongest year-over-year growth in five quarters. Viant's content intelligence is powered by the IRIS Content ID, which empowers advertisers with show-level targeting, a significant leap in granularity compared to that of our competitors, who are limited to app level visibility.

本季 Household ID 的使用率再創新高，主要受益於越來越多廣告主部署精密的鎖定策略。此一採用帶動強勁表現，歸因於 Household ID 的扣除 TAC 貢獻（contribution ex-TAC）在過去五個季度中達到最強的年增幅。Viant 的內容智慧由 IRIS Content ID 驅動，讓廣告主能以節目層級進行鎖定；相較於競爭對手僅能看到 App 層級的可視性，這在精細度上是重大躍升。

We achieved scene level targeting through direct integrations with publisher content management systems which provides Viant with high-resolution contextual intelligence that is not available elsewhere. Leveraging the IRIS Content ID, advertisers can align their ad creative with specific shows, contextual categories and even emotional sentiments enabling a level of micro targeting that drives better outcomes.

我們透過與出版商內容管理系統的直接整合，實現節目場景層級的定向投放，為 Viant 提供其他地方無法取得的高解析度情境脈絡智慧。藉由運用 IRIS Content ID，廣告主可將其廣告素材與特定節目、情境分類，甚至情緒傾向對齊，進而達成可帶來更佳成效的微型定向投放。

A brand like WHOOP will combine the audience precision of Household ID with the contextual intelligence of the IRIS Content ID to achieve superior return on ad spend. By stacking Household ID with IRIS Content ID, WHOOP not only reaches fitness enthusiasts, they reach fitness enthusiasts in the specific contextually relevant moments that matter most, like during premium sports programming, which significantly boosts campaign performance.

像 WHOOP 這樣的品牌，會結合 Household ID 的受眾精準度與 IRIS Content ID 的情境脈絡智慧，以達成更優異的廣告投資報酬率（ROAS）。透過將 Household ID 與 IRIS Content ID 疊加，WHOOP 不僅能觸及健身愛好者，更能在最重要、最具情境相關性的關鍵時刻觸及他們，例如在高端體育節目期間，從而顯著提升活動成效。

We are seeing a powerful feedback loop. Advertisers are prioritizing IRIS Content ID for its granular targeting capabilities and publishers are rapidly adopting the standard to make their inventory more competitive and attractive. IRIS Content ID is currently enabled across a number of leading CTV OEMs, including Samsung, LG, VIZIO, TCL and Xumo, along with leading streaming services, including Paramount+, Tubi, AMC Networks and A&E, among others. Presence across enabled publishers has pushed IRIS Content ID to nearly 50% penetration within the bidstream.

我們正看到一個強大的回饋循環。廣告主因其細緻的定向能力而優先採用 IRIS Content ID，而出版商也正快速採用該標準，使其庫存更具競爭力與吸引力。目前 IRIS Content ID 已在多家領先的 CTV OEM 上啟用，包括 Samsung、LG、VIZIO、TCL 與 Xumo，並涵蓋多個主流串流服務，包括 Paramount+、Tubi、AMC Networks 與 A&E 等。在已啟用的出版商中廣泛部署，使 IRIS Content ID 在競價資料流（bidstream）中的滲透率接近 50%。

Over the course of the third and fourth quarters, we are scheduled to launch the IRIS Content ID across Disney+, HBO Max, Peacock, Roku, DIRECTV, Sling TV, Spectrum and Philo pushing penetration to approximately 70% of biddable inventory by the end of the year. Viant's attention intelligence is powered by TVision and its nationally representative panel of US households, each of which is equipped with TVision's computer vision and automatic content recognition technology.

在第三與第四季期間，我們預計將於 Disney+、HBO Max、Peacock、Roku、DIRECTV、Sling TV、Spectrum 與 Philo 上線 IRIS Content ID，並在年底前將可競價庫存的滲透率推升至約 70%。Viant 的注意力智慧由 TVision 驅動，TVision 擁有具全國代表性的美國家庭樣本面板，每個家庭皆配備 TVision 的電腦視覺與自動內容辨識技術。

TVision's attention data provides advertisers with four unique signals of attentive insight in-room presence, co-viewership, second-by-second eyes on screen attention and associated viewer demographics. These signals quantify viewer attention across the entire media landscape, which includes linear TV, connected TV and the walled garden platforms of YouTube and Prime Video.

TVision 的注意力數據為廣告主提供四項獨特的專注洞察訊號：室內在場（in-room presence）、共同收視（co-viewership）、逐秒的螢幕注視注意力（eyes on screen attention），以及對應的觀眾人口統計資料。這些訊號可量化整個媒體版圖中的觀眾注意力，涵蓋線性電視、連網電視，以及 YouTube 與 Prime Video 等封閉式平台（walled garden platforms）。

To date, TVision attention measurement data has been an essential asset for advertisers looking to optimize market planning and elevate creative performance. Publishers also rely on TVision's insights to pinpoint where viewer engagement gravitates allowing them to better refine their content strategies. But together, Viant and TVision are pioneering a new standard of advanced targeting.

迄今為止，TVision 的注意力衡量數據一直是廣告主用於優化市場規劃並提升創意表現的重要資產。出版商也仰賴 TVision 的洞察來精準找出觀眾互動聚集之處，從而更好地精煉其內容策略。而 Viant 與 TVision 攜手，正開創一項先進定向投放的新標準。

We can now deploy attention data as a prebid signal which empowers advertisers to target inventory based on its attentive value, a breakthrough capability that has not existed until now. To be more precise, TVision's attention signals effectively act as a proprietary lens for price discovery. We can now calculate the real-time intrinsic value of any impression based on its attention score. By comparing this intrinsic value to the prevailing market price we can identify when an impression is undervalued and capture it for our clients.

我們現在可將注意力數據作為競價前（prebid）訊號部署，使廣告主能依據庫存的專注價值（attentive value）進行定向投放，這是一項過去從未存在的突破性能力。更精確地說，TVision 的注意力訊號實質上可作為一個用於價格發現（price discovery）的專有視角。我們如今能依據注意力分數，計算任何一次曝光（impression）的即時內在價值。透過將此內在價值與當前市場價格比較，我們可辨識何時某次曝光被低估，並為客戶加以取得。

This is a distinct decisioning framework and algorithmic mode that no other competitor in the market can offer today. Consider this illustrative example. Think back to Game 5 of the NBA Finals where the Knicks were mounting a historic comeback. As the game tightened, viewer attention surged, in-room presence, co-viewership and eyes on screen engagement all peaked, driving the advertising inventory's intrinsic value up to a $120 CPM as determined by TVision.

這是一套獨特的決策框架與演算法模式，目前市場上沒有任何其他競爭者能提供。請看以下示例。回想 NBA 總決賽第 5 場，尼克隊正展開一場歷史性的逆轉。隨著比賽進入白熱化，觀眾注意力飆升，室內在場、共同收視與螢幕注視互動皆達到高峰，依 TVision 判定，該廣告庫存的內在價值 CPM 上升至 120 美元。

Because this intelligence is unique to Viant, we would be willing to bid for this inventory up to $120 but competing ad platforms would be left unaware of the true value of the impression. Lacking the data to justify the higher cost, they would most likely refuse to raise their bid beyond a modest premium, allowing Viant to strategically secure high-value inventory for our clients at a significant discount. This is a performance advantage we believe no other platform can compete with today and one we look to roll out across the course of this year.

由於這項智慧僅 Viant 獨有，我們願意為該庫存出價最高至 120 美元，但其他競爭的廣告平台將無從得知這次曝光的真實價值。因缺乏足以支撐更高成本的數據，他們很可能只願意在原價上小幅加價，讓 Viant 得以策略性地以顯著折扣，為客戶取得高價值庫存。我們相信，這是一項目前沒有任何其他平台能匹敵的績效優勢，並計畫在今年內逐步全面推出。

On that note, our TVision integration is tracking well ahead of schedule and early results validate our strategy. We recently executed 42 pilot campaigns with advertisers targeting TVision's high attention inventory segments. Across this cohort, over 80% of these campaigns achieved higher conversion rates versus the benchmark, delivering an average lift of 1.4 times.

順帶一提，我們與 TVision 的整合進度遠超預期，且初步結果驗證了我們的策略。我們近期與廣告主執行了 42 個試點活動，定向投放於 TVision 的高注意力庫存分眾。在這批活動中，超過 80% 的活動相較基準達成更高的轉換率，平均提升 1.4 倍。

We saw even more significant outperformance in specific verticals, including a 14 times lift for a home improvement brand, 3.7 times for an online university, and a 3.1 times lift for a state tourism office. While our technical integration remains ongoing throughout the year, the exceptional progress we have made thus far allows us to accelerate our commercial rollout ahead of schedule. TVision has already become a key instrument in our pitch to both new and existing clients.

在特定垂直領域中，我們看到更顯著的超額表現，包括某居家修繕品牌提升 14 倍、某線上大學提升 3.7 倍，以及某州觀光局提升 3.1 倍。雖然我們的技術整合仍將在全年持續進行，但迄今取得的卓越進展，使我們得以將商業化推廣時程提前。TVision 已成為我們向新舊客戶提案時的關鍵工具。

And we are highly encouraged by the strong reception from advertisers and agencies eager to leverage these attentive insights. Together, Household ID, IRIS Content ID and TVision can unlock performance capabilities that distinguish Viant from competitors. But to maximize the effectiveness of these proprietary solutions, we feed these insights directly into Viant AI's Lattice Brain decisioning architecture.

我們也對廣告主與代理商的熱烈回響深受鼓舞，他們渴望運用這些注意力洞察。Household ID、IRIS Content ID 與 TVision 結合，可解鎖能使 Viant 與競爭者區隔的績效能力。但為了最大化這些專有解決方案的效益，我們將這些洞察直接輸入 Viant AI 的 Lattice Brain 決策架構。

The volume and velocity of real-time data signals are likely impossible for a human to efficiently synthesize, but our AI processes this information instantly, automating and optimizing campaigns with a level of precision no human could ever achieve. This takes me to Viant AI. Earlier this year, we launched Outcomes, our first version of a fully autonomous ad product designed to capture performance-driven budgets deployed across the open Internet.

即時數據訊號的量級與速度，對人類而言幾乎不可能有效率地整合，但我們的 AI 能即時處理這些資訊，以人類無法達到的精準度自動化並優化活動。這也帶到 Viant AI。今年稍早，我們推出 Outcomes——我們第一版全自動化的廣告產品，旨在捕捉部署於開放網際網路（open Internet）的績效導向預算。

Outcomes complements our existing suite of AI products. Representing a do-it-for-me solution, built to compete with walled garden performance products, namely Google's PMax and Meta's Advantage+, but with a distinct advantage of utilizing Viant's proprietary intelligence across the entire open Internet. The workflow is simple. An advertiser needs only to provide their name, budget, flight dates and goal.

Outcomes 補強了我們既有的 AI 產品組合。它是一個「交給我做」（do-it-for-me）的解決方案，旨在與封閉式平台的績效產品競爭，亦即 Google 的 PMax 與 Meta 的 Advantage+，但其獨特優勢在於可運用 Viant 在整個開放網際網路上的專有智慧。其工作流程很簡單。廣告主只需提供其名稱、預算、投放期間（flight dates）與目標。

And Viant AI takes it from there. Our AI autonomously constructs an optimal media plan, executes it and continuously optimizes performance in milliseconds, entirely without any human intervention. We are in the early stages of our go-to-market rollout, yet the market reception has been exceptional. Outcomes is already accounting for 5% of total ad spend year-to-date. An impressive level of adoption for a product launched just six months ago.

接下來就交由 Viant AI 處理。我們的 AI 會自動建構最佳媒體計畫、執行並以毫秒級持續優化成效，全程完全不需任何人工介入。我們仍處於上市推廣（go-to-market）初期階段，但市場反應極為出色。Outcomes 今年迄今已占總廣告支出的 5%。對於一個僅在六個月前推出的產品而言，這是令人印象深刻的採用程度。

We are validating CTV as a destination in which advertisers can deploy performance spend, which unlocks a massive opportunity to attract spend from the 10 million advertisers currently confining their performance budget to search and social media environments. Moving to CTV. In the quarter, total CTV spend increased nearly 50%, reaching yet another new all-time high.

我們正在驗證 CTV 是廣告主可部署績效型支出的目的地，這將開啟一個龐大機會，吸引目前將績效預算侷限於搜尋與社群媒體環境的 1,000 萬名廣告主的支出。接著談 CTV。本季 CTV 總支出成長近 50%，再度創下歷史新高。

And once again, CTV spend accounted for over 50% of total ad spend in the quarter, reflecting the growing preference of advertisers to designate the CTV channel as the cornerstone of their holistic campaign strategy. Clearly, our growth within CTV is multiples above the industry growth rate. And the reason is simple. We are taking share within CTV because on our platform, ad spend goes further, targeting and measurement is better, and Viant AI makes the entire buying process easier.

而且再次地，本季 CTV 支出占總廣告支出超過 50%，反映廣告主日益偏好將 CTV 渠道指定為其整體行銷活動策略的核心支柱。顯然，我們在 CTV 的成長幅度是產業成長率的數倍。原因很簡單。我們之所以能在 CTV 取得市占，是因為在我們的平台上，廣告支出更有延展性、定向與衡量更佳，而 Viant AI 讓整個採購流程更容易。

With each passing quarter, Viant continues to establish itself as the ideal platform for advertisers looking to deploy CTV campaigns across the open Internet. Driving this momentum is the rapid adoption of our Direct Access solution. As a reminder, Direct Access offers an efficient, targetable and measurable path to the premium inventory by facilitating transactions directly with publishers.

隨著每一季的推進，Viant 持續鞏固其作為廣告主在開放網際網路上部署 CTV 行銷活動的理想平台地位。推動這股動能的是我們 Direct Access 解決方案的快速採用。提醒一下，Direct Access 透過促成與出版商直接交易，提供一條高效率、可精準鎖定且可衡量的途徑，以觸及優質廣告庫存。

This combination of superior data resolution with a streamlined path to purchase significantly enhances media execution, driving 35% reductions in CPMs, resulting in real measurable savings for advertisers. In the second quarter, we saw a step function lift in CTV ad spend allocated through Direct Access.

這種更高的數據解析度與更精簡的購買路徑相結合，能顯著提升媒體投放執行效果，推動 CPM 降低 35%，為廣告主帶來真正可衡量的節省。在第二季，我們看到透過 Direct Access 配置的 CTV 廣告支出出現階躍式提升。

Over 80% of CTV ad spend on our platform was transacted through Direct Access, a steep increase from just over 50% reported in the first quarter of the year. These results are a clear indication of how buyers seek to transact today. They want transparency, data-driven precision and return on ad spend efficiency all of which is made available through our direct integrations with publishers. In July, we expanded Direct Access to include streaming services powered by Publica, a leading ad server representing multiple premium publishers.

我們平台上超過 80% 的 CTV 廣告支出是透過 Direct Access 完成交易，較今年第一季報告的略高於 50% 大幅提升。這些結果清楚顯示買方如今希望如何進行交易。他們想要透明度、數據驅動的精準度，以及廣告投資報酬率（ROAS）效率——而這一切都可透過我們與出版商的直接整合取得。7 月，我們擴展 Direct Access，納入由 Publica 驅動的串流服務；Publica 是領先的廣告伺服器，代表多家優質出版商。

As these new publishers are onboarded, we expect over 90% of on-platform CTV spend will be distributed through Direct Access in the near future. Over time, through integrations with every major streaming service, we would expect nearly 100% of our clients CTV spend to flow through Direct Access. Lastly, there's been a lot of discussion about whether AI eliminates parts of the advertising technology stack. We think that's asking the wrong question.

隨著這些新出版商陸續上線，我們預期在不久的將來，平台內超過 90% 的 CTV 支出將透過 Direct Access 分配。長期而言，透過與每一家主要串流服務的整合，我們預期客戶幾乎 100% 的 CTV 支出都將流經 Direct Access。最後，市場上對於 AI 是否會消除廣告技術堆疊中的部分環節有許多討論。我們認為這問錯了問題。

AI changes the interface, but it dramatically increases the amount of real-time decisioning required underneath it. In an agentic world, inventory becomes easier to discover and transact. That makes proprietary intelligence more valuable.

AI 改變的是介面，但它會大幅增加底層所需的即時決策量。在代理式（agentic）的世界裡，庫存將更容易被發現並完成交易。這使得專有智慧更具價值。

Someone still has to determine which impression an advertiser should buy, what it's worth, whether that consumer has already been reached, what creative should be shown and whether that dollar would be -- would generate a better return somewhere else. That's the role Viant is building for. We don't represent publishers, we represent advertisers. Our job is not to maximize the CPM for every ad impression available. Our job is to maximize the value of the advertisers' next dollar by selectively deciding which impressions drive value.

仍然必須有人決定廣告主應該購買哪一個曝光、它值多少、該消費者是否已被觸及、應該展示什麼素材，以及這一美元是否——是否能在其他地方帶來更好的回報。這正是 Viant 正在打造的角色。我們不代表出版商，我們代表廣告主。我們的工作不是把每一次可用的廣告曝光 CPM 最大化。我們的工作是透過選擇性地決定哪些曝光能創造價值，來最大化廣告主下一美元的價值。

And increasingly, that decision is powered by Viant's proprietary intelligence, from identity, content and attention through independent measurement. Before turning it over to Chris, I would like to take a moment to welcome Craig Abrahams to Viant's Board of Directors. Craig is an experienced entrepreneur, founder and executive with over 25 years of experience in technology and digital media.

而且，這項決策愈來愈多由 Viant 的專有智慧所驅動，涵蓋身分識別、內容與注意力，並延伸至獨立衡量。在交給 Chris 之前，我想花點時間歡迎 Craig Abrahams 加入 Viant 董事會。Craig 是一位資深創業家、創辦人與高階主管，在科技與數位媒體領域擁有超過 25 年經驗。

He is the cofounder of Caesars Interactive Entertainment, a digital gaming business subsidiary of Caesars Entertainment. While at Caesars, he orchestrated the acquisition of Playtika, a leading mobile gaming company, which he would go on to lead as President and CFO, guiding the company through its IPO and aggressive acquisition strategy. His experience scaling a rapidly growing business organically and through strategic M&A will be instrumental as Viant enters a new phase of accelerated growth, and we are thrilled to have him join the board.

他是 Caesars Interactive Entertainment 的共同創辦人，該公司為 Caesars Entertainment 旗下的數位遊戲業務子公司。在 Caesars 任職期間，他主導收購了領先的行動遊戲公司 Playtika，並隨後擔任其總裁與財務長（CFO），帶領公司完成 IPO 並推動積極的併購策略。他在有機成長與策略性併購（M&A）雙軌擴張高速成長業務方面的經驗，將在 Viant 進入加速成長的新階段時發揮關鍵作用；我們非常高興他加入董事會。

I'll now turn it over to Chris to walk us through our strategic positioning and how we are building for long-term growth.

接下來我把時間交給 Chris，請他帶我們了解我們的策略定位，以及我們如何為長期成長打造基礎。

Thanks, Tim. Viant has reached a clear inflection point exemplified by our record-breaking second quarter results and strong third quarter guidance. Looking forward, we are uniquely positioned to capitalize on powerful industry tailwinds, including the ongoing migration of linear, search and social budgets into CTV as well as our own proprietary growth drivers.

謝謝，Tim。Viant 已到達明確的拐點，這從我們創紀錄的第二季業績以及強勁的第三季展望可見一斑。展望未來，我們具備獨特優勢，可把握強勁的產業順風，包括線性電視、搜尋與社群預算持續移轉至 CTV，以及我們自身的專有成長驅動因素。

I want to start by addressing the ongoing migration of linear TV budgets into connected TV, a fundamental market shift where Viant is better positioned than ever to capture incremental growth. Currently, industry-wide CTV spend stands at approximately $37 billion, with $51 billion still residing in linear TV.

我想先談談線性電視預算持續移轉至連網電視（CTV）的趨勢；這是一個根本性的市場轉變，而 Viant 比以往任何時候都更有能力捕捉增量成長。目前，全產業 CTV 支出約為 370 億美元，而仍有 510 億美元留在線性電視。

As those dollars migrate, they become increasingly addressable for Viant, particularly because we are now aggressively targeting the enterprise level accounts that command the majority of that legacy linear spend. This migration represents more than just a shift in channel. Inventory accurately, optimize campaigns and finally, understand the value of what they're actually buying. We are seeing this shift in thinking play out in our RFP pipeline.

隨著這些資金移轉，它們對 Viant 而言將愈來愈可被精準觸達，特別是因為我們現在正積極鎖定掌握大部分傳統線性支出的企業級客戶。這種移轉不僅僅是渠道的改變。他們能更準確地掌握庫存、優化行銷活動，並最終理解自己實際購買內容的價值。我們在 RFP 管線中正看到這種思維轉變的展現。

Just two years ago, enterprise brands were largely out of reach for Viant. Today, we are actively engaged with some of the world's largest advertisers, representing hundreds of millions of dollars in potential spend. They are migrating from linear to CTV to find new efficiencies, and we are the partner showing them how to achieve it.

就在兩年前，企業級品牌對 Viant 而言多半仍難以觸及。如今，我們正積極與全球一些最大的廣告主合作，代表著數億美元的潛在支出。他們正從線性移轉至 CTV 以尋求新的效率，而我們就是向他們展示如何達成的合作夥伴。

When these brands look at our platform, they see a solution that solves their core challenges by eliminating ad spend waste through Direct Access, sharpening audience targeting with Household ID, ensuring contextual alignment with IRIS Content ID and securing high-value ad placements with TVision. We are delivering measurable performance driven outcomes that materially improve both the top and bottom lines for enterprise brands.

當這些品牌檢視我們的平台時，他們看到的是一套能解決核心挑戰的方案：透過 Direct Access 消除廣告支出浪費、以 Household ID 強化受眾鎖定、以 IRIS Content ID 確保情境一致性，並透過 TVision 取得高價值的廣告版位。我們提供可衡量、以績效驅動的成果，實質改善企業品牌的營收端與獲利端表現。

We are also seeing brand advertisers take a more active role in DSP selection, a shift that serves a significant tailwind for Viant. Today, a growing percentage of our ad spend involves direct brand relationships, allowing for greater synergy as brands work alongside their agency partners to maximize campaign performance on our platform.

我們也看到品牌廣告主在 DSP 選擇上扮演更積極的角色，這一轉變為 Viant 帶來顯著的順風。如今，我們愈來愈高比例的廣告支出來自與品牌的直接關係，使品牌能與其代理商夥伴並肩合作，在我們的平台上最大化行銷活動成效，進而產生更高的協同效益。

As we deepen these relationships, brands are increasingly prioritizing Viant's independence and objectivity. They seek a partner aligned with their strategic goals, not a walled garden DSP with conflicting incentives. This is playing out across our current RFP cohort, where walled garden providers are being sidelined early due to a fundamental misalignment of incentives that is quickly recognized by the brands.

隨著我們深化這些關係，品牌愈來愈重視 Viant 的獨立性與客觀性。他們尋求的是與其策略目標一致的合作夥伴，而不是具有利益衝突的圍牆花園（walled garden）DSP。這在我們目前的 RFP 客群中正持續發生：圍牆花園供應商因為其根本性的誘因不一致，且品牌很快就能察覺，因而在早期就被邊緣化。

Advertisers are increasingly viewing walled garden DSPs like Amazon and Google as sellers of their own inventory rather than neutral strategic partners. Because these platforms serve as both publisher and DSP, their incentives are fundamentally conflicted. They are driven to maximize budget capture often at the expense of campaign efficiency by applying self-attribution tactics to justify diverting spend toward their owned and operated content. TVision can help us shift this power dynamic.

廣告主愈來愈將 Amazon、Google 等圍牆花園 DSP 視為其自有庫存的賣方，而非中立的策略合作夥伴。由於這些平台同時扮演出版商與 DSP，其誘因在本質上存在衝突。他們被驅動去最大化預算攫取，往往以犧牲行銷活動效率為代價，並透過自我歸因（self-attribution）手法來合理化將支出導向其自有與自營內容。TVision 能幫助我們改變這種權力動態。

By quantifying actual viewer attention, we provide advertisers with the objective intelligence required to hold these platforms accountable, independent of their own self-serving claims. While Prime Video and YouTube remain part of a balanced CTV strategy, our data suggests that many advertisers are vastly over-indexed.

透過量化實際觀眾注意力，我們為廣告主提供所需的客觀智慧，使其能在不依賴平台自利主張的情況下，要求這些平台負起責任。雖然 Prime Video 與 YouTube 仍是均衡 CTV 策略的一部分，但我們的數據顯示，許多廣告主的配置比例明顯過度偏重。

We are providing the necessary insights for them to reallocate those budgets more efficiently across the broader open CTV landscape. Now as advertisers increasingly seek independent objective partners, we believe there are only two viable enterprise-grade self-service buying platforms to consider. Recent friction between agency holding companies and our primary competitor has already triggered budget reallocations to our DSP, along with the surge in new RFP opportunities, which we expect to realize in the coming quarters.

我們提供必要的洞察，協助他們更有效率地將這些預算重新分配到更廣泛的開放式 CTV 生態中。如今，隨著廣告主愈來愈尋求獨立且客觀的合作夥伴，我們相信可供考量的企業級自助式採買平台只有兩個具備可行性。代理商控股公司與我們主要競爭對手之間近期的摩擦，已經引發預算重新分配至我們的 DSP，同時也帶動新的 RFP 機會激增；我們預期將在接下來幾季逐步實現。

The emergence of CTV as a performance channel represents another major catalyst for growth, and we see an opportunity for advertisers to divert their existing search and social performance budgets to CTV. Today, search and social together command over $300 billion in US ad spend, and we aim to tap this market.

CTV 作為成效型渠道的興起，代表另一個重大的成長催化劑；我們看到廣告主有機會將既有的搜尋與社群成效預算轉移至 CTV。目前，搜尋與社群合計掌握美國超過 3,000 億美元的廣告支出，而我們的目標是切入這個市場。

Performance advertisers are most commonly represented by niche brands and niche brands speak to niche audiences, which are often defined by location, demographics, interests, income levels and so forth. Viant is uniquely equipped to power performance budgets given the inherent need for precision targeting, which ensures ad spend is allocated to those audiences exhibiting the highest propensity to respond.

成效型廣告主最常見的代表是利基品牌，而利基品牌面向利基受眾；這些受眾通常依地理位置、人口統計、興趣、收入水準等來界定。由於成效預算天生需要精準定向以確保廣告支出配置到最可能回應的受眾，Viant 具備獨特優勢來驅動成效預算。

Our outcome solution was engineered specifically to capture this performance budget opportunity and the traction we have achieved in a short period is significant. As Tim noted, performance-driven spend now accounts for over 5% of our total platform spend year-to-date, all of which has been secured by existing customers electing to divert a portion of their performance budget to Viant.

我們的 Outcomes 解決方案是專為掌握這項成效預算機會而打造，而我們在短時間內取得的進展相當顯著。如 Tim 所提到，以成效為導向的支出年初至今已占我們平台總支出的 5% 以上，且全部來自既有客戶選擇將其成效預算的一部分轉移至 Viant。

Outcomes is in a perpetual state of improvement and will soon incorporate TVision's data expected to further enhance performance. Our immediate priority is to drive performance budget adoption among our existing clients, tapping into incremental spend that complements their traditional brand budgets. Over the long term, we plan to broaden this initiative to capture new performance-based demand from brands outside our current ecosystem.

Outcomes 持續不斷改進，並將很快納入 TVision 的數據，預期可進一步提升成效。我們當前的首要任務，是推動既有客戶採用成效預算，切入可補強其傳統品牌預算的增量支出。長期而言，我們計畫擴大此計畫，以捕捉來自現有生態系之外品牌的新增成效型需求。

On a related note, we also believe advertisers are simply over indexed in search and social, misled by self attribution tactics that reward walled gardens for organic sales that would have occurred anyway. I recently spoke with the head of a major beauty brand who experienced this firsthand. Despite favorable lower funnel KPIs, his top line growth stalled. He realized his social media spend was hyper-focused on consumers already in market, those actively looking for cosmetic products.

另外，我們也認為廣告主在搜尋與社群上的配置比例過高，並被自我歸因（self-attribution）手法所誤導；這些手法讓封閉式生態（walled gardens）因本來就會發生的自然銷售而獲得功勞。我最近與一家大型美妝品牌的負責人交流，他就親身經歷了這點。儘管漏斗下層 KPI 表現良好，他的營收成長卻停滯。他意識到自己的社群媒體支出過度聚焦在已在市場中的消費者，也就是那些正在積極尋找彩妝產品的人。

While this strategy certainly drove clicks, he was only reaching 8% of his target audience, which is women between the ages of 15 to 54 years old. You cannot grow market share if you only advertise to the 5% of consumers currently shopping for your product. This brand was burning budget on customers who would have already purchased anyways while starving the company of the brand awareness investment needed to reach incremental customers.

這個策略確實帶來點擊，但他實際觸及的僅是目標受眾的 8%，其目標受眾為 15 至 54 歲女性。如果你只對目前正在購買你產品的 5% 消費者投放廣告，就不可能提升市占率。這個品牌把預算燒在本來就會購買的客戶身上，卻讓公司缺乏觸及增量客戶所需的品牌認知投資。

I have heard variations of this dynamic from advertisers time and time again. As walled gardens continue to pump out double-digit revenue growth, their customers see their own top line stagnant. We believe more advertisers will come to this realization, and this serves as yet another reason advertisers are considering diverting their search and social budgets to CTV.

我一再從廣告主那裡聽到這種情況的不同版本。當封閉式生態持續交出兩位數的營收成長時，他們的客戶卻看到自己的營收停滯不前。我們相信會有更多廣告主意識到這點，而這也成為廣告主考慮將搜尋與社群預算轉向 CTV 的另一個原因。

Beyond these industry tailwinds, our opportunity for growth is propelled by catalysts unique to Viant, namely the accelerating adoption of Direct Access, Household ID, IRIS Content ID, TVision and Viant AI. Collectively, these solutions are the key driver of the momentum we are seeing across major US advertisers. As we continue to prove their efficacy, we expect advertisers to expand their on-platform commitments, capitalizing on the performance gains that we enable.

除了這些產業順風之外，我們的成長機會也受到 Viant 獨有的催化因素推動，包含 Direct Access、Household ID、IRIS Content ID、TVision 與 Viant AI 的加速採用。綜合而言，這些解決方案是我們在美國主要廣告主中所見動能的關鍵驅動力。隨著我們持續證明其效益，我們預期廣告主將擴大其平台內承諾，善用我們所帶來的成效提升。

For Viant, this growth is accretive from both a volume and unit economic perspective. Our model is this as advertisers deepen their adoption of our solution suite, we have the ability to capture higher margins when we deliver superior performance. This creates a compounding effect. As advertisers find success with Household ID, they naturally expand their budget to scale their audience targeting strategy across the platform.

對 Viant 而言，這樣的成長在量與單位經濟（unit economics）兩方面都具增益（accretive）。我們的模式是：當廣告主更深入採用我們的解決方案組合時，只要我們交付更優異的成效，就有能力取得更高的毛利。這會形成複利效應。當廣告主透過 Household ID 取得成功後，便會自然擴大預算，在整個平台上規模化其受眾定向策略。

By layering on IRIS Content ID for content targeting, they see further performance gains, which drives additional spend at even more attractive margins to Viant. As we integrate TVision for attention-based optimization and leverage Viant AI for autonomous decisioning, the results further compound. Each layer of intelligence not only elevates campaign performance but also allows Viant to capture more value, fueling a virtuous cycle of success for our clients and our business, the hallmark of a true partnership. This strategic alignment reinforces our commitment to relentless innovation.

再疊加 IRIS Content ID 進行內容定向後，他們會看到進一步的成效提升，進而帶動更多支出，且對 Viant 而言毛利更具吸引力。當我們整合 TVision 以進行以注意力為基礎的最佳化，並運用 Viant AI 進行自動化決策時，成果將進一步疊加。每一層智慧不僅提升活動成效，也讓 Viant 能捕捉更多價值，為客戶與我們的業務注入良性循環——這正是真正夥伴關係的標誌。這樣的策略一致性也強化了我們對持續創新的承諾。

While we have already established a formidable arsenal of performance driving solutions, we will continue to make strategic investments that enhance performance on behalf of advertisers. Backed by a healthy balance sheet with nearly $200 million in cash, zero debt and accelerating free cash flow we are uniquely positioned to pursue the launch of new innovative offerings, both organically and through opportunistic M&A with the goal of delivering superior outcomes for our clients. We believe the best is yet to come. We are committed to extending our lead as the most advanced buying platform, powering the next generation of ad spend deployment across the open Internet.

儘管我們已建立強大的成效驅動解決方案武器庫，我們仍將持續進行策略性投資，以代表廣告主提升成效。憑藉健康的資產負債表——現金近 2 億美元、零負債且自由現金流加速成長——我們具備獨特優勢，可透過內生成長與把握機會的併購（M&A）推出新的創新產品，目標是為客戶交付更優異的成果。我們相信最精彩的還在後頭。我們致力於擴大我們作為最先進採買平台的領先地位，為開放網際網路上的下一代廣告支出部署提供動力。

And with that, I'll turn it over to Larry to provide more detail on our financial performance. Larry?

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 supplemented financial information to accompany today's call. In terms of our results for the second quarter, revenue for the quarter was $104.3 million, a 34% increase year-over-year and an 18% increase sequentially. The year-over-year growth rate accelerated 9 percentage points from 25% in Q1, exceeding the high end of our guide 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。就第二季的業績而言，本季營收為 1.043 億美元，年增 34%，季增 18%。年增率較第一季的 25% 加速 9 個百分點，並較我們指引區間上緣高出 3%。

Contribution ex-TAC totaled $60.2 million in Q2, up 24% year-over-year and 20% sequentially. The year-over-year growth rate accelerated 6 percentage points from 18% in Q1 and came in just short of the high end of our guide. At the midpoint of our Q3 guidance, which I'll speak to in a moment, we expect year-over-year contribution ex-TAC growth of 25%. This would extend the quarterly progression from 18% in Q1 to 24% in Q2 to 25% in Q3.

第二季 contribution ex-TAC 合計為 6,020 萬美元，年增 24%，季增 20%。年增率較第一季的 18% 加速 6 個百分點，且略低於我們指引區間上緣。以我們第三季指引的中位數（我稍後會說明）來看，我們預期 contribution ex-TAC 年增 25%。這將延續季度進展：從第一季 18% 到第二季 24%，再到第三季 25%。

We delivered strong performance across most customer verticals in Q2 with health care, public services and travel leading the way. Our top five verticals, representing approximately 60% of platform spend, increased almost 30% year-over-year. CTV remained a core growth driver in Q2, accounting for over 50% of total platform spend.

我們在第二季多數客戶垂直產業表現強勁，其中以醫療保健、公共服務與旅遊表現領先。我們前五大垂直產業約占平台支出的 60%，年增接近 30%。CTV 仍是第二季的核心成長驅動力，占平台總支出超過 50%。

In addition, CTV reached an all-time high in the quarter, reflecting continued momentum as advertisers increasingly prioritize premium addressable video to drive performance. Advertisers industry-wide continue to shift their media mix towards emerging digital channels, including CTV, streaming audio and digital out-of-home. Reflecting this secular trend, customer-directed purchasing on our platform across these channels collectively represented over 60% of advertiser spend in the quarter, up from 54% for the full year 2025.

此外，CTV 在本季創下歷史新高，反映出廣告主愈來愈優先採用高品質、可定址（addressable）影片以驅動成效，動能持續。整體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、且涵蓋上述渠道的支出合計占廣告主支出超過 60%，高於 2025 全年的 54%。

Viant remains well positioned as a leading partner for advertisers moving beyond search and social media 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. Turning to our expenses.

Viant 仍然具備良好定位，作為廣告主在超越搜尋與社群媒體支出、把握下一代媒體格式時的領先合作夥伴。影片（包含 CTV）創下新紀錄，本季占平台總支出超過 65%，進一步反映市場持續轉向高影響力且可衡量的格式。接著談我們的費用。

Non-GAAP operating expenses totaled $46 million for the quarter, reflecting a 24% year-over-year increase and a 13% increase sequentially. This increase in non-GAAP operating expenses both year-over-year and sequentially is partly the result of the TVision acquisition, which closed on May 1, 2026. Importantly, we remain focused on scaling efficiently.

本季非 GAAP 營業費用合計為 4,600 萬美元，年增 24%，季增 13%。非 GAAP 營業費用無論年增或季增的上升，部分是因 TVision 收購案於 2026 年 5 月 1 日完成交割所致。重要的是，我們仍專注於高效率地擴張規模。

Even as we continue to invest in innovation across Viant AI and our broader technology stack, we have been delivering measurable gains in productivity, increasing trailing 12-month contribution ex-TAC per employee by over 7% year-over-year, marking 12 straight quarterly increases, a clear signal of improved operational efficiency.

即使我們持續在 Viant AI 以及更廣泛的技術堆疊上投資創新，我們也已在生產力方面交出可量化的提升：過去 12 個月每位員工的 contribution ex-TAC 較去年同期提高超過 7%，並連續 12 個季度成長，清楚顯示營運效率有所改善。

Adjusted EBITDA for the quarter was $14.2 million, representing an increase of 26% year-over-year and 46% sequentially, exceeding the high end of our guide. Adjusted EBITDA as a percentage of contribution ex-TAC was 24% for the quarter, expanding approximately 30 basis points compared to the prior year and 50 basis points higher than the high end of our guide.

本季調整後 EBITDA 為 1,420 萬美元，年增 26%、季增 46%，並超越我們指引區間的上緣。本季調整後 EBITDA 佔 contribution ex-TAC 的比率為 24%，較去年同期擴大約 30 個基點，且較我們指引上緣高出 50 個基點。

Non-GAAP net income, which excludes stock-based compensation and other adjustments, totaled $9.9 million for the quarter, up 23% from $8 million in the prior year period. Non-GAAP basic earnings per Class A share outstanding increased 50% to $0.15 in the second quarter compared to $0.10 in the prior year period. In terms of share count, we ended the quarter with 66.5 million total shares outstanding, consisting of 21.1 million Class A shares and 45.4 million Class B shares.

本季非 GAAP 淨利（排除以股份為基礎之薪酬及其他調整項目）合計 990 萬美元，較去年同期的 800 萬美元成長 23%。第二季非 GAAP 每股 A 類普通股基本盈餘較去年同期的 0.10 美元成長 50% 至 0.15 美元。就股數而言，本季末流通在外總股數為 6,650 萬股，其中 A 類股 2,110 萬股、B 類股 4,540 萬股。

We ended the quarter with $193.1 million in cash and cash equivalents and $200.6 million of 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 quarter, cash flows from operating activities increased $7.5 million year-over-year to $28.5 million, representing a 36% increase.

本季末我們持有現金及約當現金 1.931 億美元，正向營運資金 2.006 億美元，無負債，並可動用一筆 7,500 萬美元尚未提用的信用額度。我們穩健的表現正在帶來具意義的正向現金流量。本季營業活動現金流量較去年同期增加 750 萬美元至 2,850 萬美元，增幅為 36%。

Free cash flow increased $6.3 million year-over-year to $22.4 million, representing a 39% increase. And for the six months ended June 30, 2026, cash flow from operating activities totaled $31.4 million, representing a year-over-year increase of 90%. Free cash flow totaled $21.4 million, representing a year-over-year increase of 169% and an approximately 89% conversion of adjusted EBITDA.

自由現金流量較去年同期增加 630 萬美元至 2,240 萬美元，增幅為 39%。截至 2026 年 6 月 30 日止六個月，營業活動現金流量合計 3,140 萬美元，年增 90%。自由現金流量合計 2,140 萬美元，年增 169%，約相當於調整後 EBITDA 的 89% 轉換率。

Year-to-date, we have used $1 million for share repurchase 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.

年初至今，我們在既有庫藏股回購計畫下已使用 100 萬美元進行股份回購，另就已歸屬股權獎勵之稅款扣繳相關股份回購使用 310 萬美元。自 2024 年 5 月啟動股份回購計畫以來，我們已向股東返還 6,060 萬美元。

As of August 7, $39.4 million remains available under the current authorization. We believe our strong financial foundation, combined with the consistent execution and the balanced capital allocation strategy, positions us well to capture growth opportunities and drive shareholder value in the quarters ahead.

截至 8 月 7 日，現行授權額度下仍可用金額為 3,940 萬美元。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，將使我們在未來幾季能夠把握成長機會並提升股東價值。

Turning now to our Q3 outlook. For the third quarter of 2026, we expect revenue of $107.5 million to $110.5 million, up 27% over the prior year period and a 5% increase sequentially at the midpoint. Contribution ex-TAC of $65 million to $67 million reconflecting a 25% year-over-year growth and 10% quarter over growth at the midpoint.

接下來談我們對第三季的展望。2026 年第三季，我們預期營收為 1.075 億至 1.105 億美元，較去年同期成長 27%，以中位數計季增 5%。Contribution ex-TAC 預期為 6,500 萬至 6,700 萬美元，以中位數計年增 25%、季增 10%。

Non-GAAP operating expenses of $46.5 million to $47.5 million up 27% year-over-year and 2% sequentially at the midpoint. Adjusted EBITDA of $18.5 million to $19.5 million, representing a 19% year-over-year increase and 34% sequentially at the midpoint. And finally, we expect an adjusted EBITDA margin as a percentage of contribution ex-TAC of 29%. The midpoint of our guide assumes record Q3 performance across revenue, contribution ex-TAC and adjusted EBITDA.

非 GAAP 營業費用預期為 4,650 萬至 4,750 萬美元，以中位數計年增 27%、季增 2%。調整後 EBITDA 預期為 1,850 萬至 1,950 萬美元，以中位數計年增 19%、季增 34%。最後，我們預期調整後 EBITDA 利潤率（佔 contribution ex-TAC 比例）為 29%。我們指引的中位數假設第三季在營收、contribution ex-TAC 與調整後 EBITDA 方面皆創下新高。

I would also like to make a couple of general observations about our outlook for 2026. In 2026 and 2027, 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.

我也想就我們 2026 年的展望提出幾點一般性觀察。在 2026 與 2027 年，我們預期 contribution ex-TAC 的成長將持續快於更廣泛的美國程式化市場（預估約成長 13%），進一步帶動市占率提升。

We expect year-over-year growth in contribution ex-TAC to continue to accelerate sequentially through the end of the year, supported by the continued ramp of recently onboarded customers, expansion within existing customer relationships, sustained demand in CTV, the incorporation of TVision into our results and political. 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.

我們預期 contribution ex-TAC 的年增率將在今年底前持續逐季加速，動能來自近期導入客戶的持續放量、既有客戶關係的擴張、CTV 需求維持強勁、將 TVision 納入我們的業績，以及政治廣告。我們也預期在年度基礎上，營收與 contribution ex-TAC 將持續以快於非 GAAP 營業費用的速度成長，帶動 2026 全年調整後 EBITDA 利潤率小幅擴張。

More broadly, we continue to operate the business with a 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. 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 intelligence and Viant AI.

更廣泛而言，我們持續以實現每年 20% 或以上的穩定營收成長與調整後 EBITDA 利潤率擴張為目標經營業務，並有機會在未來幾年將調整後 EBITDA 利潤率提升至 40% 或更高。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，並推動平台各項創新。我們相信，鑑於我們與 CTV、專有智慧以及 Viant AI 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準備。

And with that, I'll turn the call back over to the operator for questions. Operator?

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）

Andrew, Raymond James.

Andrew，Raymond James。

Two, if I could. One, great to see the Direct Access penetration figure grow so quickly. But was there any specific unlock that caused the big step change in the span of one quarter? Was it anything to do with new customers coming online and going all Direct Access, existing customers leaning in more or a specific product kind of feature unlock? And then I have a follow-up.

如果可以的話我有兩個問題。第一，很高興看到 Direct Access 的滲透率數字成長得這麼快。但在短短一個季度內出現這麼大的躍升，有沒有什麼特定的關鍵解鎖因素？是因為新客戶上線後全面採用 Direct Access、既有客戶加大投入，或是某個產品功能的釋出所帶動？接著我還有一個追問。

Yes, Andrew, thanks for the question. One, I would just say, just generally, existing customers just continuing to educate them on the cost savings we're seeing on average, 35% lower CPMs. It's kind of a no-brainer for them to move money there. That's one.

是的，Andrew，謝謝你的提問。第一，我想一般來說，就是既有客戶持續被我們教育：我們看到的平均成本節省，CPM 低了 35%。對他們而言，把預算移到那裡幾乎是不需要多想的決定。這是其一。

Two, just the quality of the names of the companies in Direct Access. It's just -- it's -- everyone in there is of highest quality, whether they're a content owner or an OEM. So that definitely is a big benefactor. And then I would say on our go-to-market with new customers, that's front and center in our offering. And for these large customers will be able to save -- or excuse me, 35% of their CTV investments by running through Direct Access. So all of those are really what added to the step-up.

第二，就是 Direct Access 裡面合作公司的名單品質。裡面的每一家都是最高品質，不論是內容擁有者或 OEM。因此這確實是很大的助力。另外我會說，在我們針對新客戶的 go-to-market 上，這是我們方案的核心重點。而對這些大型客戶而言，透過 Direct Access 投放，將能節省——更正，是節省其 CTV 投資的 35%。所以以上這些因素共同促成了這次的躍升。

Got you. Appreciate it. And then maybe one more on CTV, if I could. Tim and Chris, you both talked about the synergies of a lot of your products from Household ID to IRIS and Content ID to TVision, when you think about kind of the holistic offering that you've built, is there anything else that you think you want to really add either via inorganic or organic means?

了解。謝謝。那我再問一個關於 CTV 的問題，如果可以的話。Tim 和 Chris，你們都談到許多產品之間的綜效，從 Household ID 到 IRIS、從 Content ID 到 TVision。當你們思考已建立的整體性產品方案時，是否還有任何你們認為想要再補強的部分，無論是透過併購（inorganic）或內生成長（organic）的方式？

Yes. We really focus on this concept of the intelligence layer. We think one of the big differentiators as we move forward as Agentic comes online, is proprietary data. And so we continue to look out in the market on any opportunistic M&A that comes up that can help build our stack there on more proprietary data that adds value for our customers. So certainly, keeping our eyes peeled and seeing what else comes up.

是的。我們確實非常專注於「智慧層」這個概念。我們認為，隨著 Agentic 上線並持續推進，其中一個重要的差異化因素就是專有數據。因此，我們持續在市場上留意任何具機會性的併購（M&A），只要能協助我們在這一塊建立技術堆疊、取得更多能為客戶創造價值的專有數據。所以當然，我們會持續保持關注，看看還會出現什麼機會。

Tom White, DA Davidson.

Tom White，DA Davidson。

Just one for me on the sales force and specifically the enterprise sales force where I think you guys made some sizable investments kind of late last year entering this year. Would you say we've started to see the impact there on the top line yet?

我這邊只有一題，關於銷售團隊，特別是企業級銷售團隊。我認為你們在去年底到今年初做了相當可觀的投資。你會說我們已經開始在營收端看到影響了嗎？

Or is that cohort kind of still building out pipeline? And just, I guess, how do you feel about the size of the sales force now? Like as you touched on, there's sizable budget moving away from a large incumbent competitor. Curious whether it would make sense for you guys to invest more to go after that?

還是那一批人目前仍在建立銷售管線？另外，我想問你對目前銷售團隊規模的看法如何？就像你提到的，有相當可觀的預算正從一個大型既有競爭對手那邊移出。好奇你們是否有必要再加大投資去爭取那部分預算？

Yes. We certainly are seeing some contribution from that. We have a number of brands testing right now. We also have other brands who are not in testing, but in the RFP phase. So we're definitely seeing the impact there. We're across a handful of verticals, but we're continuing to expand the amount of verticals that we're going to be in just because the opportunity in the large customer segment is really just -- it's getting larger every day.

是的。我們確實已經看到那方面帶來一些貢獻。目前有多個品牌正在測試。我們也有其他品牌尚未進入測試，但已在 RFP（提案徵求）階段。所以我們確實明顯看到影響。我們已涵蓋幾個垂直產業，但也會持續擴大進入的垂直領域，因為大型客戶族群的機會其實——每天都在變得更大。

And just in terms of forward-looking, those investments we build into our go-forward plan. So any of the projections that we put out we're slowly and methodically adding to that staff to kind of maintain the philosophy where we grow OpEx slower than the top line.

就前瞻性而言，這些投資我們已納入未來的營運計畫。因此，我們對外提供的任何預測，都是在此基礎上，逐步且有系統地增加人力，以維持我們的理念：讓營運費用（OpEx）的成長速度低於營收成長。

Jason, Craig-Hallum.

Jason，Craig-Hallum。

Congrats on another good quarter. So you talked about the inflection in growth. You also talked about improvements in the RFP pipeline. Just wondering if you could like tether those two things together? Like if you comment on today's pipeline and how that has the potential to have an impact either late in '26 or more into 2027 just in terms of growth and profitability?

恭喜又交出一個不錯的季度。你提到成長出現拐點。也提到 RFP 管線有所改善。想請你把這兩件事連結起來談談？例如你能否評論一下目前的管線狀況，以及它可能如何在 2026 年下半年或更可能在 2027 年，對成長與獲利能力帶來影響？

Yes, Jason, thanks for the question. One of the big ways that we operate that we love about this business model is the operating leverage that we have in the business model. So every incremental dollar that comes in really flows through. Obviously, we're growing OpEx a little bit this year with the acquisition of TVision. And so we continue to manage that.

是的，Jason，謝謝你的問題。我們很喜歡這個商業模式的一個重要原因，是它具備營運槓桿。因此，每增加一美元的收入，基本上都能有效地流到獲利端。當然，今年因為收購 TVision，我們的營運費用（OpEx）會增加一些。所以我們會持續管理這部分。

In terms of the pipeline, some will probably hit in Q4. Most of the pipeline is on an annual cycle. And so there will be testing as it comes through. So I would expect some lift in Q4, but with the major shift happening in 2027.

就管線而言，有些可能會在第四季落地。大多數管線是以年度週期運作。因此在推進過程中會有測試。所以我預期第四季會有一些拉升，但主要的轉變會發生在 2027 年。

And then maybe just piggybacking here. When you look at the opportunity that's growing due to kind of a disruption on the demand side of the ecosystem, how do you go after that? How do you position Viant to be the biggest beneficiary of the disruption that's out there?

另外延伸追問一下。當你看到因生態系需求端出現某種「擾動」而帶來的成長機會時，你們會如何把握？你們如何定位 Viant，讓自己成為這波擾動中最大的受益者？

Well, I think clients want differentiation. If they're going to move platforms and maybe they're already going to move platforms, but we come in and we lead with differentiation. But that differentiation has to matter for the brand. And that's why specifically within CTV, whether it be the scale of Household ID or the fact that we have a Content ID and everybody else is only at the app level in CTV or Direct Access, saving you 35%. TVision attention data. The list is huge in terms of differentiation. So we like to lead there and really, it's all about customer value. It's not about having these IDs or these tools. You have to translate that into value for the brand.

我認為客戶想要差異化。如果他們要更換平台，而且也許本來就打算換平台，我們切入時會以差異化作為主軸。但這種差異化必須對品牌有意義。因此，特別是在 CTV（連網電視）領域，不論是 Household ID 的規模，或是我們擁有 Content ID，而其他人仍停留在 CTV 的 App 層級；或是 Direct Access 能幫你節省 35%；以及 TVision 的注意力數據。在差異化方面可列舉的項目非常多。所以我們喜歡從這裡切入，而核心其實是客戶價值。重點不在於擁有這些 ID 或工具本身。你必須把它轉化為品牌能感受到的價值。

And really, what we do is our focus is if you're -- if we're going after a brand and they're a public company, our whole focus is that hey, if we're getting more efficient marketing, then that should translate into your public company reported financials. We want to see the top -- help those -- their top line actually grow. And I think that's in stark contrast to a lot of the walled gardens. They don't -- that's not in their vernacular. So that's really our angle.

而且我們真正做的事情是：如果我們要爭取的品牌——如果對方是上市公司——我們的整體重點就是：嘿，如果我們讓行銷更有效率，那應該能反映到你們上市公司對外揭露的財務數字上。我們希望看到他們的營收端——協助他們的營收實際成長。我認為這和許多「圍牆花園」形成鮮明對比。他們不——那不是他們的用語或思維方式。所以這就是我們的切入角度。

Yes. And just to add to that, I mean, it doesn't matter who we're competing against the decision-making framework on which DSP to go with is increasingly coming down to your capabilities in connected television. Chris talked about Household ID, the IRIS ID, TVision, both from targeting on the attention, the example we gave during Game 5.

是的。再補充一點：其實不管我們在跟誰競爭，選擇要用哪一家 DSP 的決策框架，越來越取決於你在連網電視方面的能力。Chris 提到 Household ID、IRIS ID、TVision，無論是用於注意力導向的定向投放，或是我們在第五戰（Game 5）舉的例子。

But even more importantly is the independent measurement capabilities of TVision and really showing the brand, here's what you're getting from YouTube, here's what you're getting from Prime Video. Here's what linear TV is providing. There's a whole lot of trust built up with that measurement platform there. And so I think as the RFP pipeline plays out, when it comes down to it, we lead with product and increasingly, we are the best platform to buy CTV.

但更重要的是 TVision 的獨立衡量能力，能真正向品牌展示：這是你從 YouTube 得到的、這是你從 Prime Video 得到的。這是線性電視所提供的。在那個衡量平台上建立了大量的信任。因此我認為，隨著 RFP 管線逐步推進，到了關鍵時刻，我們會以產品領先，而且我們也越來越是購買 CTV 的最佳平台。

Barton Crockett, Rosenblatt.

Barton Crockett，Rosenblatt。

I wanted to talk for a minute about the big elephant in the sector, which is the performance of The Trade Desk, which has historically been the largest kind of DSP and kind of the bellwether has historically been how it's seen yet their growth trajectory is really very different, right? I mean, they're guiding to a 12% decline in the next quarter and they were up only 3% missing guidance in the June quarter.

我想花點時間談談這個產業裡最大的「大象」，也就是 The Trade Desk 的表現。它歷來算是最大的 DSP，也一直被視為風向球；但他們目前的成長軌跡顯然非常不同，對吧？我的意思是，他們指引下一季將下滑 12%，而且在 6 月那一季只成長 3%，還低於指引。

You guys are growing at a completely different pace. What -- how would you explain that differential? They've attributed their exposure to macro issues in CPG and auto and obviously, you guys are taking share at some level, but that can't be all of it for The Trade Desk being so much larger. So to what do you ascribe the differential on their performance versus yours? And their status is kind of the bellwether what it means for that?

你們的成長速度完全不同。你會——你會如何解釋這個差異？他們把原因歸因於在 CPG（民生消費品）與汽車等領域的總體環境曝險；當然你們在某種程度上也在搶市占，但以 The Trade Desk 規模那麼大來說，這不可能是全部原因。所以你把他們表現與你們之間的差異歸因於什麼？以及他們作為風向球，這對整體意味著什麼？

Yes. I mean just to piggyback a little bit on my answer to Jason earlier, Barton, proprietary data is continuing to be one of the most important factors. If you look at the really big competitors that we have around Google, we all know they are advantaged about having search data. If you look at the next big Goliath out there around Amazon, they have fantastic e-commerce transaction data.

是的。Barton，我稍微延續我剛才回答 Jason 的內容：專有數據仍然是最重要的因素之一。如果你看我們面對的那些非常大的競爭對手，例如 Google，我們都知道他們在擁有搜尋數據方面具備優勢。如果你看另一個巨頭 Amazon，他們擁有非常出色的電商交易數據。

So for certain categories, they provide a lot of value there. We have a fantastic proprietary data set that kind of horizontally applies to a lot of marketers in CTV. And again, I can't stress enough. CTV really is the channel that's deciding the DSP RFPs back and forth. When it comes to The Trade Desk, I think their focus on third-party data is really hurting them.

因此，對於某些類別而言，他們在那裡提供了很大的價值。我們擁有一套非常出色的專有資料集，能以橫向方式適用於 CTV 領域的許多行銷人員。而且再次強調，我怎麼說都不為過。CTV 確實是那個在來回決定 DSP RFP 的渠道。談到 The Trade Desk，我認為他們對第三方資料的聚焦真的正在傷害他們。

It's undifferentiated data that's out there. It's available on every platform, whether you're a large DSP or a small DSP. But having this exclusive intelligence that you can bring to the table has seen certainly has been a big advantage for us when we show up. What would you add?

那是市面上沒有差異化的資料。每個平台上都能取得，不管你是大型 DSP 還是小型 DSP。但能把這種獨家的洞察帶到桌面上，確實在我們出面展示時一直是很大的優勢。你會補充什麼？

Just one other piece, too. This company has a strong history in measurement. I regularly use the stat, over 70% of our customers use our platform for measurement to understand really what's the value that they're getting. We've talked about that for years as we've been a public company. I don't hear other companies really stressing that. So we have a lot of investments around our measurement products. TVision only adds to that. And then the other piece is, while other companies may claim to be buy side only or they only service the marketer.

另外還有一點。這家公司在衡量（measurement）方面有很強的歷史。我經常引用一個數據：超過 70% 的客戶使用我們的平台做衡量，以真正了解他們獲得的價值是什麼。我們作為上市公司，多年來一直在談這件事。我沒有聽到其他公司真的在強調這一點。因此，我們在衡量產品上投入了很多。TVision 只會讓這一點更強。另外一點是，雖然其他公司可能宣稱自己只做買方，或只服務行銷人員。

I think a lot of our products and what our customers hear from us, they know that we're focused on driving advertiser value and value for them and helping grow their business. I think our customers know that we care about that. It's a big focus of ours. Any time we're doing our monthly business reviews of them, we are very focused on their overall health of the company and are we driving that top line. So I just think we show up differently.

我認為我們的很多產品，以及客戶從我們這裡聽到的內容，都讓他們知道我們專注於為廣告主創造價值、為他們創造價值，並幫助他們成長業務。我想客戶知道我們在乎這件事。這是我們的一大重點。每次我們對他們做每月業務回顧時，我們都非常關注他們公司的整體健康狀況，以及我們是否在推動他們的營收成長。所以我只是覺得我們呈現的方式不一樣。

Okay. And then if I could ask just one other question. Just to understand, there's been some press reports about MySpace. I think stemming from a documentary that you guys were apparently part of. And could you just elaborate on what your thinking is about MySpace at this point in your asset there?

好的。那如果我可以再問一個問題。只是想了解一下，最近有一些關於 MySpace 的媒體報導。我想是源自一部你們顯然有參與的紀錄片。你能否進一步說明你們目前對 MySpace 以及你們在那項資產上的想法？

Yes. We've seen the recent news reports around MySpace that came out from that documentary that you correctly cited. We don't really have any direct comments around MySpace today. But what I would reiterate is we are extremely focused on the opportunity in front of Viant. It's very large, and it remains our number 1 focus. I think the results that we reported today and we'll continue to report kind of put an exclamation point on that.

是的。我們也看到了你正確提到的那部紀錄片所引發、近期關於 MySpace 的新聞報導。我們今天對 MySpace 並沒有任何直接評論。但我想重申的是，我們極度專注於 Viant 眼前的機會。那個機會非常大，而且仍然是我們的第一優先重點。我認為我們今天公布的結果，以及我們接下來會持續公布的結果，都對此做了強而有力的強調。

Naved Khan, B. Riley.

Naved Khan，B. Riley。

Great. Maybe just on the margins. How much of a drag was TVision on the last quarter's margins? And just talk about even going forward in 3Q, how much of a drag you're baking in so that.

很好。也許先談一下利潤率。TVision 對上一季的利潤率造成了多大的拖累？以及往前看在第三季，你們在指引中預計會納入多大的拖累？

I can take that one. So for Q2, it was about a 150 basis point drag on EBITDA margins. In the Q3 guide, it's about, call it, 200 basis point drag.

這題我來回答。第二季大約對 EBITDA 利潤率造成 150 個基點的拖累。在第三季的指引中，大約是 200 個基點的拖累。

Okay. And then the other question I had is around political -- maybe just talk about what kind of contribution you saw in the last quarter? And maybe remind us on like what expectations you've baked into your back half and second half of this year from political? And then maybe on that theme, so if I had to kind of think about the durability of growth into next year, how should we be thinking about that ex political, I guess the two are related, so speak to that?

好的。我另一個問題是關於政治廣告——能否談談你們在上一季看到的貢獻大概是多少？也請提醒我們，你們在今年下半年、後半年的指引中，對政治廣告已經納入了哪些預期？另外延伸這個主題，如果我要思考成長動能延續到明年的耐久性，撇除政治因素（ex political）我們應該怎麼看？我想兩者相關，所以也請一併說明。

Yes. And kind of our thought process around political, we've never been a big political player historically. There are incremental budgets that we get access to but for instance, we don't have a political team focused on that. In our expectation, it's about 200 basis points, so pretty de minimis to the overall number. In terms of durability of growth, that RFP pipeline we talked about, the number of wins that we've already posted and we continue to expect that we'll win. We think the growth is very durable and sustainable into the future.

是的。就我們對政治廣告的思考而言，我們過去在歷史上從來不是政治廣告的大玩家。我們確實能接觸到一些增量預算，但例如我們並沒有一個專門聚焦政治廣告的團隊。在我們的預期中，大約是 200 個基點，因此對整體數字來說相當不顯著（de minimis）。至於成長的耐久性，我們談到的那個 RFP 管線、我們已經公布的贏單數量，以及我們仍預期會贏得的案子。我們認為成長非常具有耐久性，並且可持續到未來。

Brianna Diaz, JMP Citizens.

Brianna Diaz，JMP Citizens。

Just you highlighted the largest pipeline in the company history. Can you help us understand where the accelerating growth is being driven from in terms of whether the new customer budgets being added or just the increased spending within existing customers, driven by Viant AI or TVision and how that relates to guidance going forward. In terms of mix?

你們剛提到這是公司史上最大的管線。能否協助我們理解，加速成長主要是由哪些因素驅動：是新增客戶預算的導入，還是既有客戶內部支出增加？這是否由 Viant AI 或 TVision 所帶動，以及這與你們未來指引之間的關聯。就組合（mix）而言？

Yes. TVision is pretty de minimis from a revenue perspective. We talked about outcomes being 5% of ad spend. Those are incremental budgets from current customers and I would say the answer is both. The new budgets coming on the platform as well as expanding the existing. So I know that seems like it's kind of all of the above, but it truly is kind of all are providing tailwinds to the business.

是的。就營收角度而言，TVision 的占比相當不顯著（de minimis）。我們提到成果型（outcomes）約占廣告支出的 5%。那些是來自現有客戶的增量預算，而我會說答案是兩者都有。既有新預算導入平台，也有擴大既有客戶的支出。所以我知道這聽起來像是「以上皆是」，但確實就是多個因素都在為業務帶來順風。

Great. And if I can just ask one more. You've spoken about Molson and Coors (sic - "Molson Coors") and Wurl in the past. Can you just give us an update on those relationships? How spend is ramping on the platform and how that compares to your previous expectations from the beginning of the year.

很好。如果我可以再問一個。你們過去談過 Molson 和 Coors（原文如此——「Molson Coors」）以及 Wurl。能否更新一下這些合作關係的進展？在平台上的支出爬坡情況如何，以及與你們年初的預期相比如何？

Yes. They both continue to ramp their spend, both continue to do well as expected.

是的。他們兩者的支出都持續爬坡，兩者也都如預期般表現良好。

Thank you. At this time, we have no more questions.

謝謝。目前我們沒有更多問題。

Thank you, everyone. See you next quarter.

謝謝各位。我們下季見。